1126 Ferry Ave · Niagara Falls, NY 14301

$124,900

5 bd · 2.0 ba · 2,028 sqft · MultiFamily public records · 11 Days on market

Built 1920 3,069 sqft lot Est $118k · 6% over

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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
• Appreciation +10.0/10.0
• ARV discount +4.7/15.0
• 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: 2 units. confirmed

Listing remarks

EXCELLENT INVESTMENT or HOUSE HACK OPPORTUNITY in this Niagara Falls approved SHORT-TERM rental district. SOLID 2-family home that was owner-occupied & very well maintained. 3 BR/1 Bath lower and 2 BR/1 Bath Upper. Spacious units with gleaming hardwood floors and natural woodwork. New roof & gutters (2025), Lower furnace 2018 & newer HWT. Appliances included. Spacious basement with 2 sets of laundry hook-ups & glass block windows. Walk-up attic provides additional storage. Lower unit, basement & attic are easy to show. Upper is tenant occupied & requires 48 hour notice or can be seen on 2nd showing. Property is an estate and is sold AS IS. Executor is not

Key facts

• Natural woodwork
• Walk up attic
• Newer hwt

Tags

• HARDWOOD FLOORS
• NATURAL WOODWORK
• NEW ROOF
• NEWER HWT
• SPACIOUS BASEMENT
• WALK UP ATTIC

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.0-bath units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $602/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Cap rate 17.9% vs local median 7.5% 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: Harry F Abate Elementary School (math 16% / reading 32%, grade F, #1,909 of 2,108 statewide, top 91%, 695 students, 82% 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; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,535/mo this rent would consume 88% of the median local household income ($35k/yr) (locally 954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $13k of equity ($864 loan paydown + $12k 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 $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 17y 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 $38k; list at $125k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.03% ✓
• Cap rate: 17.86%
• Cash-on-cash: 41.30%
• DSCR: 2.84
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $117,624
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
519 Tronolone Pl	0.15mi	4/3.0 (-1)	2,000 (-1%)	11mo	$142,500	$71	73
541 20th St	0.54mi	5/2.0	1,917 (-6%)	1mo	$112,000	$58	65
417 18th St	0.44mi	6/2.0 (+1)	2,080 (+3%)	10mo	$166,000	$80	62
1166 Haeberle Ave	0.32mi	4/2.0 (-1)	1,932 (-5%)	13mo	$110,000	$57	61
2219 Walnut Ave	0.66mi	6/3.0 (+1)	2,023 (-0%)	4mo	$62,500	$31	56
412 19th St	0.46mi	5/2.0	2,208 (+9%)	12mo	$80,000	$36	54
609 Elmwood Ave	0.64mi	4/2.0 (-1)	2,221 (+10%)	0mo	$190,800	$86	49
123 6th St	0.66mi	5/2.0	2,198 (+8%)	8mo	$230,000	$105	48
423 Elmwood Ave	0.70mi	4/2.0 (-1)	2,232 (+10%)	3mo	$117,000	$52	43
1023 15th St	0.57mi	5/4.0	2,304 (+14%)	5mo	$190,000	$82	39
1968 Cudaback Ave	0.69mi	4/3.0 (-1)	1,848 (-9%)	8mo	$20,000	$11	37
445 Elmwood Ave	0.67mi	6/2.0 (+1)	2,314 (+14%)	9mo	$80,000	$35	32

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: 59.7%
• Equity multiple: 5.52×
• Total profit: $158,080
• Equity at exit: $112,520

10-year hold

• IRR: 55.3%
• Equity multiple: 13.54×
• Total profit: $438,420
• Equity at exit: $242,653

Cash invested: $34,972 (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: 8.2×

Monthly cashflow live

• Estimated rent: $2,535 high
• Mortgage (P&I): −$655
• Tax from tax record: −$92 /mo · $1,104/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $1,204

Break-even live

Break-even rent $1,011

Max offer price $124,900

Occupancy floor 48%

Sensitivity live

Price	-10% $1,274	-5% $1,239	+0% $1,204	+5% $1,168	+10% $1,133
Rent	-10% $1,003	-5% $1,103	+0% $1,204	+5% $1,304	+10% $1,404
Rate	-1.0pp $1,267	-0.5pp $1,235	base $1,204	+0.5pp $1,171	+1.0pp $1,138

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1	$2,536
Total (2 units)			$2,535

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	19d	1	0.75mi

Listing history 5 events

1. 2026-04-23
   status Pending
2. 2026-04-12
   listed $124,900 Active
3. 2009-10-02
   soldstatus $38,000
4. 2009-09-28
   soldstatus $38,000
5. 2009-06-08
   listed $39,900

ⓘ 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: $1,104 · $92/mo
• Projected year-2 tax: $1,607 · $134/mo
• Expected delta: +$503/yr (+$42/mo · 45.6%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,420
• − Mortgage interest: −$6,996
• − Property taxes: −$1,104
• − Insurance: −$624
• − Repairs & maintenance: −$2,434
• − Management: −$2,434
• − Depreciation: −$3,633
• Taxable income: $13,195
• Est. tax owed @ 24.0%: −$3,167
• After-tax cash flow: $11,277/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

+213.0% since first listed

5 events — show timeline

• 2026-04-23 Pending — WNYREIS
• 2026-04-12 Listed $124,900 WNYREIS
• 2009-10-02 Sold (Public Records) $38,000 Public Records
• 2009-09-28 Sold (MLS) $38,000 WNYREIS
• 2009-06-08 Listed $39,900 WNYREIS

Property tax history

+6.7%/yr

Latest (2025): $1,104 · +40.4% YoY. Source: county tax records.