18 Cleveland Ave · Fredonia, NY 14063

$249,900

3 bd · 3.0 ba · 3,080 sqft · MultiFamily public records · 109 Days on market

Built 1897 Fair condition 4,800 sqft lot 1-car garage $81/sqft · 31% below area Est $362k · 31% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Schools +5.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this impeccably maintained three-family home, featuring two spacious three-bedroom apartments and one charming two-bedroom apartment. Situated in a quiet and desirable neighborhood, this property is a standout investment opportunity. With long-term tenants in place who are interested in staying, you'll enjoy immediate and reliable rental income. The home has been meticulously cared for and requires no additional work, having undergone numerous updates that ensure it remains in top condition. Not currently designated as student housing, fostering a stable tenant base. The property is mechanically sound, providing peace of mind for any investor, and includes the added convenience of off-street parking. This income-producing property offers a hassle-free investment in a prime location. Don’t miss your chance to own this exceptional home—schedule your viewing today! Seller also has listed 65 Cleveland Ave and 141 Prospect St - make a deal on all three!

Key facts

• Off street parking
• Income producing
• Laundry hook ups

Tags

• WELL MAINTAINED
• LAUNDRY HOOK UPS
• OFF STREET PARKING
• INCOME PRODUCING

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×3bd/1ba units multifamily listed at $250k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $376/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $227k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.6% in Fredonia — 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 81/100 on livability (#95 in NY, #1,446 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A; Watch: amenities C-, employment C-, crime F.
• Fredonia Central School District (town): math 55% / reading 46% proficiency, ranked #376 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fredonia Elementary School (math 32% / reading 52%, grade F, #1,361 of 2,108 statewide, top 67%, 398 students, 49% FRL); Fredonia Middle School (math 48% / reading 41%, grade D, #348 of 729 statewide, top 50%, 426 students, 43% FRL); Fredonia High School (math 98% / reading 75%, grade A, #342 of 1,100 statewide, top 31%, 463 students, 38% FRL) — zoned schools average 43% FRL vs 28% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 146 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $7k 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 $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $227,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-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?
9. 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?
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 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: 1.49% ✓
• Cap rate: 11.71%
• Cash-on-cash: 19.36%
• DSCR: 1.86
• GRM: 5.6

CMA / ARV

• ARV (median comp): $362,359
• List price: $249,900
• Delta: -31.04%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
274 Liberty St	0.84mi	4/2.5 (+1)	2,952 (-4%)	0mo	$330,000	$112	51
160 Temple St	0.65mi	4/3.0 (+1)	2,976 (-3%)	11mo	$392,000	$132	50
31 Liberty St	0.41mi	3/2.0	2,459 (-20%)	8mo	$270,000	$110	46
15 Reese Pkwy	1.28mi	4/3.5 (+1)	3,034 (-2%)	17mo	$400,000	$132	42
123 Central Ave Ave	0.51mi	3/2.5	2,592 (-16%)	11mo	$360,000	$139	40
32 White St	0.25mi	4/1.5 (+1)	2,350 (-24%)	14mo	$150,000	$64	40
285 Porter Rd	1.44mi	3/3.5	3,658 (+19%)	14mo	$510,000	$139	26
297 Central Ave	0.90mi	4/2.5 (+1)	2,518 (-18%)	8mo	$254,500	$101	26
145 Howard St	1.03mi	3/1.5	2,360 (-23%)	10mo	$235,000	$100	25
284 E Main St	0.52mi	4/1.5 (+1)	2,504 (-19%)	32mo	$325,000	$130	20
403 E Main St	0.85mi	4/3.0 (+1)	2,576 (-16%)	22mo	$275,000	$107	17
6 Birchwood Dr	0.91mi	4/2.5 (+1)	2,348 (-24%)	23mo	$258,000	$110	14

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: 11.4%
• Equity multiple: 1.45×
• Total profit: $31,514
• Equity at exit: $37,261

10-year hold

• IRR: 20.4%
• Equity multiple: 2.72×
• Total profit: $120,471
• Equity at exit: $21,607

Cash invested: $69,972 (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 14063

• Home prices YoY: -23.6%
• Active inventory: 146
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $3,727 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$401 /mo · $4,810/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$783
• Net cashflow: $1,129

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,484
1× unit	3	1	$1,242
Total (3 units)			$3,727

Break-even live

Break-even rent $2,298

Max offer price $249,900

Occupancy floor 65%

Sensitivity live

Price	-10% $1,270	-5% $1,200	+0% $1,129	+5% $1,058	+10% $987
Rent	-10% $834	-5% $982	+0% $1,129	+5% $1,276	+10% $1,423
Rate	-1.0pp $1,255	-0.5pp $1,192	base $1,129	+0.5pp $1,064	+1.0pp $998

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: $62,475
• Closing costs: $7,497
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 E Main St Fredonia, NY	2.0	1.0	—	$3,200	—	2d	1	0.33mi
5 E Main St Fredonia, NY	3.0	1.0	—	$3,200	—	139d	1	0.33mi
30 Water St Unit 101 Fredonia, NY	2.0	1.0	—	$1,195	—	2d	1	0.34mi
51 Sahle Pl Fredonia, NY	1.0	1.0	679	$900	$1.33	2d	1	0.39mi
2325 Center St Fredonia, NY	3.0	1.0	—	$3,200	—	2d	1	0.44mi
188 W Main St Fredonia, NY	2.0	1.0	1000	$1,400	$1.40	139d	1	0.78mi
70 Greco Ln Dunkirk, NY	2.0	1.0	1079	$980	$0.91	2d	1	1.27mi
100 Brigham Rd Fredonia, NY	2.0	1.0	—	$1,100	—	2d	1	1.41mi

Property features AI

Finance

• Other: Operating expenses may include electric, fuel, professional management, and water/sewer (multi-unit)
• Financial info: Owner pays all utilities (rental info)Rent includes all utilities (rental info)

Exterior

• Parking: Paved parking with two or more spaces1-car garage
• Utilities: Public water connectedSewer connected
• Home design: 2-story propertyResale conditionWood siding construction
• Construction: Wood sidingExisting (previously built)
• Exterior features: Irregular residential lot80 x 60 lot dimensionsCity street frontageLot area approximately 0.11 acres

Interior

• Flooring: HardwoodTileVaries
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas heatingBaseboard heatingHot water heatingRadiator heating
• Interior features: Hardwood and tile flooring; flooring varies by roomCrawl space basement
• Laundry & utility: Gas water heater

Listing history 50 events

1. 2026-09-05
   days on market $249,900 Active 109 DOM
2. 2026-09-04
   days on market $249,900 Active 108 DOM
3. 2026-09-03
   days on market $249,900 Active 107 DOM
4. 2026-09-02
   days on market $249,900 Active 106 DOM
5. 2026-08-30
   days on market $249,900 Active 103 DOM
6. 2026-08-29
   days on market $249,900 Active 102 DOM
7. 2026-08-28
   days on market $249,900 Active 101 DOM
8. 2026-08-27
   days on market $249,900 Active 100 DOM
9. 2026-08-26
   days on market $249,900 Active 99 DOM
10. 2026-08-25
    days on market $249,900 Active 98 DOM
11. 2026-08-24
    days on market $249,900 Active 97 DOM
12. 2026-08-23
    days on market $249,900 Active 96 DOM
13. 2026-08-22
    days on market $249,900 Active 95 DOM
14. 2026-08-21
    days on market $249,900 Active 94 DOM
15. 2026-08-20
    days on market $249,900 Active 93 DOM
16. 2026-08-19
    days on market $249,900 Active 92 DOM
17. 2026-08-18
    days on market $249,900 Active 91 DOM
18. 2026-08-17
    days on market $249,900 Active 90 DOM
19. 2026-08-16
    days on market $249,900 Active 89 DOM
20. 2026-08-15
    days on market $249,900 Active 88 DOM
21. 2026-08-14
    days on market $249,900 Active 87 DOM
22. 2026-08-13
    days on market $249,900 Active 86 DOM
23. 2026-08-12
    days on market $249,900 Active 85 DOM
24. 2026-08-11
    days on market $249,900 Active 84 DOM
25. 2026-08-10
    days on market $249,900 Active 83 DOM
26. 2026-08-09
    days on market $249,900 Active 82 DOM
27. 2026-08-08
    days on market $249,900 Active 81 DOM
28. 2026-08-07
    days on market $249,900 Active 80 DOM
29. 2026-08-06
    days on market $249,900 Active 79 DOM
30. 2026-08-05
    days on market $249,900 Active 78 DOM
31. 2026-08-04
    days on market $249,900 Active 77 DOM
32. 2026-08-03
    days on market $249,900 Active 76 DOM
33. 2026-07-31
    days on market $249,900 Active 73 DOM
34. 2026-07-29
    days on market $249,900 Active 71 DOM
35. 2026-07-27
    days on market $249,900 Active 69 DOM
36. 2026-07-25
    days on market $249,900 Active 67 DOM
37. 2026-07-24
    days on market $249,900 Active 66 DOM
38. 2026-07-23
    days on market $249,900 Active 65 DOM
39. 2026-07-22
    days on market $249,900 Active 64 DOM
40. 2026-07-21
    days on market $249,900 Active 63 DOM
41. 2026-07-20
    days on market $249,900 Active 62 DOM
42. 2026-07-18
    days on market $249,900 Active 60 DOM
43. 2026-07-16
    days on market $249,900 Active 58 DOM
44. 2026-07-15
    days on market $249,900 Active 57 DOM
45. 2026-07-14
    days on market $249,900 Active 56 DOM
46. 2026-07-13
    days on market $249,900 Active 55 DOM
47. 2026-07-12
    days on market $249,900 Active 54 DOM
48. 2026-07-12
    days on market $249,900 Active 53 DOM
49. 2026-07-10
    days on market $249,900 Active 52 DOM
50. 2026-07-09
    days on market $249,900 Active 51 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: $4,810 · $401/mo
• Projected year-2 tax: $4,810 · $401/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 ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,724
• − Mortgage interest: −$13,998
• − Property taxes: −$4,810
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,578
• − Management: −$3,578
• − Depreciation: −$7,270
• Taxable income: $10,240
• Est. tax owed @ 24.0%: −$2,458
• After-tax cash flow: $11,089/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 · 3 photos

Fair 45/100 Moderate rehab Est. rehab $77,000–$138,600 screening

This three-unit property requires moderate repairs and maintenance, including painting and landscaping, to improve its curb appeal and overall value.

Repairs flagged

• Minor Painting — Siding appears weathered
• Minor Landscaping — Overgrown vegetation

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and property value ↑
• Both Landscaping — Improves curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Fredonia Elementary School F NY #1,361/2,108 Nat'l #17,861/41,679 Middle Fredonia Middle School D NY #348/729 Nat'l #4,747/14,009 High Fredonia High School A NY #342/1,100 Nat'l #642/17,239

Schools (NCES district)

• District: Fredonia Central School District
• NCES district ID: 3611520
• Math proficiency: 55% ▼ -8.00%
• Reading proficiency: 46% ▼ -8.00%
• Median HH income: $48,491
• Composite: 43.1/100
• National rank: #3086
• State rank: #376 of 590 in NY

A Composite livability gradescore 81/100

Livability — Fredonia

• Score: 81/100
• State rank: #95
• US rank: #1446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fredonia, NY
• County: Chautauqua · 123,454 people
• Population (ZIP): 12,722
• Household income: $55,629
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 12% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 14% Italian 3% Iranian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% Other Indo-European 1%

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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: ▼ -78.55%
• Current HPI: 253.5334
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Finance

• Other: Operating expenses may include electric, fuel, professional management, and water/sewer (multi-unit)
• Financial info: Owner pays all utilities (rental info)Rent includes all utilities (rental info)

Exterior

• Parking: Paved parking with two or more spaces1-car garage
• Utilities: Public water connectedSewer connected
• Home design: 2-story propertyResale conditionWood siding construction
• Construction: Wood sidingExisting (previously built)
• Exterior features: Irregular residential lot80 x 60 lot dimensionsCity street frontageLot area approximately 0.11 acres

Interior

• Flooring: HardwoodTileVaries
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas heatingBaseboard heatingHot water heatingRadiator heating
• Interior features: Hardwood and tile flooring; flooring varies by roomCrawl space basement
• Laundry & utility: Gas water heater

Price history

+220.4% since first listed

12 events — show timeline

• 2026-05-19 Listed $249,900 UNYREIS
• 2024-09-11 Sold (Public Records) $225,000 Public Records
• 2024-09-09 Sold (MLS) $225,000 UNYREIS
• 2024-07-11 Pending — UNYREIS
• 2024-06-17 Contingent — UNYREIS
• 2024-06-07 Listed $229,000 UNYREIS
• 2019-07-02 Listing Removed — UNYREIS
• 2019-01-02 Listed $199,000 UNYREIS
• 2012-09-11 Sold (Public Records) $135,000 Public Records
• 2012-09-11 Sold (MLS) $134,500 UNYREIS
• 2012-07-11 Listed $139,900 UNYREIS
• 1995-03-01 Sold (Public Records) $78,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $4,810 · +11.2% YoY. Source: county tax records.