121 Willard St · Jamestown, NY 14701

$44,900

2 bd · 1.5 ba · 2,164 sqft · MultiFamily · 221 Days on market

Built 1895 1,548 sqft lot $21/sqft · 33% below area Est $67k · 33% under

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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 +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

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

Longtime family-owned mixed-use building with solid history and endless potential! The current owner has operated a successful driving school from the first-floor commercial space for decades and is now retiring. The upstairs apartment features a reliable long-term tenant of 5+ years. An adjoining vacant lot is available separately through the Land Bank—ideal for added parking or expansion. 1st floor is vacant. Whether you continue a business venture, open your own shop, or convert the main level into additional residential space, this property offers flexibility and opportunity. Bring your ideas and make it yours!

Key facts

• Long-term tenant
• Mixed-use building
• Upstairs apartment

Tags

• MIXED-USE BUILDING
• FIRST-FLOOR COMMERCIAL SPACE
• UPSTAIRS APARTMENT
• LONG-TERM TENANT
• ADJOINING VACANT LOT
• ADDED PARKING

🏷️ Possibly a rental listed for sale. The $44,900 price doesn't fit this home's estimated sale value (~$67,402) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $45k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 41.1% vs local median 16.8% 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: amenities D, crime F, commute 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.
• Zoned schools: Clinton V Bush Elementary School (math 42% / reading 47%, grade F, #1,277 of 2,108 statewide, top 64%, 276 students, 74% FRL); Thomas Jefferson Middle School (math 25% / reading 40%, grade F, #504 of 729 statewide, top 70%, 406 students, 79% FRL); Jamestown High School (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 1,315 students, 80% FRL) — zoned schools average 77% FRL vs 60% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 56% at this address vs 38% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Jamestown City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 315 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).
• At $2,039/mo this rent would consume 49% of the median local household income ($50k/yr) (locally 1838% 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 $310 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 $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 221 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y ago; this cycle's ask has dropped $10k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 221 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 4.54% ✓
• Cap rate: 41.05%
• Cash-on-cash: 124.13%
• DSCR: 6.52
• GRM: 1.8

CMA / ARV

• ARV (median comp): $67,402
• List price: $44,900
• Delta: -33.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 Willard St	0.19mi	2/2.0	1,878 (-13%)	21mo	$715,000	$381	50

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: —
• Equity multiple: 7.01×
• Total profit: $75,586
• Equity at exit: $6,695

10-year hold

• IRR: —
• Equity multiple: 14.73×
• Total profit: $172,601
• Equity at exit: $3,882

Cash invested: $12,572 (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: 315
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,039 medium
• Mortgage (P&I): −$235
• Tax est. 1.5%: −$56 /mo · $674/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $1,301

Break-even live

Break-even rent $393

Max offer price $44,900

Occupancy floor 31%

Sensitivity live

Price	-10% $1,332	-5% $1,316	+0% $1,301	+5% $1,285	+10% $1,269
Rent	-10% $1,139	-5% $1,220	+0% $1,301	+5% $1,381	+10% $1,462
Rate	-1.0pp $1,323	-0.5pp $1,312	base $1,301	+0.5pp $1,289	+1.0pp $1,277

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,038
Total (2 units)			$2,039

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
148 Maple St Jamestown, NY	3.0	1.0	1424	$1,350	$0.95	45d	1	0.78mi
2 Butler St Jamestown, NY	2.0	1.0	2683	$1,200	$0.45	45d	1	1.34mi

Listing history 20 events

1. 2026-06-21
   days on market $44,900 Active 221 DOM
2. 2026-06-19
   days on market $44,900 Active 219 DOM
3. 2026-06-18
   days on market $44,900 Active 218 DOM
4. 2026-06-17
   days on market $44,900 Active 217 DOM
5. 2026-06-16
   days on market $44,900 Active 216 DOM
6. 2026-06-15
   days on market $44,900 Active 215 DOM
7. 2026-06-14
   days on market $44,900 Active 213 DOM
8. 2026-06-12
   days on market $44,900 Active 212 DOM
9. 2026-06-09
   days on market $44,900 Active 209 DOM
10. 2026-06-08
    days on market $44,900 Active 208 DOM
11. 2026-06-07
    days on market $44,900 Active 207 DOM
12. 2026-06-05
    days on market $44,900 Active 204 DOM
13. 2026-06-02
    days on market $44,900 Active 202 DOM
14. 2026-06-01
    days on market $44,900 Active 201 DOM
15. 2026-05-31
    days on market $44,900 Active 200 DOM
16. 2026-05-30
    days on market $44,900 Active 199 DOM
17. 2026-05-09
    price $44,900 628-char remark

    Show marketing remark (628 chars)

    Longtime family-owned mixed-use building with solid history and endless potential! The current owner has operated a successful driving school from the first-floor commercial space for decades and is now retiring. The upstairs apartment features a reliable long-term tenant of 5+ years. An adjoining vacant lot is available separately through the Land Bank—ideal for added parking or expansion. 1st floor is vacant. Whether you continue a business venture, open your own shop, or convert the main level into additional residential space, this property offers flexibility and opportunity. Bring your ideas and make it yours!

18. 2026-03-10
    price $49,900 628-char remark

    Show marketing remark (628 chars)

    Longtime family-owned mixed-use building with solid history and endless potential! The current owner has operated a successful driving school from the first-floor commercial space for decades and is now retiring. The upstairs apartment features a reliable long-term tenant of 5+ years. An adjoining vacant lot is available separately through the Land Bank—ideal for added parking or expansion. 1st floor is vacant. Whether you continue a business venture, open your own shop, or convert the main level into additional residential space, this property offers flexibility and opportunity. Bring your ideas and make it yours!

19. 2025-11-12
    listed $54,900 Active 628-char remark

    Show marketing remark (628 chars)

    Longtime family-owned mixed-use building with solid history and endless potential! The current owner has operated a successful driving school from the first-floor commercial space for decades and is now retiring. The upstairs apartment features a reliable long-term tenant of 5+ years. An adjoining vacant lot is available separately through the Land Bank—ideal for added parking or expansion. 1st floor is vacant. Whether you continue a business venture, open your own shop, or convert the main level into additional residential space, this property offers flexibility and opportunity. Bring your ideas and make it yours!

20. 2002-01-21
    listed $28,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,468
• − Mortgage interest: −$2,515
• − Property taxes: −$674
• − Insurance: −$224
• − Repairs & maintenance: −$1,957
• − Management: −$1,957
• − Depreciation: −$1,306
• Taxable income: $15,834
• Est. tax owed @ 24.0%: −$3,800
• After-tax cash flow: $11,806/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

+57.5% since first listed

4 events — show timeline

• 2026-05-09 Price Changed $44,900 UNYREIS
• 2026-03-10 Price Changed $49,900 UNYREIS
• 2025-11-12 Listed $54,900 UNYREIS
• 2002-01-21 Listed $28,500 UNYREIS