221 Steele St · Jamestown, NY 14701

$39,900

3 bd · 1.5 ba · 1,534 sqft · SingleFamily public records · 97 Days on market

Built 1870 8,337 sqft lot $26/sqft · 71% below area

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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
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large 4 bedroom home situated across from the river! Home Features a new roof installed in 2023. First floor bedroom, bathroom and laundry room! Currently tenant occupied at $800 per month. Seller may consider owner financing with 50% down.

Key facts

• 8,337 sq ft lot
• Built 1870
• Listed 97 days

🏷️ Possibly a rental listed for sale. The $39,900 price doesn't fit this home's estimated sale value (~$135,630) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $651 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.
• Cap rate 25.9% vs local median 16.6% in Jamestown — 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 69/100 on livability (#470 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities D, crime F.
• Jamestown City School District (town): math 33% / reading 42% proficiency, ranked #553 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 313 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $8k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $40k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.07% ✓
• Cap rate: 25.89%
• Cash-on-cash: 69.98%
• DSCR: 4.11
• GRM: 2.7

CMA / ARV

• ARV (median comp): $135,630
• List price: $39,900
• Delta: -70.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
440 Front St	0.28mi	3/1.5	1,616 (+5%)	1mo	$162,500	$101	77
173 Hallock St	0.46mi	3/1.5	1,550 (+1%)	2mo	$131,000	$85	75
7 Stewart Ave	0.48mi	3/1.5	1,615 (+5%)	3mo	$150,000	$93	66
704 Jefferson St	0.50mi	3/1.0	1,643 (+7%)	1mo	$83,000	$51	62
9 Stearns Ave	0.56mi	3/1.5	1,443 (-6%)	3mo	$13,500	$9	62
19 Ellis Ave	0.24mi	3/2.5	1,728 (+13%)	3mo	$176,500	$102	61
44 Meadow Ln	0.58mi	3/1.5	1,428 (-7%)	1mo	$116,494	$82	61
80 Stewart Ave	0.41mi	3/1.5	1,365 (-11%)	4mo	$97,335	$71	59
440 Superior St	0.70mi	4/1.5 (+1)	1,600 (+4%)	3mo	$110,000	$69	52
9 Genesee St	0.49mi	4/2.0 (+1)	1,678 (+9%)	2mo	$79,500	$47	52
820 Lafayette St	0.61mi	3/1.5	1,705 (+11%)	3mo	$18,200	$11	50
32 Meadow Ln	0.56mi	4/1.5 (+1)	1,347 (-12%)	2mo	$129,000	$96	47

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: 69.5%
• Equity multiple: 4.14×
• Total profit: $35,070
• Equity at exit: $5,949

10-year hold

• IRR: 73.6%
• Equity multiple: 8.53×
• Total profit: $84,139
• Equity at exit: $3,450

Cash invested: $11,172 (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 14701

• Home prices YoY: -18.5%
• Active inventory: 313
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,223 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$89 /mo · $1,069/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $651

Break-even live

Break-even rent $399

Max offer price $39,900

Occupancy floor 42%

Sensitivity live

Price	-10% $674	-5% $663	+0% $651	+5% $640	+10% $629
Rent	-10% $555	-5% $603	+0% $651	+5% $700	+10% $748
Rate	-1.0pp $672	-0.5pp $662	base $651	+0.5pp $641	+1.0pp $631

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
317 Fairmount Ave Unit G-1 Jamestown, NY	2.0	2.0	1215	$1,295	$1.07	44d	1	0.52mi
148 Maple St Jamestown, NY	3.0	1.0	1424	$1,350	$0.95	44d	1	1.18mi

Listing history 27 events

1. 2026-06-18
   days on market $39,900 Active 97 DOM
2. 2026-06-17
   days on market $39,900 Active 96 DOM
3. 2026-06-16
   days on market $39,900 Active 95 DOM
4. 2026-06-15
   days on market $39,900 Active 94 DOM
5. 2026-06-14
   days on market $39,900 Active 92 DOM
6. 2026-06-12
   days on market $39,900 Active 91 DOM
7. 2026-06-09
   days on market $39,900 Active 88 DOM
8. 2026-06-08
   days on market $39,900 Active 87 DOM
9. 2026-06-07
   days on market $39,900 Active 86 DOM
10. 2026-06-05
    days on market $39,900 Active 83 DOM
11. 2026-06-02
    days on market $39,900 Active 81 DOM
12. 2026-06-01
    days on market $39,900 Active 80 DOM
13. 2026-05-31
    days on market $39,900 Active 79 DOM
14. 2026-05-30
    days on market $39,900 Active 78 DOM
15. 2026-05-12
    price $39,900 240-char remark

    Show marketing remark (240 chars)

    Large 4 bedroom home situated across from the river! Home Features a new roof installed in 2023. First floor bedroom, bathroom and laundry room! Currently tenant occupied at $800 per month. Seller may consider owner financing with 50% down.

16. 2026-03-23
    status Active 240-char remark

    Show marketing remark (240 chars)

    Large 4 bedroom home situated across from the river! Home Features a new roof installed in 2023. First floor bedroom, bathroom and laundry room! Currently tenant occupied at $800 per month. Seller may consider owner financing with 50% down.

17. 2026-03-13
    status Pending 240-char remark

    Show marketing remark (240 chars)

    Large 4 bedroom home situated across from the river! Home Features a new roof installed in 2023. First floor bedroom, bathroom and laundry room! Currently tenant occupied at $800 per month. Seller may consider owner financing with 50% down.

18. 2026-03-05
    price $44,900 240-char remark

    Show marketing remark (240 chars)

    Large 4 bedroom home situated across from the river! Home Features a new roof installed in 2023. First floor bedroom, bathroom and laundry room! Currently tenant occupied at $800 per month. Seller may consider owner financing with 50% down.

19. 2026-03-03
    listed $47,500 Active 240-char remark

    Show marketing remark (240 chars)

    Large 4 bedroom home situated across from the river! Home Features a new roof installed in 2023. First floor bedroom, bathroom and laundry room! Currently tenant occupied at $800 per month. Seller may consider owner financing with 50% down.

20. 2026-01-21
    price $47,500
21. 2025-12-07
    price $49,900
22. 2025-11-17
    price $54,900
23. 2025-10-09
    price $59,900
24. 2025-09-12
    listed $64,900 Active
25. 2019-12-20
    soldstatus $20,000 Closed Sale or Rented
26. 2019-11-17
    status Pending Sale
27. 2019-11-12
    listed $24,000 Active

ⓘ 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: $1,069 · $89/mo
• Projected year-2 tax: $1,069 · $89/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 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: $14,680
• − Mortgage interest: −$2,235
• − Property taxes: −$1,069
• − Insurance: −$200
• − Repairs & maintenance: −$1,174
• − Management: −$1,174
• − Depreciation: −$1,161
• Taxable income: $7,667
• Est. tax owed @ 24.0%: −$1,840
• After-tax cash flow: $5,978/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: Jamestown City School District
• NCES district ID: 3615630
• Math proficiency: 33% ▼ -3.00%
• Reading proficiency: 42% ▲ 5.00%
• Median HH income: $32,240
• Composite: 30.69/100
• National rank: #6176
• State rank: #553 of 590 in NY

Livability — Jamestown

• Score: 69/100
• State rank: #470
• US rank: #8213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jamestown, NY
• County: Chautauqua County · 38,461 people
• City population: 38,461
• Metro: Jamestown-Dunkirk-Fredonia, NY
• Population (ZIP): 38,461
• Household income: $49,685
• Rent vs Own: 42.8% rent · 57.2% own
• Severe rent burden: 1838.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 11% Two or more races 6% Black 3%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -58.93%
• Current HPI: 259.402
• Rent YoY: —
• Metro: Jamestown-Dunkirk-Fredonia, 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

+66.2% since first listed

13 events — show timeline

• 2026-05-12 Price Changed $39,900 UNYREIS
• 2026-03-23 Relisted — UNYREIS
• 2026-03-13 Pending — UNYREIS
• 2026-03-05 Price Changed $44,900 UNYREIS
• 2026-03-03 Listed $47,500 UNYREIS
• 2026-01-21 Price Changed $47,500 UNYREIS
• 2025-12-07 Price Changed $49,900 UNYREIS
• 2025-11-17 Price Changed $54,900 UNYREIS
• 2025-10-09 Price Changed $59,900 UNYREIS
• 2025-09-12 Listed $64,900 UNYREIS
• 2019-12-20 Sold (MLS) $20,000 UNYREIS
• 2019-11-17 Pending — UNYREIS
• 2019-11-12 Listed $24,000 UNYREIS

Property tax history

-4.2%/yr

Latest (2025): $1,069 · +4.8% YoY. Source: county tax records.