3690 4th St · Blasdell, NY 14219

$474,900

12 bd · 4.0 ba · 3,180 sqft · MultiFamily public records · 65 Days on market

Built 1954 7,200 sqft lot $149/sqft · 60% above area Est $571k · 17% under

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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 +23.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.9/10.0
• Schools +4.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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 MLS

A rare opportunity to own a turnkey four-unit investment property with three, 3 Bedroom units and one 2 bedroom unit! Owners have taken exceptional care of this property from the interior, exterior and mechanics. Improvements: Each apartment was gutted to frame, new electrical service (inspected by NYS fire underwriters), plumbing, furnaces, insulation walls and ceilings, drywall, every window replaced, kitchen cabinets, custom made countertops, and new bathrooms. After all 4 apartments were finished, the outside was addressed including roofs, siding, sidewalks, vinyl fence in back behind front building, yard and parking lot graded. Each unit offers 1,000SF of living space. Three of four are occupied on MTM WRITTEN leases with security deposits. Units 1 and 2 are three-bedroom units with a dining room. #3 is a three bedroom, #4 a two bedroom. No Pets, No Smoking. All have BI dishwashers and laundry hook ups. Tenants supply range, refrigerator, washer and dryer. Owner covers water and garbage (note Town is to begin providing garbage and recycling services in 2026) Yard and off-street parking. Close proximity to all major conveniences. Walking distance to Sole Beach Bar and Hamburg beach access rights with a playground at the end of the street. Sellers will review offers as received while reserving the right to set an offer deadline. 48 hours advance notice required for showings. IMPORTANT: Woodlawn has street sign spelled FOURTH St. Realist reflects 4th St. Use Fourth St for GPS.

Key facts

• New ceilings
• New drywall
• New plumbing

Tags

• NEW ELECTRICAL SERVICE
• NEW PLUMBING
• NEW FURNACES
• NEW INSULATION WALLS
• NEW CEILINGS
• NEW DRYWALL

What this means for you Summary

Snapshot

• This is a 3×3bd/1ba + 1×2bd/1ba units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $854 ($10k/yr) — positive. Per door: $213/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.5% in Blasdell — 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 66/100 on livability (#643 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools D-, amenities F.
• Frontier Central School District (suburban): math 54% / reading 55% proficiency, ranked #301 of 590 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 44 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $446,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.09% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.70%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (median comp): $571,090
• List price: $474,900
• Delta: -16.84%
• Verdict: UNDERPRICED
• Comps: 12 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-22,530
• Equity at exit: $70,809

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $50,632
• Equity at exit: $41,061

Cash invested: $132,972 (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 14219

• Home prices YoY: -19.4%
• Active inventory: 44
• Price-to-rent: 30.4×

Monthly cashflow live

• Estimated rent: $5,200 medium
• Mortgage (P&I): −$2,490
• Tax from tax record: −$566 /mo · $6,794/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,092
• Net cashflow: $854

Break-even live

Break-even rent $4,120

Max offer price $474,900

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,900
1× unit	2	1	$1,300
Total (4 units)			$5,200

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: $118,725
• Closing costs: $14,247
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-07
   statusdays on market $474,900 Pending 65 DOM
2. 2026-06-05
   days on market $474,900 Active Under Contract 63 DOM
3. 2026-06-03
   days on market $474,900 Active Under Contract 62 DOM
4. 2026-06-02
   days on market $474,900 Active Under Contract 61 DOM
5. 2026-06-01
   days on market $474,900 Active Under Contract 60 DOM
6. 2026-05-31
   days on market $474,900 Active Under Contract 59 DOM
7. 2026-04-02
   listed $474,900 Active 1504-char remark

   Show marketing remark (1504 chars)

   A rare opportunity to own a turnkey four-unit investment property with three, 3 Bedroom units and one 2 bedroom unit! Owners have taken exceptional care of this property from the interior, exterior and mechanics. Improvements: Each apartment was gutted to frame, new electrical service (inspected by NYS fire underwriters), plumbing, furnaces, insulation walls and ceilings, drywall, every window replaced, kitchen cabinets, custom made countertops, and new bathrooms. After all 4 apartments were finished, the outside was addressed including roofs, siding, sidewalks, vinyl fence in back behind front building, yard and parking lot graded. Each unit offers 1,000SF of living space. Three of four are occupied on MTM WRITTEN leases with security deposits. Units 1 and 2 are three-bedroom units with a dining room. #3 is a three bedroom, #4 a two bedroom. No Pets, No Smoking. All have BI dishwashers and laundry hook ups. Tenants supply range, refrigerator, washer and dryer. Owner covers water and garbage (note Town is to begin providing garbage and recycling services in 2026) Yard and off-street parking. Close proximity to all major conveniences. Walking distance to Sole Beach Bar and Hamburg beach access rights with a playground at the end of the street. Sellers will review offers as received while reserving the right to set an offer deadline. 48 hours advance notice required for showings. IMPORTANT: Woodlawn has street sign spelled FOURTH St. Realist reflects 4th St. Use Fourth St for GPS.

ⓘ 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: $6,794 · $566/mo
• Projected year-2 tax: $7,410 · $617/mo
• Expected delta: +$616/yr (+$51/mo · 9.1%)

ⓘ 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: $62,400
• − Mortgage interest: −$26,602
• − Property taxes: −$6,794
• − Insurance: −$2,374
• − Repairs & maintenance: −$4,992
• − Management: −$4,992
• − Depreciation: −$13,815
• Taxable income: $2,831
• Est. tax owed @ 24.0%: −$679
• After-tax cash flow: $9,563/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: Frontier Central School District
• NCES district ID: 3611670
• Math proficiency: 54% ▼ -16.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $58,807
• Composite: 47.36/100
• National rank: #2291
• State rank: #301 of 590 in NY

Livability — Blasdell

• Score: 66/100
• State rank: #643
• US rank: #12059

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,894

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Asian 2% Black 2%
• Common ancestry: Romanian 21% Slovak 5% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Russian/Polish/Slavic 3% Other Indo-European 2% Spanish 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: ▼ -80.33%
• Current HPI: 332.7314
• 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

1 event — show timeline

• 2026-04-02 Listed $474,900 WNYREIS

Property tax history

+2.0%/yr

Latest (2025): $6,794 · +0.4% YoY. Source: county tax records.