1 Wendel St · Depew, NY 14043

$285,000

4 bd · 2.0 ba · 2,080 sqft · MultiFamily public records · 63 Days on market

Built 1927 6,780 sqft lot $137/sqft · 38% below area Est $463k · 38% under

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Why this score? — see what drove the C 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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.4/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Fantastic investment opportunity or owner occupy at 1 Wendel in Depew! Park like setting. This spacious 2/2 double offers strong income potential with the upper unit currently rented for $985/month and the lower unit vacant—previously rented for $1,513/month, making it perfect for an owner-occupant or investor looking to maximize returns. The property features a full basement, 2-car garage, and includes an additional lot directly behind the property, providing extra space and future potential. This large multi-family building sits in a desirable location and can be purchased individually or as part of a package deal including the vacant lot across the street, the single-family home next door, and the double at the end of the cul-de-sac. Whether you're expanding your portfolio or looking for a versatile investment opportunity, this property offers flexibility, cash flow, and upside potential!

Key facts

• Desirable location
• Full basement
• Additional lot

Tags

• FULL BASEMENT
• ADDITIONAL LOT
• MULTI-FAMILY BUILDING
• DESIRABLE LOCATION

🏷️ Possibly a rental listed for sale. The $285,000 price doesn't fit this home's estimated sale value (~$462,865) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $285k).
• Recommended offer: $268k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,955/mo this rent would consume 48% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $52k; list at $285k implies a 453% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $267,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — 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: 1.04% ✓
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• GRM: 8.0

CMA / ARV

• ARV (median comp): $462,865
• List price: $285,000
• Delta: -38.43%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1806 Como Park Blvd	0.26mi	4/3.0	2,240 (+8%)	8mo	$334,000	$149	64
25 Hawro Pl	0.44mi	4/2.0	2,016 (-3%)	18mo	$255,000	$126	59
135 Elmwood Ave	0.37mi	4/2.0	1,992 (-4%)	21mo	$260,000	$131	58
91 Bloomfield Ave	0.40mi	5/2.0 (+1)	2,300 (+11%)	7mo	$290,000	$126	52
700 Terrace Blvd	0.55mi	5/2.0 (+1)	2,156 (+4%)	21mo	$215,000	$100	46

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 · 5.75% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.77×
• Total profit: $-18,719
• Equity at exit: $42,494

10-year hold

• IRR: 6.7%
• Equity multiple: 1.56×
• Total profit: $44,958
• Equity at exit: $24,642

Cash invested: $79,800 (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: 16.1×

Monthly cashflow live

• Estimated rent: $2,955 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$423 /mo · $5,078/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $298

Break-even live

Break-even rent $2,578

Max offer price $285,000

Occupancy floor 85%

Sensitivity live

Price	-10% $459	-5% $379	+0% $298	+5% $217	+10% $137
Rent	-10% $65	-5% $181	+0% $298	+5% $415	+10% $531
Rate	-1.0pp $441	-0.5pp $370	base $298	+0.5pp $224	+1.0pp $149

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,956
Total (2 units)			$2,955

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Cowing St Lancaster, NY	3.0	1.0	1450	$1,400	$0.97	44d	1	0.90mi

Listing history 19 events

1. 2026-06-18
   days on market $285,000 Active 63 DOM
2. 2026-06-17
   days on market $285,000 Active 62 DOM
3. 2026-06-16
   days on market $285,000 Active 61 DOM
4. 2026-06-15
   days on market $285,000 Active 60 DOM
5. 2026-06-13
   days on market $285,000 Active 58 DOM
6. 2026-06-10
   days on market $285,000 Active 55 DOM
7. 2026-06-09
   days on market $285,000 Active 54 DOM
8. 2026-06-08
   days on market $285,000 Active 53 DOM
9. 2026-06-07
   days on market $285,000 Active 52 DOM
10. 2026-06-03
    days on market $285,000 Active 48 DOM
11. 2026-06-02
    days on market $285,000 Active 47 DOM
12. 2026-06-01
    days on market $285,000 Active 46 DOM
13. 2026-05-31
    days on market $285,000 Active 45 DOM
14. 2026-04-15
    listed $285,000 Active 910-char remark

    Show marketing remark (910 chars)

    Fantastic investment opportunity or owner occupy at 1 Wendel in Depew! Park like setting. This spacious 2/2 double offers strong income potential with the upper unit currently rented for $985/month and the lower unit vacant—previously rented for $1,513/month, making it perfect for an owner-occupant or investor looking to maximize returns. The property features a full basement, 2-car garage, and includes an additional lot directly behind the property, providing extra space and future potential. This large multi-family building sits in a desirable location and can be purchased individually or as part of a package deal including the vacant lot across the street, the single-family home next door, and the double at the end of the cul-de-sac. Whether you're expanding your portfolio or looking for a versatile investment opportunity, this property offers flexibility, cash flow, and upside potential!

15. 2026-04-06
    historical
16. 2025-10-06
    listed $899,000 Active
17. 2013-01-11
    soldstatus $51,500
18. 2012-10-11
    soldstatus $43,500
19. 2005-03-01
    soldstatus $57,000

ⓘ 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: $5,078 · $423/mo
• Projected year-2 tax: $5,078 · $423/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 14 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: $35,460
• − Mortgage interest: −$15,964
• − Property taxes: −$5,078
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,837
• − Management: −$2,837
• − Depreciation: −$8,291
• Taxable loss: −$972
• Est. tax savings @ 24.0%: +$233
• After-tax cash flow: $3,809/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

+400.0% since first listed

6 events — show timeline

• 2026-04-15 Listed $285,000 WNYREIS
• 2026-04-06 Listing Removed — WNYREIS
• 2025-10-06 Listed $899,000 WNYREIS
• 2013-01-11 Sold (Public Records) $51,500 Public Records
• 2012-10-11 Sold (Public Records) $43,500 Public Records
• 2005-03-01 Sold (Public Records) $57,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $5,078 · +3.9% YoY. Source: county tax records.