514 87th St · Niagara Falls, NY 14304

$99,900

5 bd · 3.5 ba · 2,141 sqft · MultiFamily public records · 9 Days on market

Built 1930 6,820 sqft lot $47/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 +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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: 3 units. confirmed

Listing remarks

Attention Investors! 514 87th Street is three unit property in LaSalle with plenty of off street parking for tenants and visitors. First floor front unit includes 3 bedrooms, one and half bathrooms, living room, dining room, kitchen, and full basement with bilco door leading out to the back yard, roughed in shower, and glass block windows. Tankless hot water (2022) water softener and central vac. Central air. Concrete patio & wooden deck. First floor rear unit is a one bedroom, one full bath apartment with large living room and efficient kitchen. Second floor apartment has one bedroom, one bathroom, large kitchen and a cozy living room. Can be purchased in a package with 502-504 87th

Key facts

• Off street parking
• Water softener
• Tankless hot water

Tags

• OFF STREET PARKING
• FULL BASEMENT
• ROUGHED IN SHOWER
• GLASS BLOCK WINDOWS
• TANKLESS HOT WATER
• WATER SOFTENER

Property features AI

Finance

• Other: Owner/tenant payment details: see remarks
• Financial info: Three-unit building with separate gas and electric meters for each unit; Operating expense details: see remarks

Exterior

• Parking: Attached garage (1 space); Paved parking; On-street parking; Multiple parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multi-unit building; Resale property
• Construction: Vinyl siding; Architectural shingle roof; Block and poured foundation; Existing (built previously)
• Exterior features: Deck; Patio; Open porch; Partial fencing

Interior

• Kitchen: Eat-in kitchen (in at least one unit)
• Bedrooms: Two 1-bedroom units with dining/living or eat-in kitchen; one 3-bedroom unit with formal dining room and in-unit laundry
• Flooring: Carpet and varied flooring
• Bathrooms: Three full bathrooms and one half bathroom in the building
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Central vacuum
• Laundry & utility: Laundry in unit (in the 3-bedroom unit); Gas water heater

What this means for you Summary

Snapshot

• This is a 1×5bd/4.0ba + 2×1bd/1.0ba units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $649/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $100k).
• Cap rate 29.7% vs local median 7.5% in Niagara Falls — 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 60/100 on livability (#956 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Niagara Falls City School District (urban): math 26% / reading 34% proficiency, ranked #578 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 144 active listings in the ZIP; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,634/mo this rent would consume 65% of the median local household income ($67k/yr) (locally 698% 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 $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Niagara County population projected at -19% 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-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. 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?
8. 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.
9. 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.
10. 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: 3.64% ✓
• Cap rate: 29.68%
• Cash-on-cash: 83.52%
• DSCR: 4.72
• GRM: 2.3

CMA / ARV

• ARV (median comp): $340,285
• List price: $99,900
• Delta: -70.64%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 Cayuga Dr	0.18mi	4/2.0 (-1)	2,226 (+4%)	8mo	$155,000	$70	68
8727 Point Ave	0.24mi	5/2.0	2,410 (+13%)	17mo	$267,000	$111	48

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: 83.9%
• Equity multiple: 4.86×
• Total profit: $108,006
• Equity at exit: $14,895

10-year hold

• IRR: 87.2%
• Equity multiple: 10.10×
• Total profit: $254,520
• Equity at exit: $8,638

Cash invested: $27,972 (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 14304

• Active inventory: 144
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $3,634 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$359 /mo · $4,302/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$763
• Net cashflow: $1,947

Break-even live

Break-even rent $1,170

Max offer price $99,900

Occupancy floor 41%

Sensitivity live

Price	-10% $2,003	-5% $1,975	+0% $1,947	+5% $1,919	+10% $1,890
Rent	-10% $1,660	-5% $1,803	+0% $1,947	+5% $2,090	+10% $2,234
Rate	-1.0pp $1,997	-0.5pp $1,972	base $1,947	+0.5pp $1,921	+1.0pp $1,895

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

Units	Beds	Baths	Est. rent
1× unit	5	4	$1,613
▸ 2× units	1	1	$2,022
Total (3 units)			$3,634

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-05
   status Pending 792-char remark
2. 2026-04-26
   listed $99,900 Active 792-char remark

ⓘ 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: $4,302 · $359/mo
• Projected year-2 tax: $4,302 · $359/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 2/10 Low 7 d/yr ≥94°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,608
• − Mortgage interest: −$5,596
• − Property taxes: −$4,302
• − Insurance: −$500
• − Repairs & maintenance: −$3,489
• − Management: −$3,489
• − Depreciation: −$2,906
• Taxable income: $23,327
• Est. tax owed @ 24.0%: −$5,598
• After-tax cash flow: $17,764/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: Niagara Falls City School District
• NCES district ID: 3620820
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 34% ▲ 3.00%
• Median HH income: $32,488
• Composite: 24.5/100
• National rank: #7655
• State rank: #578 of 590 in NY

Livability — Niagara Falls

• Score: 60/100
• State rank: #956
• US rank: #18749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niagara Falls, NY
• County: Niagara County · 157,377 people
• City population: 62,983
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 29,208
• Household income: $66,660
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 698.0

Population outlook (Niagara County) Hauer SSP2

• Today (2025): 204,149 people
• By 2030: 197,900 · -3.1%
• By 2040: 182,239 · -10.7%
• By 2050: 165,198 · -19.1%
• By 2075: 129,416 · -36.6%
• By 2100: 96,222 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 4% Black 3% Asian 2%
• Common ancestry: Romanian 10% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Niagara

• 2024 margin: R (+14.9) · D 42.5% · R 57.5%
• 2008→2024 swing: -15.9pp toward R · 2008: 1.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+9.7 2016: R+19.0 2012: D+0.6 2008: D+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -231.77%
• Current HPI: 280.3295
• Rent YoY: —
• Metro: Buffalo-Cheektowaga, 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

2 events — show timeline

• 2026-05-05 Pending — WNYREIS
• 2026-04-26 Listed $99,900 WNYREIS

Property tax history

+8.9%/yr

Latest (2025): $4,302 · +18.2% YoY. Source: county tax records.