143 S Transit St · Lockport, NY 14094

$150,000

4 bd · 2.0 ba · 2,508 sqft · MultiFamily public records · 135 Days on market

Built 1903 8,276 sqft lot Est $143k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.3/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This well-maintained two-unit property offers an excellent investment opportunity in a prime location close to local shops, dining, and transportation. Both units are vacant. Whether you’re expanding your portfolio or seeking a reliable income-producing property, this one combines stability, value, and long-term potential in a desirable area of Lockport. Showings only on Sundays.

Key facts

• Vacant units
• Transportation
• Prime location

Tags

• INVESTMENT OPPORTUNITY
• PRIME LOCATION
• LOCAL SHOPS
• DINING
• TRANSPORTATION
• VACANT UNITS

Property features AI

Finance

• Financial info: Property is a 2-unit multi-family building; Two total units in community; Operating expenses include insurance and professional management; Owner pays water; rent includes water

Exterior

• Parking: Shared/common parking on concrete; Two or more parking spaces; 2-car garage
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing structure
• Construction: Brick and frame construction; Shingle roof; Block foundation; Built previously (existing)
• Exterior features: Fully fenced yard; Flood zone; Irregular lot dimensions (48 x 170)

Interior

• Kitchen: Gas water heater (appliance listed)
• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Hardwood; Varies by area
• Bathrooms: Each unit has 1 full bathroom (two full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Partial basement; Hardwood and varied flooring
• Laundry & utility: Separate gas and electric meters for each unit

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $965 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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).
• This rent runs 39% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 15y 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 $55k; list at $150k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — 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 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: 1.65% ✓
• Cap rate: 14.01%
• Cash-on-cash: 27.56%
• DSCR: 2.23
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $142,956
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
156 Cottage St	0.21mi	5/2.0 (+1)	2,556 (+2%)	13mo	$145,000	$57	71
24 Waterman St	0.39mi	3/3.0 (-1)	2,560 (+2%)	12mo	$135,000	$53	59
119 Locust St	0.50mi	4/2.0	2,566 (+2%)	21mo	$162,000	$63	55
217 Genesee St	0.52mi	5/2.0 (+1)	2,464 (-2%)	21mo	$87,500	$36	51
87 Locust St	0.52mi	5/3.0 (+1)	2,208 (-12%)	0mo	$20,000	$9	47
240 Pine St	0.29mi	5/2.0 (+1)	2,876 (+15%)	18mo	$174,000	$61	42

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: 22.4%
• Equity multiple: 1.92×
• Total profit: $38,825
• Equity at exit: $22,365

10-year hold

• IRR: 30.8%
• Equity multiple: 3.86×
• Total profit: $119,960
• Equity at exit: $12,969

Cash invested: $42,000 (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 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,478 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$144 /mo · $1,726/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$520
• Net cashflow: $965

Break-even live

Break-even rent $1,257

Max offer price $150,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,478
Total (2 units)			$2,478

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $150,000 Active 135 DOM
2. 2026-06-17
   days on market $150,000 Active 134 DOM
3. 2026-06-16
   days on market $150,000 Active 133 DOM
4. 2026-06-15
   days on market $150,000 Active 132 DOM
5. 2026-06-13
   days on market $150,000 Active 130 DOM
6. 2026-06-13
   days on market $150,000 Active 129 DOM
7. 2026-06-10
   days on market $150,000 Active 127 DOM
8. 2026-06-09
   days on market $150,000 Active 126 DOM
9. 2026-06-08
   days on market $150,000 Active 125 DOM
10. 2026-06-07
    days on market $150,000 Active 124 DOM
11. 2026-06-05
    days on market $150,000 Active 121 DOM
12. 2026-06-03
    days on market $150,000 Active 120 DOM
13. 2026-06-02
    days on market $150,000 Active 119 DOM
14. 2026-06-01
    days on market $150,000 Active 118 DOM
15. 2026-05-31
    days on market $150,000 Active 117 DOM
16. 2026-02-03
    listed $150,000 Active
17. 2026-01-04
    historical
18. 2025-09-05
    price $145,000
19. 2025-08-05
    listed $150,000 Active
20. 2023-11-12
    historical
21. 2023-08-15
    listed $164,900 Active
22. 2023-03-25
    historical
23. 2023-02-20
    listed $149,900 Active
24. 2020-12-21
    soldstatus $55,000 Closed Sale or Rented
25. 2020-09-09
    status Under Contract- Do Not Show
26. 2020-08-30
    historical Continue to Show- Under Contract
27. 2020-07-13
    listed $59,900 Active
28. 2020-03-05
    historical
29. 2019-12-05
    listed $64,900 Active
30. 2015-04-09
    historical
31. 2014-07-14
    listed $59,900
32. 2013-07-29
    listed $625
33. 2011-02-25
    historical
34. 2011-02-15
    soldstatus $550
35. 2011-01-17
    listed $600
36. 1998-01-22
    soldstatus $36,000

ⓘ 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: $1,726 · $144/mo
• Projected year-2 tax: $2,131 · $178/mo
• Expected delta: +$404/yr (+$34/mo · 23.4%)

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

Taxation est. · year 1

• Rental income: $29,736
• − Mortgage interest: −$8,402
• − Property taxes: −$1,726
• − Insurance: −$750
• − Repairs & maintenance: −$2,379
• − Management: −$2,379
• − Depreciation: −$4,364
• Taxable income: $9,736
• Est. tax owed @ 24.0%: −$2,337
• After-tax cash flow: $9,239/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
• City population: 50,153
• 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

+316.7% since first listed

21 events — show timeline

• 2026-02-03 Listed $150,000 WNYREIS
• 2026-01-04 Listing Removed — WNYREIS
• 2025-09-05 Price Changed $145,000 WNYREIS
• 2025-08-05 Listed $150,000 WNYREIS
• 2023-11-12 Listing Removed — WNYREIS
• 2023-08-15 Listed $164,900 WNYREIS
• 2023-03-25 Listing Removed — WNYREIS
• 2023-02-20 Listed $149,900 WNYREIS
• 2020-12-21 Sold (MLS) $55,000 WNYREIS
• 2020-09-09 Pending — WNYREIS
• 2020-08-30 Contingent — WNYREIS
• 2020-07-13 Listed $59,900 WNYREIS
• 2020-03-05 Listing Removed — WNYREIS
• 2019-12-05 Listed $64,900 WNYREIS
• 2015-04-09 Listing Removed — WNYREIS
• 2014-07-14 Listed $59,900 WNYREIS
• 2013-07-29 Listed $625 WNYREIS
• 2011-02-25 Listing Removed — WNYREIS
• 2011-02-15 Sold (MLS) $550 WNYREIS
• 2011-01-17 Listed $600 WNYREIS
• 1998-01-22 Sold (Public Records) $36,000 Public Records

Property tax history

-1.9%/yr

Latest (2025): $1,726 · +2.4% YoY. Source: county tax records.