238 E Main St · Westfield, NY 14787

$625,000

10 bd · None ba · 12,998 sqft · MultiFamily · 42 Days on market

Built 1878 Good condition 1.50 ac lot ↓ 4% since listing

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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
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• Schools +5.1/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Excellent opportunity to own a well-maintained, income-producing apartment property in a prime Village of Westfield location, just minutes from the school, shopping, hospital, restaurants, and other local amenities. The property consists of a main house, a rear building, and a detached 1-bedroom cottage. There are currently nine occupied units totaling 16 bedrooms, including two 1-bedroom apartments, five 2-bedroom apartments, one 3-bedroom apartment, and the separate 1-bedroom cottage. The owners currently occupy the largest 2-bedroom unit, offering additional rental income potential for the next owner. The main house includes five occupied units, common laundry facilities, and an unfinish

Key facts

• Renovated cottage
• 1.5 acre lot
• 3 parking spots

Tags

• COMMON LAUNDRY FACILITIES
• FIRE SPRINKLER SYSTEM
• RENOVATED COTTAGE

Property features AI

Finance

• Financial info: 10 total units; Gross income reported at $69,300; Operating expenses include insurance, maintenance, and water/sewer; Owner pays grounds care, snow removal, and water; rent includes common area maintenance, snow removal, and water
• HOA & community: Laundry facilities in the community

Exterior

• Parking: Three or more parking spaces (no garage)
• Utilities: High-speed internet available; Public water connected; Sewer connected; Circuit breaker electric
• Home design: 3-story building; Resale property; Exterior entry basement; Full basement with partial and walk-up access; Road frontage on a city street and main thoroughfare; Irregular residential lot (221 x 365)
• Construction: Aluminum siding; Vinyl siding; Block and frame construction; Concrete elements; PEX plumbing; Architectural, membrane, metal, rubber and shingle roofing
• Exterior features: Blacktop driveway; Gravel driveway; Covered and open porch

Interior

• Kitchen: Electric oven; Gas oven; Electric range; Gas range; Refrigerator
• Flooring: Hardwood; Laminate; Luxury vinyl; Varies
• Heating & cooling: Electric heating; Gas heating; Baseboard heating; Hot water heating
• Interior features: Ceiling fans; Natural woodwork
• Laundry & utility: Common area laundry; Coin-operated laundry; Washer; Dryer; Electric water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 10-bed/?-bath multifamily listed at $625k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $625k).
• Recommended offer: $606k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#364 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, crime B+; Watch: employment D, amenities F, commute F.
• Westfield Central School District (town): math 57% / reading 64% proficiency, ranked #246 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Westfield Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 297 students, 52% FRL); Westfield Middle School (math 52% / reading 67%, grade B, #161 of 729 statewide, top 24%, 142 students, 55% FRL); Westfield High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 198 students, 46% FRL).
• Market conditions: 32 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($4k loan paydown + $14k appreciation (2.2% local appreciation)).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $175k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($606k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $606,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1878 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.54% ✓
• Cap rate: 12.64%
• Cash-on-cash: 22.68%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.4%
• Equity multiple: 2.50×
• Total profit: $261,672
• Equity at exit: $255,053

10-year hold

• IRR: 28.7%
• Equity multiple: 4.82×
• Total profit: $667,929
• Equity at exit: $373,954

Cash invested: $175,000 (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 14787

• Home prices YoY: 0.8%
• Active inventory: 32
• Price-to-rent: 52.2×

Monthly cashflow live

• Estimated rent: $9,654 medium
• Mortgage (P&I): −$3,278
• Tax est. 1.5%: −$781 /mo · $9,375/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,027
• Net cashflow: $3,307

Break-even live

Break-even rent $5,467

Max offer price $625,000

Occupancy floor 61%

Sensitivity live

Price	-10% $3,739	-5% $3,523	+0% $3,307	+5% $3,091	+10% $2,876
Rent	-10% $2,545	-5% $2,926	+0% $3,307	+5% $3,689	+10% $4,070
Rate	-1.0pp $3,622	-0.5pp $3,466	base $3,307	+0.5pp $3,145	+1.0pp $2,981

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,991
▸ 5× units	2	1	$5,470
1× unit	3	1	$1,191
Total (9 units)			$9,654

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $625,000 Active 42 DOM
2. 2026-06-21
   days on market $625,000 Active 41 DOM
3. 2026-06-18
   price $625,000 Active 39 DOM
4. 2026-06-18
   days on market $650,000 Active 39 DOM
5. 2026-06-17
   days on market $650,000 Active 38 DOM
6. 2026-06-16
   days on market $650,000 Active 37 DOM
7. 2026-06-15
   days on market $650,000 Active 36 DOM
8. 2026-06-13
   days on market $650,000 Active 34 DOM
9. 2026-06-12
   days on market $650,000 Active 33 DOM
10. 2026-06-09
    days on market $650,000 Active 30 DOM
11. 2026-06-08
    days on market $650,000 Active 29 DOM
12. 2026-06-07
    days on market $650,000 Active 28 DOM
13. 2026-06-07
    days on market $650,000 Active 27 DOM
14. 2026-06-04
    days on market $650,000 Active 24 DOM
15. 2026-06-02
    days on market $650,000 Active 23 DOM
16. 2026-06-01
    days on market $650,000 Active 22 DOM
17. 2026-05-31
    days on market $650,000 Active 21 DOM
18. 2026-05-10
    listed $650,000 Active 1564-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $115,848
• − Mortgage interest: −$35,010
• − Property taxes: −$9,375
• − Insurance: −$3,125
• − Repairs & maintenance: −$9,268
• − Management: −$9,268
• − Depreciation: −$18,182
• Taxable income: $31,621
• Est. tax owed @ 24.0%: −$7,589
• After-tax cash flow: $32,100/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.

Condition & rehab AI · 2 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. Fresh paint and well-maintained landscaping would significantly enhance its value.

Value-add opportunities

• Both Paint exterior — Fresh paint enhances curb appeal and value
• Both Landscaping — Well-maintained landscaping improves curb appeal and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint enhances curb appeal and value ↑
• Both Landscaping — Well-maintained landscaping improves curb appeal and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Westfield Central School District
• NCES district ID: 3630990
• Math proficiency: 57% ▼ -13.00%
• Reading proficiency: 64% ▲ 9.00%
• Median HH income: $41,283
• Composite: 50.63/100
• National rank: #1838
• State rank: #246 of 590 in NY

Livability — Westfield

• Score: 72/100
• State rank: #364
• US rank: #6214

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westfield, NY
• City population: 4,863
• Population (ZIP): 4,863

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 (94%)
• Race & ethnicity: White 94% Asian 3% Hispanic / Latino 2% Native American 2%
• Common ancestry: Romanian 7% Iranian 2% Slovak 1%
• Foreign-born: 2% · Vietnam, South Korea
• Languages at home: 93% English-only · Spanish 3% Vietnamese 2% German/W. Germanic 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: ▲ 2.25%
• Current HPI: 280.9476
• Rent YoY: —
• Metro: —
• 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

-3.8% since first listed

2 events — show timeline

• 2026-06-18 Price Changed $625,000 UNYREIS
• 2026-05-10 Listed $650,000 UNYREIS