1655 South Ave · Niagara Falls, NY 14305

$99,900

4 bd · 2.0 ba · 1,804 sqft · MultiFamily public records · 27 Days on market

Built 1900 3,840 sqft lot $55/sqft · at area comps Est $98k · at est.

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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 +6.7/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• 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

Cash Flowing Duplex Priced to Sell FAST! $99,900 Discover immediate income with this fully rented duplex, generating $21,600 gross annual income ($900/month upper unit, $900/month lower unit), separate utilities with tenants covering gas/electric, with an amazing CAP rate of 16% (self managed, or 13.9% with a property manager). Each 2-bed/1-bath unit features month-to-month leases for flexibility, newer roof, full unfinished basement for storage/value-add, shared driveway with back parking, 2 water heaters (one from 2021), 2 furnaces (one brand new), and 2 newer 100A electric panels per unit. A great investment opportunity or a owner occupied with cash flow! Priced aggressively in a market where duplexes in 14305 under $100k are rare, 1,804 sqft on 3,833 sqft lot, for easy upside. Seller motivated, reach out before is gone!

Key facts

• Separate utilities
• Fully rented duplex
• Newer roof

Tags

• FULLY RENTED DUPLEX
• SEPARATE UTILITIES
• NEWER ROOF
• FULL UNFINISHED BASEMENT
• SHARED DRIVEWAY
• BACK PARKING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $732/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 23.9% vs local median 7.7% in Niagara Falls — 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 60/100 on livability (#956 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Niagara Falls City School District (urban): math 26% / reading 34% proficiency, ranked #578 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 142 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,767/mo this rent would consume 65% of the median local household income ($51k/yr) (locally 1095% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Niagara County population projected at -19% 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 2.77% ✓
• Cap rate: 23.87%
• Cash-on-cash: 62.77%
• DSCR: 3.79
• GRM: 3.0

CMA / ARV

• ARV (median comp): $98,246
• List price: $99,900
• Delta: 1.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1535 Pierce Ave	0.31mi	4/2.0	1,724 (-4%)	2mo	$35,000	$20	76
1333 North Ave	0.34mi	4/2.0	1,728 (-4%)	2mo	$100,000	$58	75
1623 Linwood Ave	0.18mi	4/2.0	1,994 (+10%)	3mo	$100,000	$50	72
1361 North Ave	0.30mi	3/2.0 (-1)	1,711 (-5%)	2mo	$76,000	$44	71
2208 Weston Ave	0.24mi	4/2.0	2,016 (+12%)	1mo	$55,000	$27	69
1811 Weston Ave	0.08mi	5/3.0 (+1)	1,998 (+11%)	6mo	$140,000	$70	64
1552 North Ave	0.28mi	4/2.0	2,016 (+12%)	6mo	$155,000	$77	62
1312 Ontario Ave	0.35mi	3/2.0 (-1)	1,956 (+8%)	5mo	$138,000	$71	61
2459 La Salle Ave	0.63mi	4/2.0	1,920 (+6%)	2mo	$160,000	$83	59
2463 South Ave	0.48mi	4/2.0	2,016 (+12%)	3mo	$137,500	$68	55
2260 Weston Ave	0.34mi	3/2.0 (-1)	1,540 (-15%)	3mo	$135,000	$88	52
814 Willow Ave	0.70mi	5/2.0 (+1)	2,072 (+15%)	2mo	$140,000	$68	36

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: 61.8%
• Equity multiple: 3.76×
• Total profit: $77,066
• Equity at exit: $14,895

10-year hold

• IRR: 66.3%
• Equity multiple: 7.70×
• Total profit: $187,359
• Equity at exit: $8,638

Cash invested: $27,972 (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 14305

• Home prices YoY: -10.9%
• Active inventory: 142
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,767 high
• Mortgage (P&I): −$524
• Tax from tax record: −$157 /mo · $1,886/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $1,463

Break-even live

Break-even rent $915

Max offer price $99,900

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,768
Total (2 units)			$2,767

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	17d	1	0.56mi
784 15th St Niagara Falls, NY	3.0	1.5	1380	$1,350	$0.98	3d	1	0.61mi
642 Ashland Ave Niagara Falls, NY	3.0	1.0	1238	$1,100	$0.89	3d	1	0.97mi
3025 Macklem Ave Niagara Falls, NY	4.0	1.5	1750	$2,200	$1.26	43d	1	1.08mi
2420 Mackenna Ave Unit 1 Niagara Falls, NY	4.0	1.0	1300	$1,390	$1.07	1d	1	1.49mi

Listing history 3 events

1. 2026-05-14
   status Pending 841-char remark

   Show marketing remark (841 chars)

   Cash Flowing Duplex Priced to Sell FAST! $99,900 Discover immediate income with this fully rented duplex, generating $21,600 gross annual income ($900/month upper unit, $900/month lower unit), separate utilities with tenants covering gas/electric, with an amazing CAP rate of 16% (self managed, or 13.9% with a property manager). Each 2-bed/1-bath unit features month-to-month leases for flexibility, newer roof, full unfinished basement for storage/value-add, shared driveway with back parking, 2 water heaters (one from 2021), 2 furnaces (one brand new), and 2 newer 100A electric panels per unit. A great investment opportunity or a owner occupied with cash flow! Priced aggressively in a market where duplexes in 14305 under $100k are rare, 1,804 sqft on 3,833 sqft lot, for easy upside. Seller motivated, reach out before is gone!

2. 2026-04-17
   listed $99,900 Active 841-char remark

   Show marketing remark (841 chars)

   Cash Flowing Duplex Priced to Sell FAST! $99,900 Discover immediate income with this fully rented duplex, generating $21,600 gross annual income ($900/month upper unit, $900/month lower unit), separate utilities with tenants covering gas/electric, with an amazing CAP rate of 16% (self managed, or 13.9% with a property manager). Each 2-bed/1-bath unit features month-to-month leases for flexibility, newer roof, full unfinished basement for storage/value-add, shared driveway with back parking, 2 water heaters (one from 2021), 2 furnaces (one brand new), and 2 newer 100A electric panels per unit. A great investment opportunity or a owner occupied with cash flow! Priced aggressively in a market where duplexes in 14305 under $100k are rare, 1,804 sqft on 3,833 sqft lot, for easy upside. Seller motivated, reach out before is gone!

3. 2025-03-31
   soldstatus $85,000

ⓘ 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: $1,886 · $157/mo
• Projected year-2 tax: $1,886 · $157/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 2/10 Low 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,204
• − Mortgage interest: −$5,596
• − Property taxes: −$1,886
• − Insurance: −$500
• − Repairs & maintenance: −$2,656
• − Management: −$2,656
• − Depreciation: −$2,906
• Taxable income: $17,003
• Est. tax owed @ 24.0%: −$4,081
• After-tax cash flow: $13,478/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: Niagara Falls City School District
• NCES district ID: 3620820
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 34% ▲ 3.00%
• Median HH income: $32,488
• Composite: 24.5/100
• National rank: #7655
• State rank: #578 of 590 in NY

Livability — Niagara Falls

• Score: 60/100
• State rank: #956
• US rank: #18749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niagara Falls, NY
• County: Niagara County · 157,377 people
• City population: 62,983
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 16,696
• Household income: $51,004
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1095.0

Population outlook (Niagara County) Hauer SSP2

• Today (2025): 204,149 people
• By 2030: 197,900 · -3.1%
• By 2040: 182,239 · -10.7%
• By 2050: 165,198 · -19.1%
• By 2075: 129,416 · -36.6%
• By 2100: 96,222 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 55% Black 24% Two or more races 13% Hispanic / Latino 8% Asian 1% Native American 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Niagara

• 2024 margin: R (+14.9) · D 42.5% · R 57.5%
• 2008→2024 swing: -15.9pp toward R · 2008: 1.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+9.7 2016: R+19.0 2012: D+0.6 2008: D+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.08%
• Current HPI: 350.8741
• Rent YoY: —
• Metro: Buffalo-Cheektowaga, NY
• 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

+17.5% since first listed

3 events — show timeline

• 2026-05-14 Pending — WNYREIS
• 2026-04-17 Listed $99,900 WNYREIS
• 2025-03-31 Sold (Public Records) $85,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $1,886 · +15.0% YoY. Source: county tax records.