218 W Main St · Fredonia, NY 14063

$120,000

3 bd · 2.0 ba · 1,600 sqft · MultiFamily public records · 100 Days on market

Built 1845 Fair condition 8,360 sqft lot $75/sqft · 52% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great investment opportunity! This 2-unit property (upper and lower) offers strong potential for investors seeking rental income or owner-occupant looking to live in one unit and rent the other. Electric, gas and water have separate meters. Each unit has 3 bedrooms, 1 bath, oak kitchen as well as a porch for both units. Upper unit includes front porch entrance, baseboard heating, washer/dryer hookups, as well as some newer windows and solid wood doors. Lower unit has side entrance with porch, forced air heating. Bathroom was renovated recently and has washer/dryer hookups. Additional features include a new metal roof (2024) an attached 2 car garage and a blacktop driveway with ample parking. Tenants are currently on a month-to-month basis, offering flexibility for future use or updates.

Key facts

• 8,360 sq ft lot
• 2 garage spots
• Built 1845

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $120k. Condition is rated fair.
• This rent per unit runs 30% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $582/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 17.9% vs local median 3.6% in Fredonia — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#95 in NY, #1,446 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A; Watch: amenities C-, employment C-, crime F.
• Fredonia Central School District (town): math 55% / reading 46% proficiency, ranked #376 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fredonia Elementary School (math 32% / reading 52%, grade F, #1,361 of 2,108 statewide, top 67%, 398 students, 49% FRL); Fredonia Middle School (math 48% / reading 41%, grade D, #348 of 729 statewide, top 50%, 426 students, 43% FRL); Fredonia High School (math 98% / reading 75%, grade A, #342 of 1,100 statewide, top 31%, 463 students, 38% FRL) — zoned schools average 43% FRL vs 28% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 146 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1845 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1845 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
10. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
11. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
12. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.33% ✓
• Cap rate: 17.94%
• Cash-on-cash: 41.59%
• DSCR: 2.85
• GRM: 3.6

CMA / ARV

• ARV (median comp): $247,443
• List price: $120,000
• Delta: -51.50%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Leon Pl	1.25mi	3/1.5	1,574 (-2%)	1mo	$150,000	$95	60
330 Chestnut St	0.87mi	3/2.0	1,540 (-4%)	2mo	$210,000	$136	57
4547 Berry Rd	0.94mi	3/1.0	1,654 (+3%)	1mo	$237,000	$143	55
14 Westerly Dr	0.36mi	3/2.0	1,880 (+18%)	4mo	$244,925	$130	55
4436 Rood Rd	1.18mi	3/2.0	1,728 (+8%)	2mo	$270,000	$156	50
44 Liberty St	0.56mi	4/1.0 (+1)	1,452 (-9%)	0mo	$140,000	$96	49
127 Lambert Ave	0.89mi	3/1.5	1,888 (+18%)	1mo	$241,500	$128	37
13 Ventura Cir	0.97mi	3/2.5	1,271 (-21%)	3mo	$240,000	$189	36
556 W Main St	0.96mi	4/2.0 (+1)	1,848 (+16%)	1mo	$225,000	$122	34
262 Temple St	1.02mi	2/1.5 (-1)	1,382 (-14%)	4mo	$249,900	$181	32
12 Ahrens Pl	1.17mi	2/2.0 (-1)	1,332 (-17%)	4mo	$185,000	$139	32
56 Matteson St	1.32mi	2/1.0 (-1)	1,200 (-25%)	4mo	$142,500	$119	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.3%
• Equity multiple: 2.63×
• Total profit: $54,902
• Equity at exit: $17,892

10-year hold

• IRR: 44.8%
• Equity multiple: 5.29×
• Total profit: $144,030
• Equity at exit: $10,375

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $139,900 ($112/sqft)
• Median days on market: 36 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +38.0% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14063

• Home prices YoY: -23.6%
• Active inventory: 146
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$368 /mo · $4,418/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $1,165

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,800
Total (2 units)			$2,800

Break-even live

Break-even rent $1,326

Max offer price $120,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,232	-5% $1,199	+0% $1,165	+5% $1,131	+10% $1,097
Rent	-10% $943	-5% $1,054	+0% $1,165	+5% $1,275	+10% $1,386
Rate	-1.0pp $1,225	-0.5pp $1,195	base $1,165	+0.5pp $1,133	+1.0pp $1,102

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
188 W Main St Fredonia, NY	2.0	1.0	1000	$1,400	$1.40	139d	1	0.06mi
2325 Center St Fredonia, NY	3.0	1.0	—	$3,200	—	2d	1	0.46mi
30 Water St Unit 101 Fredonia, NY	2.0	1.0	—	$1,195	—	2d	1	0.50mi
5 E Main St Fredonia, NY	3.0	1.0	—	$3,200	—	139d	1	0.52mi
5 E Main St Fredonia, NY	2.0	1.0	—	$3,200	—	2d	1	0.52mi

Listing history 50 events

1. 2026-07-03
   days on market $120,000 Active 100 DOM
2. 2026-07-02
   days on market $120,000 Active 99 DOM
3. 2026-07-01
   days on market $120,000 Active 98 DOM
4. 2026-06-30
   days on market $120,000 Active 97 DOM
5. 2026-06-29
   days on market $120,000 Active 96 DOM
6. 2026-06-28
   days on market $120,000 Active 95 DOM
7. 2026-06-27
   days on market $120,000 Active 94 DOM
8. 2026-06-26
   days on market $120,000 Active 93 DOM
9. 2026-06-22
   days on market $120,000 Active 89 DOM
10. 2026-06-21
    days on market $120,000 Active 88 DOM
11. 2026-06-21
    days on market $120,000 Active 87 DOM
12. 2026-06-18
    days on market $120,000 Active 85 DOM
13. 2026-06-17
    days on market $120,000 Active 84 DOM
14. 2026-06-16
    days on market $120,000 Active 83 DOM
15. 2026-06-15
    days on market $120,000 Active 82 DOM
16. 2026-06-13
    days on market $120,000 Active 80 DOM
17. 2026-06-12
    days on market $120,000 Active 79 DOM
18. 2026-06-09
    days on market $120,000 Active 76 DOM
19. 2026-06-08
    days on market $120,000 Active 75 DOM
20. 2026-06-07
    days on market $120,000 Active 74 DOM
21. 2026-06-07
    days on market $120,000 Active 73 DOM
22. 2026-06-04
    pricedays on market $120,000 Active 70 DOM
23. 2026-06-02
    days on market $125,000 Active 69 DOM
24. 2026-06-01
    days on market $125,000 Active 68 DOM
25. 2026-05-31
    days on market $125,000 Active 67 DOM
26. 2026-03-25
    listed $125,000 Active 797-char remark

    Show marketing remark (797 chars)

    Great investment opportunity! This 2-unit property (upper and lower) offers strong potential for investors seeking rental income or owner-occupant looking to live in one unit and rent the other. Electric, gas and water have separate meters. Each unit has 3 bedrooms, 1 bath, oak kitchen as well as a porch for both units. Upper unit includes front porch entrance, baseboard heating, washer/dryer hookups, as well as some newer windows and solid wood doors. Lower unit has side entrance with porch, forced air heating. Bathroom was renovated recently and has washer/dryer hookups. Additional features include a new metal roof (2024) an attached 2 car garage and a blacktop driveway with ample parking. Tenants are currently on a month-to-month basis, offering flexibility for future use or updates.

27. 2026-03-19
    historical
28. 2026-02-20
    price $125,000
29. 2025-10-18
    price $130,000
30. 2025-10-06
    price $142,000
31. 2025-09-19
    listed $149,900 Active
32. 2025-02-27
    historical
33. 2024-10-26
    price $165,000
34. 2024-08-31
    status Active
35. 2024-06-10
    price $175,000
36. 2024-05-27
    listed $137,400 Active
37. 2024-05-25
    historical
38. 2024-01-27
    price $137,400
39. 2023-09-02
    price $139,900
40. 2023-08-04
    price $149,900
41. 2023-07-04
    price $155,000
42. 2023-05-25
    listed $164,900 Active
43. 2016-09-23
    soldstatus $108,000
44. 2016-09-23
    soldstatus $108,000
45. 2016-09-23
    soldstatus $108,000
46. 2016-08-14
    listed $116,900
47. 2016-02-11
    listed $116,900
48. 2015-08-13
    listed $139,900
49. 2010-10-14
    soldstatus $114,000
50. 2002-06-13
    soldstatus $68,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $4,418 · $368/mo
• Projected year-2 tax: $4,418 · $368/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,600
• − Mortgage interest: −$6,722
• − Property taxes: −$4,418
• − Insurance: −$600
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$3,491
• Taxable income: $12,993
• Est. tax owed @ 24.0%: −$3,118
• After-tax cash flow: $10,856/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab Est. rehab $40,000–$72,000 screening

This 2-unit property requires moderate renovations, including exterior painting, kitchen and interior wall updates. It offers strong potential for rental income or owner-occupancy.

Deferred maintenance Est. $30,000–$90,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — The windows show signs of wear and potential damage, indicating a need for replacement.
• Major Exterior (exterior) — The siding and exterior trim show significant wear and tear, requiring repair or replacement.

Repairs flagged

• Major exterior paint — Significant peeling and fading
• Major kitchen — No photos, but based on similar properties, likely outdated
• Major interior walls — No photos, but based on similar properties, likely outdated

Value-add opportunities

• Both paint exterior — Fresh paint enhances curb appeal and value ↑
• Both update kitchen — Modern kitchen increases both resale and rental appeal ↑
• Both update interior walls — Fresh paint and updates improve interior aesthetics and value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Fredonia Elementary School F NY #1,361/2,108 Nat'l #17,861/41,679 Middle Fredonia Middle School D NY #348/729 Nat'l #4,747/14,009 High Fredonia High School A NY #342/1,100 Nat'l #642/17,239

Schools (NCES district)

• District: Fredonia Central School District
• NCES district ID: 3611520
• Math proficiency: 55% ▼ -8.00%
• Reading proficiency: 46% ▼ -8.00%
• Median HH income: $48,491
• Composite: 43.1/100
• National rank: #3086
• State rank: #376 of 590 in NY

A Composite livability gradescore 81/100

Livability — Fredonia

• Score: 81/100
• State rank: #95
• US rank: #1446

Category grades

Amenities C- Commute A Cost of living B+ Crime F Employment C- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fredonia, NY
• County: Chautauqua · 123,454 people
• Population (ZIP): 12,722
• Household income: $55,629
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 12% of renters

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Population outlook (Chautauqua County) Hauer SSP2

• Today (2025): 123,454 people
• By 2030: 118,509 · -4.0%
• By 2040: 107,311 · -13.1%
• By 2050: 96,703 · -21.7%
• By 2075: 76,757 · -37.8%
• By 2100: 60,984 · -50.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 14% Italian 3% Iranian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% Other Indo-European 1%

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Political lean MEDSL · Chautauqua

• 2024 margin: Strong R (+22.0) · D 39.0% · R 61.0%
• 2008→2024 swing: -22.9pp toward R · 2008: 0.9pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.8 2016: R+24.6 2012: R+8.2 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.55%
• Current HPI: 253.5334
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+83.8% since first listed

25 events — show timeline

• 2026-03-25 Listed $125,000 UNYREIS
• 2026-03-19 Listing Removed — UNYREIS
• 2026-02-20 Price Changed $125,000 UNYREIS
• 2025-10-18 Price Changed $130,000 UNYREIS
• 2025-10-06 Price Changed $142,000 UNYREIS
• 2025-09-19 Listed $149,900 UNYREIS
• 2025-02-27 Listing Removed — UNYREIS
• 2024-10-26 Price Changed $165,000 UNYREIS
• 2024-08-31 Relisted — UNYREIS
• 2024-06-10 Price Changed $175,000 UNYREIS
• 2024-05-27 Listed $137,400 UNYREIS
• 2024-05-25 Listing Removed — UNYREIS
• 2024-01-27 Price Changed $137,400 UNYREIS
• 2023-09-02 Price Changed $139,900 UNYREIS
• 2023-08-04 Price Changed $149,900 UNYREIS
• 2023-07-04 Price Changed $155,000 UNYREIS
• 2023-05-25 Listed $164,900 UNYREIS
• 2016-09-23 Sold (Public Records) $108,000 Public Records
• 2016-09-23 Sold (Public Records) $108,000 Public Records
• 2016-09-23 Sold (MLS) $108,000 UNYREIS
• 2016-08-14 Listed $116,900 UNYREIS
• 2016-02-11 Listed $116,900 UNYREIS
• 2015-08-13 Listed $139,900 UNYREIS
• 2010-10-14 Sold (Public Records) $114,000 Public Records
• 2002-06-13 Sold (Public Records) $68,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $4,418 · +11.2% YoY. Source: county tax records.