1825 Pierce Ave #2 · Niagara Falls, NY 14301

$149,999

6 bd · 2.0 ba · 2,288 sqft · MultiFamily · 197 Days on market

Built 1900 Fair condition 4,455 sqft lot $66/sqft · at area comps Est $150k · at est.

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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
• Appreciation +10.0/10.0
• ARV discount +7.6/15.0
• Rent growth +4.7/5.0
• Livability +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Exceptional investment opportunity located just minutes from Niagara Falls. This well-maintained duplex offers strong potential for cash flow, featuring two spacious units — each with 3 bedrooms, 1 full bathroom, and a private balcony. Additional highlights include a finished attic that offers extra usable space, a full basement, and a detached 2-car garage for ample storage. With a solid roof and sound structure, this property is ideally suited for investors or owner-occupants seeking a dependable asset. A property you won’t want to miss.

Key facts

• Finished attic
• Private balcony
• Full basement

Tags

• WELL MAINTAINED DUPLEX
• PRIVATE BALCONY
• FINISHED ATTIC
• FULL BASEMENT
• DETACHED 2 CAR GARAGE
• SOLID ROOF

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $988 ($12k/yr) — positive. Per door: $494/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 7.7% 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: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,563/mo this rent would consume 89% of the median local household income ($35k/yr) (locally 954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $131,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — 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 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?
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: 1.71% ✓
• Cap rate: 14.20%
• Cash-on-cash: 28.23%
• DSCR: 2.26
• GRM: 4.9

CMA / ARV

• ARV (median comp): $150,214
• List price: $149,999
• Delta: -0.14%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2225 Whitney Ave	0.18mi	6/2.0	2,200 (-4%)	3mo	$125,000	$57	83
2401 Whitney Ave	0.26mi	6/2.0	2,168 (-5%)	2mo	$40,000	$18	77
1145 Willow Ave	0.46mi	6/2.0	2,304 (+1%)	3mo	$53,300	$23	75
1635 South Ave	0.33mi	5/2.0 (-1)	2,208 (-4%)	2mo	$85,000	$38	72
1813 South Ave	0.30mi	6/2.0	2,436 (+6%)	6mo	$137,940	$57	70
2460 Grand Ave	0.51mi	6/2.0	2,162 (-6%)	0mo	$175,000	$81	67
1023 15th St	0.32mi	5/4.0 (-1)	2,304 (+1%)	5mo	$190,000	$82	67
1882 Niagara Ave	0.45mi	5/2.5 (-1)	2,527 (+10%)	0mo	$155,000	$61	54
1811 Weston Ave	0.24mi	5/3.0 (-1)	1,998 (-13%)	6mo	$140,000	$70	53
2219 Walnut Ave	0.59mi	6/3.0	2,023 (-12%)	4mo	$62,500	$31	46
1113 Whitney Ave	0.54mi	7/3.0 (+1)	2,504 (+9%)	8mo	$48,000	$19	43
626 23rd St	0.53mi	5/3.0 (-1)	2,600 (+14%)	6mo	$125,000	$48	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 48.7%
• Equity multiple: 4.77×
• Total profit: $158,213
• Equity at exit: $135,131

10-year hold

• IRR: 44.6%
• Equity multiple: 11.72×
• Total profit: $450,052
• Equity at exit: $291,415

Cash invested: $42,000 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,563 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$187 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $988

Break-even live

Break-even rent $1,312

Max offer price $149,999

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,564
Total (2 units)			$2,563

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $149,999 Active 197 DOM
2. 2026-06-17
   days on market $149,999 Active 196 DOM
3. 2026-06-16
   days on market $149,999 Active 195 DOM
4. 2026-06-15
   days on market $149,999 Active 194 DOM
5. 2026-06-13
   days on market $149,999 Active 192 DOM
6. 2026-06-13
   days on market $149,999 Active 191 DOM
7. 2026-06-10
   days on market $149,999 Active 189 DOM
8. 2026-06-09
   days on market $149,999 Active 188 DOM
9. 2026-06-08
   days on market $149,999 Active 187 DOM
10. 2026-06-07
    days on market $149,999 Active 186 DOM
11. 2026-06-03
    days on market $149,999 Active 182 DOM
12. 2026-06-02
    days on market $149,999 Active 181 DOM
13. 2026-06-01
    days on market $149,999 Active 180 DOM
14. 2026-05-31
    days on market $149,999 Active 179 DOM
15. 2025-12-03
    listed $149,999 Active 557-char remark

    Show marketing remark (557 chars)

    Exceptional investment opportunity located just minutes from Niagara Falls. This well-maintained duplex offers strong potential for cash flow, featuring two spacious units — each with 3 bedrooms, 1 full bathroom, and a private balcony. Additional highlights include a finished attic that offers extra usable space, a full basement, and a detached 2-car garage for ample storage. With a solid roof and sound structure, this property is ideally suited for investors or owner-occupants seeking a dependable asset. A property you won’t want to miss.

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

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 · 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: $30,756
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$2,460
• − Management: −$2,460
• − Depreciation: −$4,364
• Taxable income: $10,069
• Est. tax owed @ 24.0%: −$2,417
• After-tax cash flow: $9,441/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 · 1 photo

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations, including exterior painting, landscaping, and flooring updates, to improve its curb appeal and property value.

Repairs flagged

• Major exterior paint — Peeling paint
• Major landscaping — Overgrown vegetation
• Major flooring — Worn and uneven surfaces
• Major interior walls/paint — Painted walls with visible wear

Value-add opportunities

• Both exterior paint — Enhances curb appeal and property value
• Both landscaping — Improves curb appeal and property value
• Both flooring — Enhances interior aesthetics and property value
• Both interior paint — Enhances interior aesthetics and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Peeling paint	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
flooring · Worn and uneven surfaces	Major	$15,000–50,000
interior walls/paint · Painted walls with visible wear	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior paint — Enhances curb appeal and property value ↑
• Both landscaping — Improves curb appeal and property value ↑
• Both flooring — Enhances interior aesthetics and property value ↑
• Both interior paint — Enhances interior aesthetics and property value ↑

ⓘ 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: 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): 10,923
• Household income: $34,549
• Rent vs Own: 54.1% rent · 45.9% own
• Severe rent burden: 954.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China, Dominican Republic
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 3% Chinese 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: ▲ 15.41%
• Current HPI: 266.1457
• Rent YoY: ▲ 8.79%
• 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

1 event — show timeline

• 2025-12-03 Listed $149,999 WNYREIS