378 Schenck St · North Tonawanda, NY 14120

$199,900

4 bd · 2.5 ba · 1,760 sqft · MultiFamily public records · 29 Days on market

Built 1920 1,776 sqft lot Est $181k · 10% over

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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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• ARV discount +2.9/15.0
• 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

You must check out this amazing opportunity for owner occupy or investor! This 2 family property has all new electric panels and wiring throughout (2020), new hot water tank (2020), laundry in both units and a large shed with concrete pad! The upstairs unit has been fully renovated with high end finishes and modern trends. These updates include; BRAND NEW KITCHEN, quartz counters, new shaker cabinets, new stainless appliances, LVL waterproof flooring throughout, new doors and trim and some new windows! The spa like bathroom has a new convenient layout, tile flooring, new tub, toilet and vanity. Lower unit has eat in kitchen with appliances, dining room, spacious living room with open floor plan, 1.5 baths, basement and huge master. This property sits diagonally from beautiful pinewoods park and is within walking distance to the farmers market, shopping, bike paths, restaurants and all conveniences! Schedule your appointment to see this beauty today! Square footage difference is due to additional bedroom added in upper unit.

Key facts

• Updated baths
• Income potential
• Separate laundry

Tags

• UPDATED KITCHENS
• UPDATED BATHS
• PRIVATE ENTRANCES
• SEPARATE LAUNDRY
• INCOME POTENTIAL
• EASY ACCESS TO GREEN SPACE

Property features AI

Finance

• Financial info: Property is a two-unit multifamily with separate electric meters for each unit and a shared gas meter; Owner pays heat and water; Operating expenses include trash and water; Unit rents: one unit at $850 month-to-month; second unit leased at $1,100 (lease expires September 1, 2026)

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story building; Existing/resale property
• Construction: Vinyl siding; Stone foundation
• Exterior features: Corner, rectangular lot (approx. 37 x 48); Small lot (0.0408 acres)

Interior

• Kitchen: Each unit includes range/oven, refrigerator, microwave, and dishwasher
• Bedrooms: Two 2-bedroom units
• Flooring: Vinyl and varied flooring
• Bathrooms: One unit with 1 bathroom; One unit with 1 full bathroom and 1 half bathroom; Total property: 2 full bathrooms, 1 half bathroom
• Heating & cooling: Gas-fired baseboard heating; Gas water heater
• Interior features: Full basement
• Laundry & utility: Each unit has in-unit laundry (washer and dryer)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $869 ($10k/yr) — positive. Per door: $434/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 4.0% in North Tonawanda — 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 85/100 on livability (#30 in NY, #518 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• North Tonawanda City School District (suburban): math 42% / reading 57% proficiency, ranked #398 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Tonawanda Intermediate School (math 24% / reading 58%, grade F, #402 of 729 statewide, top 56%, 720 students, 52% FRL); North Tonawanda Middle School (math 27% / reading 52%, grade F, #418 of 729 statewide, top 59%, 447 students, 50% FRL); North Tonawanda High School (math 93% / reading 64%, grade A-, #562 of 1,100 statewide, top 51%, 1,001 students, 46% FRL).
• Market conditions: Rents rising fast (+6.0%/yr); 180 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,882/mo this rent would consume 46% of the median local household income ($75k/yr) (locally 1303% 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 $1k of loan paydown is wiped out by about $6k 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 + 6.0% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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.
• Current owner paid $134k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,901 (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 1920 — 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. 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.
7. 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.
8. 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: 1.44% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.63%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $181,280
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
455 Robinson St	0.17mi	4/2.0	1,710 (-3%)	4mo	$251,000	$147	82
260 Payne Ave	0.23mi	5/2.0 (+1)	1,894 (+8%)	12mo	$210,940	$111	60
342 Bryant St	0.14mi	4/2.0	1,942 (+10%)	20mo	$200,000	$103	58
364 Tremont St	0.48mi	4/2.0	1,732 (-2%)	22mo	$199,900	$115	54
42 Geneva St	0.34mi	4/2.0	1,936 (+10%)	23mo	$122,000	$63	47
279 Wheatfield St	0.45mi	4/2.0	1,888 (+7%)	23mo	$193,000	$102	45
182 Payne Ave	0.32mi	3/2.0 (-1)	1,956 (+11%)	17mo	$200,000	$102	45
306 Shartle Pl	0.53mi	3/2.0 (-1)	1,624 (-8%)	18mo	$167,000	$103	40

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 · 5.96% rent growth · sell at horizon

5-year hold

• IRR: 13.7%
• Equity multiple: 1.57×
• Total profit: $31,836
• Equity at exit: $29,806

10-year hold

• IRR: 24.7%
• Equity multiple: 3.46×
• Total profit: $137,750
• Equity at exit: $17,284

Cash invested: $55,972 (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 14120

• Rents YoY: 6.0%
• Active inventory: 180
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,882 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$276 /mo · $3,317/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $869

Break-even live

Break-even rent $1,782

Max offer price $199,900

Occupancy floor 65%

Sensitivity live

Price	-10% $982	-5% $925	+0% $869	+5% $812	+10% $756
Rent	-10% $641	-5% $755	+0% $869	+5% $983	+10% $1,096
Rate	-1.0pp $969	-0.5pp $920	base $869	+0.5pp $817	+1.0pp $764

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$2,882
Total (2 units)			$2,882

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 River Rd North Tonawanda, NY	1.0–3.0	1.0–2.5	1320	$4,995	$3.78	3d	12	0.96mi

Listing history 20 events

1. 2026-06-15
   days on market $199,900 Active 29 DOM
2. 2026-06-13
   days on market $199,900 Active 27 DOM
3. 2026-06-10
   days on market $199,900 Active 24 DOM
4. 2026-06-09
   days on market $199,900 Active 23 DOM
5. 2026-06-08
   days on market $199,900 Active 22 DOM
6. 2026-06-07
   days on market $199,900 Active 21 DOM
7. 2026-06-03
   days on market $199,900 Active 17 DOM
8. 2026-06-02
   days on market $199,900 Active 16 DOM
9. 2026-06-01
   days on market $199,900 Active 15 DOM
10. 2026-05-31
    days on market $199,900 Active 14 DOM
11. 2026-05-17
    listed $199,900 Active
12. 2021-01-05
    soldstatus $134,000 Closed Sale or Rented 1041-char remark

    Show marketing remark (1041 chars)

    You must check out this amazing opportunity for owner occupy or investor! This 2 family property has all new electric panels and wiring throughout (2020), new hot water tank (2020), laundry in both units and a large shed with concrete pad! The upstairs unit has been fully renovated with high end finishes and modern trends. These updates include; BRAND NEW KITCHEN, quartz counters, new shaker cabinets, new stainless appliances, LVL waterproof flooring throughout, new doors and trim and some new windows! The spa like bathroom has a new convenient layout, tile flooring, new tub, toilet and vanity. Lower unit has eat in kitchen with appliances, dining room, spacious living room with open floor plan, 1.5 baths, basement and huge master. This property sits diagonally from beautiful pinewoods park and is within walking distance to the farmers market, shopping, bike paths, restaurants and all conveniences! Schedule your appointment to see this beauty today! Square footage difference is due to additional bedroom added in upper unit.

13. 2020-11-05
    status Pending Sale 1041-char remark

    Show marketing remark (1041 chars)

    You must check out this amazing opportunity for owner occupy or investor! This 2 family property has all new electric panels and wiring throughout (2020), new hot water tank (2020), laundry in both units and a large shed with concrete pad! The upstairs unit has been fully renovated with high end finishes and modern trends. These updates include; BRAND NEW KITCHEN, quartz counters, new shaker cabinets, new stainless appliances, LVL waterproof flooring throughout, new doors and trim and some new windows! The spa like bathroom has a new convenient layout, tile flooring, new tub, toilet and vanity. Lower unit has eat in kitchen with appliances, dining room, spacious living room with open floor plan, 1.5 baths, basement and huge master. This property sits diagonally from beautiful pinewoods park and is within walking distance to the farmers market, shopping, bike paths, restaurants and all conveniences! Schedule your appointment to see this beauty today! Square footage difference is due to additional bedroom added in upper unit.

14. 2020-10-28
    historical Continue to Show- Under Contract 1041-char remark

    Show marketing remark (1041 chars)

    You must check out this amazing opportunity for owner occupy or investor! This 2 family property has all new electric panels and wiring throughout (2020), new hot water tank (2020), laundry in both units and a large shed with concrete pad! The upstairs unit has been fully renovated with high end finishes and modern trends. These updates include; BRAND NEW KITCHEN, quartz counters, new shaker cabinets, new stainless appliances, LVL waterproof flooring throughout, new doors and trim and some new windows! The spa like bathroom has a new convenient layout, tile flooring, new tub, toilet and vanity. Lower unit has eat in kitchen with appliances, dining room, spacious living room with open floor plan, 1.5 baths, basement and huge master. This property sits diagonally from beautiful pinewoods park and is within walking distance to the farmers market, shopping, bike paths, restaurants and all conveniences! Schedule your appointment to see this beauty today! Square footage difference is due to additional bedroom added in upper unit.

15. 2020-10-22
    listed $139,900 Active 1041-char remark

    Show marketing remark (1041 chars)

    You must check out this amazing opportunity for owner occupy or investor! This 2 family property has all new electric panels and wiring throughout (2020), new hot water tank (2020), laundry in both units and a large shed with concrete pad! The upstairs unit has been fully renovated with high end finishes and modern trends. These updates include; BRAND NEW KITCHEN, quartz counters, new shaker cabinets, new stainless appliances, LVL waterproof flooring throughout, new doors and trim and some new windows! The spa like bathroom has a new convenient layout, tile flooring, new tub, toilet and vanity. Lower unit has eat in kitchen with appliances, dining room, spacious living room with open floor plan, 1.5 baths, basement and huge master. This property sits diagonally from beautiful pinewoods park and is within walking distance to the farmers market, shopping, bike paths, restaurants and all conveniences! Schedule your appointment to see this beauty today! Square footage difference is due to additional bedroom added in upper unit.

16. 2019-06-07
    soldstatus $85,000 Closed Sale or Rented 280-char remark

    Show marketing remark (280 chars)

    Fully occupied 2 family home. Lower unit features plenty of space with large master bedroom, a second bedroom and open concept. Upper unit features large master bedroom with the possibility of another bedroom. Shows well, upper unit has a balcony/patio! Schedule a showing today!

17. 2019-06-07
    soldstatus $85,000

    Show marketing remark (280 chars)

    Fully occupied 2 family home. Lower unit features plenty of space with large master bedroom, a second bedroom and open concept. Upper unit features large master bedroom with the possibility of another bedroom. Shows well, upper unit has a balcony/patio! Schedule a showing today!

18. 2019-04-12
    status Pending Sale 280-char remark

    Show marketing remark (280 chars)

    Fully occupied 2 family home. Lower unit features plenty of space with large master bedroom, a second bedroom and open concept. Upper unit features large master bedroom with the possibility of another bedroom. Shows well, upper unit has a balcony/patio! Schedule a showing today!

19. 2019-03-15
    status Under Contract- Do Not Show 280-char remark

    Show marketing remark (280 chars)

    Fully occupied 2 family home. Lower unit features plenty of space with large master bedroom, a second bedroom and open concept. Upper unit features large master bedroom with the possibility of another bedroom. Shows well, upper unit has a balcony/patio! Schedule a showing today!

20. 2019-03-09
    listed $89,900 Active 280-char remark

    Show marketing remark (280 chars)

    Fully occupied 2 family home. Lower unit features plenty of space with large master bedroom, a second bedroom and open concept. Upper unit features large master bedroom with the possibility of another bedroom. Shows well, upper unit has a balcony/patio! Schedule a showing today!

ⓘ 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: $3,317 · $276/mo
• Projected year-2 tax: $3,348 · $279/mo
• Expected delta: +$31/yr (+$3/mo · 0.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,584
• − Mortgage interest: −$11,198
• − Property taxes: −$3,317
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,767
• − Management: −$2,767
• − Depreciation: −$5,815
• Taxable income: $7,721
• Est. tax owed @ 24.0%: −$1,853
• After-tax cash flow: $8,572/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: North Tonawanda City School District
• NCES district ID: 3621240
• Math proficiency: 42% ▼ -16.00%
• Reading proficiency: 57% ▲ 4.00%
• Median HH income: $48,348
• Composite: 42.15/100
• National rank: #3301
• State rank: #398 of 590 in NY

Livability — North Tonawanda

• Score: 85/100
• State rank: #30
• US rank: #518

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Tonawanda, NY
• County: Niagara County · 157,377 people
• City population: 44,241
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 44,241
• Household income: $74,871
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 1303.0

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: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3% Black 2%
• Common ancestry: Romanian 15% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Russian/Polish/Slavic 2% Spanish 1% 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: ▼ -260.39%
• Current HPI: 303.1744
• Rent YoY: ▲ 5.96%
• 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

+122.4% since first listed

10 events — show timeline

• 2026-05-17 Listed $199,900 WNYREIS
• 2021-01-05 Sold (MLS) $134,000 WNYREIS
• 2020-11-05 Pending — WNYREIS
• 2020-10-28 Contingent — WNYREIS
• 2020-10-22 Listed $139,900 WNYREIS
• 2019-06-07 Sold (Public Records) $85,000 Public Records
• 2019-06-07 Sold (MLS) $85,000 WNYREIS
• 2019-04-12 Pending — WNYREIS
• 2019-03-15 Pending — WNYREIS
• 2019-03-09 Listed $89,900 WNYREIS

Property tax history

+5.2%/yr

Latest (2025): $3,317 · +2.1% YoY. Source: county tax records.