51 Laverack Ave · Depew, NY 14043

$324,900

5 bd · 3.0 ba · 2,039 sqft · MultiFamily public records · 6 Days on market

Built 1931 8,125 sqft lot Est $273k · 19% over

---

Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Rent growth +3.9/5.0
• Schools +3.8/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 MLS

Terrific investment opportunity! This pleasantly renovated 3 unit is located near all the conveniences in the Depew School District. Extra wide lot and driveway with plenty of parking space. Property has Detached 2.5 car garage, separate utilities, separate washer and dryers. Features include enclosed side entrance with front and back porches. Seller request no escalations clauses. Seller will begin to review Offers 4/26/24 @3:00pm

Key facts

• 4 car garage
• Renovated basement
• Prime location

Tags

• 3 UNIT INVESTMENT PROPERTY
• RENOVATED BASEMENT
• 4 CAR GARAGE
• PRIME LOCATION

Property features AI

Finance

• Financial info: Three total rental units; Separate gas and electric meters for each unit; Operating expenses include maintenance, trash, and water/sewer; Unit rents: two units at $1,250 and one unit at $950 (actual rents listed); Owner pays water (per remarks)

Exterior

• Parking: Attached garage with four spaces; Additional parking: two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Resale property; Brick and composite siding exterior
• Construction: Brick and composite siding construction; Existing (previously built)
• Exterior features: Rectangular residential lot with 65 x 125 dimensions; City street frontage

Interior

• Kitchen: Oven/range and refrigerator included in each unit; Eat-in kitchen in one unit
• Bedrooms: Unit mix includes two 2-bedroom units and one 1-bedroom unit
• Flooring: Carpet; Laminate; Luxury vinyl; Tile; Varies by unit
• Bathrooms: Three full bathrooms total (one per unit)
• Heating & cooling: Gas baseboard heating; Has heating
• Interior features: Carpet, laminate, luxury vinyl and tile flooring throughout; Full basement
• Laundry & utility: Washer and dryer included in each unit; Common area laundry

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $499/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Cap rate 11.8% vs local median 3.7% in Depew — 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 71/100 on livability (#408 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, health & safety A-; Watch: crime F, amenities F, commute F.
• Depew Union Free School District (suburban): math 39% / reading 50% proficiency, ranked #461 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.8%/yr); 124 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,647/mo this rent would consume 75% of the median local household income ($74k/yr) (locally 854% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $91k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y 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: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $324,900

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 1931 — 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 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?
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: 1.43% ✓
• Cap rate: 11.82%
• Cash-on-cash: 19.74%
• DSCR: 1.88
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $273,226
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109-111 Sawyer Ave	0.32mi	5/3.0	2,100 (+3%)	11mo	$310,000	$148	71
134 Sawyer Ave	0.21mi	5/2.0	2,058 (+1%)	18mo	$275,000	$134	70
59 Laverack Ave	0.02mi	5/3.0	2,264 (+11%)	19mo	$310,000	$137	65
25 Hawro Pl	0.38mi	4/2.0 (-1)	2,016 (-1%)	18mo	$255,000	$126	56
700 Terrace Blvd	0.30mi	5/2.0	2,156 (+6%)	21mo	$215,000	$100	55
48 Cowing St	0.22mi	4/2.0 (-1)	1,800 (-12%)	8mo	$265,000	$147	54
91 Bloomfield Ave	0.45mi	5/2.0	2,300 (+13%)	7mo	$290,000	$126	48
44 Olanta St #42	0.69mi	6/3.0 (+1)	2,184 (+7%)	11mo	$380,000	$174	42
48 Olanta St	0.70mi	6/3.0 (+1)	2,184 (+7%)	13mo	$364,610	$167	39
3556 Walden Ave	0.71mi	6/2.0 (+1)	2,050 (+0%)	21mo	$268,000	$131	39
135 Elmwood Ave	0.65mi	4/2.0 (-1)	1,992 (-2%)	21mo	$260,000	$131	39
174 Kieffer Ave #2	0.72mi	5/2.0	1,743 (-14%)	5mo	$205,000	$118	34

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 · 5.75% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.61×
• Total profit: $55,882
• Equity at exit: $48,444

10-year hold

• IRR: 25.5%
• Equity multiple: 3.52×
• Total profit: $228,833
• Equity at exit: $28,091

Cash invested: $90,972 (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 14043

• Home prices YoY: -34.2%
• Rents YoY: 5.8%
• Active inventory: 124
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $4,647 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$336 /mo · $4,029/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$976
• Net cashflow: $1,496

Break-even live

Break-even rent $2,753

Max offer price $324,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,680	-5% $1,588	+0% $1,496	+5% $1,404	+10% $1,312
Rent	-10% $1,129	-5% $1,313	+0% $1,496	+5% $1,680	+10% $1,863
Rate	-1.0pp $1,660	-0.5pp $1,579	base $1,496	+0.5pp $1,412	+1.0pp $1,326

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$4,647
Total (3 units)			$4,647

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: $81,225
• Closing costs: $9,747
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-21
   days on market $324,900 Active 6 DOM
2. 2026-06-18
   days on market $324,900 Active 3 DOM
3. 2026-06-17
   days on market $324,900 Active 2 DOM
4. 2026-06-16
   remarks 699-char remark
5. 2026-06-16
   listed $324,900 Active 1 DOM

ⓘ 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: $4,029 · $336/mo
• Projected year-2 tax: $4,760 · $397/mo
• Expected delta: +$731/yr (+$61/mo · 18.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°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: $55,764
• − Mortgage interest: −$18,199
• − Property taxes: −$4,029
• − Insurance: −$1,624
• − Repairs & maintenance: −$4,461
• − Management: −$4,461
• − Depreciation: −$9,452
• Taxable income: $13,537
• Est. tax owed @ 24.0%: −$3,249
• After-tax cash flow: $14,705/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: Depew Union Free School District
• NCES district ID: 3609030
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $51,488
• Composite: 38.33/100
• National rank: #4224
• State rank: #461 of 590 in NY

Livability — Depew

• Score: 71/100
• State rank: #408
• US rank: #7016

Category grades

Amenities F Commute F Cost of living A- 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: Depew, NY
• County: Erie County · 714,559 people
• City population: 25,098
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 25,098
• Household income: $74,112
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 854.0

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 3% Two or more races 3% Black 2% Asian 1%
• Common ancestry: Romanian 30% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Arabic 3% Russian/Polish/Slavic 2% Spanish 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: ▼ -152.13%
• Current HPI: 292.1082
• Rent YoY: ▲ 5.75%
• 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

+311.3% since first listed

12 events — show timeline

• 2026-06-15 Listed $324,900 WNYREIS
• 2026-02-09 Price Changed $364,999 WNYREIS
• 2026-02-04 Price Changed $374,999 WNYREIS
• 2025-12-08 Listed $375,000 WNYREIS
• 2024-07-26 Sold (Public Records) $305,000 Public Records
• 2024-07-26 Sold (MLS) $305,000 WNYREIS
• 2024-04-27 Pending — WNYREIS
• 2024-04-16 Listed $279,900 WNYREIS
• 2024-04-09 Listing Removed — WNYREIS
• 2024-02-02 Price Changed $294,900 WNYREIS
• 2023-11-07 Listed $299,900 WNYREIS
• 2017-07-20 Sold (Public Records) $79,000 Public Records

Property tax history

+10.5%/yr

Latest (2025): $4,029 · +6.1% YoY. Source: county tax records.