Is 60-62 Cleveland Ave #60 in Fredonia, NY a good investment?

CashFlowRE grades it B+ with a 24.4% cap rate and $2,666/mo modeled cash flow at a $179,900 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 60-62 Cleveland Ave #60?

The modeled cap rate is 24.4% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $5,019/month, from CashFlowRE's rent model.

Triplex

B+ Composite 79.56

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 +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

$179,900

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

15 bd · 9.0 ba · 2,592 sqft · MultiFamily · 181 Days on market

Built 1870 Fair condition 7,245 sqft lot $69/sqft · 42% below area Est $308k · 42% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

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

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.
This rent per unit runs 36% 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 $3k ($32k/yr) — positive. Per door: $889/mo.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($5k rent vs $180k).
Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
Cap rate 24.4% vs local median 4.0% 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: 158 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 ~2 years — after that, you're playing with house money.

Negotiation context

It's been on market 181 days — a 12% lower offer ($158k) 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 $158,312 (12.0% below list)

Questions for the listing agent

It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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?
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.
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.
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: 2.79% ✓
Cap rate: 24.45%
Cash-on-cash: 64.84%
DSCR: 3.89
GRM: 3.0

CMA / ARV

ARV (median comp): $307,609
List price: $179,900
Delta: -41.52%
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: 62.6%
Equity multiple: 3.79×
Total profit: $140,771
Equity at exit: $26,824

10-year hold

IRR: 67.1%
Equity multiple: 7.78×
Total profit: $341,689
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: 158
Price-to-rent: 9.0×

Monthly cashflow live

Estimated rent: $5,019 medium interval (Pro) →
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
Lot rent: −$0
Vacancy / Maint / Mgmt: −$1,054
Net cashflow: $2,666

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,019
#1	5	3	$1,673
#2	5	3	$1,673
#3	5	3	$1,673
Total (3 units)			$5,019

Break-even live

Break-even rent $1,644

Max offer price $179,900

Occupancy floor 42%

Sensitivity live

Price	-10% $2,791	-5% $2,728	+0% $2,666	+5% $2,604	+10% $2,542
Rent	-10% $2,270	-5% $2,468	+0% $2,666	+5% $2,864	+10% $3,063
Rate	-1.0pp $2,757	-0.5pp $2,712	base $2,666	+0.5pp $2,620	+1.0pp $2,572

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
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Property features AI

Finance

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

Exterior

Parking: Gravel parking offering two or more spaces
Utilities: Public water connectedSewer connected
Home design: 2-story buildingResale propertyAsphalt roofFrame construction
Construction: Frame constructionAsphalt roofBuilt existing (year built details: existing)
Exterior features: Rectangular residential lot with 52 x 138 dimensionsCity street frontageGravel parking with two or more spaces

Interior

Kitchen: Each unit includes an oven/range and refrigeratorEat-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: CarpetLaminateVaries by area
Bathrooms: Three full bathrooms (one per unit)
Heating & cooling: Gas forced-air heating
Interior features: Full basementVaried flooring including carpet and laminate
Laundry & utility: Gas water heater

Listing history 50 events

2026-11-08

days on market $179,900 Active 181 DOM
2026-11-07

days on market $179,900 Active 180 DOM
2026-11-06

days on market $179,900 Active 179 DOM
2026-11-05

days on market $179,900 Active 178 DOM
2026-11-04

days on market $179,900 Active 177 DOM
2026-11-02

days on market $179,900 Active 175 DOM
2026-11-01

days on market $179,900 Active 174 DOM
2026-10-31

days on market $179,900 Active 173 DOM
2026-10-31

days on market $179,900 Active 172 DOM
2026-10-29

days on market $179,900 Active 171 DOM
2026-10-28

days on market $179,900 Active 170 DOM
2026-10-27

days on market $179,900 Active 169 DOM
2026-10-26

days on market $179,900 Active 168 DOM
2026-10-25

days on market $179,900 Active 167 DOM
2026-10-24

days on market $179,900 Active 166 DOM
2026-10-23

days on market $179,900 Active 165 DOM
2026-10-22

days on market $179,900 Active 164 DOM
2026-10-21

days on market $179,900 Active 163 DOM
2026-10-20

days on market $179,900 Active 162 DOM
2026-10-19

days on market $179,900 Active 161 DOM
2026-10-18

days on market $179,900 Active 160 DOM
2026-10-17

days on market $179,900 Active 159 DOM
2026-10-16

days on market $179,900 Active 158 DOM
2026-10-15

days on market $179,900 Active 157 DOM
2026-10-14

days on market $179,900 Active 156 DOM
2026-10-13

days on market $179,900 Active 155 DOM
2026-10-13

days on market $179,900 Active 154 DOM
2026-10-11

days on market $179,900 Active 153 DOM
2026-10-10

days on market $179,900 Active 152 DOM
2026-10-09

days on market $179,900 Active 151 DOM
2026-10-08

days on market $179,900 Active 150 DOM
2026-10-07

days on market $179,900 Active 149 DOM
2026-10-06

days on market $179,900 Active 148 DOM
2026-10-05

days on market $179,900 Active 147 DOM
2026-10-04

days on market $179,900 Active 146 DOM
2026-10-03

days on market $179,900 Active 145 DOM
2026-10-02

days on market $179,900 Active 144 DOM
2026-10-01

days on market $179,900 Active 143 DOM
2026-09-30

days on market $179,900 Active 142 DOM
2026-09-29

days on market $179,900 Active 141 DOM
2026-09-28

days on market $179,900 Active 140 DOM
2026-09-27

days on market $179,900 Active 139 DOM
2026-09-26

days on market $179,900 Active 138 DOM
2026-09-25

days on market $179,900 Active 137 DOM
2026-09-24

days on market $179,900 Active 136 DOM
2026-09-23

days on market $179,900 Active 135 DOM
2026-09-21

days on market $179,900 Active 133 DOM
2026-09-20

days on market $179,900 Active 132 DOM
2026-09-19

days on market $179,900 Active 130 DOM
2026-09-17

days on market $179,900 Active 129 DOM

ⓘ 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $60,228
− Mortgage interest: −$10,077
− Property taxes: −$2,698
− Insurance: −$1,566
− Repairs & maintenance: −$4,818
− Management: −$4,818
− Depreciation: −$5,233
Taxable income: $31,016

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$7,444
After-tax cash flow: $24,551/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 $64,800–$116,640 screening

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 ↑

ⓘ 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

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%
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
#11 JPMorgan Chase New York $278.9B #21 Citigroup New York $170.8B #32 Goldman Sachs New York $126.9B #40 Morgan Stanley New York $107.3B #42 StoneX Group New York $99.9B #58 American Express New York $74.2B #98 TIAA New York $46.9B #273 Mastercard Purchase $28.2B #328 M&T Bank Buffalo $8.8B #392 Voya Financial New York $7.8B
Consumer Goods	9	$162B
#45 PepsiCo Purchase $91.9B #171 Colgate-Palmolive New York $19.5B #207 Estee Lauder New York $15.6B #246 Constellation Brands Victor $10.2B #422 PVH Corp New York $8.6B #364 Tapestry New York $6.7B #420 Ralph Lauren New York $6.6B #460 Steven Madden Long Island City $2.2B #498 Prestige Consumer Healthcare Tarrytown $1.1B
Insurance	4	$225B
#60 MetLife New York $71.0B #69 New York Life Insurance New York $62.6B #99 Travelers Companies New York $46.4B #101 AIG New York $44.9B
Telecommunications	2	$144B
#30 Verizon Communications New York $134.8B #297 Altice USA Long Island City $9.1B
Pharmaceuticals	2	$112B
#67 Pfizer New York $63.6B #94 Bristol-Myers Squibb New York $48.3B
Media / Entertainment	2	$69B
#295 Warner Bros. Discovery New York $39.9B #269 Paramount Global New York $28.9B

Price history

1 event — show timeline

2026-05-10 Listed $179,900 UNYREIS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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