47 Ruggles St · Dunkirk, NY 14048

$15,000

4 bd · 3.0 ba · 2,149 sqft · MultiFamily public records · 9 Days on market

Built 1900 2,450 sqft lot ↓ 40% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

This four-bedroom one bathroom home is located in the City of Dunkirk. Within a quick driving distance to the lakefront and SUNY Fredonia. Rehab needed. The city of Dunkirk has ordered repairs be made and compliance to be issued before occupancy.

Key facts

• Large footprint
• 2,450 sq ft lot
• Built 1900

Tags

• STRONG VALUE-ADD OPPORTUNITY
• LARGE FOOTPRINT
• AFFORDABLE ENTRY POINT

Property features AI

Exterior

• Parking: No garage; No driveway
• Utilities: Public water available (not connected); Sewer available
• Home design: Single-story residence; Resale property
• Construction: Wood siding; Pre-cast concrete; Existing construction
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 35 x 70

Interior

• Kitchen: Water heater listed with appliances; See remarks for additional appliances
• Bedrooms: 3 main-level bedrooms
• Flooring: Vinyl flooring; Varied flooring
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Heating details: see remarks
• Interior features: Eat-in kitchen; Bonus room; Crawl space

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $15k.

Deal economics

• At list price, monthly cash flow is $855 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Cap rate 74.7% vs local median 7.4% in Dunkirk — 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 70/100 on livability (#426 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Dunkirk City School District (town): math 30% / reading 34% proficiency, ranked #575 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 70 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 $844 of equity ($104 loan paydown + $740 appreciation (4.9% 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 (4.9% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y ago 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 $6k; list at $15k implies a 150% 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 $15,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
4. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
5. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 8.09% ✓
• Cap rate: 74.70%
• Cash-on-cash: 244.29%
• DSCR: 11.87
• GRM: 1.0

CMA / ARV

• ARV (on-the-fly): $101,003
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 Ruggles St	0.21mi	4/2.0	2,146 (-0%)	7mo	$87,000	$41	80
37 E 6th St	0.32mi	3/2.0 (-1)	2,203 (+2%)	1mo	$37,000	$17	71
77 King St	0.08mi	5/2.0 (+1)	2,370 (+10%)	5mo	$82,000	$35	66
706 Main St	0.33mi	4/2.0	2,099 (-2%)	18mo	$88,000	$42	61
51 Ruggles St	0.01mi	5/2.0 (+1)	2,280 (+6%)	24mo	$110,000	$48	61
522 Park Ave	0.25mi	4/2.0	2,052 (-4%)	20mo	$98,500	$48	60
25 E Talcott St	0.25mi	3/2.0 (-1)	1,941 (-10%)	5mo	$80,000	$41	60
77 E 7th St	0.32mi	5/3.0 (+1)	2,230 (+4%)	21mo	$130,000	$58	56
546 S Roberts Rd	0.61mi	3/2.0 (-1)	2,230 (+4%)	10mo	$105,000	$47	48
421 Dove St	0.66mi	4/2.0	2,314 (+8%)	9mo	$100,000	$43	45
9 Kosciuszko Ave	0.70mi	5/2.0 (+1)	2,336 (+9%)	17mo	$160,000	$68	30
416 Swan St	0.55mi	5/2.0 (+1)	1,831 (-15%)	15mo	$180,000	$98	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.93% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 14.78×
• Total profit: $57,874
• Equity at exit: $8,437

10-year hold

• IRR: —
• Equity multiple: 31.46×
• Total profit: $127,936
• Equity at exit: $14,510

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 14048

• Home prices YoY: 1.5%
• Active inventory: 70
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $1,214 medium
• Mortgage (P&I): −$79
• Tax est. 1.5%: −$19 /mo · $225/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $855

Break-even live

Break-even rent $131

Max offer price $15,000

Occupancy floor 25%

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 8 events

1. 2026-06-18
   days on market $15,000 Active 9 DOM
2. 2026-06-17
   days on market $15,000 Active 8 DOM
3. 2026-06-16
   days on market $15,000 Active 7 DOM
4. 2026-06-15
   days on market $15,000 Active 6 DOM
5. 2026-06-13
   days on market $15,000 Active 4 DOM
6. 2026-06-12
   days on market $15,000 Active 3 DOM
7. 2026-06-09
   remarks 699-char remark
8. 2026-06-09
   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.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,562
• − Mortgage interest: −$840
• − Property taxes: −$225
• − Insurance: −$75
• − Repairs & maintenance: −$1,165
• − Management: −$1,165
• − Depreciation: −$436
• Taxable income: $10,656
• Est. tax owed @ 24.0%: −$2,557
• After-tax cash flow: $7,703/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: Dunkirk City School District
• NCES district ID: 3609420
• Math proficiency: 30% ▼ -11.00%
• Reading proficiency: 34% ▬ 0.00%
• Median HH income: $36,345
• Composite: 26.55/100
• National rank: #7190
• State rank: #575 of 590 in NY

Livability — Dunkirk

• Score: 70/100
• State rank: #426
• US rank: #7421

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunkirk, NY
• City population: 14,949
• Population (ZIP): 14,949

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: Majority White (63%)
• Race & ethnicity: White 63% Hispanic / Latino 30% Two or more races 12% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 25% Dominican 1%
• Common ancestry: Romanian 20% Lithuanian 3% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 80% English-only · Spanish 18% Other Indo-European 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: ▲ 4.93%
• Current HPI: 325.9188
• 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

-40.0% since first listed

7 events — show timeline

• 2026-06-09 Listed $15,000 UNYREIS
• 2025-03-28 Sold (MLS) $6,000 UNYREIS
• 2025-02-02 Pending — UNYREIS
• 2025-01-06 Price Changed $10,000 UNYREIS
• 2024-12-04 Listed $14,900 UNYREIS
• 2023-12-07 Price Changed $20,000 UNYREIS
• 2023-10-04 Listed $25,000 UNYREIS

Property tax history

-0.6%/yr

Latest (2025): $990 · +3.3% YoY. Source: county tax records.