2240 La Salle Ave · Niagara Falls, NY 14301

$149,900

5 bd · 2.0 ba · 2,650 sqft · MultiFamily public records · 55 Days on market

Built 1900 3,720 sqft lot $57/sqft · 13% below area Est $173k · 13% 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 +13.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to 2240 La Salle Ave in Niagara Falls! This is a large 3/2 all brick double with a 2 car garage. Lower unit is tenant occupied by a great long term tenant and the upstairs is currently vacant. Live upstairs and let the tenant pay your mortgage or add this beautiful home to your investment portfolio. One newer boiler, one newer water tank, updated electric, tall and dry basement, full walk up attic, front porch, and balcony.

Key facts

• Covered porches
• All brick
• Full basement

Tags

• ALL BRICK
• MULTI FAMILY PROPERTY
• COVERED PORCHES
• FULL ATTIC
• FULL BASEMENT
• FULLY FENCED YARD

Property features AI

Finance

• Other: Two total residential units; Each unit has separate gas and electric meters
• Financial info: Operating expenses include electric, insurance, utilities, and water/sewer; Owner pays water

Exterior

• Parking: Attached garage (2-car)
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story building; Resale property; City street frontage; Rectangular residential lot near public transit
• Construction: Brick construction; Block foundation; Asphalt roof; Attic/crawl hatchway(s) insulated; Built (existing)
• Exterior features: Fully fenced yard; Covered porch

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Porch; Formal dining room; Living room
• Laundry & utility: Washer in each unit; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $860 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 7.6% 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: crime F, amenities F, commute 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.
• Zoned schools: Hyde Park School (math 8% / reading 22%, grade F, #2,024 of 2,108 statewide, top 97%, 505 students, 81% FRL); Gaskill Preparatory School (math 10% / reading 22%, grade F, #702 of 729 statewide, top 96%, 500 students, 78% FRL); Niagara Falls High School (math 75% / reading 92%, grade A, #409 of 1,100 statewide, top 39%, 2,139 students, 71% FRL).
• Market conditions: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 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 $125k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.73% ✓
• Cap rate: 13.18%
• Cash-on-cash: 24.59%
• DSCR: 2.09
• GRM: 4.8

CMA / ARV

• ARV (median comp): $172,838
• List price: $149,900
• Delta: -13.27%
• 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
626 23rd St	0.40mi	5/3.0	2,600 (-2%)	6mo	$125,000	$48	69
1000 19th St	0.27mi	6/2.5 (+1)	2,804 (+6%)	7mo	$65,000	$23	65
1882 Niagara Ave	0.55mi	5/2.5	2,527 (-5%)	1mo	$155,000	$61	64
2488 Whitney Ave	0.22mi	4/3.0 (-1)	2,384 (-10%)	4mo	$85,000	$36	61
1813 South Ave	0.46mi	6/2.0 (+1)	2,436 (-8%)	6mo	$137,940	$57	55
1825 Pierce Ave	0.22mi	6/2.0 (+1)	2,288 (-14%)	10mo	$110,000	$48	53
2230 Grand Ave	0.26mi	6/3.0 (+1)	2,348 (-11%)	11mo	$165,000	$70	50
1606 Ferry Ave	0.71mi	4/2.0 (-1)	2,687 (+1%)	12mo	$110,000	$41	50
1504 Cleveland Ave	0.66mi	6/2.0 (+1)	2,740 (+3%)	12mo	$171,000	$62	49
1023 15th St	0.47mi	5/4.0	2,304 (-13%)	5mo	$190,000	$82	44
444 20th St	0.73mi	5/3.0	2,385 (-10%)	6mo	$25,000	$10	40
1145 Willow Ave	0.67mi	6/2.0 (+1)	2,304 (-13%)	3mo	$53,300	$23	40

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: 45.9%
• Equity multiple: 4.58×
• Total profit: $150,233
• Equity at exit: $135,042

10-year hold

• IRR: 42.1%
• Equity multiple: 11.33×
• Total profit: $433,469
• Equity at exit: $291,223

Cash invested: $41,972 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,588 high
• Mortgage (P&I): −$786
• Tax from tax record: −$336 /mo · $4,029/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $860

Break-even live

Break-even rent $1,499

Max offer price $149,900

Occupancy floor 62%

Sensitivity live

Price	-10% $945	-5% $903	+0% $860	+5% $818	+10% $775
Rent	-10% $656	-5% $758	+0% $860	+5% $962	+10% $1,065
Rate	-1.0pp $936	-0.5pp $898	base $860	+0.5pp $821	+1.0pp $782

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,341
1× unit	2	1	$1,247
Total (2 units)			$2,588

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-22
   days on market $149,900 Active 55 DOM
2. 2026-06-21
   days on market $149,900 Active 54 DOM
3. 2026-06-18
   days on market $149,900 Active 51 DOM
4. 2026-06-17
   days on market $149,900 Active 50 DOM
5. 2026-06-16
   days on market $149,900 Active 49 DOM
6. 2026-06-15
   days on market $149,900 Active 48 DOM
7. 2026-06-13
   days on market $149,900 Active 46 DOM
8. 2026-06-13
   days on market $149,900 Active 45 DOM
9. 2026-06-10
   days on market $149,900 Active 43 DOM
10. 2026-06-09
    days on market $149,900 Active 42 DOM
11. 2026-06-08
    days on market $149,900 Active 41 DOM
12. 2026-06-07
    days on market $149,900 Active 40 DOM
13. 2026-06-03
    days on market $149,900 Active 36 DOM
14. 2026-06-02
    days on market $149,900 Active 35 DOM
15. 2026-06-01
    days on market $149,900 Active 34 DOM
16. 2026-05-31
    days on market $149,900 Active 33 DOM
17. 2026-05-18
    price $149,900 949-char remark
18. 2026-04-28
    listed $154,900 Active 949-char remark
19. 2022-12-09
    soldstatus $125,000 Closed Sale or Rented 435-char remark

    Show marketing remark (435 chars)

    Welcome to 2240 La Salle Ave in Niagara Falls! This is a large 3/2 all brick double with a 2 car garage. Lower unit is tenant occupied by a great long term tenant and the upstairs is currently vacant. Live upstairs and let the tenant pay your mortgage or add this beautiful home to your investment portfolio. One newer boiler, one newer water tank, updated electric, tall and dry basement, full walk up attic, front porch, and balcony.

20. 2022-10-16
    status Pending Sale 435-char remark

    Show marketing remark (435 chars)

    Welcome to 2240 La Salle Ave in Niagara Falls! This is a large 3/2 all brick double with a 2 car garage. Lower unit is tenant occupied by a great long term tenant and the upstairs is currently vacant. Live upstairs and let the tenant pay your mortgage or add this beautiful home to your investment portfolio. One newer boiler, one newer water tank, updated electric, tall and dry basement, full walk up attic, front porch, and balcony.

21. 2022-10-03
    status Under Contract- Do Not Show 435-char remark

    Show marketing remark (435 chars)

    Welcome to 2240 La Salle Ave in Niagara Falls! This is a large 3/2 all brick double with a 2 car garage. Lower unit is tenant occupied by a great long term tenant and the upstairs is currently vacant. Live upstairs and let the tenant pay your mortgage or add this beautiful home to your investment portfolio. One newer boiler, one newer water tank, updated electric, tall and dry basement, full walk up attic, front porch, and balcony.

22. 2022-09-06
    listed $125,000 Active 435-char remark

    Show marketing remark (435 chars)

    Welcome to 2240 La Salle Ave in Niagara Falls! This is a large 3/2 all brick double with a 2 car garage. Lower unit is tenant occupied by a great long term tenant and the upstairs is currently vacant. Live upstairs and let the tenant pay your mortgage or add this beautiful home to your investment portfolio. One newer boiler, one newer water tank, updated electric, tall and dry basement, full walk up attic, front porch, and balcony.

23. 2009-10-28
    soldstatus $24,000

ⓘ 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: $4,029 · $336/mo
• Projected year-2 tax: $4,029 · $336/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: $31,056
• − Mortgage interest: −$8,397
• − Property taxes: −$4,029
• − Insurance: −$750
• − Repairs & maintenance: −$2,484
• − Management: −$2,484
• − Depreciation: −$4,361
• Taxable income: $8,551
• Est. tax owed @ 24.0%: −$2,052
• After-tax cash flow: $8,270/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

+524.6% since first listed

7 events — show timeline

• 2026-05-18 Price Changed $149,900 WNYREIS
• 2026-04-28 Listed $154,900 WNYREIS
• 2022-12-09 Sold (MLS) $125,000 WNYREIS
• 2022-10-16 Pending — WNYREIS
• 2022-10-03 Pending — WNYREIS
• 2022-09-06 Listed $125,000 WNYREIS
• 2009-10-28 Sold (Public Records) $24,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $4,029 · +19.3% YoY. Source: county tax records.