541 20th St · Niagara Falls, NY 14301

$114,900

5 bd · 2.0 ba · 1,917 sqft · MultiFamily public records · 27 Days on market

Built 1942 6,250 sqft lot Est $111k · at est.

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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
• Appreciation +10.0/10.0
• ARV discount +6.0/15.0
• 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: 2 units. confirmed

Listing remarks

Located at 541 20th Street, this brick two-family home offers approximately 1,917 square feet of living space on a wide lot and presents a versatile opportunity for a variety of ownership uses. The property includes two separate apartments, consisting of one three-bedroom unit and one two-bedroom unit, providing flexible layout options. The multi-unit configuration may appeal to those seeking rental income potential or the option to occupy one unit while leasing the other. Each apartment features both front and rear porches, offering additional outdoor space. Inside, the home includes a mix of hardwood flooring, vinyl, and carpet throughout the living areas and bedrooms. A full basement pro

Key facts

• Brick exterior
• Separate apartments
• Full basement

Tags

• TWO FAMILY HOME
• SEPARATE APARTMENTS
• FRONT AND REAR PORCHES
• FULL BASEMENT
• BRICK EXTERIOR
• MULTI UNIT LAYOUT

What this means for you Summary

Snapshot

• This is a 1×3bd/1.5ba + 1×2bd/1.0ba units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $596/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.8% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,482/mo this rent would consume 86% 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 $12k of equity ($794 loan paydown + $11k 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 $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,176 (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 1942 — 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 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?
6. 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?
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: 2.16% ✓
• Cap rate: 18.75%
• Cash-on-cash: 44.49%
• DSCR: 2.98
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $111,186
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
541 20th St	0.00mi	5/2.0	1,917 (0%)	1mo	$112,000	$58	99
2449 Grand Ave	0.36mi	5/2.0	1,918 (+0%)	4mo	$135,000	$70	80
609 24th St	0.24mi	4/2.0 (-1)	2,000 (+4%)	4mo	$140,000	$70	73
2219 Walnut Ave	0.13mi	6/3.0 (+1)	2,023 (+6%)	4mo	$62,500	$31	73
2459 La Salle Ave	0.57mi	4/2.0 (-1)	1,920 (+0%)	2mo	$160,000	$83	67
2460 Grand Ave	0.40mi	6/2.0 (+1)	2,162 (+13%)	0mo	$175,000	$81	55
420 18th St	0.28mi	4/2.5 (-1)	1,632 (-15%)	3mo	$115,000	$70	53
2455 La Salle Ave	0.57mi	4/2.0 (-1)	2,152 (+12%)	3mo	$112,000	$52	46
1535 Pierce Ave	0.66mi	4/2.0 (-1)	1,724 (-10%)	2mo	$35,000	$20	45
2401 Whitney Ave	0.58mi	6/2.0 (+1)	2,168 (+13%)	2mo	$40,000	$18	45
2443 Pierce Ave	0.66mi	4/2.0 (-1)	2,112 (+10%)	4mo	$120,000	$57	43
2225 Whitney Ave	0.55mi	6/2.0 (+1)	2,200 (+15%)	3mo	$125,000	$57	42

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: 62.6%
• Equity multiple: 5.71×
• Total profit: $151,684
• Equity at exit: $103,511

10-year hold

• IRR: 58.1%
• Equity multiple: 14.04×
• Total profit: $419,481
• Equity at exit: $223,225

Cash invested: $32,172 (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: 7.5×

Monthly cashflow live

• Estimated rent: $2,482 high
• Mortgage (P&I): −$603
• Tax from tax record: −$118 /mo · $1,411/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $1,193

Break-even live

Break-even rent $972

Max offer price $114,900

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,284
1× unit	2	1	$1,198
Total (2 units)			$2,482

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	17d	1	0.36mi
2420 Mackenna Ave Unit 1 Niagara Falls, NY	4.0	1.0	1300	$1,390	$1.07	1d	1	0.59mi
3225 Belden Pl Niagara Falls, NY	5.0	1.5	1344	$1,750	$1.30	1d	1	0.87mi

Listing history 5 events

1. 2026-04-02
   status Pending
2. 2026-03-06
   listed $114,900 Active
3. 2006-07-25
   soldstatus $227,000
4. 2006-07-25
   soldstatus $365,000
5. 1997-08-29
   soldstatus $25,000

ⓘ 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: $1,411 · $118/mo
• Projected year-2 tax: $1,676 · $140/mo
• Expected delta: +$265/yr (+$22/mo · 18.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $29,784
• − Mortgage interest: −$6,436
• − Property taxes: −$1,411
• − Insurance: −$574
• − Repairs & maintenance: −$2,383
• − Management: −$2,383
• − Depreciation: −$3,343
• Taxable income: $13,254
• Est. tax owed @ 24.0%: −$3,181
• After-tax cash flow: $11,132/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

+359.6% since first listed

5 events — show timeline

• 2026-04-02 Pending — WNYREIS
• 2026-03-06 Listed $114,900 WNYREIS
• 2006-07-25 Sold (Public Records) $365,000 Public Records
• 2006-07-25 Sold (Public Records) $227,000 Public Records
• 1997-08-29 Sold (Public Records) $25,000 Public Records

Property tax history

+8.8%/yr

Latest (2025): $1,411 · +61.6% YoY. Source: county tax records.