101 Main St · Depew, NY 14043

$475,000

42 bd · None ba · 9,439 sqft · MultiFamily public records · 51 Days on market

Built 1900 5,227 sqft lot $50/sqft · 15% below area Est $561k · 15% under

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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
• ARV discount +14.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.9/5.0
• Schools +3.8/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Welcome to 101 Main Street in the heart of Lancaster, NY—an exceptional investment opportunity offering both strong income potential and a prime location. Situated on a desirable corner lot, this well-positioned 7-unit property features ample off-street parking and a diverse unit mix, including five one-bedroom apartments, one three-bedroom unit, and one studio apartment. Currently generating $6,250 in monthly rental income, this property presents immediate cash flow with room for future upside. Key updates include newer furnaces and hot water tanks, along with some updated windows, helping to reduce maintenance concerns. Perfectly located just steps from local shops, restaurants, and community amenities, tenants will appreciate the convenience and charm of village living. With easy access to major routes, commuting is simple and efficient. Being sold as-is, this is a fantastic opportunity for investors looking to expand their portfolio in a high-demand area. Don’t miss your chance to own a solid income-producing property in a sought-after location

Key facts

• 5,227 sq ft lot
• 3 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 5×1bd/1ba + 1×3bd/1ba + 1×?bd/1ba units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $624/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $475k).
• Recommended offer: $461k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.3% vs local median 3.7% in Depew — 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 71/100 on livability (#408 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, health & safety A-; Watch: crime F, amenities F, commute F.
• Depew Union Free School District (suburban): math 39% / reading 50% proficiency, ranked #461 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.8%/yr); 124 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $9,755/mo this rent would consume 158% of the median local household income ($74k/yr) (locally 854% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $133k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $75k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $165k; list at $475k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $460,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.05% ✓
• Cap rate: 17.33%
• Cash-on-cash: 39.41%
• DSCR: 2.75
• GRM: 4.1

CMA / ARV

• ARV (median comp): $561,354
• List price: $475,000
• Delta: -15.38%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.75% rent growth · sell at horizon

5-year hold

• IRR: 38.8%
• Equity multiple: 2.72×
• Total profit: $229,126
• Equity at exit: $70,824

10-year hold

• IRR: 46.6%
• Equity multiple: 6.10×
• Total profit: $678,870
• Equity at exit: $41,069

Cash invested: $133,000 (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 14043

• Home prices YoY: -34.2%
• Rents YoY: 5.8%
• Active inventory: 124
• Price-to-rent: 28.5×

Monthly cashflow live

• Estimated rent: $9,755 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$650 /mo · $7,798/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,049
• Net cashflow: $4,368

Break-even live

Break-even rent $4,226

Max offer price $475,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$6,935
1× unit	3	1	$1,620
1× unit	0	1	$1,198
Total (7 units)			$9,755

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $475,000 Active 51 DOM
2. 2026-06-17
   days on market $475,000 Active 50 DOM
3. 2026-06-16
   days on market $475,000 Active 49 DOM
4. 2026-06-15
   days on market $475,000 Active 48 DOM
5. 2026-06-13
   days on market $475,000 Active 46 DOM
6. 2026-06-10
   days on market $475,000 Active 43 DOM
7. 2026-06-09
   days on market $475,000 Active 42 DOM
8. 2026-06-08
   days on market $475,000 Active 41 DOM
9. 2026-06-07
   days on market $475,000 Active 40 DOM
10. 2026-06-03
    days on market $475,000 Active 36 DOM
11. 2026-06-02
    days on market $475,000 Active 35 DOM
12. 2026-06-01
    days on market $475,000 Active 34 DOM
13. 2026-05-31
    days on market $475,000 Active 33 DOM
14. 2026-05-14
    price $525,000 1076-char remark

    Show marketing remark (1076 chars)

    Welcome to 101 Main Street in the heart of Lancaster, NY—an exceptional investment opportunity offering both strong income potential and a prime location. Situated on a desirable corner lot, this well-positioned 7-unit property features ample off-street parking and a diverse unit mix, including five one-bedroom apartments, one three-bedroom unit, and one studio apartment. Currently generating $6,250 in monthly rental income, this property presents immediate cash flow with room for future upside. Key updates include newer furnaces and hot water tanks, along with some updated windows, helping to reduce maintenance concerns. Perfectly located just steps from local shops, restaurants, and community amenities, tenants will appreciate the convenience and charm of village living. With easy access to major routes, commuting is simple and efficient. Being sold as-is, this is a fantastic opportunity for investors looking to expand their portfolio in a high-demand area. Don’t miss your chance to own a solid income-producing property in a sought-after location

15. 2026-04-28
    listed $550,000 Active 1076-char remark

    Show marketing remark (1076 chars)

    Welcome to 101 Main Street in the heart of Lancaster, NY—an exceptional investment opportunity offering both strong income potential and a prime location. Situated on a desirable corner lot, this well-positioned 7-unit property features ample off-street parking and a diverse unit mix, including five one-bedroom apartments, one three-bedroom unit, and one studio apartment. Currently generating $6,250 in monthly rental income, this property presents immediate cash flow with room for future upside. Key updates include newer furnaces and hot water tanks, along with some updated windows, helping to reduce maintenance concerns. Perfectly located just steps from local shops, restaurants, and community amenities, tenants will appreciate the convenience and charm of village living. With easy access to major routes, commuting is simple and efficient. Being sold as-is, this is a fantastic opportunity for investors looking to expand their portfolio in a high-demand area. Don’t miss your chance to own a solid income-producing property in a sought-after location

16. 2023-12-28
    historical
17. 2023-11-01
    price $425,000
18. 2023-10-12
    listed $449,000 Active
19. 2018-08-31
    soldstatus $165,000
20. 2017-03-03
    soldstatus $107,000
21. 2017-02-28
    soldstatus $107,000 Closed Sale or Rented
22. 2017-01-12
    status Pending Sale
23. 2016-12-08
    listed $119,900 Active
24. 2016-10-14
    historical
25. 2016-09-13
    price $129,900
26. 2016-08-09
    price $149,900
27. 2016-07-19
    listed $169,900 Active
28. 2006-10-06
    soldstatus $67,000

ⓘ 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: $7,798 · $650/mo
• Projected year-2 tax: $7,913 · $659/mo
• Expected delta: +$115/yr (+$10/mo · 1.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°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: $117,060
• − Mortgage interest: −$26,607
• − Property taxes: −$7,798
• − Insurance: −$2,375
• − Repairs & maintenance: −$9,365
• − Management: −$9,365
• − Depreciation: −$13,818
• Taxable income: $47,731
• Est. tax owed @ 24.0%: −$11,456
• After-tax cash flow: $40,957/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: Depew Union Free School District
• NCES district ID: 3609030
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $51,488
• Composite: 38.33/100
• National rank: #4224
• State rank: #461 of 590 in NY

Livability — Depew

• Score: 71/100
• State rank: #408
• US rank: #7016

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Depew, NY
• County: Erie County · 714,559 people
• City population: 25,098
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 25,098
• Household income: $74,112
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 854.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 3% Two or more races 3% Black 2% Asian 1%
• Common ancestry: Romanian 30% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Arabic 3% Russian/Polish/Slavic 2% Spanish 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: ▼ -152.13%
• Current HPI: 292.1082
• Rent YoY: ▲ 5.75%
• 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

+683.6% since first listed

15 events — show timeline

• 2026-05-14 Price Changed $525,000 WNYREIS
• 2026-04-28 Listed $550,000 WNYREIS
• 2023-12-28 Listing Removed — WNYREIS
• 2023-11-01 Price Changed $425,000 WNYREIS
• 2023-10-12 Listed $449,000 WNYREIS
• 2018-08-31 Sold (Public Records) $165,000 Public Records
• 2017-03-03 Sold (Public Records) $107,000 Public Records
• 2017-02-28 Sold (MLS) $107,000 WNYREIS
• 2017-01-12 Pending — WNYREIS
• 2016-12-08 Listed $119,900 WNYREIS
• 2016-10-14 Listing Removed — WNYREIS
• 2016-09-13 Price Changed $129,900 WNYREIS
• 2016-08-09 Price Changed $149,900 WNYREIS
• 2016-07-19 Listed $169,900 WNYREIS
• 2006-10-06 Sold (Public Records) $67,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $7,798 · +3.7% YoY. Source: county tax records.