36 Mill St · Springville, NY 14141

$67,900

5 bd · 2.0 ba · 2,250 sqft · MultiFamily public records · 19 Days on market

Built 1860 9,718 sqft lot

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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
• Schools +4.3/10.0
• Livability +3.8/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Opportunity meets charm in this spacious 5-bedroom, 2-bath home offering approx. 2,250 sqft of living space on a generously sized lot in Springville. Built in 1860, the property showcases classic architectural character while benefiting from several recent functional and cosmetic improvements, creating a strong base for investors or owner-occupants seeking value and future appreciation. Recent updates include plumbing repairs and upgrades, basement waterproofing, electrical improvements, window replacements, interior and exterior touch-ups, driveway enhancements, and outdoor improvements including a fire-pit entertaining area. A custom real-wood bar with marble countertop adds unique per

Key facts

• Custom real-wood bar
• Flexible layout
• 9,718 sq ft lot

Tags

• RECENT FUNCTIONAL IMPROVEMENTS
• FIRE-PIT ENTERTAINING AREA
• CUSTOM REAL-WOOD BAR
• FLEXIBLE LAYOUT
• EASY COMMUTING ACCESS

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $68k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $67k (1.5% below list) — sets the bar for market timing.
• Cap rate 25.5% vs local median 2.2% in Springville — 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 76/100 on livability (#213 in NY, #3,281 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment D+, commute F.
• Springville-Griffith Institute Central School District (town): math 47% / reading 52% proficiency, ranked #385 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $469 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $68k implies a 240% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.5% of price; built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,881 (1.5% below list)

Questions for the listing agent

1. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.22% ✓
• Cap rate: 25.52%
• Cash-on-cash: 68.66%
• DSCR: 4.06
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $171,000
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
41 Pearl St	0.09mi	5/3.0	2,228 (-1%)	9mo	$170,000	$76	83
51 Park St	0.42mi	4/2.5 (-1)	2,244 (-0%)	6mo	$155,000	$69	68
77 Church St	0.38mi	4/3.0 (-1)	1,968 (-12%)	6mo	$229,000	$116	47
125 Woodward Ave	0.32mi	4/2.0 (-1)	1,932 (-14%)	20mo	$140,000	$72	40

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: 68.2%
• Equity multiple: 4.07×
• Total profit: $58,421
• Equity at exit: $10,124

10-year hold

• IRR: 72.3%
• Equity multiple: 8.40×
• Total profit: $140,648
• Equity at exit: $5,871

Cash invested: $19,012 (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 14141

• Home prices YoY: -15.8%
• Active inventory: 40
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,186 medium
• Mortgage (P&I): −$356
• Tax from tax record: −$255 /mo · $3,056/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $1,088

Break-even live

Break-even rent $809

Max offer price $67,900

Occupancy floor 45%

Sensitivity live

Price	-10% $1,305	-5% $1,107	+0% $1,088	+5% $1,069	+10% $1,049
Rent	-10% $915	-5% $1,002	+0% $1,088	+5% $1,174	+10% $1,261
Rate	-1.0pp $1,122	-0.5pp $1,105	base $1,088	+0.5pp $1,070	+1.0pp $1,052

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,186
Total (2 units)			$2,186

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: $16,975
• Closing costs: $2,037
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-16
   status Pending
2. 2026-04-06
   price $67,900
3. 2026-03-28
   listed $75,000 Active
4. 2019-03-12
   soldstatus $20,000

ⓘ 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: $3,056 · $255/mo
• Projected year-2 tax: $3,056 · $255/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 1/10 Low 7 d/yr ≥91°F today · 16 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: $26,232
• − Mortgage interest: −$3,803
• − Property taxes: −$3,056
• − Insurance: −$340
• − Repairs & maintenance: −$2,099
• − Management: −$2,099
• − Depreciation: −$1,975
• Taxable income: $12,860
• Est. tax owed @ 24.0%: −$3,086
• After-tax cash flow: $9,968/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: Springville-Griffith Institute Central School District
• NCES district ID: 3612990
• Math proficiency: 47% ▼ -15.00%
• Reading proficiency: 52% ▲ 7.00%
• Median HH income: $53,569
• Composite: 42.7/100
• National rank: #3170
• State rank: #385 of 590 in NY

Livability — Springville

• Score: 76/100
• State rank: #213
• US rank: #3281

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springville, NY
• Population (ZIP): 7,624

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 (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Romanian 19% Lithuanian 2% Slovak 2%
• Foreign-born: 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: ▼ -70.52%
• Current HPI: 374.6726
• 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

+239.5% since first listed

4 events — show timeline

• 2026-04-16 Pending — WNYREIS
• 2026-04-06 Price Changed $67,900 WNYREIS
• 2026-03-28 Listed $75,000 WNYREIS
• 2019-03-12 Sold (Public Records) $20,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $3,056 · +4.4% YoY. Source: county tax records.