28 Ludwig Ave · West Seneca, NY 14224

$74,900

2 bd · 1.0 ba · 1,488 sqft · SingleFamily public records · 5 Days on market

Built 1925 4,900 sqft lot $50/sqft · 71% below area

---

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 +4.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3-bedroom, 1-bath fixer-upper offers great potential for investors, flippers, or owner-occupants looking to build equity. Situated on a quiet street, the home features hardwood floors throughout much of the property and a functional layout ready for your vision and updates. With solid bones and plenty of upside, this is the perfect chance to renovate and add value in a desirable location close to shopping, restaurants, parks, and thruways.

Key facts

• Desirable location
• Functional layout
• Hardwood floors

Tags

• HARDWOOD FLOORS
• FUNCTIONAL LAYOUT
• DESIRABLE LOCATION

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water (connected); Sewer connected
• Home design: Single-story; Resale property
• Construction: Aluminum siding; Vinyl siding; Asphalt architectural shingle roof; Block foundation; Existing (built previously)
• Exterior features: Blacktop driveway; Covered porch

Interior

• Kitchen: Dishwasher
• Bedrooms: 2 main-level bedrooms; 6 total rooms
• Flooring: Hardwood; Varies
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining room; Eat-in kitchen; Bedroom on main level; Main level primary; Other (see remarks)
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $393 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 12.6% vs local median 3.7% in West Seneca — 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 79/100 on livability (#130 in NY, #2,089 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: amenities D, commute F.
• West Seneca Central School District (suburban): math 49% / reading 55% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 201 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,900

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.83% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.50%
• DSCR: 2.00
• GRM: 4.6

CMA / ARV

• ARV (median comp): $255,647
• List price: $74,900
• Delta: -70.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2623 Seneca St	0.09mi	3/1.0 (+1)	1,610 (+8%)	2mo	$175,000	$109	76
292 Potters Rd	0.45mi	3/2.0 (+1)	1,478 (-1%)	2mo	$315,000	$213	67
123 Columbia Pkwy	0.36mi	3/1.5 (+1)	1,566 (+5%)	2mo	$260,000	$166	66
63 Dirkson Ave	0.24mi	3/2.0 (+1)	1,378 (-7%)	4mo	$235,000	$171	65
39 Klas Ave	0.17mi	3/1.5 (+1)	1,352 (-9%)	7mo	$163,000	$121	64
371 Potters Rd	0.43mi	3/2.0 (+1)	1,339 (-10%)	3mo	$268,000	$200	52
2853 Seneca St	0.41mi	3/1.0 (+1)	1,680 (+13%)	4mo	$160,000	$95	50
26 Cushing Pl	0.72mi	2/1.0	1,356 (-9%)	4mo	$185,500	$137	48
302 Kirkwood Dr	0.66mi	3/2.0 (+1)	1,550 (+4%)	8mo	$245,600	$158	47
248 Kirkwood Dr	0.56mi	3/1.0 (+1)	1,309 (-12%)	4mo	$192,000	$147	46
45 Tuscarora Rd	0.70mi	3/1.5 (+1)	1,387 (-7%)	5mo	$273,000	$197	45
153 Thorndale Ave	0.55mi	3/1.0 (+1)	1,308 (-12%)	7mo	$246,000	$188	44

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: 15.5%
• Equity multiple: 1.62×
• Total profit: $13,030
• Equity at exit: $11,168

10-year hold

• IRR: 24.2%
• Equity multiple: 3.10×
• Total profit: $44,104
• Equity at exit: $6,476

Cash invested: $20,972 (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 14224

• Active inventory: 201
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,370 high
• Mortgage (P&I): −$393
• Tax from tax record: −$265 /mo · $3,183/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $393

Break-even live

Break-even rent $872

Max offer price $74,900

Occupancy floor 66%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
46 Kirkwood Dr Unit Lower West Seneca, NY	2.0	1.0	1064	$1,350	$1.27	15d	1	0.18mi
78 Kirkwood Dr Unit Lower Unit West Seneca, NY	2.0	1.0	1808	$1,375	$0.76	1d	1	0.24mi
102 Wildwood Pl Unit 1 Buffalo, NY	3.0	1.0	1100	$1,250	$1.14	15d	1	0.36mi
23 Indian Orchard Pl Unit Lower Buffalo, NY	3.0	1.0	1200	$1,250	$1.04	43d	1	0.81mi
2111 Seneca St #3 Buffalo, NY	2.0	1.0	937	$1,150	$1.23	43d	1	1.03mi
86 Edgewood Ave Buffalo, NY	2.0	2.0	1700	$1,700	$1.00	1d	1	1.11mi
200 Center Rd Buffalo, NY	2.0	1.0	900	$1,295	$1.44	1d	1	1.15mi
298 Cumberland Ave Buffalo, NY	3.0	1.5	1208	$2,200	$1.82	1d	1	1.17mi
34 Hayden St Unit Back Buffalo, NY	3.0	1.0	1200	$1,600	$1.33	43d	1	1.27mi
3266 Seneca St Buffalo, NY	1.0–2.0	1.0–2.0	825	$2,015	$2.44	1d	1	1.32mi
74 Woodside Ave Unit 1 Buffalo, NY	3.0	1.0	1250	$1,510	$1.21	1d	1	1.32mi
1927 Seneca St Buffalo, NY	3.0	1.0	1196	$1,250	$1.05	23d	1	1.37mi
1899 Seneca St Buffalo, NY	3.0	1.0	1134	$1,075	$0.95	14d	1	1.43mi
40 Vincent Ave Unit 2 Buffalo, NY	2.0	1.0	1075	$875	$0.81	23d	1	1.49mi

Listing history 2 events

1. 2026-05-18
   historical Active Under Contract 443-char remark
2. 2026-05-14
   listed $74,900 Active 443-char remark

ⓘ 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: $3,183 · $265/mo
• Projected year-2 tax: $3,183 · $265/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,442
• − Mortgage interest: −$4,196
• − Property taxes: −$3,183
• − Insurance: −$374
• − Repairs & maintenance: −$1,315
• − Management: −$1,315
• − Depreciation: −$2,179
• Taxable income: $3,879
• Est. tax owed @ 24.0%: −$931
• After-tax cash flow: $3,787/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.

Schools (NCES district)

• District: West Seneca Central School District
• NCES district ID: 3630780
• Math proficiency: 49% ▼ -15.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $54,231
• Composite: 44.83/100
• National rank: #2735
• State rank: #336 of 590 in NY

Livability — West Seneca

• Score: 79/100
• State rank: #130
• US rank: #2089

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Seneca, NY
• City population: 41,101
• Population (ZIP): 41,101

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 22% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Arabic 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.03%
• Current HPI: 303.7523
• 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

3 events — show timeline

• 2026-05-19 Pending — WNYREIS
• 2026-05-18 Contingent — WNYREIS
• 2026-05-14 Listed $74,900 WNYREIS

Property tax history

+5.6%/yr

Latest (2025): $3,183 · -0.1% YoY. Source: county tax records.