2247 Grand Ave · Niagara Falls, NY 14301

$169,000

5 bd · 2.0 ba · 1,858 sqft · MultiFamily public records · 62 Days on market

Built 1932 4,375 sqft lot $91/sqft · 30% below area Est $243k · 30% under

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Why this score? — see what drove the A 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.4/10.0
• 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 MLS

Well-maintained two-family home in Niagara Falls, conveniently located just off Hyde Park Blvd on a quiet, tree-lined street. The property features a spacious 3-bedroom lower unit and a 2-bedroom upper unit, making it ideal for owner-occupants or investors seeking strong rental income. Major capital updates are already done: a brand-new roof (less than 5 years old), all new furnaces, and new hot water tanks for both units. The lower unit was updated a few years ago with new carpeting, offering a clean and comfortable living space. The stucco exterior provides durability and low maintenance, and the oversized three-car garage is a rare bonus. The dry basement adds real value, featuring a bonus kitchen and flexible space perfect for storage, recreation, or extended living use. Walkable to shopping, schools, parks, and everyday amenities, yet tucked away on a peaceful residential street. Strong income potential or a smart opportunity to live in one unit while renting the other to offset your mortgage. A solid, no-nonsense multi-family with updates where they matter most.

Key facts

• New hot water tanks
• Two-family home
• New furnaces

Tags

• TWO-FAMILY HOME
• NEW ROOF
• NEW FURNACES
• NEW HOT WATER TANKS
• UPDATED LOWER UNIT
• STUCCO EXTERIOR

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $169k.

Deal economics

• At list price, monthly cash flow is $635 ($8k/yr) — positive. Per door: $317/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $159k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 $2,441/mo this rent would consume 85% 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 $18k of equity ($1k loan paydown + $17k 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 $47k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $56k; list at $169k implies a 205% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $158,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1932 — 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: 1.44% ✓
• Cap rate: 10.80%
• Cash-on-cash: 16.10%
• DSCR: 1.72
• GRM: 5.8

CMA / ARV

• ARV (median comp): $243,013
• List price: $169,000
• Delta: -30.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2449 Grand Ave	0.13mi	5/2.0	1,918 (+3%)	4mo	$135,000	$70	85
541 20th St	0.27mi	5/2.0	1,917 (+3%)	1mo	$112,000	$58	82
2459 La Salle Ave	0.31mi	4/2.0 (-1)	1,920 (+3%)	2mo	$160,000	$83	74
609 24th St	0.15mi	4/2.0 (-1)	2,000 (+8%)	4mo	$140,000	$70	71
2219 Walnut Ave	0.18mi	6/3.0 (+1)	2,023 (+9%)	4mo	$62,500	$31	64
1535 Pierce Ave	0.58mi	4/2.0 (-1)	1,724 (-7%)	2mo	$35,000	$20	54
1623 Linwood Ave	0.64mi	4/2.0 (-1)	1,994 (+7%)	3mo	$100,000	$50	51
2443 Pierce Ave	0.41mi	4/2.0 (-1)	2,112 (+14%)	4mo	$120,000	$57	50
2208 Weston Ave	0.67mi	4/2.0 (-1)	2,016 (+8%)	1mo	$55,000	$27	49
420 18th St	0.55mi	4/2.5 (-1)	1,632 (-12%)	3mo	$115,000	$70	45
2463 South Ave	0.71mi	4/2.0 (-1)	2,016 (+8%)	3mo	$137,500	$68	45
1867 Michigan Ave	0.59mi	4/2.0 (-1)	2,100 (+13%)	2mo	$87,000	$41	44

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: 38.9%
• Equity multiple: 4.07×
• Total profit: $145,486
• Equity at exit: $152,249

10-year hold

• IRR: 35.6%
• Equity multiple: 10.06×
• Total profit: $428,824
• Equity at exit: $328,330

Cash invested: $47,320 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,441 high
• Mortgage (P&I): −$886
• Tax from tax record: −$337 /mo · $4,043/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $635

Break-even live

Break-even rent $1,637

Max offer price $169,000

Occupancy floor 69%

Sensitivity live

Price	-10% $730	-5% $683	+0% $635	+5% $587	+10% $539
Rent	-10% $442	-5% $538	+0% $635	+5% $731	+10% $828
Rate	-1.0pp $720	-0.5pp $678	base $635	+0.5pp $591	+1.0pp $546

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,442
Total (2 units)			$2,441

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: $42,250
• Closing costs: $5,070
• 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	0.21mi
2420 Mackenna Ave Unit 1 Niagara Falls, NY	4.0	1.0	1300	$1,390	$1.07	2d	1	0.75mi
3225 Belden Pl Niagara Falls, NY	5.0	1.5	1344	$1,750	$1.30	2d	1	0.82mi

Listing history 10 events

1. 2026-06-08
   statusdays on market $169,000 Pending 62 DOM
2. 2026-06-07
   days on market $169,000 Active 61 DOM
3. 2026-06-03
   days on market $169,000 Active 57 DOM
4. 2026-06-02
   days on market $169,000 Active 56 DOM
5. 2026-06-01
   days on market $169,000 Active 55 DOM
6. 2026-05-31
   days on market $169,000 Active 54 DOM
7. 2026-04-07
   historical

   Show marketing remark (1084 chars)

   Well-maintained two-family home in Niagara Falls, conveniently located just off Hyde Park Blvd on a quiet, tree-lined street. The property features a spacious 3-bedroom lower unit and a 2-bedroom upper unit, making it ideal for owner-occupants or investors seeking strong rental income. Major capital updates are already done: a brand-new roof (less than 5 years old), all new furnaces, and new hot water tanks for both units. The lower unit was updated a few years ago with new carpeting, offering a clean and comfortable living space. The stucco exterior provides durability and low maintenance, and the oversized three-car garage is a rare bonus. The dry basement adds real value, featuring a bonus kitchen and flexible space perfect for storage, recreation, or extended living use. Walkable to shopping, schools, parks, and everyday amenities, yet tucked away on a peaceful residential street. Strong income potential or a smart opportunity to live in one unit while renting the other to offset your mortgage. A solid, no-nonsense multi-family with updates where they matter most.

8. 2026-04-07
   listed $169,000 Active 1084-char remark

   Show marketing remark (1084 chars)

   Well-maintained two-family home in Niagara Falls, conveniently located just off Hyde Park Blvd on a quiet, tree-lined street. The property features a spacious 3-bedroom lower unit and a 2-bedroom upper unit, making it ideal for owner-occupants or investors seeking strong rental income. Major capital updates are already done: a brand-new roof (less than 5 years old), all new furnaces, and new hot water tanks for both units. The lower unit was updated a few years ago with new carpeting, offering a clean and comfortable living space. The stucco exterior provides durability and low maintenance, and the oversized three-car garage is a rare bonus. The dry basement adds real value, featuring a bonus kitchen and flexible space perfect for storage, recreation, or extended living use. Walkable to shopping, schools, parks, and everyday amenities, yet tucked away on a peaceful residential street. Strong income potential or a smart opportunity to live in one unit while renting the other to offset your mortgage. A solid, no-nonsense multi-family with updates where they matter most.

9. 2026-01-21
   listed $169,000 Active
10. 2004-10-27
    soldstatus $55,500

ⓘ 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: $4,043 · $337/mo
• Projected year-2 tax: $4,043 · $337/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $29,292
• − Mortgage interest: −$9,467
• − Property taxes: −$4,043
• − Insurance: −$845
• − Repairs & maintenance: −$2,343
• − Management: −$2,343
• − Depreciation: −$4,916
• Taxable income: $5,334
• Est. tax owed @ 24.0%: −$1,280
• After-tax cash flow: $6,337/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

+204.5% since first listed

4 events — show timeline

• 2026-04-07 Listed $169,000 WNYREIS
• 2026-04-07 Listing Removed — WNYREIS
• 2026-01-21 Listed $169,000 WNYREIS
• 2004-10-27 Sold (Public Records) $55,500 Public Records

Property tax history

+6.3%/yr

Latest (2025): $4,043 · -22.3% YoY. Source: county tax records.