98 Washington St · Lockport, NY 14094

$199,500

6 bd · 3.5 ba · 2,688 sqft · MultiFamily public records · 44 Days on market

Built 1870 3,049 sqft lot

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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
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Fully VACANT! Originally a Lockport commercial storefront, now a 3 unit building! This building comes with a newer roof, separate gas and electric, newer windows, and separate entrances. Each unit was completely updated including the kitchens, flooring and bathrooms. Unit 1 is in need of work - a 3 bed 1.5 bath two story apartment - was bringing in $925/month, could be more. Kitchen has been torn out to studs. At some point, an addition wa put on and the exterior wall was not built on a footer. Unit is large enough to remodel kitchen to address exterior wall. Unit 2 is a 2 bed 1 bath was bringing in $750/month. It is vacant and in need of typical clean / refresh, minor cosmetic work. Unit 3 is a 1 bedroom with an extra walk-thru bedroom, was rented for $850/month - last Tenant did not maintained unit which has many holes in walls. Will need refreshing. This will be an excellent money maker! Offers reviewed as they come in.

Key facts

• Separate utilities
• Newer roof
• Full renovation

Tags

• NEWER ROOF
• NEW STAIRCASE
• UPDATED HOT WATER TANKS
• FULL RENOVATION
• SEPARATE UTILITIES
• INCLUDED APPLIANCES

Property features AI

Finance

• Financial info: Three-unit multifamily property; Unit rents: approximately $750 (1-bed), $900 (2-bed), $1,475 (3-bed); Owner pays water; water is included in rent; Operating expense details: see remarks

Exterior

• Parking: Gravel parking
• Utilities: Public water available (not currently connected); Sewer available
• Home design: 2-story building; Vinyl siding; Existing (resale) property
• Construction: Vinyl siding construction
• Exterior features: Corner, rectangular lot with 56 x 52 dimensions; Located on a main thoroughfare

Interior

• Kitchen: Units equipped with standard water heaters (electric and gas)
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; One 3-bedroom unit
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating with baseboard units; Property has heating
• Interior features: Hardwood and laminate flooring; varied flooring in places; Crawl space basement
• Laundry & utility: Separate gas and electric meters for each unit (3 of each)

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $538/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.0% vs local median 4.5% in Lockport — 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 76/100 on livability (#232 in NY, #3,669 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute D+, crime F, employment D-.
• Lockport City School District (town): math 44% / reading 49% proficiency, ranked #452 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 357 active listings in the ZIP; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,710/mo this rent would consume 59% of the median local household income ($75k/yr) (locally 1112% 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 $1k of loan paydown is wiped out by about $6k 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 + 3.7% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y ago 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 $78k; list at $200k implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,515 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1870 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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. 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.
9. 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.
10. 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: 1.86% ✓
• Cap rate: 16.00%
• Cash-on-cash: 34.66%
• DSCR: 2.54
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $126,336
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
233 Lock St	0.14mi	7/2.0 (+1)	2,736 (+2%)	10mo	$136,000	$50	71
274 Gooding St	0.28mi	6/3.0	2,704 (+1%)	21mo	$150,000	$55	66
271 Genesee St	0.68mi	6/3.0	2,700 (+0%)	18mo	$110,000	$41	51
373 Prospect St	0.43mi	5/3.0 (-1)	2,535 (-6%)	21mo	$120,000	$47	46
250 East Ave	0.74mi	6/3.0	2,902 (+8%)	16mo	$90,000	$31	37
156 Cottage St	0.73mi	5/2.0 (-1)	2,556 (-5%)	13mo	$145,000	$57	36
217 Genesee St	0.62mi	5/2.0 (-1)	2,464 (-8%)	21mo	$87,500	$36	29

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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 30.9%
• Equity multiple: 2.31×
• Total profit: $72,971
• Equity at exit: $29,746

10-year hold

• IRR: 38.4%
• Equity multiple: 4.70×
• Total profit: $206,413
• Equity at exit: $17,249

Cash invested: $55,860 (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 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $3,710 medium
• Mortgage (P&I): −$1,046
• Tax from tax record: −$188 /mo · $2,257/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $1,613

Break-even live

Break-even rent $1,668

Max offer price $199,500

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,711
Total (3 units)			$3,710

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: $49,875
• Closing costs: $5,985
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $199,500 Active 44 DOM
2. 2026-06-17
   days on market $199,500 Active 43 DOM
3. 2026-06-16
   days on market $199,500 Active 42 DOM
4. 2026-06-15
   days on market $199,500 Active 41 DOM
5. 2026-06-13
   days on market $199,500 Active 39 DOM
6. 2026-06-13
   days on market $199,500 Active 38 DOM
7. 2026-06-10
   days on market $199,500 Active 36 DOM
8. 2026-06-09
   days on market $199,500 Active 35 DOM
9. 2026-06-08
   days on market $199,500 Active 34 DOM
10. 2026-06-07
    days on market $199,500 Active 33 DOM
11. 2026-06-05
    days on market $199,500 Active 30 DOM
12. 2026-06-03
    days on market $199,500 Active 29 DOM
13. 2026-06-02
    days on market $199,500 Active 28 DOM
14. 2026-06-01
    days on market $199,500 Active 27 DOM
15. 2026-05-31
    days on market $199,500 Active 26 DOM
16. 2026-05-05
    listed $199,500 Active
17. 2023-10-05
    soldstatus $78,000 Closed Sale or Rented 936-char remark

    Show marketing remark (936 chars)

    Fully VACANT! Originally a Lockport commercial storefront, now a 3 unit building! This building comes with a newer roof, separate gas and electric, newer windows, and separate entrances. Each unit was completely updated including the kitchens, flooring and bathrooms. Unit 1 is in need of work - a 3 bed 1.5 bath two story apartment - was bringing in $925/month, could be more. Kitchen has been torn out to studs. At some point, an addition wa put on and the exterior wall was not built on a footer. Unit is large enough to remodel kitchen to address exterior wall. Unit 2 is a 2 bed 1 bath was bringing in $750/month. It is vacant and in need of typical clean / refresh, minor cosmetic work. Unit 3 is a 1 bedroom with an extra walk-thru bedroom, was rented for $850/month - last Tenant did not maintained unit which has many holes in walls. Will need refreshing. This will be an excellent money maker! Offers reviewed as they come in.

18. 2023-10-05
    soldstatus $78,000

    Show marketing remark (936 chars)

    Fully VACANT! Originally a Lockport commercial storefront, now a 3 unit building! This building comes with a newer roof, separate gas and electric, newer windows, and separate entrances. Each unit was completely updated including the kitchens, flooring and bathrooms. Unit 1 is in need of work - a 3 bed 1.5 bath two story apartment - was bringing in $925/month, could be more. Kitchen has been torn out to studs. At some point, an addition wa put on and the exterior wall was not built on a footer. Unit is large enough to remodel kitchen to address exterior wall. Unit 2 is a 2 bed 1 bath was bringing in $750/month. It is vacant and in need of typical clean / refresh, minor cosmetic work. Unit 3 is a 1 bedroom with an extra walk-thru bedroom, was rented for $850/month - last Tenant did not maintained unit which has many holes in walls. Will need refreshing. This will be an excellent money maker! Offers reviewed as they come in.

19. 2023-09-02
    status Under Contract- Do Not Show 936-char remark

    Show marketing remark (936 chars)

    Fully VACANT! Originally a Lockport commercial storefront, now a 3 unit building! This building comes with a newer roof, separate gas and electric, newer windows, and separate entrances. Each unit was completely updated including the kitchens, flooring and bathrooms. Unit 1 is in need of work - a 3 bed 1.5 bath two story apartment - was bringing in $925/month, could be more. Kitchen has been torn out to studs. At some point, an addition wa put on and the exterior wall was not built on a footer. Unit is large enough to remodel kitchen to address exterior wall. Unit 2 is a 2 bed 1 bath was bringing in $750/month. It is vacant and in need of typical clean / refresh, minor cosmetic work. Unit 3 is a 1 bedroom with an extra walk-thru bedroom, was rented for $850/month - last Tenant did not maintained unit which has many holes in walls. Will need refreshing. This will be an excellent money maker! Offers reviewed as they come in.

20. 2023-07-19
    price $79,900 936-char remark

    Show marketing remark (936 chars)

    Fully VACANT! Originally a Lockport commercial storefront, now a 3 unit building! This building comes with a newer roof, separate gas and electric, newer windows, and separate entrances. Each unit was completely updated including the kitchens, flooring and bathrooms. Unit 1 is in need of work - a 3 bed 1.5 bath two story apartment - was bringing in $925/month, could be more. Kitchen has been torn out to studs. At some point, an addition wa put on and the exterior wall was not built on a footer. Unit is large enough to remodel kitchen to address exterior wall. Unit 2 is a 2 bed 1 bath was bringing in $750/month. It is vacant and in need of typical clean / refresh, minor cosmetic work. Unit 3 is a 1 bedroom with an extra walk-thru bedroom, was rented for $850/month - last Tenant did not maintained unit which has many holes in walls. Will need refreshing. This will be an excellent money maker! Offers reviewed as they come in.

21. 2023-07-11
    price $89,900 936-char remark

    Show marketing remark (936 chars)

    Fully VACANT! Originally a Lockport commercial storefront, now a 3 unit building! This building comes with a newer roof, separate gas and electric, newer windows, and separate entrances. Each unit was completely updated including the kitchens, flooring and bathrooms. Unit 1 is in need of work - a 3 bed 1.5 bath two story apartment - was bringing in $925/month, could be more. Kitchen has been torn out to studs. At some point, an addition wa put on and the exterior wall was not built on a footer. Unit is large enough to remodel kitchen to address exterior wall. Unit 2 is a 2 bed 1 bath was bringing in $750/month. It is vacant and in need of typical clean / refresh, minor cosmetic work. Unit 3 is a 1 bedroom with an extra walk-thru bedroom, was rented for $850/month - last Tenant did not maintained unit which has many holes in walls. Will need refreshing. This will be an excellent money maker! Offers reviewed as they come in.

22. 2023-06-24
    price $99,900 936-char remark

    Show marketing remark (936 chars)

    Fully VACANT! Originally a Lockport commercial storefront, now a 3 unit building! This building comes with a newer roof, separate gas and electric, newer windows, and separate entrances. Each unit was completely updated including the kitchens, flooring and bathrooms. Unit 1 is in need of work - a 3 bed 1.5 bath two story apartment - was bringing in $925/month, could be more. Kitchen has been torn out to studs. At some point, an addition wa put on and the exterior wall was not built on a footer. Unit is large enough to remodel kitchen to address exterior wall. Unit 2 is a 2 bed 1 bath was bringing in $750/month. It is vacant and in need of typical clean / refresh, minor cosmetic work. Unit 3 is a 1 bedroom with an extra walk-thru bedroom, was rented for $850/month - last Tenant did not maintained unit which has many holes in walls. Will need refreshing. This will be an excellent money maker! Offers reviewed as they come in.

23. 2023-06-06
    listed $104,900 Active 936-char remark

    Show marketing remark (936 chars)

    Fully VACANT! Originally a Lockport commercial storefront, now a 3 unit building! This building comes with a newer roof, separate gas and electric, newer windows, and separate entrances. Each unit was completely updated including the kitchens, flooring and bathrooms. Unit 1 is in need of work - a 3 bed 1.5 bath two story apartment - was bringing in $925/month, could be more. Kitchen has been torn out to studs. At some point, an addition wa put on and the exterior wall was not built on a footer. Unit is large enough to remodel kitchen to address exterior wall. Unit 2 is a 2 bed 1 bath was bringing in $750/month. It is vacant and in need of typical clean / refresh, minor cosmetic work. Unit 3 is a 1 bedroom with an extra walk-thru bedroom, was rented for $850/month - last Tenant did not maintained unit which has many holes in walls. Will need refreshing. This will be an excellent money maker! Offers reviewed as they come in.

24. 2022-06-30
    historical
25. 2022-03-11
    listed $99,900 Active
26. 2021-08-24
    soldstatus $135,000
27. 2021-08-16
    soldstatus $135,000 Closed Sale or Rented
28. 2021-06-17
    status Pending Sale
29. 2021-06-02
    status Under Contract- Do Not Show
30. 2021-05-17
    listed $175,000 Active
31. 2018-01-15
    soldstatus $25,500 Closed Sale or Rented
32. 2017-10-31
    status Pending Sale
33. 2017-10-18
    price $25,500
34. 2017-10-09
    status Active
35. 2017-08-24
    status Pending Sale
36. 2017-07-18
    status Active
37. 2017-07-18
    historical Continue to Show- Under Contract
38. 2017-07-18
    status Pending Sale
39. 2017-06-12
    listed $34,900 Active
40. 1999-05-20
    soldstatus $34,000

ⓘ 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: $2,257 · $188/mo
• Projected year-2 tax: $2,814 · $235/mo
• Expected delta: +$557/yr (+$46/mo · 24.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°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: $44,520
• − Mortgage interest: −$11,175
• − Property taxes: −$2,257
• − Insurance: −$998
• − Repairs & maintenance: −$3,562
• − Management: −$3,562
• − Depreciation: −$5,804
• Taxable income: $17,163
• Est. tax owed @ 24.0%: −$4,119
• After-tax cash flow: $15,242/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: Lockport City School District
• NCES district ID: 3617670
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $43,793
• Composite: 39.28/100
• National rank: #3997
• State rank: #452 of 590 in NY

Livability — Lockport

• Score: 76/100
• State rank: #232
• US rank: #3669

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockport, NY
• County: Niagara County · 157,377 people
• City population: 50,153
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 50,153
• Household income: $75,427
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 1112.0

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: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Russian/Polish/Slavic 1% 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: ▼ -262.57%
• Current HPI: 303.6109
• Rent YoY: ▲ 3.67%
• 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

+486.8% since first listed

25 events — show timeline

• 2026-05-05 Listed $199,500 WNYREIS
• 2023-10-05 Sold (Public Records) $78,000 Public Records
• 2023-10-05 Sold (MLS) $78,000 WNYREIS
• 2023-09-02 Pending — WNYREIS
• 2023-07-19 Price Changed $79,900 WNYREIS
• 2023-07-11 Price Changed $89,900 WNYREIS
• 2023-06-24 Price Changed $99,900 WNYREIS
• 2023-06-06 Listed $104,900 WNYREIS
• 2022-06-30 Listing Removed — WNYREIS
• 2022-03-11 Listed $99,900 WNYREIS
• 2021-08-24 Sold (Public Records) $135,000 Public Records
• 2021-08-16 Sold (MLS) $135,000 WNYREIS
• 2021-06-17 Pending — WNYREIS
• 2021-06-02 Pending — WNYREIS
• 2021-05-17 Listed $175,000 WNYREIS
• 2018-01-15 Sold (MLS) $25,500 WNYREIS
• 2017-10-31 Pending — WNYREIS
• 2017-10-18 Price Changed $25,500 WNYREIS
• 2017-10-09 Relisted — WNYREIS
• 2017-08-24 Pending — WNYREIS
• 2017-07-18 Relisted — WNYREIS
• 2017-07-18 Contingent — WNYREIS
• 2017-07-18 Pending — WNYREIS
• 2017-06-12 Listed $34,900 WNYREIS
• 1999-05-20 Sold (Public Records) $34,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $2,257 · +3.8% YoY. Source: county tax records.