2092 Spruce St · North Collins, NY 14111

$199,000

28 bd · 16.0 ba · 7,617 sqft · MultiFamily public records · 45 Days on market

Built 1937 0.32 ac lot ↓ 5% 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
• Appreciation +7.1/10.0
• Schools +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

Excellent investment opportunity in the heart of North Collins! This 4-unit multifamily property offers strong income potential with an additional unit that could become a fantastic Airbnb or short-term rental opportunity after renovation. Currently generating $2,700 per month in rental income across the four occupied units, this property presents a great opportunity for investors or owner-occupants alike. The property is connected to public sewer and water and features five gas meters and five electric meters already in place, providing excellent future flexibility. There is ample off-street and on-street parking for tenants and guests. The building includes two lower apartments, one offer

Key facts

• Airbnb opportunity
• Multifamily property
• Five gas meters

Tags

• INVESTMENT OPPORTUNITY
• MULTIFAMILY PROPERTY
• AIRBNB OPPORTUNITY
• PUBLIC SEWER AND WATER
• FIVE GAS METERS
• FIVE ELECTRIC METERS

Property features AI

Finance

• Other: Owner pays: other (see remarks); Some units are month-to-month
• Financial info: Four rental units total; Separate gas and electric meters (5 each); Sample rents listed by unit: $500, $550, $650, $1,000; Operating expenses include water/sewer (see remarks)

Exterior

• Parking: Gravel parking; On-street parking available; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multi-family building; Existing/resale property
• Construction: Brick and vinyl siding exterior
• Exterior features: Irregular residential lot; City street frontage; Lot dimensions approximately 88 x 156

Interior

• Kitchen: Eat-in kitchens in multiple units; Oven/range in some units; Refrigerator in some units
• Bedrooms: Four units: two 1-bedroom units, one 2-bedroom unit, one 3-bedroom unit
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Gas heating; Forced air; Wall furnace
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $677/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $199k).
• Recommended offer: $193k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#802 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, amenities F, commute F.
• North Collins Central School District (rural): math 45% / reading 40% proficiency, ranked #589 of 755 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 16 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 $10k of equity ($1k loan paydown + $8k appreciation (4.2% local appreciation)).
• At projected returns (4.2% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.82% ✓
• Cap rate: 22.62%
• Cash-on-cash: 58.32%
• DSCR: 3.59
• GRM: 3.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 64.6%
• Equity multiple: 4.77×
• Total profit: $210,244
• Equity at exit: $103,847

10-year hold

• IRR: 63.1%
• Equity multiple: 9.82×
• Total profit: $491,409
• Equity at exit: $172,249

Cash invested: $55,720 (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 14111

• Home prices YoY: 1.2%
• Active inventory: 16
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $5,620 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$605 /mo · $7,266/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,180
• Net cashflow: $2,708

Break-even live

Break-even rent $2,192

Max offer price $199,000

Occupancy floor 47%

Sensitivity live

Price	-10% $2,820	-5% $2,764	+0% $2,708	+5% $2,651	+10% $2,595
Rent	-10% $2,264	-5% $2,486	+0% $2,708	+5% $2,930	+10% $3,152
Rate	-1.0pp $2,808	-0.5pp $2,758	base $2,708	+0.5pp $2,656	+1.0pp $2,604

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$5,620
Total (4 units)			$5,620

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $199,000 Active 45 DOM
2. 2026-06-21
   days on market $199,000 Active 44 DOM
3. 2026-06-18
   days on market $199,000 Active 42 DOM
4. 2026-06-17
   days on market $199,000 Active 41 DOM
5. 2026-06-16
   days on market $199,000 Active 40 DOM
6. 2026-06-15
   days on market $199,000 Active 39 DOM
7. 2026-06-13
   days on market $199,000 Active 37 DOM
8. 2026-06-12
   days on market $199,000 Active 36 DOM
9. 2026-06-09
   days on market $199,000 Active 33 DOM
10. 2026-06-08
    days on market $199,000 Active 32 DOM
11. 2026-06-07
    days on market $199,000 Active 31 DOM
12. 2026-06-07
    days on market $199,000 Active 30 DOM
13. 2026-06-04
    days on market $199,000 Active 27 DOM
14. 2026-06-02
    days on market $199,000 Active 26 DOM
15. 2026-06-01
    price $199,000 Active 25 DOM
16. 2026-06-01
    days on market $210,000 Active 25 DOM
17. 2026-05-31
    days on market $210,000 Active 24 DOM
18. 2026-05-07
    listed $210,000 Active 1630-char remark

ⓘ 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: $7,266 · $605/mo
• Projected year-2 tax: $7,266 · $605/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 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥93°F today · 18 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: $67,440
• − Mortgage interest: −$11,147
• − Property taxes: −$7,266
• − Insurance: −$995
• − Repairs & maintenance: −$5,395
• − Management: −$5,395
• − Depreciation: −$5,789
• Taxable income: $31,452
• Est. tax owed @ 24.0%: −$7,549
• After-tax cash flow: $24,945/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 Collins Central School District
• NCES district ID: 3620970
• Math proficiency: 45% ▼ -5.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $56,886
• Composite: 39.56/100
• National rank: #8071
• State rank: #589 of 755 in NY

Livability — North Collins

• Score: 63/100
• State rank: #802
• US rank: #15516

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Collins, NY
• Population (ZIP): 3,125

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: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Romanian 14% Italian 3% Scotch-Irish 2%
• Foreign-born: 2%
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▲ 4.25%
• Current HPI: 346.2748
• 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

-5.2% since first listed

2 events — show timeline

• 2026-06-01 Price Changed $199,000 WNYREIS
• 2026-05-07 Listed $210,000 WNYREIS

Property tax history

+1.6%/yr

Latest (2025): $7,266 · +57.8% YoY. Source: county tax records.