806 Cleveland Dr · Cheektowaga, NY 14225

$597,500

8 bd · 4.0 ba · 5,040 sqft · MultiFamily public records · 1 Days on market

Built 1930 0.29 ac lot Est $549k · 9% over ↓ 15% since listing

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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 +23.0/30.0
• DSCR +7.4/10.0
• 1% rule +6.1/10.0
• Livability +4.2/5.0
• Schools +3.8/10.0
• ARV discount +3.6/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

BACK ON THE MARKET! Rare opportunity to own an impeccably maintained, income producing 4-unit brick colonial ideally located near I-90, Snyder, and Williamsville. Located within the sought-after Cleveland Hill School District. This meticulously maintained property offers four spacious 2-bedroom, 1-bathroom units, each featuring a formal dining room, large living room, and two private entrances. The units are bright, clean, and updated to varying modern finishes, perfect for attracting quality tenants or accommodating owner-occupancy. The property boasts extensive updates throughout, reflecting pride of ownership. Tenants enjoy access to off-street parking, four individual garages, a large s

Key facts

• Formal dining room
• Private entrances
• Large living room

Tags

• BRICK COLONIAL
• CLEVELAND HILL SCHOOL DISTRICT
• FORMAL DINING ROOM
• LARGE LIVING ROOM
• PRIVATE ENTRANCES
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $598k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $598k).
• Cap rate 8.4% vs local median 3.8% in Cheektowaga — 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 84/100 on livability (#54 in NY, #811 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-.
• Cleveland Hill Union Free School District (urban): math 42% / reading 46% proficiency, ranked #468 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 207 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $6,657/mo this rent would consume 119% of the median local household income ($67k/yr) (locally 991% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts 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 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $597,500

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.11% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.59%
• DSCR: 1.34
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $549,360
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
806 Cleveland Dr	0.00mi	8/4.0	5,040 (0%)	0mo	$550,000	$109	100
660 Cleveland Dr	0.28mi	8/4.0	5,676 (+13%)	9mo	$504,000	$89	58

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: -4.7%
• Equity multiple: 0.82×
• Total profit: $-29,310
• Equity at exit: $89,089

10-year hold

• IRR: 5.0%
• Equity multiple: 1.37×
• Total profit: $61,810
• Equity at exit: $51,661

Cash invested: $167,300 (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 14225

• Home prices YoY: -27.3%
• Active inventory: 207
• Price-to-rent: 29.9×

Monthly cashflow live

• Estimated rent: $6,657 high
• Mortgage (P&I): −$3,133
• Tax from tax record: −$819 /mo · $9,828/yr
• Insurance: −$249
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,398
• Net cashflow: $1,058

Break-even live

Break-even rent $5,318

Max offer price $597,500

Occupancy floor 79%

Sensitivity live

Price	-10% $1,396	-5% $1,227	+0% $1,058	+5% $889	+10% $719
Rent	-10% $532	-5% $795	+0% $1,058	+5% $1,321	+10% $1,584
Rate	-1.0pp $1,359	-0.5pp $1,210	base $1,058	+0.5pp $903	+1.0pp $745

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,656
Total (4 units)			$6,657

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: $149,375
• Closing costs: $17,925
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-02-26
   status Pending
2. 2026-02-24
   listed $597,500 Active
3. 2026-02-23
   historical
4. 2026-01-13
   status Active
5. 2025-12-08
   status Pending
6. 2025-10-27
   listed $597,500 Active
7. 2025-10-14
   historical
8. 2025-08-22
   price $624,900
9. 2025-08-05
   price $674,900
10. 2025-07-14
    listed $699,900 Active

ⓘ 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: $9,828 · $819/mo
• Projected year-2 tax: $9,963 · $830/mo
• Expected delta: +$135/yr (+$11/mo · 1.4%)

ⓘ 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 ≥92°F today · 15 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: $79,884
• − Mortgage interest: −$33,469
• − Property taxes: −$9,828
• − Insurance: −$2,988
• − Repairs & maintenance: −$6,391
• − Management: −$6,391
• − Depreciation: −$17,382
• Taxable income: $3,436
• Est. tax owed @ 24.0%: −$825
• After-tax cash flow: $11,868/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: Cleveland Hill Union Free School District
• NCES district ID: 3607680
• Math proficiency: 42% ▼ -15.00%
• Reading proficiency: 46% ▼ -9.00%
• Median HH income: $50,785
• Composite: 37.87/100
• National rank: #4323
• State rank: #468 of 590 in NY

Livability — Cheektowaga

• Score: 84/100
• State rank: #54
• US rank: #811

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheektowaga, NY
• County: Erie County · 714,559 people
• City population: 55,470
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 33,620
• Household income: $67,237
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 991.0

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 (74%)
• Race & ethnicity: White 74% Black 13% Two or more races 7% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 21% Lithuanian 3% Iranian 1%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Other Indo-European 2% Spanish 2% Arabic 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: ▼ -120.26%
• Current HPI: 320.6248
• 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

-14.6% since first listed

10 events — show timeline

• 2026-02-26 Pending — WNYREIS
• 2026-02-24 Listed $597,500 WNYREIS
• 2026-02-23 Listing Removed — WNYREIS
• 2026-01-13 Relisted — WNYREIS
• 2025-12-08 Pending — WNYREIS
• 2025-10-27 Listed $597,500 WNYREIS
• 2025-10-14 Listing Removed — WNYREIS
• 2025-08-22 Price Changed $624,900 WNYREIS
• 2025-08-05 Price Changed $674,900 WNYREIS
• 2025-07-14 Listed $699,900 WNYREIS

Property tax history

+3.6%/yr

Latest (2025): $9,828 · +0.9% YoY. Source: county tax records.