1158 Ontario Ave · Niagara Falls, NY 14305

$235,000

12 bd · 4.0 ba · 6,012 sqft · MultiFamily public records · 108 Days on market

Built 1928 3,127 sqft lot $39/sqft · 18% below area Est $285k · 18% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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

Exceptional investment opportunity! Incredible investment opportunity! This massive 4-unit property features three 3-bedrooms and one 2-bedroom units and over 6,012 square feet according to tax records. The property is fully occupied and offers separate utilities, providing immediate rental income for investors. Each unit has separate furnaces and hot water tanks located in the basement, along with dedicated storage areas for tenants. One unit features a new hot water tank, and most mechanicals are newer. All units have updated electrical panels. While the property could benefit from some cosmetic updates, it is priced accordingly, making it an excellent value for investors. All four units are currently occupied, and the tenants would like to remain, offering immediate rental income from day one.

Key facts

• Separate utilities
• New hot water tank
• 3,127 sq ft lot

Tags

• MASSIVE 4-UNIT PROPERTY
• SEPARATE UTILITIES
• IMMEDIATE RENTAL INCOME
• DEDICATED STORAGE AREAS
• NEW HOT WATER TANK
• UPDATED ELECTRICAL PANELS

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $682/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $235k).
• Recommended offer: $214k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.2% vs local median 7.5% 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: crime F, amenities F, commute 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.
• Zoned schools: Hyde Park School (math 8% / reading 22%, grade F, #2,024 of 2,108 statewide, top 97%, 505 students, 81% FRL); Gaskill Preparatory School (math 10% / reading 22%, grade F, #702 of 729 statewide, top 96%, 500 students, 78% FRL); Niagara Falls High School (math 75% / reading 92%, grade A, #409 of 1,100 statewide, top 39%, 2,139 students, 71% FRL).
• Market conditions: 142 active listings in the ZIP; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $5,518/mo this rent would consume 130% of the median local household income ($51k/yr) (locally 1095% 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 $2k of loan paydown is wiped out by about $7k 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 + 3.0% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $57k; list at $235k implies a 315% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% 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 1928 — 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 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?
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: 2.35% ✓
• Cap rate: 20.23%
• Cash-on-cash: 49.78%
• DSCR: 3.21
• GRM: 3.5

CMA / ARV

• ARV (median comp): $285,029
• List price: $235,000
• Delta: -17.55%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 47.5%
• Equity multiple: 3.06×
• Total profit: $135,856
• Equity at exit: $35,039

10-year hold

• IRR: 53.1%
• Equity multiple: 6.21×
• Total profit: $342,513
• Equity at exit: $20,319

Cash invested: $65,800 (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 14305

• Home prices YoY: -10.9%
• Active inventory: 142
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $5,518 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$299 /mo · $3,592/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,159
• Net cashflow: $2,730

Break-even live

Break-even rent $2,063

Max offer price $235,000

Occupancy floor 46%

Sensitivity live

Price	-10% $2,863	-5% $2,796	+0% $2,730	+5% $2,663	+10% $2,597
Rent	-10% $2,294	-5% $2,512	+0% $2,730	+5% $2,948	+10% $3,166
Rate	-1.0pp $2,848	-0.5pp $2,789	base $2,730	+0.5pp $2,669	+1.0pp $2,607

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$5,516
Total (4 units)			$5,518

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $235,000 Active 108 DOM
2. 2026-06-18
   days on market $235,000 Active 105 DOM
3. 2026-06-17
   days on market $235,000 Active 104 DOM
4. 2026-06-16
   days on market $235,000 Active 103 DOM
5. 2026-06-15
   days on market $235,000 Active 102 DOM
6. 2026-06-13
   days on market $235,000 Active 100 DOM
7. 2026-06-13
   days on market $235,000 Active 99 DOM
8. 2026-06-10
   days on market $235,000 Active 97 DOM
9. 2026-06-09
   days on market $235,000 Active 96 DOM
10. 2026-06-08
    days on market $235,000 Active 95 DOM
11. 2026-06-07
    days on market $235,000 Active 94 DOM
12. 2026-06-03
    days on market $235,000 Active 90 DOM
13. 2026-06-02
    days on market $235,000 Active 89 DOM
14. 2026-06-01
    days on market $235,000 Active 88 DOM
15. 2026-05-31
    days on market $235,000 Active 87 DOM
16. 2026-03-04
    listed $235,000 Active 811-char remark

    Show marketing remark (811 chars)

    Exceptional investment opportunity! Incredible investment opportunity! This massive 4-unit property features three 3-bedrooms and one 2-bedroom units and over 6,012 square feet according to tax records. The property is fully occupied and offers separate utilities, providing immediate rental income for investors. Each unit has separate furnaces and hot water tanks located in the basement, along with dedicated storage areas for tenants. One unit features a new hot water tank, and most mechanicals are newer. All units have updated electrical panels. While the property could benefit from some cosmetic updates, it is priced accordingly, making it an excellent value for investors. All four units are currently occupied, and the tenants would like to remain, offering immediate rental income from day one.

17. 2006-07-14
    soldstatus $56,650

ⓘ 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: $3,592 · $299/mo
• Projected year-2 tax: $3,782 · $315/mo
• Expected delta: +$190/yr (+$16/mo · 5.3%)

ⓘ 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 2/10 Low 7 d/yr ≥95°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: $66,216
• − Mortgage interest: −$13,164
• − Property taxes: −$3,592
• − Insurance: −$1,175
• − Repairs & maintenance: −$5,297
• − Management: −$5,297
• − Depreciation: −$6,836
• Taxable income: $30,854
• Est. tax owed @ 24.0%: −$7,405
• After-tax cash flow: $25,350/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): 16,696
• Household income: $51,004
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1095.0

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 0.63)
• Race & ethnicity: White 55% Black 24% Two or more races 13% Hispanic / Latino 8% Asian 1% Native American 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% 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: ▼ -43.08%
• Current HPI: 350.8741
• Rent YoY: —
• 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

+314.8% since first listed

2 events — show timeline

• 2026-03-04 Listed $235,000 WNYREIS
• 2006-07-14 Sold (Public Records) $56,650 Public Records

Property tax history

+1.8%/yr

Latest (2025): $3,592 · +14.2% YoY. Source: county tax records.