128 Water St · Jamestown, NY 14701

$15,000

5 bd · 2.0 ba · 2,015 sqft · MultiFamily public records · 4 Days on market

Built 1910

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

Duplex at 128 Water St, Jamestown, NY 14701, and it& apos; s priced for immediate equity if you can handle a heavy lift. This is a 2,015 sq ft property split into a 2/1 lower unit and a 3/1 upper unit on public utilities. The best part? Brand-new roof on it in August 2025, the foundation, plumbing, and heating systems have no known defects. That said, it is a full rehab project. It needs a complete electrical rewire, the upstairs staircase is rotting and needs a structural rebuild, and it requires living room drywall, upper flooring, and exterior siding repairs. I am looking for a cash or hard money buyer who can close in 14 & acirc; & euro; & ldquo; 21 days. The property is

Key facts

• Brand new roof
• Public utilities
• Built 1910

Tags

• BRAND NEW ROOF
• PUBLIC UTILITIES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $15k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $748/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• Cap rate 125.9% vs local median 16.8% in Jamestown — 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 69/100 on livability (#470 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities D, crime F.
• Jamestown City School District (town): math 33% / reading 42% proficiency, ranked #553 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 315 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• At $2,058/mo this rent would consume 50% of the median local household income ($50k/yr) (locally 1838% 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 $104 of loan paydown is wiped out by about $450 of value loss. Plan a longer hold.
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $15,000

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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 13.72% ✓
• Cap rate: 125.91%
• Cash-on-cash: 427.21%
• DSCR: 20.01
• GRM: 0.6

CMA / ARV

• ARV (on-the-fly): $48,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Pearl Ave	0.33mi	4/2.0 (-1)	2,010 (-0%)	6mo	$50,000	$25	74
220 Allen St	0.15mi	4/2.0 (-1)	2,184 (+8%)	8mo	$35,000	$16	68
84 Victoria Ave	0.36mi	6/2.0 (+1)	1,924 (-4%)	6mo	$73,000	$38	66
61 Ellicott St	0.25mi	4/2.0 (-1)	1,784 (-12%)	2mo	$55,000	$31	62
11 Mckinley Ave	0.67mi	5/3.0	2,008 (-0%)	3mo	$54,000	$27	61
211 Crescent St	0.41mi	6/2.0 (+1)	2,184 (+8%)	5mo	$16,500	$8	58
127 Maple St	0.44mi	4/2.0 (-1)	1,834 (-9%)	3mo	$13,000	$7	57
346 Willard	0.51mi	4/3.0 (-1)	2,128 (+6%)	6mo	$18,900	$9	53
16 Bowen St	0.52mi	4/2.0 (-1)	2,250 (+12%)	3mo	$50,000	$22	49
8 E Newland Ave	0.64mi	4/2.0 (-1)	2,226 (+10%)	4mo	$53,500	$24	44
10 Eagle St	0.58mi	4/2.0 (-1)	1,760 (-13%)	5mo	$47,000	$27	42
211 E 8th St	0.69mi	4/2.0 (-1)	2,280 (+13%)	4mo	$24,000	$11	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 23.11×
• Total profit: $92,849
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 49.49×
• Total profit: $203,670
• Equity at exit: $1,297

Cash invested: $4,200 (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 14701

• Home prices YoY: -18.5%
• Active inventory: 315
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $2,058 medium
• Mortgage (P&I): −$79
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $1,495

Break-even live

Break-even rent $165

Max offer price $15,000

Occupancy floor 22%

Sensitivity live

Price	-10% $1,504	-5% $1,499	+0% $1,495	+5% $1,491	+10% $1,487
Rent	-10% $1,333	-5% $1,414	+0% $1,495	+5% $1,577	+10% $1,658
Rate	-1.0pp $1,503	-0.5pp $1,499	base $1,495	+0.5pp $1,491	+1.0pp $1,487

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,058
Total (2 units)			$2,058

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-21
   days on market $15,000 Active 4 DOM
2. 2026-06-19
   days on market $15,000 Active 2 DOM
3. 2026-06-18
   remarks 683-char remark
4. 2026-06-18
   listed $15,000 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: $548 · $46/mo
• Projected year-2 tax: $548 · $46/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 64% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,696
• − Mortgage interest: −$840
• − Property taxes: −$548
• − Insurance: −$75
• − Repairs & maintenance: −$1,976
• − Management: −$1,976
• − Depreciation: −$436
• Taxable income: $18,845
• Est. tax owed @ 24.0%: −$4,523
• After-tax cash flow: $13,420/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: Jamestown City School District
• NCES district ID: 3615630
• Math proficiency: 33% ▼ -3.00%
• Reading proficiency: 42% ▲ 5.00%
• Median HH income: $32,240
• Composite: 30.69/100
• National rank: #6176
• State rank: #553 of 590 in NY

Livability — Jamestown

• Score: 69/100
• State rank: #470
• US rank: #8213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jamestown, NY
• County: Chautauqua County · 38,461 people
• City population: 38,461
• Metro: Jamestown-Dunkirk-Fredonia, NY
• Population (ZIP): 38,461
• Household income: $49,685
• Rent vs Own: 42.8% rent · 57.2% own
• Severe rent burden: 1838.0

Population outlook (Chautauqua County) Hauer SSP2

• Today (2025): 123,454 people
• By 2030: 118,509 · -4.0%
• By 2040: 107,311 · -13.1%
• By 2050: 96,703 · -21.7%
• By 2075: 76,757 · -37.8%
• By 2100: 60,984 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 11% Two or more races 6% Black 3%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Chautauqua

• 2024 margin: Strong R (+22.0) · D 39.0% · R 61.0%
• 2008→2024 swing: -22.9pp toward R · 2008: 0.9pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.8 2016: R+24.6 2012: R+8.2 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.93%
• Current HPI: 259.402
• Rent YoY: —
• Metro: Jamestown-Dunkirk-Fredonia, 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

+0.0% since first listed

2 events — show timeline

• 2026-06-18 Listed $15,000 FSBO.com
• 1995-08-21 Sold (Public Records) $15,000 Public Records

Property tax history

-11.8%/yr

Latest (2025): $548 · +4.8% YoY. Source: county tax records.