31 Elkhart St · Lackawanna, NY 14218

$249,999

3 bd · 3.0 ba · 1,909 sqft · MultiFamily public records · 5 Days on market

Built 1905 3,252 sqft lot Est $174k · 44% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investment Opportunity on a Rare Double Lot! Welcome to 31-33 Elkhart Street in Lackawanna, a well-maintained triplex situated on a rare double lot. Owned and meticulously cared for by the same owner for more than 20 years, this property offers immediate income potential along with the added convenience and flexibility that extra outdoor space provides. The triplex features an attractive unit mix consisting of one spacious 3-bedroom, 1-bath apartment, one 1-bedroom, 1-bath apartment, and one studio apartment, providing strong rental appeal across multiple tenant demographics. Residents also enjoy access to a common coin-operated laundry area, creating an additional income stream for owne

Key facts

• Rare double lot
• 3,252 sq ft lot
• 2 parking spots

Tags

• RARE DOUBLE LOT
• NEWER ELECTRICAL SERVICE LINE
• UPDATED ELECTRICAL PANELS
• UPDATED COPPER PLUMBING
• OFF STREET TENANT PARKING

Property features AI

Finance

• Other: Property contains three total units with separate gas and electric meters for each unit; Current rents listed: $800, $695, $925 (units are month-to-month)
• Financial info: Owner pays water; water cost included in rent; Operating expenses include insurance, snow removal, and water

Exterior

• Parking: Paved on-street parking with two or more spaces available
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing condition
• Construction: Aluminum siding; Asphalt roof; Built as existing (year built details listed as existing)
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/Range in each unit; Refrigerator in each unit; Dishwasher in the 3-bedroom unit
• Bedrooms: One 1-bedroom unit (month-to-month); One 1-bedroom unit (month-to-month); One 3-bedroom unit (month-to-month)
• Flooring: Laminate and varied flooring
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Laminate and varied flooring; Crawl space basement
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 1×1bd/1.0ba + 1×?bd/1.0ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $391/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Cap rate 14.1% vs local median 5.4% in Lackawanna — 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 75/100 on livability (#254 in NY, #4,026 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment D+, amenities F.
• Lackawanna City School District (suburban): math 19% / reading 29% proficiency, ranked #588 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Martin Road Elementary School (math 12% / reading 29%, grade F, #1,944 of 2,108 statewide, top 92%, 560 students, 86% FRL); Lackawanna Middle School (math 5% / reading 27%, grade F, #702 of 729 statewide, top 96%, 407 students, 80% FRL); Lackawanna High School (math 72%, 560 students, 71% FRL).
• Market conditions: 92 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $48k; list at $250k implies a 421% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $249,999

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 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.64% ✓
• Cap rate: 14.13%
• Cash-on-cash: 27.98%
• DSCR: 2.24
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $173,719
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Fig Ave	0.41mi	4/2.0 (+1)	1,960 (+3%)	2mo	$115,000	$59	65
188 Milnor Ave	0.39mi	4/3.0 (+1)	1,990 (+4%)	9mo	$195,000	$98	62
1685 Electric Ave	0.15mi	3/2.0	1,648 (-14%)	17mo	$150,000	$91	52

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: 12.3%
• Equity multiple: 1.49×
• Total profit: $34,392
• Equity at exit: $37,276

10-year hold

• IRR: 21.3%
• Equity multiple: 2.82×
• Total profit: $127,159
• Equity at exit: $21,615

Cash invested: $70,000 (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 14218

• Home prices YoY: -9.2%
• Active inventory: 92
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $4,108 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$198 /mo · $2,376/yr
• Insurance: −$104
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$863
• Net cashflow: $1,172

Break-even live

Break-even rent $2,625

Max offer price $249,999

Occupancy floor 66%

Sensitivity live

Price	-10% $1,313	-5% $1,242	+0% $1,172	+5% $1,101	+10% $1,030
Rent	-10% $847	-5% $1,009	+0% $1,172	+5% $1,334	+10% $1,496
Rate	-1.0pp $1,298	-0.5pp $1,235	base $1,172	+0.5pp $1,107	+1.0pp $1,041

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,855
1× unit	1	1	$1,074
1× unit	0	1	$1,179
Total (3 units)			$4,108

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-21
   days on market $249,999 Active 5 DOM
2. 2026-06-18
   days on market $249,999 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $249,999 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: $2,376 · $198/mo
• Projected year-2 tax: $3,300 · $275/mo
• Expected delta: +$925/yr (+$77/mo · 38.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,296
• − Mortgage interest: −$14,004
• − Property taxes: −$2,376
• − Insurance: −$6,775
• − Repairs & maintenance: −$3,944
• − Management: −$3,944
• − Depreciation: −$7,273
• Taxable income: $10,981
• Est. tax owed @ 24.0%: −$2,636
• After-tax cash flow: $11,425/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: Lackawanna City School District
• NCES district ID: 3616440
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 29% ▲ 3.00%
• Median HH income: $35,041
• Composite: 19.76/100
• National rank: #8708
• State rank: #588 of 590 in NY

Livability — Lackawanna

• Score: 75/100
• State rank: #254
• US rank: #4026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lackawanna, NY
• City population: 20,661
• Population (ZIP): 20,661

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 (73%)
• Race & ethnicity: White 73% Black 13% Hispanic / Latino 10% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 18% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 80% English-only · Arabic 11% Spanish 6% Russian/Polish/Slavic 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: ▼ -39.44%
• Current HPI: 389.0188
• 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

+420.8% since first listed

2 events — show timeline

• 2026-06-16 Listed $249,999 WNYREIS
• 1995-05-31 Sold (Public Records) $48,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,376 · +4.1% YoY. Source: county tax records.