195 Prospect St · Lockport, NY 14094

$49,900

7 bd · 3.5 ba · 3,988 sqft · MultiFamily public records · 80 Days on market

Built 1830 0.31 ac lot ↓ 44% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

Key facts

• 0.31 acre lot
• 4 garage spots
• Built 1830

Property features AI

Finance

• Other: Owner/tenant responsibilities: see remarks for what owner pays and what rent includes
• Financial info: Three total units (all units in community); Operating expense details: see remarks

Exterior

• Parking: Attached garage with 4 spaces; Paved parking; two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multi-unit property; Existing condition
• Construction: Composite and wood siding; Stone foundation; Asphalt roof; PEX plumbing; Built (existing structure)
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 71 x 190

Interior

• Kitchen: Eat-in kitchen in one unit; Other units include a formal dining room (dining area adjacent to kitchen)
• Bedrooms: Three 3-bedroom units
• Flooring: Carpet; Hardwood; Varies by area/unit
• Bathrooms: Each unit has 1 full bathroom (three full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full walk-out basement; Basement with full height; Carpet and hardwood flooring; varied flooring throughout; Gas water heater
• Laundry & utility: Multiple separate gas meters (2); Multiple separate electric meters (2)

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $928/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 73.2% 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 $3,959/mo this rent would consume 63% 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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1830 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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 1830 — 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 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?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 7.93% ✓
• Cap rate: 73.21%
• Cash-on-cash: 239.00%
• DSCR: 11.63
• GRM: 1.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 13.30×
• Total profit: $171,896
• Equity at exit: $7,440

10-year hold

• IRR: —
• Equity multiple: 28.86×
• Total profit: $389,321
• Equity at exit: $4,314

Cash invested: $13,972 (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 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $3,959 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$831
• Net cashflow: $2,783

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 25%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,960
Total (3 units)			$3,959

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-05-04
   status Pending
2. 2026-02-12
   listed $49,900 Active
3. 2017-05-24
   soldstatus $47,500 Closed Sale or Rented 351-char remark

   Show marketing remark (351 chars)

   VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

4. 2017-05-24
   soldstatus $47,500

   Show marketing remark (351 chars)

   VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

5. 2017-03-24
   status Pending Sale 351-char remark

   Show marketing remark (351 chars)

   VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

6. 2017-03-24
   historical

   Show marketing remark (351 chars)

   VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

7. 2016-10-11
   price $59,499 351-char remark

   Show marketing remark (351 chars)

   VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

8. 2016-10-11
   price $59,499

   Show marketing remark (351 chars)

   VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

9. 2016-09-09
   price $64,400 351-char remark

   Show marketing remark (351 chars)

   VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

10. 2016-09-09
    price $64,400

    Show marketing remark (351 chars)

    VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

11. 2016-07-26
    price $69,500 351-char remark

    Show marketing remark (351 chars)

    VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

12. 2016-07-26
    price $69,500

    Show marketing remark (351 chars)

    VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

13. 2016-05-31
    listed $74,900 Active 351-char remark

    Show marketing remark (351 chars)

    VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

14. 2016-05-31
    listed $74,900 Active

    Show marketing remark (351 chars)

    VR pricing: owner will consider offers between $59,400 and $44,000. Retiring owner sad to let go!! Her loss is your gain. Great owner unit: 1400 sq ft, 3 bedrooms, 1 and 1 half bath with first floor laundry and fireplace insert. 2 other 2 bedroom apartments. Call now for your private tour and stop living paycheck to paycheck. Invest for your future.

15. 2016-05-27
    historical
16. 2016-05-27
    historical
17. 2015-10-09
    price $74,900
18. 2015-10-09
    price $74,900
19. 2015-08-10
    price $78,900
20. 2015-08-10
    price $78,900
21. 2015-07-15
    price $82,500
22. 2015-07-15
    price $82,500
23. 2015-05-26
    listed $89,900 Active
24. 2015-05-26
    listed $89,900 Active

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $47,508
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$3,801
• − Management: −$3,801
• − Depreciation: −$1,452
• Taxable income: $34,662
• Est. tax owed @ 24.0%: −$8,319
• After-tax cash flow: $25,074/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

-44.5% since first listed

24 events — show timeline

• 2026-05-04 Pending — WNYREIS
• 2026-02-12 Listed $49,900 WNYREIS
• 2017-05-24 Sold (Public Records) $47,500 Public Records
• 2017-05-24 Sold (MLS) $47,500 WNYREIS
• 2017-03-24 Pending — WNYREIS
• 2017-03-24 Listing Removed — WNYREIS
• 2016-10-11 Price Changed $59,499 WNYREIS
• 2016-10-11 Price Changed $59,499 WNYREIS
• 2016-09-09 Price Changed $64,400 WNYREIS
• 2016-09-09 Price Changed $64,400 WNYREIS
• 2016-07-26 Price Changed $69,500 WNYREIS
• 2016-07-26 Price Changed $69,500 WNYREIS
• 2016-05-31 Listed $74,900 WNYREIS
• 2016-05-31 Listed $74,900 WNYREIS
• 2016-05-27 Listing Removed — WNYREIS
• 2016-05-27 Listing Removed — UNYREIS
• 2015-10-09 Price Changed $74,900 UNYREIS
• 2015-10-09 Price Changed $74,900 WNYREIS
• 2015-08-10 Price Changed $78,900 UNYREIS
• 2015-08-10 Price Changed $78,900 WNYREIS
• 2015-07-15 Price Changed $82,500 WNYREIS
• 2015-07-15 Price Changed $82,500 UNYREIS
• 2015-05-26 Listed $89,900 UNYREIS
• 2015-05-26 Listed $89,900 WNYREIS

Property tax history

+22.4%/yr

Latest (2025): $5,444 · -29.2% YoY. Source: county tax records.