2235 Cudaback Ave · Niagara Falls, NY 14303

$59,900

4 bd · 2.0 ba · 1,832 sqft · MultiFamily public records · 194 Days on market

Built 1920 ↓ 30% since listing

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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 +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

Key facts

• Built 1920
• Listed 194 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 36.0% vs local median 7.5% 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: Bloneva Bond Primary School (math 2% / reading 17%, grade F, #2,075 of 2,108 statewide, top 99%, 403 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: 74 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,402/mo this rent would consume 63% of the median local household income ($46k/yr) (locally 230% 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $36k; list at $60k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 4.01% ✓
• Cap rate: 36.01%
• Cash-on-cash: 106.15%
• DSCR: 5.72
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $128,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1968 Cudaback Ave	0.09mi	4/3.0	1,848 (+1%)	8mo	$20,000	$11	84
2219 Cudaback Ave	0.03mi	4/2.0	2,000 (+9%)	8mo	$80,000	$40	77
2615 Ferry Ave	0.45mi	4/2.0	1,848 (+1%)	6mo	$115,000	$62	73
2491 Cudaback Ave	0.25mi	5/2.0 (+1)	1,728 (-6%)	9mo	$77,000	$45	67
541 20th St	0.50mi	5/2.0 (+1)	1,917 (+5%)	1mo	$112,000	$58	63
420 18th St	0.38mi	4/2.5	1,632 (-11%)	3mo	$115,000	$70	60
346 Portage Rd	0.49mi	3/2.0 (-1)	1,940 (+6%)	4mo	$142,500	$73	59
609 24th St	0.56mi	4/2.0	2,000 (+9%)	4mo	$140,000	$70	55
2449 Grand Ave	0.71mi	5/2.0 (+1)	1,918 (+5%)	4mo	$135,000	$70	50
555 25th St	0.53mi	4/2.0	1,619 (-12%)	7mo	$128,000	$79	50
614 20th St	0.59mi	4/2.0	1,570 (-14%)	1mo	$100,000	$64	48
2254 Grand Ave	0.73mi	5/2.0 (+1)	1,748 (-5%)	8mo	$149,000	$85	46

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: —
• Equity multiple: 6.06×
• Total profit: $84,823
• Equity at exit: $8,931

10-year hold

• IRR: —
• Equity multiple: 12.67×
• Total profit: $195,684
• Equity at exit: $5,179

Cash invested: $16,772 (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 14303

• Home prices YoY: -1.7%
• Active inventory: 74
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,402 high
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $1,484

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 33%

Sensitivity live

Price	-10% $1,525	-5% $1,504	+0% $1,484	+5% $1,463	+10% $1,442
Rent	-10% $1,294	-5% $1,389	+0% $1,484	+5% $1,579	+10% $1,673
Rate	-1.0pp $1,514	-0.5pp $1,499	base $1,484	+0.5pp $1,468	+1.0pp $1,452

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,402
Total (2 units)			$2,402

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2420 Mackenna Ave Unit 1 Niagara Falls, NY	4.0	1.0	1300	$1,390	$1.07	3d	1	0.10mi
3225 Belden Pl Niagara Falls, NY	5.0	1.5	1344	$1,750	$1.30	3d	1	0.71mi
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	19d	1	0.85mi
784 15th St Niagara Falls, NY	3.0	1.5	1380	$1,350	$0.98	5d	1	0.96mi
642 Ashland Ave Niagara Falls, NY	3.0	1.0	1238	$1,100	$0.89	5d	1	1.48mi

Listing history 23 events

1. 2026-06-21
   days on market $59,900 Active 194 DOM
2. 2026-06-18
   days on market $59,900 Active 191 DOM
3. 2026-06-17
   days on market $59,900 Active 190 DOM
4. 2026-06-16
   days on market $59,900 Active 189 DOM
5. 2026-06-15
   days on market $59,900 Active 188 DOM
6. 2026-06-13
   days on market $59,900 Active 186 DOM
7. 2026-06-13
   days on market $59,900 Active 185 DOM
8. 2026-06-10
   days on market $59,900 Active 183 DOM
9. 2026-06-09
   days on market $59,900 Active 182 DOM
10. 2026-06-08
    days on market $59,900 Active 181 DOM
11. 2026-06-07
    days on market $59,900 Active 180 DOM
12. 2026-06-03
    days on market $59,900 Active 176 DOM
13. 2026-06-02
    days on market $59,900 Active 175 DOM
14. 2026-06-01
    days on market $59,900 Active 174 DOM
15. 2026-05-31
    days on market $59,900 Active 173 DOM
16. 2025-12-09
    listed $59,900 Active 140-char remark

    Show marketing remark (140 chars)

    Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

17. 2025-10-24
    soldstatus $36,000 Closed 140-char remark

    Show marketing remark (140 chars)

    Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

18. 2025-10-19
    status Pending 140-char remark

    Show marketing remark (140 chars)

    Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

19. 2025-10-18
    status Active 140-char remark

    Show marketing remark (140 chars)

    Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

20. 2025-07-09
    status Pending 140-char remark

    Show marketing remark (140 chars)

    Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

21. 2025-06-11
    price $69,900 140-char remark

    Show marketing remark (140 chars)

    Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

22. 2025-05-30
    price $80,000 140-char remark

    Show marketing remark (140 chars)

    Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

23. 2025-05-07
    listed $85,000 Active 140-char remark

    Show marketing remark (140 chars)

    Duplex located in Niagara falls NY. Close to tourism attractions and Niagara University Campus. Occupied. PLEASE DO NOT TRESPASS ON PROPERTY

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,824
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$2,306
• − Management: −$2,306
• − Depreciation: −$1,743
• Taxable income: $17,916
• Est. tax owed @ 24.0%: −$4,300
• After-tax cash flow: $13,504/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): 6,156
• Household income: $45,646
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 230.0

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 0.68)
• Race & ethnicity: White 53% Two or more races 18% Hispanic / Latino 15% Black 12% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 6%
• Common ancestry: Romanian 12% Lithuanian 2% Iranian 1%
• Foreign-born: 3%
• Languages at home: 93% English-only · Other Indo-European 3% Spanish 3% Russian/Polish/Slavic 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: ▼ -5.37%
• Current HPI: 311.8094
• 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

-29.5% since first listed

8 events — show timeline

• 2025-12-09 Listed $59,900 OneKey® MLS as Distributed by MLS Grid
• 2025-10-24 Sold (MLS) $36,000 WNYREIS
• 2025-10-19 Pending — WNYREIS
• 2025-10-18 Relisted — WNYREIS
• 2025-07-09 Pending — WNYREIS
• 2025-06-11 Price Changed $69,900 WNYREIS
• 2025-05-30 Price Changed $80,000 WNYREIS
• 2025-05-07 Listed $85,000 WNYREIS

Property tax history

+6.5%/yr

Latest (2025): $3,561 · -56.6% YoY. Source: county tax records.