240 Lackawanna Ave · Sloan, NY 14212

$259,900

7 bd · 3.0 ba · 3,273 sqft · MultiFamily public records · 71 Days on market

Built 1927 3,485 sqft lot

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Fantastic 3 Family Home in Sloan! Original family owned with huge lower apartment, upper apartment and smaller rear apartment. Detached 3 car garage, rear deck 10x10 with awning. 3rd floor with full attic. Separate utilities except water. 3 separate laundry hook-ups in full basement. Updated Oak cupboards in kitchens and updated baths with vanities. Large living and dining rooms. Ceiling fans. Brand new Lennox furnace for upper apartment. Located in Sloan - JFK School System. Easy to rent - walk to bus line. Absolute MINT condition! Easy to show and Immediate Possession! Basic STAR $980.

Key facts

• Full basement
• Large double lot
• Off-street parking

Tags

• LARGE DOUBLE LOT
• ROOF REPLACED
• FULL BASEMENT
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $404/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 5.7% in Sloan — 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 76/100 on livability (#215 in NY, #3,348 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D-, amenities F.
• Cheektowaga-Sloan Union Free School District (urban): math 33% / reading 38% proficiency, ranked #555 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 83 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $143k; list at $260k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $244,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.55% ✓
• Cap rate: 11.89%
• Cash-on-cash: 20.00%
• DSCR: 1.89
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.2%
• Equity multiple: 4.01×
• Total profit: $218,980
• Equity at exit: $234,139

10-year hold

• IRR: 33.8%
• Equity multiple: 9.03×
• Total profit: $584,431
• Equity at exit: $504,929

Cash invested: $72,772 (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 14212

• Home prices YoY: 20.4%
• Active inventory: 83
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $4,027 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$497 /mo · $5,964/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$846
• Net cashflow: $1,213

Break-even live

Break-even rent $2,491

Max offer price $259,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,026
Total (3 units)			$4,027

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-22
   status Pending
2. 2026-02-19
   status Active
3. 2026-02-13
   status Pending
4. 2026-02-02
   listed $259,900 Active
5. 2017-04-21
   soldstatus $143,100 Closed Sale or Rented 594-char remark

   Show marketing remark (594 chars)

   Fantastic 3 Family Home in Sloan! Original family owned with huge lower apartment, upper apartment and smaller rear apartment. Detached 3 car garage, rear deck 10x10 with awning. 3rd floor with full attic. Separate utilities except water. 3 separate laundry hook-ups in full basement. Updated Oak cupboards in kitchens and updated baths with vanities. Large living and dining rooms. Ceiling fans. Brand new Lennox furnace for upper apartment. Located in Sloan - JFK School System. Easy to rent - walk to bus line. Absolute MINT condition! Easy to show and Immediate Possession! Basic STAR $980.

6. 2017-04-21
   soldstatus $143,100

   Show marketing remark (594 chars)

   Fantastic 3 Family Home in Sloan! Original family owned with huge lower apartment, upper apartment and smaller rear apartment. Detached 3 car garage, rear deck 10x10 with awning. 3rd floor with full attic. Separate utilities except water. 3 separate laundry hook-ups in full basement. Updated Oak cupboards in kitchens and updated baths with vanities. Large living and dining rooms. Ceiling fans. Brand new Lennox furnace for upper apartment. Located in Sloan - JFK School System. Easy to rent - walk to bus line. Absolute MINT condition! Easy to show and Immediate Possession! Basic STAR $980.

7. 2017-02-23
   status Pending Sale 594-char remark

   Show marketing remark (594 chars)

   Fantastic 3 Family Home in Sloan! Original family owned with huge lower apartment, upper apartment and smaller rear apartment. Detached 3 car garage, rear deck 10x10 with awning. 3rd floor with full attic. Separate utilities except water. 3 separate laundry hook-ups in full basement. Updated Oak cupboards in kitchens and updated baths with vanities. Large living and dining rooms. Ceiling fans. Brand new Lennox furnace for upper apartment. Located in Sloan - JFK School System. Easy to rent - walk to bus line. Absolute MINT condition! Easy to show and Immediate Possession! Basic STAR $980.

8. 2017-02-21
   historical Under Contract- Do Not Show 594-char remark

   Show marketing remark (594 chars)

   Fantastic 3 Family Home in Sloan! Original family owned with huge lower apartment, upper apartment and smaller rear apartment. Detached 3 car garage, rear deck 10x10 with awning. 3rd floor with full attic. Separate utilities except water. 3 separate laundry hook-ups in full basement. Updated Oak cupboards in kitchens and updated baths with vanities. Large living and dining rooms. Ceiling fans. Brand new Lennox furnace for upper apartment. Located in Sloan - JFK School System. Easy to rent - walk to bus line. Absolute MINT condition! Easy to show and Immediate Possession! Basic STAR $980.

9. 2016-12-20
   price $139,900 594-char remark

   Show marketing remark (594 chars)

   Fantastic 3 Family Home in Sloan! Original family owned with huge lower apartment, upper apartment and smaller rear apartment. Detached 3 car garage, rear deck 10x10 with awning. 3rd floor with full attic. Separate utilities except water. 3 separate laundry hook-ups in full basement. Updated Oak cupboards in kitchens and updated baths with vanities. Large living and dining rooms. Ceiling fans. Brand new Lennox furnace for upper apartment. Located in Sloan - JFK School System. Easy to rent - walk to bus line. Absolute MINT condition! Easy to show and Immediate Possession! Basic STAR $980.

10. 2016-11-07
    listed $149,900 Active 594-char remark

    Show marketing remark (594 chars)

    Fantastic 3 Family Home in Sloan! Original family owned with huge lower apartment, upper apartment and smaller rear apartment. Detached 3 car garage, rear deck 10x10 with awning. 3rd floor with full attic. Separate utilities except water. 3 separate laundry hook-ups in full basement. Updated Oak cupboards in kitchens and updated baths with vanities. Large living and dining rooms. Ceiling fans. Brand new Lennox furnace for upper apartment. Located in Sloan - JFK School System. Easy to rent - walk to bus line. Absolute MINT condition! Easy to show and Immediate Possession! Basic STAR $980.

ⓘ 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: $5,964 · $497/mo
• Projected year-2 tax: $5,964 · $497/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 · 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: $48,324
• − Mortgage interest: −$14,558
• − Property taxes: −$5,964
• − Insurance: −$1,300
• − Repairs & maintenance: −$3,866
• − Management: −$3,866
• − Depreciation: −$7,561
• Taxable income: $11,210
• Est. tax owed @ 24.0%: −$2,690
• After-tax cash flow: $11,867/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: Cheektowaga-Sloan Union Free School District
• NCES district ID: 3627000
• Math proficiency: 33% ▼ -16.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,810
• Composite: 30.35/100
• National rank: #6263
• State rank: #555 of 590 in NY

Livability — Sloan

• Score: 76/100
• State rank: #215
• US rank: #3348

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sloan, NY
• City population: 440,021
• Population (ZIP): 13,603

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: White 32% Black 27% Asian 25% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 12% Serbian 1% Lithuanian 1%
• Foreign-born: 20% · Philippines, Canada, China
• Languages at home: 68% English-only · Other Indo-European 18% Spanish 4% Other Asian/Pacific 2%

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: ▲ 79.80%
• Current HPI: 471.6399
• 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

+73.4% since first listed

10 events — show timeline

• 2026-04-22 Pending — WNYREIS
• 2026-02-19 Relisted — WNYREIS
• 2026-02-13 Pending — WNYREIS
• 2026-02-02 Listed $259,900 WNYREIS
• 2017-04-21 Sold (Public Records) $143,100 Public Records
• 2017-04-21 Sold (MLS) $143,100 WNYREIS
• 2017-02-23 Pending — WNYREIS
• 2017-02-21 Contingent — WNYREIS
• 2016-12-20 Price Changed $139,900 WNYREIS
• 2016-11-07 Listed $149,900 WNYREIS

Property tax history

+0.9%/yr

Latest (2025): $5,964 · +0.9% YoY. Source: county tax records.