1488 Electric Ave · Lackawanna, NY 14218

$215,000

5 bd · 2.0 ba · 1,985 sqft · MultiFamily public records · 19 Days on market

Built 1960 5,600 sqft lot

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Why this score? — see what drove the C- 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 +22.6/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Excellent opportunity to own a well-maintained 2-unit property at 1488 Electric Ave in the City of Lackawanna! This income-producing property features a spacious 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, both occupied by great tenants paying standard market rents. Tenants pay their own utilities, helping keep owner expenses low, while the owner covers the water bill. Major updates include a newer roof and hot water tank, both almost 3 years old. Additional features include a partially fenced yard, long driveway, detached garage, and a dry shared basement with separate laundry hookups for each tenant. Conveniently located near shopping, restaurants, parks, and thruway

Key facts

• Hot water tank
• Newer roof
• Long driveway

Tags

• NEWER ROOF
• HOT WATER TANK
• PARTIALLY FENCED YARD
• LONG DRIVEWAY
• DETACHED GARAGE
• SEPARATE LAUNDRY HOOKUPS

Property features AI

Finance

• Financial info: Property is a 2-unit multi-family building; Each unit has separate gas and electric meters; Owner pays water; water included in rent; Unit 1 (leased): 2 beds, 1 bath — rent $1,000; Unit 2 (leased): 3 beds, 1 bath — rent $1,200; Operating expenses include water/sewer

Exterior

• Parking: Concrete driveway; Attached garage; Two garage spaces; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Brick construction; Resale property; City street frontage; Rectangular residential lot near public transit (35 x 160)
• Construction: Brick construction; Existing (year built details)
• Exterior features: Partial fencing; Fence; Open porch

Interior

• Kitchen: Eat-in kitchen; Appliances include gas water heater
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Hardwood; Tile; Varies
• Bathrooms: Two full bathrooms total (one full bathroom in each unit)
• Heating & cooling: Gas heating; Baseboard heating; Forced air heating
• Interior features: Partial basement; Den / family room; Eat-in kitchen; Dining area with kitchen; Dining area with living room

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive. Per door: $184/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 5.4% in Lackawanna — 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 75/100 on livability (#254 in NY, #4,026 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, schools D+, employment D+.
• Lackawanna City School District (suburban): math 19% / reading 29% proficiency, ranked #588 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 92 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $80k; list at $215k implies a 169% gain — meaningful room to come down on a strong offer.

Recommended offer $211,775 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.06% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.33%
• DSCR: 1.33
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $138,950
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Fig Ave	0.19mi	4/2.0 (-1)	1,960 (-1%)	2mo	$115,000	$59	82
188 Franklin St	0.16mi	6/2.0 (+1)	2,016 (+2%)	18mo	$240,000	$119	70
20 Modern Ave	0.31mi	5/2.5	2,072 (+4%)	12mo	$145,000	$70	66
145 Roland Ave	0.51mi	5/2.0	2,064 (+4%)	5mo	$210,000	$102	66
188 Milnor Ave	0.56mi	4/3.0 (-1)	1,990 (+0%)	9mo	$195,000	$98	57
1817 Electric Ave	0.63mi	6/2.0 (+1)	1,955 (-2%)	8mo	$267,000	$137	56
33 Keever Ave	0.62mi	4/2.0 (-1)	2,268 (+14%)	1mo	$145,000	$64	42
13 Rich Pl	0.32mi	6/3.0 (+1)	2,254 (+14%)	16mo	$157,000	$70	40
77 Roland Ave	0.52mi	4/2.0 (-1)	2,211 (+11%)	20mo	$105,000	$47	36

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: -5.1%
• Equity multiple: 0.81×
• Total profit: $-11,435
• Equity at exit: $32,057

10-year hold

• IRR: 4.6%
• Equity multiple: 1.34×
• Total profit: $20,176
• Equity at exit: $18,589

Cash invested: $60,200 (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 14218

• Home prices YoY: -9.2%
• Active inventory: 92
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $2,273 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$211 /mo · $2,533/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $367

Break-even live

Break-even rent $1,808

Max offer price $215,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,274
Total (2 units)			$2,273

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-15
   days on market $215,000 Active 19 DOM
2. 2026-06-13
   days on market $215,000 Active 17 DOM
3. 2026-06-10
   days on market $215,000 Active 14 DOM
4. 2026-06-09
   days on market $215,000 Active 13 DOM
5. 2026-06-08
   days on market $215,000 Active 12 DOM
6. 2026-06-07
   days on market $215,000 Active 11 DOM
7. 2026-06-05
   days on market $215,000 Active 8 DOM
8. 2026-06-03
   days on market $215,000 Active 7 DOM
9. 2026-06-02
   days on market $215,000 Active 6 DOM
10. 2026-06-01
    days on market $215,000 Active 5 DOM
11. 2026-05-31
    days on market $215,000 Active 4 DOM
12. 2026-05-27
    listed $215,000 Active
13. 2024-07-09
    soldstatus $80,000
14. 2006-06-28
    soldstatus $85,000

ⓘ 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: $2,533 · $211/mo
• Projected year-2 tax: $3,083 · $257/mo
• Expected delta: +$550/yr (+$46/mo · 21.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,276
• − Mortgage interest: −$12,043
• − Property taxes: −$2,533
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,182
• − Management: −$2,182
• − Depreciation: −$6,255
• Taxable income: $1,006
• Est. tax owed @ 24.0%: −$241
• After-tax cash flow: $4,168/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: Lackawanna City School District
• NCES district ID: 3616440
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 29% ▲ 3.00%
• Median HH income: $35,041
• Composite: 19.76/100
• National rank: #8708
• State rank: #588 of 590 in NY

Livability — Lackawanna

• Score: 75/100
• State rank: #254
• US rank: #4026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lackawanna, NY
• City population: 20,661
• Population (ZIP): 20,661

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 (73%)
• Race & ethnicity: White 73% Black 13% Hispanic / Latino 10% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 18% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 80% English-only · Arabic 11% Spanish 6% 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: ▼ -39.44%
• Current HPI: 389.0188
• 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

+152.9% since first listed

3 events — show timeline

• 2026-05-27 Listed $215,000 WNYREIS
• 2024-07-09 Sold (Public Records) $80,000 Public Records
• 2006-06-28 Sold (Public Records) $85,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,533 · +88.3% YoY. Source: county tax records.