1 Birchwood Dr · Fredonia, NY 14063

$549,900

18 bd · 9.0 ba · 7,312 sqft · MultiFamily · 41 Days on market

Built 1964 Fair condition 0.85 ac lot $75/sqft · at area comps Est $550k · at est. ↓ 4% since listing

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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 +26.0/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

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 MLS

6-Unit Investment Opportunity with strong income potential! This property features two separate buildings: one offering two 2-bedroom, 1-bath single-story units, and the other consisting of four spacious units—w two 3 bedrooms and 1.5 bath and two single-story 2 bedrooms and 1 bath. All units are separately metered for gas, electric, and water, providing ease of management and tenant accountability. Each apartment also includes its own basement space. Additional highlights include updated roofs, ample off-street parking conveniently situated between the buildings, and a highly desirable location just minutes from SUNY Fredonia, D & F Plaza, and the NYS Thruway. A solid addition to any investment portfolio!

Key facts

• Own basement space
• Updated roofs
• Separately metered

Tags

• TWO SEPARATE BUILDINGS
• SEPARATELY METERED
• OWN BASEMENT SPACE
• UPDATED ROOFS
• AMPLE OFF-STREET PARKING
• HIGHLY DESIRABLE LOCATION

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 4×3bd/1.5ba units multifamily listed at $550k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $227/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $550k).
• Recommended offer: $533k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.3% in Fredonia — 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 81/100 on livability (#95 in NY, #1,446 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A; Watch: amenities C-, employment C-, crime F.
• Fredonia Central School District (town): math 55% / reading 46% proficiency, ranked #376 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($533k) is reasonable based on typical stale-listing flexibility.

Recommended offer $533,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
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: 1.19% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.62%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (median comp): $550,379
• List price: $549,900
• Delta: -0.09%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -0.4%
• Equity multiple: 0.99×
• Total profit: $-2,186
• Equity at exit: $81,992

10-year hold

• IRR: 9.3%
• Equity multiple: 1.72×
• Total profit: $110,296
• Equity at exit: $47,545

Cash invested: $153,972 (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 14063

• Home prices YoY: -23.6%
• Active inventory: 92
• Price-to-rent: 42.1×

Monthly cashflow live

• Estimated rent: $6,536 medium
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$687 /mo · $8,248/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,373
• Net cashflow: $1,363

Break-even live

Break-even rent $4,810

Max offer price $549,900

Occupancy floor 74%

Sensitivity live

Price	-10% $1,743	-5% $1,553	+0% $1,363	+5% $1,173	+10% $983
Rent	-10% $847	-5% $1,105	+0% $1,363	+5% $1,621	+10% $1,880
Rate	-1.0pp $1,640	-0.5pp $1,503	base $1,363	+0.5pp $1,221	+1.0pp $1,076

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,178
▸ 4× units	3	1.5	$4,356
Total (6 units)			$6,536

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: $137,475
• Closing costs: $16,497
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-12
   statusdays on market $549,900 Pending 41 DOM
2. 2026-06-09
   days on market $549,900 Active 39 DOM
3. 2026-06-08
   days on market $549,900 Active 38 DOM
4. 2026-06-07
   days on market $549,900 Active 37 DOM
5. 2026-06-07
   days on market $549,900 Active 36 DOM
6. 2026-06-04
   days on market $549,900 Active 33 DOM
7. 2026-06-02
   days on market $549,900 Active 32 DOM
8. 2026-06-01
   days on market $549,900 Active 31 DOM
9. 2026-05-31
   days on market $549,900 Active 30 DOM
10. 2026-05-18
    price $549,900 725-char remark

    Show marketing remark (725 chars)

    6-Unit Investment Opportunity with strong income potential! This property features two separate buildings: one offering two 2-bedroom, 1-bath single-story units, and the other consisting of four spacious units—w two 3 bedrooms and 1.5 bath and two single-story 2 bedrooms and 1 bath. All units are separately metered for gas, electric, and water, providing ease of management and tenant accountability. Each apartment also includes its own basement space. Additional highlights include updated roofs, ample off-street parking conveniently situated between the buildings, and a highly desirable location just minutes from SUNY Fredonia, D & F Plaza, and the NYS Thruway. A solid addition to any investment portfolio!

11. 2026-05-01
    listed $575,000 Active 725-char remark

    Show marketing remark (725 chars)

    6-Unit Investment Opportunity with strong income potential! This property features two separate buildings: one offering two 2-bedroom, 1-bath single-story units, and the other consisting of four spacious units—w two 3 bedrooms and 1.5 bath and two single-story 2 bedrooms and 1 bath. All units are separately metered for gas, electric, and water, providing ease of management and tenant accountability. Each apartment also includes its own basement space. Additional highlights include updated roofs, ample off-street parking conveniently situated between the buildings, and a highly desirable location just minutes from SUNY Fredonia, D & F Plaza, and the NYS Thruway. A solid addition to any investment portfolio!

ⓘ 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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $78,432
• − Mortgage interest: −$30,803
• − Property taxes: −$8,248
• − Insurance: −$2,750
• − Repairs & maintenance: −$6,275
• − Management: −$6,275
• − Depreciation: −$15,997
• Taxable income: $8,085
• Est. tax owed @ 24.0%: −$1,940
• After-tax cash flow: $14,418/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and maintenance, including roof, siding, and exterior flooring repairs, as well as painting and HVAC unit replacement. Improvements in these areas can significantly increase its resale and rental value.

Repairs flagged

• Major roof — Signs of wear and discoloration suggest significant damage and potential leaks.
• Major siding — The siding is visibly worn and in need of repainting or replacement.
• Major exterior flooring — The flooring is cracked and worn, indicating the need for repair or replacement.
• Major interior walls/paint — The walls and paint show significant wear and discoloration, requiring repainting or replacement.
• Major HVAC units — The units appear old and may need maintenance or replacement to ensure proper functioning.
• Major landscaping — The landscaping is sparse and in need of maintenance to improve curb appeal and attract tenants.
• Minor windows — The windows appear to be in average condition and may not require immediate replacement, but could benefit from cleaning or minor repairs.

Value-add opportunities

• Both painting the exterior — Fresh paint can significantly improve the home's curb appeal and value.
• Both repairing the roof — A repaired roof can prevent water damage and increase the home's value.
• Both replacing the siding — New siding can improve the home's appearance and increase its value.
• Both repairing the exterior flooring — A repaired exterior floor can improve the home's curb appeal and increase its value.
• Both repainting the interior walls — Fresh paint can improve the home's interior appearance and increase its value.
• Both replacing the HVAC units — New HVAC units can improve the home's comfort and energy efficiency, increasing its value.
• Both maintaining the landscaping — A well-maintained landscape can improve the home's curb appeal and attract tenants or buyers.
• Both repairing the windows — Clean and functional windows can improve the home's appearance and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and discoloration suggest significant damage and potential leaks.	Major	$15,000–50,000
siding · The siding is visibly worn and in need of repainting or replacement.	Major	$15,000–50,000
exterior flooring · The flooring is cracked and worn, indicating the need for repair or replacement.	Major	$15,000–50,000
interior walls/paint · The walls and paint show significant wear and discoloration, requiring repainting or replacement.	Major	$15,000–50,000
HVAC units · The units appear old and may need maintenance or replacement to ensure proper functioning.	Major	$15,000–50,000
landscaping · The landscaping is sparse and in need of maintenance to improve curb appeal and attract tenants.	Major	$15,000–50,000
windows · The windows appear to be in average condition and may not require immediate replacement, but could benefit from cleaning or minor repairs.	Minor	$500–3,000
Total estimated repair cost · 7 items		$90,500–303,000

Value-add ROI direction

• Both painting the exterior — Fresh paint can significantly improve the home's curb appeal and value. ↑
• Both repairing the roof — A repaired roof can prevent water damage and increase the home's value. ↑
• Both replacing the siding — New siding can improve the home's appearance and increase its value. ↑
• Both repairing the exterior flooring — A repaired exterior floor can improve the home's curb appeal and increase its value. ↑
• Both repainting the interior walls — Fresh paint can improve the home's interior appearance and increase its value. ↑
• Both replacing the HVAC units — New HVAC units can improve the home's comfort and energy efficiency, increasing its value. ↑
• Both maintaining the landscaping — A well-maintained landscape can improve the home's curb appeal and attract tenants or buyers. ↑
• Both repairing the windows — Clean and functional windows can improve the home's appearance and increase its value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Fredonia Central School District
• NCES district ID: 3611520
• Math proficiency: 55% ▼ -8.00%
• Reading proficiency: 46% ▼ -8.00%
• Median HH income: $48,491
• Composite: 43.1/100
• National rank: #3086
• State rank: #376 of 590 in NY

Livability — Fredonia

• Score: 81/100
• State rank: #95
• US rank: #1446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fredonia, NY
• Population (ZIP): 12,722

Population outlook (Chautauqua County) Hauer SSP2

• Today (2025): 123,454 people
• By 2030: 118,509 · -4.0%
• By 2040: 107,311 · -13.1%
• By 2050: 96,703 · -21.7%
• By 2075: 76,757 · -37.8%
• By 2100: 60,984 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 14% Italian 3% Iranian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Chautauqua

• 2024 margin: Strong R (+22.0) · D 39.0% · R 61.0%
• 2008→2024 swing: -22.9pp toward R · 2008: 0.9pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.8 2016: R+24.6 2012: R+8.2 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.55%
• Current HPI: 253.5334
• 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

-4.4% since first listed

2 events — show timeline

• 2026-05-18 Price Changed $549,900 UNYREIS
• 2026-05-01 Listed $575,000 UNYREIS