207-221 Washburn St · Lockport, NY 14094

$199,900

4 bd · 2.0 ba · 6,718 sqft · MultiFamily · 84 Days on market

Built 1900 Poor condition 3,920 sqft lot Est $296k · 32% under ↓ 33% since listing

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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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +1.0/5.0
• 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

This historic property yearns for a fresh tomorrow. Kitty-corner to the Harrison Lofts, it is perfectly located to join Lockport's renaissance. Two businesses and two apartments could create a live/work situation as well as added income. Depending on how the space is divided, there could be a third business facing Elmwood Ave. Property being sold "AS IS". No repairs will be made due to inspection, or appraisal. The butcher and grocery may not be here anymore. Now you will get to write the future.

Key facts

• 3,920 sq ft lot
• 2 parking spots
• Built 1900

Property features AI

Finance

• Other: Two total units with separate meters (4 separate gas meters, 4 separate electric meters); Both units currently renting for $800 each
• Financial info: Owner pays trash collection and water; Operating expenses include trash and water

Exterior

• Parking: Parking available with two or more spaces
• Utilities: Public water connected; Sewer connected; Electric service with circuit breakers and fuses
• Home design: Two-story multi-family building; Existing/resale condition; Entry levels vary
• Construction: Frame construction with vinyl siding; Asphalt roof; Stone foundation; Copper and PEX plumbing
• Exterior features: Balcony; Rectangular lot (approximately 49 x 80)

Interior

• Kitchen: Eat-in kitchens; Dining area integrated with living room in one unit
• Bedrooms: Two 2-bedroom units
• Flooring: Carpet; Laminate; Vinyl; Varies
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Heating present; Electric and gas heating; Forced air; Space heater; Wall furnace
• Interior features: Full basement; Varied flooring (carpet, laminate, vinyl)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $200k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 4.5% in Lockport — 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 76/100 on livability (#232 in NY, #3,669 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute D+, crime F, employment D-.
• Lockport City School District (town): math 44% / reading 49% proficiency, ranked #452 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 357 active listings in the ZIP; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 3.7% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.22% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.79%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $295,592
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 Washburn St	0.20mi	5/— (+1)	5,896 (-12%)	16mo	$260,000	$44	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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.08×
• Total profit: $4,339
• Equity at exit: $29,806

10-year hold

• IRR: 12.3%
• Equity multiple: 2.00×
• Total profit: $55,944
• Equity at exit: $17,284

Cash invested: $55,972 (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 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $2,445 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $550

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,444
Total (2 units)			$2,445

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $199,900 Active 84 DOM
2. 2026-06-17
   days on market $199,900 Active 83 DOM
3. 2026-06-16
   days on market $199,900 Active 82 DOM
4. 2026-06-15
   days on market $199,900 Active 81 DOM
5. 2026-06-13
   days on market $199,900 Active 79 DOM
6. 2026-06-13
   days on market $199,900 Active 78 DOM
7. 2026-06-10
   days on market $199,900 Active 76 DOM
8. 2026-06-09
   days on market $199,900 Active 75 DOM
9. 2026-06-08
   days on market $199,900 Active 74 DOM
10. 2026-06-07
    days on market $199,900 Active 73 DOM
11. 2026-06-05
    days on market $199,900 Active 70 DOM
12. 2026-06-03
    days on market $199,900 Active 69 DOM
13. 2026-06-02
    days on market $199,900 Active 68 DOM
14. 2026-06-01
    days on market $199,900 Active 67 DOM
15. 2026-05-31
    days on market $199,900 Active 66 DOM
16. 2026-03-26
    listed $199,900 Active
17. 2023-12-12
    historical
18. 2023-07-10
    price $199,000
19. 2023-05-23
    price $249,900
20. 2023-05-10
    listed $299,900 Active

ⓘ 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: $29,340
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,347
• − Management: −$2,347
• − Depreciation: −$5,815
• Taxable income: $3,635
• Est. tax owed @ 24.0%: −$872
• After-tax cash flow: $5,729/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.

Condition & rehab AI · 13 photos

Poor 20/100 Extensive rehab

This historic property requires extensive repairs and updates to become move-in ready. Significant investment is needed to improve the kitchen, bathrooms, roof, exterior, HVAC, and landscaping.

Repairs flagged

• Major Kitchen cabinets — Severe wear and tear, likely unsafe and in need of replacement
• Major Bathroom fixtures — Basic fixtures, no updates, likely in need of replacement
• Major Roof — Large roof footprint, potential issues not visible, likely in need of replacement
• Major Exterior siding — Peeling paint and worn siding, likely in need of replacement
• Major Flooring — Worn and outdated flooring, likely in need of replacement
• Major HVAC unit — Older unit, likely in need of replacement or repair

Value-add opportunities

• Resale New kitchen cabinets and flooring — Fresh, modern kitchen will attract more buyers
• Resale New bathroom fixtures and flooring — Modern bathroom will attract more buyers
• Resale New roof and siding — Fresh exterior will attract more buyers
• Both HVAC replacement — Modern HVAC will improve comfort and energy efficiency
• Both Landscaping and curb appeal — Fresh landscaping will improve curb appeal and attract more tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Severe wear and tear, likely unsafe and in need of replacement	Major	$15,000–50,000
Bathroom fixtures · Basic fixtures, no updates, likely in need of replacement	Major	$15,000–50,000
Roof · Large roof footprint, potential issues not visible, likely in need of replacement	Major	$15,000–50,000
Exterior siding · Peeling paint and worn siding, likely in need of replacement	Major	$15,000–50,000
Flooring · Worn and outdated flooring, likely in need of replacement	Major	$15,000–50,000
HVAC unit · Older unit, likely in need of replacement or repair	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Resale New kitchen cabinets and flooring — Fresh, modern kitchen will attract more buyers ↑
• Resale New bathroom fixtures and flooring — Modern bathroom will attract more buyers ↑
• Resale New roof and siding — Fresh exterior will attract more buyers ↑
• Both HVAC replacement — Modern HVAC will improve comfort and energy efficiency ↑
• Both Landscaping and curb appeal — Fresh landscaping will improve curb appeal and attract more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lockport City School District
• NCES district ID: 3617670
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $43,793
• Composite: 39.28/100
• National rank: #3997
• State rank: #452 of 590 in NY

Livability — Lockport

• Score: 76/100
• State rank: #232
• US rank: #3669

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockport, NY
• County: Niagara County · 157,377 people
• City population: 50,153
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 50,153
• Household income: $75,427
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 1112.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -262.57%
• Current HPI: 303.6109
• Rent YoY: ▲ 3.67%
• 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

-33.3% since first listed

5 events — show timeline

• 2026-03-26 Listed $199,900 WNYREIS
• 2023-12-12 Listing Removed — WNYREIS
• 2023-07-10 Price Changed $199,000 WNYREIS
• 2023-05-23 Price Changed $249,900 WNYREIS
• 2023-05-10 Listed $299,900 WNYREIS