60-62 Cleveland Ave #60 · Fredonia, NY 14063

$179,900

15 bd · 9.0 ba · 2,592 sqft · MultiFamily · 38 Days on market

Built 1870 Fair condition 7,245 sqft lot $69/sqft · 40% below area Est $300k · 40% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• 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: 3 units. confirmed

Listing remarks

Investment property, 3 unit home with strong long term rental history. Off street parking, close to downtown, SUNY Fredonia and shopping.

Key facts

• Off street parking
• Investment property
• Close to shopping

Tags

• INVESTMENT PROPERTY
• OFF STREET PARKING
• CLOSE TO DOWNTOWN
• CLOSE TO SUNY FREDONIA
• CLOSE TO SHOPPING

Property features AI

Finance

• Other: Three separate gas meters and three separate electric meters; Three total units
• Financial info: Owner pays water; rent includes water; Operating expense details: see remarks

Exterior

• Parking: Gravel parking offering two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Resale property; Asphalt roof; Frame construction
• Construction: Frame construction; Asphalt roof; Built existing (year built details: existing)
• Exterior features: Rectangular residential lot with 52 x 138 dimensions; City street frontage; Gravel parking with two or more spaces

Interior

• Kitchen: Each unit includes an oven/range and refrigerator; Eat-in kitchens in two units; one unit has a formal dining room
• Bedrooms: One 1-bedroom unit (month-to-month); One 1-bedroom unit (month-to-month); One 3-bedroom unit (month-to-month)
• Flooring: Carpet; Laminate; Varies by area
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied flooring including carpet and laminate
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $180k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $737/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.4% vs local median 3.4% 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.
• Market conditions: 90 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 2.47% ✓
• Cap rate: 21.41%
• Cash-on-cash: 53.98%
• DSCR: 3.40
• GRM: 3.4

CMA / ARV

• ARV (median comp): $300,269
• List price: $179,900
• Delta: -40.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 50.7%
• Equity multiple: 3.22×
• Total profit: $111,731
• Equity at exit: $26,824

10-year hold

• IRR: 56.1%
• Equity multiple: 6.54×
• Total profit: $278,982
• Equity at exit: $15,554

Cash invested: $50,372 (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 →

ZIP-level market 14063

• Home prices YoY: -23.6%
• Active inventory: 90
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $4,442 medium
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$933
• Net cashflow: $2,210

Break-even live

Break-even rent $1,644

Max offer price $179,900

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$4,443
Total (3 units)			$4,442

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $179,900 Active 38 DOM
2. 2026-06-17
   days on market $179,900 Active 37 DOM
3. 2026-06-16
   days on market $179,900 Active 36 DOM
4. 2026-06-15
   days on market $179,900 Active 35 DOM
5. 2026-06-13
   days on market $179,900 Active 33 DOM
6. 2026-06-12
   days on market $179,900 Active 32 DOM
7. 2026-06-09
   days on market $179,900 Active 29 DOM
8. 2026-06-08
   days on market $179,900 Active 28 DOM
9. 2026-06-07
   days on market $179,900 Active 27 DOM
10. 2026-06-07
    days on market $179,900 Active 26 DOM
11. 2026-06-04
    days on market $179,900 Active 23 DOM
12. 2026-06-02
    days on market $179,900 Active 22 DOM
13. 2026-06-01
    days on market $179,900 Active 21 DOM
14. 2026-05-31
    days on market $179,900 Active 20 DOM
15. 2026-05-10
    listed $179,900 Active 137-char remark

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°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: $53,304
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$1,566
• − Repairs & maintenance: −$4,264
• − Management: −$4,264
• − Depreciation: −$5,233
• Taxable income: $25,200
• Est. tax owed @ 24.0%: −$6,048
• After-tax cash flow: $20,477/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

This multi-family property requires moderate renovations, including roof repair and exterior painting, to improve its condition and rental value.

Repairs flagged

• Major roof — Signs of wear and potential leaks
• Major siding — Peeling paint and visible damage

Value-add opportunities

• Both landscaping and exterior painting — Improves curb appeal and rental value
• Both roof repair — Fixes potential leaks and enhances structural integrity

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and potential leaks	Major	$15,000–50,000
siding · Peeling paint and visible damage	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both landscaping and exterior painting — Improves curb appeal and rental value ↑
• Both roof repair — Fixes potential leaks and enhances structural integrity ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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
• Population (ZIP): 12,722

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%

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%

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

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

1 event — show timeline

• 2026-05-10 Listed $179,900 UNYREIS