1510 Ashland Ave · Niagara Falls, NY 14301

$140,000

5 bd · 3.0 ba · 2,194 sqft · MultiFamily public records · 680 Days on market

Built 1906 3,024 sqft lot $64/sqft · 16% below area Est $167k · 16% under

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Why this score? — see what drove the A 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
• ARV discount +14.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.7/5.0
• Livability +3.0/5.0
• Schools +2.5/10.0
• 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

This tri-plex is set for a quick close as all closing docs were set * * fully rented with $2300.00 monthly Rents combined * * GREAT INVESTMENT OPPORTUNITY!! Long term tenant of over 33+ years occupying front 3 bedroom unit, Upper front 2 bedroom tenant occupied w/ month to month & tenant owned stove & refrigerator, Upper back one bedroom apartment has tenant with year lease (new gas stove & 2 yr young fridge). All Tenants wanting to stay !! TRIPLEX offers a gutted & remodeled bathroom in 3 br unit along with NEW PEX plumbing & being currently painted & updated. Freshly painted exterior (2021), NEWER roof (2018/2019), NEW Gutters & Downspouts (2023), NEWER electrical panels & NEWER HWT. & Hi-efficiency furnace is approx. 6 years young!! Super low maintenance with GREAT RENTAL HISTORY & conveniently located near public transportation, grocery & attractions & all amenities! interior photos are of the upper back studio #3 apartment, 2 bedroom unit prior to leasing & all remodeled bath in 3 BR unit! Keep watching for more photos (back on market due to no fault of seller)

Key facts

• 3,024 sq ft lot
• Parking
• Built 1906

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $597/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.6% vs local median 7.7% 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: schools F, crime F, amenities 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.
• Market conditions: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,441/mo this rent would consume 120% of the median local household income ($35k/yr) (locally 954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $15k of equity ($968 loan paydown + $14k appreciation (10.0% local appreciation)).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 680 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 11y ago; this cycle's ask is 17% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $15k; list at $140k implies a 833% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 680 days. Have you received any prior offers? Is the seller open to a 12% 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 1906 — 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 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?
8. 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?
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: 2.46% ✓
• Cap rate: 21.64%
• Cash-on-cash: 54.82%
• DSCR: 3.44
• GRM: 3.4

CMA / ARV

• ARV (median comp): $166,968
• List price: $140,000
• Delta: -16.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1635 South Ave	0.46mi	5/2.0	2,208 (+1%)	2mo	$85,000	$38	71
1145 Willow Ave	0.29mi	6/2.0 (+1)	2,304 (+5%)	3mo	$53,300	$23	67
2401 Whitney Ave	0.53mi	6/2.0 (+1)	2,168 (-1%)	2mo	$40,000	$18	62
1867 Michigan Ave	0.47mi	4/2.0 (-1)	2,100 (-4%)	2mo	$87,000	$41	60
1623 Linwood Ave	0.30mi	4/2.0 (-1)	1,994 (-9%)	3mo	$100,000	$50	60
814 Willow Ave	0.56mi	5/2.0	2,072 (-6%)	2mo	$140,000	$68	59
609 Elmwood Ave	0.65mi	4/2.0 (-1)	2,221 (+1%)	0mo	$190,800	$86	58
2460 Grand Ave	0.66mi	6/2.0 (+1)	2,162 (-2%)	0mo	$175,000	$81	58
2455 La Salle Ave	0.63mi	4/2.0 (-1)	2,152 (-2%)	3mo	$112,000	$52	56
2208 Weston Ave	0.59mi	4/2.0 (-1)	2,016 (-8%)	1mo	$55,000	$27	49
541 20th St	0.55mi	5/2.0	1,917 (-13%)	1mo	$112,000	$58	49
2459 La Salle Ave	0.63mi	4/2.0 (-1)	1,920 (-12%)	2mo	$160,000	$83	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 71.6%
• Equity multiple: 6.32×
• Total profit: $208,514
• Equity at exit: $126,123

10-year hold

• IRR: 67.3%
• Equity multiple: 15.53×
• Total profit: $569,453
• Equity at exit: $271,989

Cash invested: $39,200 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $3,441 high
• Mortgage (P&I): −$734
• Tax from tax record: −$135 /mo · $1,622/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$723
• Net cashflow: $1,791

Break-even live

Break-even rent $1,174

Max offer price $140,000

Occupancy floor 43%

Sensitivity live

Price	-10% $1,870	-5% $1,830	+0% $1,791	+5% $1,751	+10% $1,712
Rent	-10% $1,519	-5% $1,655	+0% $1,791	+5% $1,927	+10% $2,063
Rate	-1.0pp $1,861	-0.5pp $1,826	base $1,791	+0.5pp $1,754	+1.0pp $1,718

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,330
1× unit	1	1	$1,111
Total (3 units)			$3,441

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	18d	1	0.37mi
3025 Macklem Ave Niagara Falls, NY	4.0	1.5	1750	$2,200	$1.26	44d	1	1.44mi

Listing history 36 events

1. 2026-06-21
   days on market $140,000 Active 680 DOM
2. 2026-06-18
   days on market $140,000 Active 677 DOM
3. 2026-06-17
   days on market $140,000 Active 676 DOM
4. 2026-06-16
   days on market $140,000 Active 675 DOM
5. 2026-06-15
   days on market $140,000 Active 674 DOM
6. 2026-06-13
   days on market $140,000 Active 672 DOM
7. 2026-06-13
   days on market $140,000 Active 671 DOM
8. 2026-06-10
   days on market $140,000 Active 669 DOM
9. 2026-06-09
   days on market $140,000 Active 668 DOM
10. 2026-06-08
    days on market $140,000 Active 667 DOM
11. 2026-06-07
    days on market $140,000 Active 666 DOM
12. 2026-06-03
    days on market $140,000 Active 662 DOM
13. 2026-06-02
    days on market $140,000 Active 661 DOM
14. 2026-06-01
    days on market $140,000 Active 660 DOM
15. 2026-05-31
    days on market $140,000 Active 659 DOM
16. 2024-10-18
    status Active 1165-char remark

    Show marketing remark (1165 chars)

    This tri-plex is set for a quick close as all closing docs were set * * fully rented with $2300.00 monthly Rents combined * * GREAT INVESTMENT OPPORTUNITY!! Long term tenant of over 33+ years occupying front 3 bedroom unit, Upper front 2 bedroom tenant occupied w/ month to month & tenant owned stove & refrigerator, Upper back one bedroom apartment has tenant with year lease (new gas stove & 2 yr young fridge). All Tenants wanting to stay !! TRIPLEX offers a gutted & remodeled bathroom in 3 br unit along with NEW PEX plumbing & being currently painted & updated. Freshly painted exterior (2021), NEWER roof (2018/2019), NEW Gutters & Downspouts (2023), NEWER electrical panels & NEWER HWT. & Hi-efficiency furnace is approx. 6 years young!! Super low maintenance with GREAT RENTAL HISTORY & conveniently located near public transportation, grocery & attractions & all amenities! interior photos are of the upper back studio #3 apartment, 2 bedroom unit prior to leasing & all remodeled bath in 3 BR unit! Keep watching for more photos (back on market due to no fault of seller)

17. 2024-10-18
    price $140,000 1165-char remark

    Show marketing remark (1165 chars)

    This tri-plex is set for a quick close as all closing docs were set * * fully rented with $2300.00 monthly Rents combined * * GREAT INVESTMENT OPPORTUNITY!! Long term tenant of over 33+ years occupying front 3 bedroom unit, Upper front 2 bedroom tenant occupied w/ month to month & tenant owned stove & refrigerator, Upper back one bedroom apartment has tenant with year lease (new gas stove & 2 yr young fridge). All Tenants wanting to stay !! TRIPLEX offers a gutted & remodeled bathroom in 3 br unit along with NEW PEX plumbing & being currently painted & updated. Freshly painted exterior (2021), NEWER roof (2018/2019), NEW Gutters & Downspouts (2023), NEWER electrical panels & NEWER HWT. & Hi-efficiency furnace is approx. 6 years young!! Super low maintenance with GREAT RENTAL HISTORY & conveniently located near public transportation, grocery & attractions & all amenities! interior photos are of the upper back studio #3 apartment, 2 bedroom unit prior to leasing & all remodeled bath in 3 BR unit! Keep watching for more photos (back on market due to no fault of seller)

18. 2024-07-26
    status Pending 1165-char remark

    Show marketing remark (1165 chars)

    This tri-plex is set for a quick close as all closing docs were set * * fully rented with $2300.00 monthly Rents combined * * GREAT INVESTMENT OPPORTUNITY!! Long term tenant of over 33+ years occupying front 3 bedroom unit, Upper front 2 bedroom tenant occupied w/ month to month & tenant owned stove & refrigerator, Upper back one bedroom apartment has tenant with year lease (new gas stove & 2 yr young fridge). All Tenants wanting to stay !! TRIPLEX offers a gutted & remodeled bathroom in 3 br unit along with NEW PEX plumbing & being currently painted & updated. Freshly painted exterior (2021), NEWER roof (2018/2019), NEW Gutters & Downspouts (2023), NEWER electrical panels & NEWER HWT. & Hi-efficiency furnace is approx. 6 years young!! Super low maintenance with GREAT RENTAL HISTORY & conveniently located near public transportation, grocery & attractions & all amenities! interior photos are of the upper back studio #3 apartment, 2 bedroom unit prior to leasing & all remodeled bath in 3 BR unit! Keep watching for more photos (back on market due to no fault of seller)

19. 2024-05-18
    listed $120,000 Active 1165-char remark

    Show marketing remark (1165 chars)

    This tri-plex is set for a quick close as all closing docs were set * * fully rented with $2300.00 monthly Rents combined * * GREAT INVESTMENT OPPORTUNITY!! Long term tenant of over 33+ years occupying front 3 bedroom unit, Upper front 2 bedroom tenant occupied w/ month to month & tenant owned stove & refrigerator, Upper back one bedroom apartment has tenant with year lease (new gas stove & 2 yr young fridge). All Tenants wanting to stay !! TRIPLEX offers a gutted & remodeled bathroom in 3 br unit along with NEW PEX plumbing & being currently painted & updated. Freshly painted exterior (2021), NEWER roof (2018/2019), NEW Gutters & Downspouts (2023), NEWER electrical panels & NEWER HWT. & Hi-efficiency furnace is approx. 6 years young!! Super low maintenance with GREAT RENTAL HISTORY & conveniently located near public transportation, grocery & attractions & all amenities! interior photos are of the upper back studio #3 apartment, 2 bedroom unit prior to leasing & all remodeled bath in 3 BR unit! Keep watching for more photos (back on market due to no fault of seller)

20. 2023-04-16
    listed $120,000 Active
21. 2023-03-23
    status Pending Sale
22. 2023-03-10
    status Under Contract- Do Not Show
23. 2023-02-28
    historical
24. 2022-09-01
    price $95,000
25. 2022-08-07
    price $100,000
26. 2022-05-01
    price $110,000
27. 2022-03-13
    listed $115,000 Active
28. 2022-03-12
    historical
29. 2021-05-30
    listed $100,000 Active
30. 2016-12-23
    soldstatus $15,000 Closed Sale or Rented
31. 2016-09-09
    historical
32. 2016-06-10
    listed $22,900 Active
33. 2016-06-08
    historical
34. 2016-06-01
    listed $24,900
35. 2016-03-08
    historical
36. 2015-12-10
    listed $24,900 Active

ⓘ 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: $1,622 · $135/mo
• Projected year-2 tax: $1,994 · $166/mo
• Expected delta: +$372/yr (+$31/mo · 23.0%)

ⓘ 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 2/10 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: $41,292
• − Mortgage interest: −$7,842
• − Property taxes: −$1,622
• − Insurance: −$700
• − Repairs & maintenance: −$3,303
• − Management: −$3,303
• − Depreciation: −$4,073
• Taxable income: $20,449
• Est. tax owed @ 24.0%: −$4,908
• After-tax cash flow: $16,581/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): 10,923
• Household income: $34,549
• Rent vs Own: 54.1% rent · 45.9% own
• Severe rent burden: 954.0

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 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China, Dominican Republic
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 3% Chinese 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: ▲ 15.41%
• Current HPI: 266.1457
• Rent YoY: ▲ 8.79%
• 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

+462.2% since first listed

21 events — show timeline

• 2024-10-18 Relisted — WNYREIS
• 2024-10-18 Price Changed $140,000 WNYREIS
• 2024-07-26 Pending — WNYREIS
• 2024-05-18 Listed $120,000 WNYREIS
• 2023-04-16 Listed $120,000 WNYREIS
• 2023-03-23 Pending — WNYREIS
• 2023-03-10 Pending — WNYREIS
• 2023-02-28 Listing Removed — WNYREIS
• 2022-09-01 Price Changed $95,000 WNYREIS
• 2022-08-07 Price Changed $100,000 WNYREIS
• 2022-05-01 Price Changed $110,000 WNYREIS
• 2022-03-13 Listed $115,000 WNYREIS
• 2022-03-12 Listing Removed — WNYREIS
• 2021-05-30 Listed $100,000 WNYREIS
• 2016-12-23 Sold (MLS) $15,000 WNYREIS
• 2016-09-09 Listing Removed — WNYREIS
• 2016-06-10 Listed $22,900 WNYREIS
• 2016-06-08 Listing Removed — WNYREIS
• 2016-06-01 Listed $24,900 WNYREIS
• 2016-03-08 Listing Removed — WNYREIS
• 2015-12-10 Listed $24,900 WNYREIS

Property tax history

+4.3%/yr

Latest (2025): $1,622 · -68.1% YoY. Source: county tax records.