165 Erie St · Lockport, NY 14094

$140,000

3 bd · 1.0 ba · 2,032 sqft · SingleFamily public records · 101 Days on market

Built 1900 3,920 sqft lot Est $240k · 42% under

---

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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +5.7/10.0
• 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

Listing remarks

165 Erie Street, Lockport, NY Unique mixed-use investment opportunity in the City of Lockport! This zoned mixed-use double offers excellent income potential with flexibility for both residential and commercial use. One side of the property features a large, finished 3-bedroom, 2-bath apartment currently rented for $1,350 per month. The unit offers generous living space and includes the convenience of in-unit laundry, making it very attractive to tenants. The other side is a commercial space that is currently unfinished, providing a blank slate for an owner or investor to customize for a business, office, studio, or additional income-producing use. Additional highlights include a full basem

Key facts

• Income potential
• In-unit laundry
• Full basement

Tags

• INCOME POTENTIAL
• RESIDENTIAL AND COMMERCIAL USE
• FINISHED APARTMENT
• IN-UNIT LAUNDRY
• FULL BASEMENT

Property features AI

Finance

• Financial info: Property configured as a 2-unit building; Two separate electric meters; Two separate gas meters; One unit listed with $1,350 monthly rent; Operating expenses include water/sewer; owner pays water

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story building; Vinyl siding; Resale property
• Construction: Vinyl siding construction; Existing structure (year built: existing)
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 74 x 52 feet

Interior

• Kitchen: Appliances include gas water heater
• Bedrooms: Unit with 3 bedrooms (described with living room, porch, laundry in unit)
• Flooring: Laminate flooring; Vinyl flooring; Varied flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Gas heating; Baseboard heating; Forced air heating
• Interior features: Full basement; Laminate, vinyl, and varied flooring throughout; Gas water heater
• Laundry & utility: In-unit laundry for one unit; Separate gas meters for units

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$239,776) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $56k; list at $140k implies a 152% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.35
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $239,776
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
544 Willow St	0.47mi	3/1.5	2,124 (+4%)	4mo	$245,000	$115	65
391 Walnut St	0.33mi	4/1.0 (+1)	1,856 (-9%)	2mo	$180,400	$97	64
250 Pine St	0.54mi	3/1.5	1,956 (-4%)	5mo	$260,000	$133	62
10 Mcintosh Dr	0.59mi	3/1.5	1,964 (-3%)	3mo	$330,000	$168	62
100 Regent St	0.36mi	3/2.5	1,795 (-12%)	0mo	$248,000	$138	58
155 Chestnut St	0.47mi	4/1.5 (+1)	2,212 (+9%)	2mo	$260,400	$118	55
26 Maple St	0.44mi	3/1.0	2,304 (+13%)	4mo	$235,000	$102	54
160 Waterman St	0.52mi	4/1.5 (+1)	1,868 (-8%)	3mo	$150,000	$80	53
319 Willow St	0.69mi	4/1.0 (+1)	1,912 (-6%)	2mo	$200,000	$105	52
105 Park Lane Cir	0.54mi	4/2.5 (+1)	1,886 (-7%)	6mo	$255,000	$135	47
535 Willow St St	0.44mi	3/2.5	2,328 (+15%)	3mo	$360,000	$155	47
1 Wilson Pkwy	0.56mi	4/1.5 (+1)	1,728 (-15%)	4mo	$185,000	$107	39

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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-5,072
• Equity at exit: $20,874

10-year hold

• IRR: 7.0%
• Equity multiple: 1.54×
• Total profit: $21,190
• Equity at exit: $12,105

Cash invested: $39,200 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,504 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$135 /mo · $1,620/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $261

Break-even live

Break-even rent $1,174

Max offer price $140,000

Occupancy floor 78%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $140,000 Active 101 DOM
2. 2026-06-17
   days on market $140,000 Active 100 DOM
3. 2026-06-16
   days on market $140,000 Active 99 DOM
4. 2026-06-15
   days on market $140,000 Active 98 DOM
5. 2026-06-13
   days on market $140,000 Active 96 DOM
6. 2026-06-13
   days on market $140,000 Active 95 DOM
7. 2026-06-10
   days on market $140,000 Active 93 DOM
8. 2026-06-09
   days on market $140,000 Active 92 DOM
9. 2026-06-08
   days on market $140,000 Active 91 DOM
10. 2026-06-07
    days on market $140,000 Active 90 DOM
11. 2026-06-05
    days on market $140,000 Active 87 DOM
12. 2026-06-03
    days on market $140,000 Active 86 DOM
13. 2026-06-02
    days on market $140,000 Active 85 DOM
14. 2026-06-01
    days on market $140,000 Active 84 DOM
15. 2026-05-31
    days on market $140,000 Active 83 DOM
16. 2026-03-22
    price $140,000
17. 2026-03-09
    listed $150,000 Active
18. 1995-06-29
    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: $1,620 · $135/mo
• Projected year-2 tax: $1,993 · $166/mo
• Expected delta: +$373/yr (+$31/mo · 23.0%)

ⓘ 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 2/10 Low 7 d/yr ≥94°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: $18,047
• − Mortgage interest: −$7,842
• − Property taxes: −$1,620
• − Insurance: −$700
• − Repairs & maintenance: −$1,444
• − Management: −$1,444
• − Depreciation: −$4,073
• Taxable income: $924
• Est. tax owed @ 24.0%: −$222
• After-tax cash flow: $2,905/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
• 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

+152.3% since first listed

3 events — show timeline

• 2026-03-22 Price Changed $140,000 WNYREIS
• 2026-03-09 Listed $150,000 WNYREIS
• 1995-06-29 Sold (Public Records) $55,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $1,620 · +2.8% YoY. Source: county tax records.