36 Grant St · North Tonawanda, NY 14120

$199,900

4 bd · 2.0 ba · 1,873 sqft · MultiFamily public records · 5 Days on market

Built 1900 7,260 sqft lot Est $193k · at est.

---

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 +5.9/15.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• 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 MLS

Deed restriction. Convenient location. Very nice two family residence located on a dead end street across Grand School. It needs a few relatively minor repairs and some redecorating. Buyer to establish condition of all mechanics - seller and agents make no claims as to condition. Property is sold "AS IS". All information approximate. Prequalified buyers only. Prequalification letter and/or proof of funds and special addendums are required with all offers. No search or survey provided. Property is approved for HomePath renovation financing and may qualify for as little as three percent down.

Key facts

• 7,260 sq ft lot
• 2 parking spots
• Built 1900

Property features AI

Finance

• Financial info: 2 total units; 2 units in the community; Separate electric meters for each unit (2); Single shared gas meter (1); Owner pays gas, heat, and water for rentals; Rent may include heat and water; Operating expenses may include fuel, insurance, maintenance, trash, and water/sewer

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breakers (electric)
• Home design: 2-story building; Existing construction; Resale property
• Construction: Wood siding; Asphalt roof; Block foundation
• Exterior features: Porch; Enclosed porch; Rectangular residential lot; Near public transit; City street frontage

Interior

• Kitchen: Gas water heater
• Bedrooms: 2-unit building (unit-level bedroom counts not provided)
• Flooring: Carpet; Laminate; Vinyl; Varies
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement with sump pump; Enclosed porch
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 12.5% vs local median 4.0% in North Tonawanda — 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 85/100 on livability (#30 in NY, #518 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• North Tonawanda City School District (suburban): math 42% / reading 57% proficiency, ranked #398 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.0%/yr); 178 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,028/mo this rent would consume 49% of the median local household income ($75k/yr) (locally 1303% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $18k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $200k implies a 614% 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 $199,900

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 1900 — 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 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. 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.
7. 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.
8. 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: 1.51% ✓
• Cap rate: 12.51%
• Cash-on-cash: 22.19%
• DSCR: 1.99
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $192,919
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
260 Payne Ave	0.21mi	5/2.0 (+1)	1,894 (+1%)	12mo	$210,940	$111	73
42 Geneva St	0.19mi	4/2.0	1,936 (+3%)	23mo	$122,000	$63	66
182 Payne Ave	0.14mi	3/2.0 (-1)	1,956 (+4%)	17mo	$200,000	$102	66
342 Bryant St	0.35mi	4/2.0	1,942 (+4%)	20mo	$200,000	$103	61
103 Lincoln Ave	0.17mi	3/3.0 (-1)	2,088 (+12%)	8mo	$305,000	$146	57
455 Robinson St	0.61mi	4/2.0	1,710 (-9%)	4mo	$251,000	$147	54
364 Tremont St	0.36mi	4/2.0	1,732 (-8%)	22mo	$199,900	$115	52
279 Wheatfield St	0.61mi	4/2.0	1,888 (+1%)	23mo	$193,000	$102	51
306 Shartle Pl	0.74mi	3/2.0 (-1)	1,624 (-13%)	18mo	$167,000	$103	24

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 · 5.96% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 1.77×
• Total profit: $42,854
• Equity at exit: $29,806

10-year hold

• IRR: 28.6%
• Equity multiple: 3.91×
• Total profit: $162,826
• Equity at exit: $17,284

Cash invested: $55,972 (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 14120

• Rents YoY: 6.0%
• Active inventory: 178
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $3,028 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$225 /mo · $2,704/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$636
• Net cashflow: $1,035

Break-even live

Break-even rent $1,718

Max offer price $199,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,148	-5% $1,092	+0% $1,035	+5% $979	+10% $922
Rent	-10% $796	-5% $916	+0% $1,035	+5% $1,155	+10% $1,274
Rate	-1.0pp $1,136	-0.5pp $1,086	base $1,035	+0.5pp $983	+1.0pp $931

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,028
Total (2 units)			$3,028

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 River Rd North Tonawanda, NY	1.0–3.0	1.0–2.5	1320	$4,995	$3.78	2d	12	0.89mi

Listing history 7 events

1. 2026-06-18
   price $199,900 Active 5 DOM
2. 2026-06-18
   days on market $217,777 Active 5 DOM
3. 2026-06-17
   days on market $217,777 Active 4 DOM
4. 2026-06-16
   days on market $217,777 Active 3 DOM
5. 2026-06-15
   days on market $217,777 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $217,777 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: $2,704 · $225/mo
• Projected year-2 tax: $3,041 · $253/mo
• Expected delta: +$337/yr (+$28/mo · 12.5%)

ⓘ 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 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,336
• − Mortgage interest: −$11,198
• − Property taxes: −$2,704
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,907
• − Management: −$2,907
• − Depreciation: −$5,815
• Taxable income: $9,806
• Est. tax owed @ 24.0%: −$2,353
• After-tax cash flow: $10,069/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: North Tonawanda City School District
• NCES district ID: 3621240
• Math proficiency: 42% ▼ -16.00%
• Reading proficiency: 57% ▲ 4.00%
• Median HH income: $48,348
• Composite: 42.15/100
• National rank: #3301
• State rank: #398 of 590 in NY

Livability — North Tonawanda

• Score: 85/100
• State rank: #30
• US rank: #518

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Tonawanda, NY
• County: Niagara County · 157,377 people
• City population: 44,241
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 44,241
• Household income: $74,871
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 1303.0

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: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3% Black 2%
• Common ancestry: Romanian 15% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Russian/Polish/Slavic 2% Spanish 1% Other Indo-European 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: ▼ -260.39%
• Current HPI: 303.1744
• Rent YoY: ▲ 5.96%
• 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

+202.5% since first listed

5 events — show timeline

• 2026-06-12 Listed $217,777 WNYREIS
• 2010-02-15 Sold (MLS) $28,000 WNYREIS
• 2009-09-10 Listed $39,900 WNYREIS
• 2001-10-31 Sold (Public Records) $72,000 Public Records
• 2001-10-31 Sold (Public Records) $72,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $2,704 · +2.1% YoY. Source: county tax records.