2128 Jerauld Ave · Niagara Falls, NY 14305

$250,000

5 bd · 3.0 ba · 2,440 sqft · MultiFamily public records · 204 Days on market

Built 1920 3,450 sqft lot $102/sqft · 25% above area Est $201k · 25% over

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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 +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +6.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to 2128 Jerauld Ave in Niagara Falls! This spacious 2,440 sq. ft. Multi-unit features 2 generous apartments, each unit offering 3 bedrooms and 2 full baths—a rare combination with exceptional income potential. Must see layout! Major updates provide peace of mind, including 2 new hot water tanks, 2 new furnaces, and a new sewer main line. New electrical and both units have separate utilities. Each apartments have their own laundry hook ups inside each uint. Separate entrances. Enjoy bright living areas, flexible layouts, and a full basement for storage. The backyard can also be used for off-street parking. Perfect for investors or owner-occupants seeking size, versatility, and solid mechanicals. Don’t miss this unique opportunity!

Key facts

• New sewer main line
• Separate utilities
• New hot water tanks

Tags

• NEW HOT WATER TANKS
• NEW FURNACES
• NEW SEWER MAIN LINE
• SEPARATE UTILITIES
• LAUNDRY HOOK UPS
• SEPARATE ENTRANCES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $672 ($8k/yr) — positive. Per door: $336/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 7.7% in Niagara Falls — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 142 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,965/mo this rent would consume 70% 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 $8k 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 $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.
• Current owner paid $61k; list at $250k implies a 310% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 204 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — 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: 1.19% ✓
• Cap rate: 9.52%
• Cash-on-cash: 11.53%
• DSCR: 1.51
• GRM: 7.0

CMA / ARV

• ARV (median comp): $200,593
• List price: $250,000
• Delta: 24.63%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1882 Niagara Ave	0.18mi	5/2.5	2,527 (+4%)	0mo	$155,000	$61	83
1813 South Ave	0.36mi	6/2.0 (+1)	2,436 (-0%)	6mo	$137,940	$57	69
1635 South Ave	0.41mi	5/2.0	2,208 (-10%)	2mo	$85,000	$38	59
2488 Whitney Ave	0.73mi	4/3.0 (-1)	2,384 (-2%)	4mo	$85,000	$36	54
1867 Michigan Ave	0.44mi	4/2.0 (-1)	2,100 (-14%)	2mo	$87,000	$41	46
2200 Lasalle Ave	0.72mi	5/2.0	2,304 (-6%)	12mo	$160,000	$69	43
1825 Pierce Ave	0.63mi	6/2.0 (+1)	2,288 (-6%)	10mo	$110,000	$48	42
1317 22nd St	0.64mi	6/2.0 (+1)	2,304 (-6%)	14mo	$92,000	$40	41
1504 Cleveland Ave	0.44mi	6/2.0 (+1)	2,740 (+12%)	12mo	$171,000	$62	40
2225 Whitney Ave	0.69mi	6/2.0 (+1)	2,200 (-10%)	3mo	$125,000	$57	40
2401 Whitney Ave	0.70mi	6/2.0 (+1)	2,168 (-11%)	2mo	$40,000	$18	38
2443 Pierce Ave	0.66mi	4/2.0 (-1)	2,112 (-13%)	4mo	$120,000	$57	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $2,324
• Equity at exit: $37,276

10-year hold

• IRR: 10.5%
• Equity multiple: 1.82×
• Total profit: $57,205
• Equity at exit: $21,615

Cash invested: $70,000 (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: 14.1×

Monthly cashflow live

• Estimated rent: $2,965 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$255 /mo · $3,057/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $672

Break-even live

Break-even rent $2,114

Max offer price $250,000

Occupancy floor 72%

Sensitivity live

Price	-10% $814	-5% $743	+0% $672	+5% $602	+10% $531
Rent	-10% $438	-5% $555	+0% $672	+5% $790	+10% $907
Rate	-1.0pp $798	-0.5pp $736	base $672	+0.5pp $608	+1.0pp $542

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,966
Total (2 units)			$2,965

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.82mi
3025 Macklem Ave Niagara Falls, NY	4.0	1.5	1750	$2,200	$1.26	44d	1	1.03mi

Listing history 24 events

1. 2026-06-18
   days on market $250,000 Active 204 DOM
2. 2026-06-17
   days on market $250,000 Active 203 DOM
3. 2026-06-16
   days on market $250,000 Active 202 DOM
4. 2026-06-15
   days on market $250,000 Active 201 DOM
5. 2026-06-13
   days on market $250,000 Active 199 DOM
6. 2026-06-13
   days on market $250,000 Active 198 DOM
7. 2026-06-10
   days on market $250,000 Active 196 DOM
8. 2026-06-09
   days on market $250,000 Active 195 DOM
9. 2026-06-08
   days on market $250,000 Active 194 DOM
10. 2026-06-07
    days on market $250,000 Active 193 DOM
11. 2026-06-03
    days on market $250,000 Active 189 DOM
12. 2026-06-02
    days on market $250,000 Active 188 DOM
13. 2026-06-01
    days on market $250,000 Active 187 DOM
14. 2026-05-31
    days on market $250,000 Active 186 DOM
15. 2025-11-26
    listed $250,000 Active 764-char remark

    Show marketing remark (764 chars)

    Welcome to 2128 Jerauld Ave in Niagara Falls! This spacious 2,440 sq. ft. Multi-unit features 2 generous apartments, each unit offering 3 bedrooms and 2 full baths—a rare combination with exceptional income potential. Must see layout! Major updates provide peace of mind, including 2 new hot water tanks, 2 new furnaces, and a new sewer main line. New electrical and both units have separate utilities. Each apartments have their own laundry hook ups inside each uint. Separate entrances. Enjoy bright living areas, flexible layouts, and a full basement for storage. The backyard can also be used for off-street parking. Perfect for investors or owner-occupants seeking size, versatility, and solid mechanicals. Don’t miss this unique opportunity!

16. 2022-09-16
    soldstatus $61,000 Closed Sale or Rented 407-char remark

    Show marketing remark (407 chars)

    Here's your opportunity to grab a vinyl sided, 3/3 double for a great price! This price reflects finishing work and repairs that are still needed. The lower unit has 3 bedrooms and 2 full baths. The upper unit has 3 bedrooms and 1 full bath. Both units have in unit laundry areas. Good sized yard. Near bus routes, shopping, parks, Whirlpool State Park, Niagara Falls State Park, Devil's Hole and much more!

17. 2022-08-24
    status Under Contract- Do Not Show 407-char remark

    Show marketing remark (407 chars)

    Here's your opportunity to grab a vinyl sided, 3/3 double for a great price! This price reflects finishing work and repairs that are still needed. The lower unit has 3 bedrooms and 2 full baths. The upper unit has 3 bedrooms and 1 full bath. Both units have in unit laundry areas. Good sized yard. Near bus routes, shopping, parks, Whirlpool State Park, Niagara Falls State Park, Devil's Hole and much more!

18. 2022-08-09
    historical Continue to Show- Under Contract 407-char remark

    Show marketing remark (407 chars)

    Here's your opportunity to grab a vinyl sided, 3/3 double for a great price! This price reflects finishing work and repairs that are still needed. The lower unit has 3 bedrooms and 2 full baths. The upper unit has 3 bedrooms and 1 full bath. Both units have in unit laundry areas. Good sized yard. Near bus routes, shopping, parks, Whirlpool State Park, Niagara Falls State Park, Devil's Hole and much more!

19. 2022-07-14
    price $65,000 407-char remark

    Show marketing remark (407 chars)

    Here's your opportunity to grab a vinyl sided, 3/3 double for a great price! This price reflects finishing work and repairs that are still needed. The lower unit has 3 bedrooms and 2 full baths. The upper unit has 3 bedrooms and 1 full bath. Both units have in unit laundry areas. Good sized yard. Near bus routes, shopping, parks, Whirlpool State Park, Niagara Falls State Park, Devil's Hole and much more!

20. 2022-06-21
    listed $78,000 Active 407-char remark

    Show marketing remark (407 chars)

    Here's your opportunity to grab a vinyl sided, 3/3 double for a great price! This price reflects finishing work and repairs that are still needed. The lower unit has 3 bedrooms and 2 full baths. The upper unit has 3 bedrooms and 1 full bath. Both units have in unit laundry areas. Good sized yard. Near bus routes, shopping, parks, Whirlpool State Park, Niagara Falls State Park, Devil's Hole and much more!

21. 2022-06-16
    historical
22. 2022-05-31
    soldstatus $48,000 Closed Sale or Rented
23. 2022-03-18
    status Under Contract- Do Not Show
24. 2022-03-11
    listed $59,900 Active

ⓘ 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: $3,057 · $255/mo
• Projected year-2 tax: $3,641 · $303/mo
• Expected delta: +$584/yr (+$49/mo · 19.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,580
• − Mortgage interest: −$14,004
• − Property taxes: −$3,057
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,846
• − Management: −$2,846
• − Depreciation: −$7,273
• Taxable income: $4,303
• Est. tax owed @ 24.0%: −$1,033
• After-tax cash flow: $7,036/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

+317.4% since first listed

10 events — show timeline

• 2025-11-26 Listed $250,000 WNYREIS
• 2022-09-16 Sold (MLS) $61,000 UNYREIS
• 2022-08-24 Pending — UNYREIS
• 2022-08-09 Contingent — UNYREIS
• 2022-07-14 Price Changed $65,000 UNYREIS
• 2022-06-21 Listed $78,000 UNYREIS
• 2022-06-16 Listing Removed — WNYREIS
• 2022-05-31 Sold (MLS) $48,000 WNYREIS
• 2022-03-18 Pending — WNYREIS
• 2022-03-11 Listed $59,900 WNYREIS

Property tax history

+15.4%/yr

Latest (2025): $3,057 · -21.6% YoY. Source: county tax records.