389 Delaware St · Tonawanda, NY 14150

$169,900

3 bd · 1.0 ba · 956 sqft · SingleFamily public records · 9 Days on market

Built 1910 0.48 ac lot Est $204k · 17% under

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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 +18.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +4.5/5.0
• Rent growth +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare opportunity! This unique property combines a one bedroom home with a finished basement, a massive 30' x 50' tandem garage with space for 6+ vehicles, and an additional lot, creating endless possibilities for homeowners, investors, and entrepreneurs alike. The nearly half-acre property includes a separate lot with access from Elgin Street. According to zoning regulations, the lot may be suitable for additional development, including a two-family residence or apartment building, subject to approvals and the installation of a proper driveway. The oversized tandem garage is a dream for car enthusiasts, contractors, collectors, or anyone in need of substantial storage and workspace. There's

Key facts

• Tandem garage
• Finished basement
• Additional lot

Tags

• FINISHED BASEMENT
• TANDEM GARAGE
• ADDITIONAL LOT
• MIXED-USE ZONING
• DEVELOPMENT POTENTIAL

Property features AI

Exterior

• Parking: Detached garage; Second garage (additional); Garage includes storage and a workshop; Six garage spaces
• Utilities: Public water connected; Sewer connected
• Home design: Single-story home; Shingle roof; Vinyl siding; Existing/resale condition
• Construction: Block foundation; Built previously (existing)
• Exterior features: Concrete driveway; Near public transit; Rectangular lot

Interior

• Kitchen: Dishwasher; Electric cooktop; Refrigerator
• Bedrooms: One main-level bedroom (approx. 13 x 10)
• Flooring: Hardwood; Varied flooring throughout
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Gas heating with baseboard; Window cooling unit(s)
• Interior features: Galley kitchen; Finished full basement; Recreation space in basement; Bedroom on main level
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).

Location & tenants

• Location reads 89/100 on livability (#8 in NY, #169 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Tonawanda City School District (suburban): math 39% / reading 43% proficiency, ranked #508 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.8%/yr); 191 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.00% ✓
• Cap rate: 7.46%
• Cash-on-cash: 4.17%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $203,628
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 Bannard Ave	0.59mi	2/1.5 (-1)	972 (+2%)	6mo	$168,500	$173	58
205 Bannard Ave	0.67mi	3/1.0	999 (+4%)	8mo	$186,500	$187	54
30 Bannard Ave	0.58mi	2/1.0 (-1)	1,032 (+8%)	2mo	$220,000	$213	53
53 Winkler Dr	0.60mi	3/1.0	1,060 (+11%)	2mo	$210,000	$198	53
346 Maldiner Ave	0.69mi	3/1.5	999 (+4%)	9mo	$280,000	$280	50
236 Newell Ave	0.61mi	3/1.0	999 (+4%)	16mo	$237,000	$237	50
18 Joseph Dr	0.63mi	2/1.0 (-1)	1,096 (+15%)	3mo	$295,000	$269	39
23 Winkler Dr	0.65mi	3/1.0	1,060 (+11%)	17mo	$215,000	$203	38

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 · 6.75% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.78×
• Total profit: $-10,303
• Equity at exit: $25,333

10-year hold

• IRR: 8.1%
• Equity multiple: 1.72×
• Total profit: $34,273
• Equity at exit: $14,690

Cash invested: $47,572 (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 14150

• Rents YoY: 6.8%
• Active inventory: 191
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,703 high
• Mortgage (P&I): −$891
• Tax from tax record: −$219 /mo · $2,624/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $165

Break-even live

Break-even rent $1,494

Max offer price $169,900

Occupancy floor 85%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1974 Newell Ave Tonawanda, NY	2.0	1.0	675	$1,185	$1.76	3d	3	0.51mi
53 Winkler Dr Tonawanda, NY	3.0	1.0	1060	$2,100	$1.98	11d	1	0.57mi
285 Crestmount Ave Tonawanda, NY	1.0–2.0	1.0	725	$1,905	$2.63	1d	9	0.90mi
268-360 Hinds St Tonawanda, NY	1.0–2.0	1.0	500	$1,214	$2.43	11d	1	1.09mi
330 E Niagara St Tonawanda, NY	1.0–2.0	1.0–2.0	975	$1,900	$1.95	1d	1	1.11mi

Listing history 9 events

1. 2026-06-13
   status $169,900 Pending 9 DOM
2. 2026-06-10
   days on market $169,900 Active 9 DOM
3. 2026-06-09
   days on market $169,900 Active 8 DOM
4. 2026-06-08
   days on market $169,900 Active 7 DOM
5. 2026-06-07
   days on market $169,900 Active 6 DOM
6. 2026-06-05
   days on market $169,900 Active 3 DOM
7. 2026-06-03
   days on market $169,900 Active 2 DOM
8. 2026-06-02
   remarks 699-char remark
9. 2026-06-02
   listed $169,900 Active 1 DOM

ⓘ 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: $2,624 · $219/mo
• Projected year-2 tax: $2,748 · $229/mo
• Expected delta: +$124/yr (+$10/mo · 4.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,442
• − Mortgage interest: −$9,517
• − Property taxes: −$2,624
• − Insurance: −$850
• − Repairs & maintenance: −$1,635
• − Management: −$1,635
• − Depreciation: −$4,943
• Taxable loss: −$762
• Est. tax savings @ 24.0%: +$183
• After-tax cash flow: $2,167/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: Tonawanda City School District
• NCES district ID: 3628740
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $47,061
• Composite: 35.03/100
• National rank: #5041
• State rank: #508 of 590 in NY

Livability — Tonawanda

• Score: 89/100
• State rank: #8
• US rank: #169

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tonawanda, NY
• County: Erie County · 714,559 people
• City population: 41,260
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 41,260
• Household income: $71,406
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 1427.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 4% Asian 2%
• Common ancestry: Romanian 13% Lithuanian 3% Slovak 2%
• Foreign-born: 6% · Canada, Philippines, Vietnam
• Languages at home: 94% English-only · Other Indo-European 2% Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -260.43%
• Current HPI: 334.5893
• Rent YoY: ▲ 6.75%
• 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

1 event — show timeline

• 2026-06-01 Listed $169,900 WNYREIS

Property tax history

+30.1%/yr

Latest (2025): $2,624 · +23.6% YoY. Source: county tax records.