1028 South Ave · Niagara Falls, NY 14305

$285,000

144 bd · None ba · 8,148 sqft · MultiFamily public records · 40 Days on market

Built 1926 8,700 sqft lot $35/sqft · 8% below area Est $310k · 8% under

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +11.1/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Seller (s) will entertain offers between $285,000 and $330,000 or higher. All Brick solid 12-unit apartment building on quiet street in Niagara Falls. 10 out of the 12 units are rented for about $650/month and 2 units need cosmetic repair (about $10k per unit) before HUD will start paying rent again. Lots of room to up the rent to make this a big money maker and the seller is very motivated. One set of mechanics in great condition and updated electrical. National Fuel $700/month. National Grid $1000/month. Water $1000/month. Insurance $900/month. Taxes $3700/year. Come take a look at all the potential this has!

Key facts

• 8,700 sq ft lot
• Built 1926
• Listed 40 days

What this means for you Summary

Snapshot

• This is a 12 × 1-bed/1-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $9k ($113k/yr) — positive. Per door: $787/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $285k).
• Recommended offer: $276k (3.0% below list) — sets the bar for market timing.
• Cap rate 46.0% vs local median 7.6% 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: crime F, amenities F, commute 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.
• Zoned schools: Harry F Abate Elementary School (math 16% / reading 32%, grade F, #1,909 of 2,108 statewide, top 91%, 695 students, 82% FRL); Gaskill Preparatory School (math 10% / reading 22%, grade F, #702 of 729 statewide, top 96%, 500 students, 78% FRL); Niagara Falls High School (math 75% / reading 92%, grade A, #409 of 1,100 statewide, top 39%, 2,139 students, 71% FRL).
• Market conditions: 145 active listings in the ZIP; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $14,384/mo this rent would consume 338% 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 $2k of loan paydown is wiped out by about $9k 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 $80k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $276,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 5.05% ✓
• Cap rate: 46.03%
• Cash-on-cash: 141.93%
• DSCR: 7.32
• GRM: 1.7

CMA / ARV

• ARV (median comp): $310,060
• List price: $285,000
• Delta: -8.08%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.96×
• Total profit: $555,155
• Equity at exit: $42,494

10-year hold

• IRR: —
• Equity multiple: 16.77×
• Total profit: $1,258,263
• Equity at exit: $24,642

Cash invested: $79,800 (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: 145
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $14,384 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$311 /mo · $3,738/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,021
• Net cashflow: $9,439

Break-even live

Break-even rent $2,436

Max offer price $285,000

Occupancy floor 29%

Sensitivity live

Price	-10% $9,600	-5% $9,519	+0% $9,439	+5% $9,358	+10% $9,277
Rent	-10% $8,302	-5% $8,870	+0% $9,439	+5% $10,007	+10% $10,575
Rate	-1.0pp $9,582	-0.5pp $9,511	base $9,439	+0.5pp $9,365	+1.0pp $9,290

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$14,388
Total (12 units)			$14,384

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-22
   days on market $285,000 Active 40 DOM
2. 2026-06-21
   days on market $285,000 Active 39 DOM
3. 2026-06-18
   days on market $285,000 Active 36 DOM
4. 2026-06-17
   days on market $285,000 Active 35 DOM
5. 2026-06-16
   days on market $285,000 Active 34 DOM
6. 2026-06-15
   days on market $285,000 Active 33 DOM
7. 2026-06-13
   days on market $285,000 Active 31 DOM
8. 2026-06-13
   days on market $285,000 Active 30 DOM
9. 2026-06-10
   days on market $285,000 Active 28 DOM
10. 2026-06-09
    days on market $285,000 Active 27 DOM
11. 2026-06-08
    days on market $285,000 Active 26 DOM
12. 2026-06-07
    days on market $285,000 Active 25 DOM
13. 2026-06-03
    days on market $285,000 Active 21 DOM
14. 2026-06-02
    days on market $285,000 Active 20 DOM
15. 2026-06-01
    days on market $285,000 Active 19 DOM
16. 2026-05-31
    days on market $285,000 Active 18 DOM
17. 2026-05-13
    listed $285,000 Active 618-char remark

    Show marketing remark (618 chars)

    Seller (s) will entertain offers between $285,000 and $330,000 or higher. All Brick solid 12-unit apartment building on quiet street in Niagara Falls. 10 out of the 12 units are rented for about $650/month and 2 units need cosmetic repair (about $10k per unit) before HUD will start paying rent again. Lots of room to up the rent to make this a big money maker and the seller is very motivated. One set of mechanics in great condition and updated electrical. National Fuel $700/month. National Grid $1000/month. Water $1000/month. Insurance $900/month. Taxes $3700/year. Come take a look at all the potential this has!

ⓘ 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: $3,738 · $311/mo
• Projected year-2 tax: $4,277 · $356/mo
• Expected delta: +$539/yr (+$45/mo · 14.4%)

ⓘ 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 2/10 Low 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $172,608
• − Mortgage interest: −$15,964
• − Property taxes: −$3,738
• − Insurance: −$1,425
• − Repairs & maintenance: −$13,809
• − Management: −$13,809
• − Depreciation: −$8,291
• Taxable income: $115,573
• Est. tax owed @ 24.0%: −$27,737
• After-tax cash flow: $85,525/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

1 event — show timeline

• 2026-05-13 Listed $285,000 WNYREIS

Property tax history

+2.8%/yr

Latest (2025): $3,738 · -79.1% YoY. Source: county tax records.