113 Torrance Pl · Gowanda, NY 14070

$224,900

9 bd · 3.9 ba · 3,696 sqft · MultiFamily public records · 60 Days on market

Built 1953 0.40 ac lot $61/sqft · 22% below area Est $288k · 22% 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 +9.1/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 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

Great opportunity to buy a clean, cash flowing asset. Start or add to your portfolio with this amazing property. 4 apartments with a consistent history of tenancy and payments. 2/1 layouts with off street parking. Walkable neighborhood close to Cattaraugus Creek and Zoar Valley. Residents in the Village of Gowanda enjoy a tight knit small-town lifestyle.

Key facts

• Off street parking
• Zoar valley
• Village of gowanda

Tags

• OFF STREET PARKING
• WALKABLE NEIGHBORHOOD
• CATTARAUGUS CREEK
• ZOAR VALLEY
• VILLAGE OF GOWANDA

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $886 ($11k/yr) — positive. Per door: $295/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#457 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Gowanda Central School District (rural): math 38% / reading 44% proficiency, ranked #513 of 590 in NY (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; list at $225k implies a 174% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% 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 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.41% ✓
• Cap rate: 11.67%
• Cash-on-cash: 19.21%
• DSCR: 1.85
• GRM: 5.9

CMA / ARV

• ARV (median comp): $288,451
• List price: $224,900
• Delta: -22.03%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
129 Chestnut St	0.07mi	8/3.5 (-1)	4,172 (+13%)	20mo	$40,000	$10	52

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.8%
• Equity multiple: 3.84×
• Total profit: $178,976
• Equity at exit: $202,608

10-year hold

• IRR: 31.7%
• Equity multiple: 8.67×
• Total profit: $482,882
• Equity at exit: $436,931

Cash invested: $62,972 (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 14070

• Home prices YoY: 8.8%
• Active inventory: 24
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,175 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$227 /mo · $2,728/yr
• Insurance: −$94
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$667
• Net cashflow: $886

Break-even live

Break-even rent $2,054

Max offer price $224,900

Occupancy floor 67%

Sensitivity live

Price	-10% $1,013	-5% $949	+0% $886	+5% $822	+10% $758
Rent	-10% $635	-5% $760	+0% $886	+5% $1,011	+10% $1,136
Rate	-1.0pp $999	-0.5pp $943	base $886	+0.5pp $827	+1.0pp $768

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,174
Total (3 units)			$3,175

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $224,900 Active 60 DOM
2. 2026-06-18
   days on market $224,900 Active 58 DOM
3. 2026-06-17
   days on market $224,900 Active 57 DOM
4. 2026-06-16
   days on market $224,900 Active 56 DOM
5. 2026-06-15
   days on market $224,900 Active 55 DOM
6. 2026-06-13
   days on market $224,900 Active 53 DOM
7. 2026-06-12
   days on market $224,900 Active 52 DOM
8. 2026-06-09
   days on market $224,900 Active 49 DOM
9. 2026-06-08
   pricedays on market $224,900 Active 48 DOM
10. 2026-06-07
    days on market $239,900 Active 47 DOM
11. 2026-06-07
    days on market $239,900 Active 46 DOM
12. 2026-06-04
    days on market $239,900 Active 43 DOM
13. 2026-06-02
    days on market $239,900 Active 42 DOM
14. 2026-06-01
    days on market $239,900 Active 41 DOM
15. 2026-05-31
    days on market $239,900 Active 40 DOM
16. 2026-04-20
    listed $239,900 Active 356-char remark

    Show marketing remark (356 chars)

    Great opportunity to buy a clean, cash flowing asset. Start or add to your portfolio with this amazing property. 4 apartments with a consistent history of tenancy and payments. 2/1 layouts with off street parking. Walkable neighborhood close to Cattaraugus Creek and Zoar Valley. Residents in the Village of Gowanda enjoy a tight knit small-town lifestyle.

17. 2013-04-22
    soldstatus $82,000 308-char remark

    Show marketing remark (308 chars)

    This well maintained 4 unit property is fully rented. Each unit has living room, eat in kitchen, 1 bath and 2 bedrooms. Center entrance way leads to the apts. Tenants pay all utilities including water. Full basement access for all tenants with 4 separate areas for tenants to have their own washer and dryer.

18. 2013-04-22
    soldstatus $82,000

    Show marketing remark (308 chars)

    This well maintained 4 unit property is fully rented. Each unit has living room, eat in kitchen, 1 bath and 2 bedrooms. Center entrance way leads to the apts. Tenants pay all utilities including water. Full basement access for all tenants with 4 separate areas for tenants to have their own washer and dryer.

19. 2013-01-04
    listed $89,900 308-char remark

    Show marketing remark (308 chars)

    This well maintained 4 unit property is fully rented. Each unit has living room, eat in kitchen, 1 bath and 2 bedrooms. Center entrance way leads to the apts. Tenants pay all utilities including water. Full basement access for all tenants with 4 separate areas for tenants to have their own washer and dryer.

ⓘ 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: $2,728 · $227/mo
• Projected year-2 tax: $3,264 · $272/mo
• Expected delta: +$536/yr (+$45/mo · 19.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AO · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 17 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: $38,100
• − Mortgage interest: −$12,598
• − Property taxes: −$2,728
• − Insurance: −$2,592
• − Repairs & maintenance: −$3,048
• − Management: −$3,048
• − Depreciation: −$6,543
• Taxable income: $7,544
• Est. tax owed @ 24.0%: −$1,810
• After-tax cash flow: $8,816/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: Gowanda Central School District
• NCES district ID: 3612390
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 44% ▲ 3.00%
• Median HH income: $43,777
• Composite: 34.71/100
• National rank: #5138
• State rank: #513 of 590 in NY

Livability — Gowanda

• Score: 70/100
• State rank: #457
• US rank: #7988

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gowanda, NY
• Population (ZIP): 5,437

Population outlook (Cattaraugus County) Hauer SSP2

• Today (2025): 71,623 people
• By 2030: 67,751 · -5.4%
• By 2040: 59,488 · -16.9%
• By 2050: 51,601 · -28.0%
• By 2075: 35,025 · -51.1%
• By 2100: 21,243 · -70.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Native American 10% Hispanic / Latino 5% Two or more races 3% Black 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 9% Italian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Cattaraugus

• 2024 margin: Solid R (+32.8) · D 33.6% · R 66.4%
• 2008→2024 swing: -22.2pp toward R · 2008: -10.6pp · 2024: -32.8pp
• All cycles: 2024: R+32.8 2020: R+29.5 2016: R+34.4 2012: R+13.4 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.64%
• Current HPI: 269.1092
• 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

+166.9% since first listed

4 events — show timeline

• 2026-04-20 Listed $239,900 WNYREIS
• 2013-04-22 Sold (Public Records) $82,000 Public Records
• 2013-04-22 Sold (MLS) $82,000 WNYREIS
• 2013-01-04 Listed $89,900 WNYREIS

Property tax history

-0.1%/yr

Latest (2025): $2,728 · -6.1% YoY. Source: county tax records.