143 S Transit St

Lockport, NY 14094

$150,000A-

4 bd · 2.0 ba · 2,508 sqft · Built 1903 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,431/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$206
• HOA: −$0
• Vac / Maint / Mgmt: −$511
• Net cashflow: $928/mo
• Annual: $11,130/yr
• Cap rate: 13.71%
• Cash-on-cash: 26.50%
• DSCR: 2.18
• 1% rule: 1.62%
• Cash to close: $42,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k. Condition is rated fair.
• At list price, monthly cash flow is $928 ($11k/yr) — positive. Per door: $464/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 62 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.7%/yr); 589 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 82d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 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.
• 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.
• Cap rate 13.7% vs local median 3.0% 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.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Major: Landscaping — The overgrown landscaping significantly detracts from the curb appeal and needs immediate attention.
• Major: Trimming — The overgrown landscaping needs trimming to improve the curb appeal and maintain a neat appearance.