474 22nd St · Niagara Falls, NY 14303

$154,900

3 bd · 2.0 ba · 1,512 sqft · MultiFamily public records · 64 Days on market

Built 1940 3,920 sqft lot $102/sqft · 11% above area Est $139k · 11% over

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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
• Livability +3.0/5.0
• ARV discount +2.5/15.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Multi-family units

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

Listing remarks MLS

Turnkey, income-producing all-brick 2-unit in Niagara Falls generating strong cash flow from day one! This solid investment features a 2-bedroom, 1-bath unit currently rented for $1,200/month and a 1-bedroom, 1-bath unit rented for $950/month—bringing in $2,150/month ($25,800 annually) in gross rental income. Both units have been updated with newer flooring throughout, along with modernized kitchens and bathrooms, offering a clean, low-maintenance setup that attracts and retains quality tenants. The property also features updated electrical, adding another layer of value and peace of mind for the next owner. Current tenants are reliable, in place, and would love to stay—providing immediate stability and eliminating turnover risk. The all-brick exterior ensures long-term durability and reduced maintenance costs, making this a strong, efficient addition to any investment portfolio. With solid rents already in place and minimal capital improvements needed, this is a true plug-and-play asset delivering consistent cash flow from day one. Opportunities like this—stabilized, updated, and producing—don’t last.

Key facts

• Updated electrical
• Newer flooring
• Income producing

Tags

• INCOME PRODUCING
• UPDATED ELECTRICAL
• MODERNIZED KITCHENS
• MODERNIZED BATHROOMS
• NEWER FLOORING
• CLEAN LOW MAINTENANCE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $825 ($10k/yr) — positive. Per door: $413/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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: 74 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,532/mo this rent would consume 67% of the median local household income ($46k/yr) (locally 230% 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 $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.63% ✓
• Cap rate: 12.69%
• Cash-on-cash: 22.83%
• DSCR: 2.02
• GRM: 5.1

CMA / ARV

• ARV (median comp): $139,386
• List price: $154,900
• Delta: 11.13%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
443 21st St	0.07mi	3/2.0	1,428 (-6%)	10mo	$65,000	$46	79
614 20th St	0.25mi	4/2.0 (+1)	1,570 (+4%)	1mo	$100,000	$64	76
746 17th St	0.49mi	4/2.0 (+1)	1,475 (-2%)	1mo	$72,000	$49	68
420 18th St	0.24mi	4/2.5 (+1)	1,632 (+8%)	3mo	$115,000	$70	66
555 25th St	0.28mi	4/2.0 (+1)	1,619 (+7%)	7mo	$128,000	$79	65
1926 Welch Ave	0.21mi	3/2.0	1,690 (+12%)	13mo	$65,000	$38	60
2771 Livingston Ave	0.47mi	4/2.0 (+1)	1,408 (-7%)	7mo	$88,000	$63	56
1970 Whitney Ave	0.71mi	3/2.0	1,562 (+3%)	8mo	$122,000	$78	55
2738 Welch Ave	0.48mi	3/2.0	1,621 (+7%)	14mo	$141,110	$87	54
445 18th St	0.20mi	4/2.0 (+1)	1,320 (-13%)	15mo	$55,000	$42	52
1119 15th St	0.74mi	4/2.0 (+1)	1,496 (-1%)	15mo	$128,000	$86	46
1208 17th St	0.72mi	3/2.0	1,378 (-9%)	12mo	$92,500	$67	41

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: 15.8%
• Equity multiple: 1.64×
• Total profit: $27,564
• Equity at exit: $23,096

10-year hold

• IRR: 24.5%
• Equity multiple: 3.12×
• Total profit: $92,101
• Equity at exit: $13,393

Cash invested: $43,372 (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 14303

• Home prices YoY: -1.7%
• Active inventory: 74
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,532 high
• Mortgage (P&I): −$812
• Tax from tax record: −$298 /mo · $3,578/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $825

Break-even live

Break-even rent $1,487

Max offer price $154,900

Occupancy floor 62%

Sensitivity live

Price	-10% $913	-5% $869	+0% $825	+5% $781	+10% $738
Rent	-10% $625	-5% $725	+0% $825	+5% $925	+10% $1,025
Rate	-1.0pp $903	-0.5pp $865	base $825	+0.5pp $785	+1.0pp $744

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,532
Total (2 units)			$2,532

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 25th St Niagara Falls, NY	3.0	1.0	1101	$1,500	$1.36	44d	1	0.25mi
1780 Falls St Niagara Falls, NY	2.0	1.0	1100	$1,200	$1.09	44d	1	0.31mi
1427 Fort Ave Unit 2 Niagara Falls, NY	3.0	1.0	1058	$950	$0.90	44d	1	0.39mi
2420 Mackenna Ave Unit 1 Niagara Falls, NY	4.0	1.0	1300	$1,390	$1.07	2d	1	0.44mi
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	17d	1	0.50mi
1001 17th St Niagara Falls, NY	3.0	1.0	1152	$1,800	$1.56	24d	1	0.58mi
784 15th St Niagara Falls, NY	3.0	1.5	1380	$1,350	$0.98	4d	1	0.62mi
1808 Whitney Ave Unit 3 Niagara Falls, NY	2.0	1.0	1200	$900	$0.75	44d	1	0.71mi
724 Augustus Pl Niagara Falls, NY	4.0	1.0	1200	$1,500	$1.25	44d	1	0.90mi
642 Ashland Ave Niagara Falls, NY	3.0	1.0	1238	$1,100	$0.89	4d	1	1.21mi
1312 Ontario Ave Niagara Falls, NY	2.0	1.0	1956	$1,200	$0.61	44d	1	1.33mi

Listing history 39 events

1. 2026-06-18
   days on market $154,900 Active 64 DOM
2. 2026-06-17
   days on market $154,900 Active 63 DOM
3. 2026-06-16
   days on market $154,900 Active 62 DOM
4. 2026-06-15
   days on market $154,900 Active 61 DOM
5. 2026-06-13
   days on market $154,900 Active 59 DOM
6. 2026-06-13
   pricedays on market $154,900 Active 58 DOM
7. 2026-06-10
   days on market $159,900 Active 56 DOM
8. 2026-06-09
   days on market $159,900 Active 55 DOM
9. 2026-06-08
   days on market $159,900 Active 54 DOM
10. 2026-06-07
    days on market $159,900 Active 53 DOM
11. 2026-06-03
    days on market $159,900 Active 49 DOM
12. 2026-06-02
    days on market $159,900 Active 48 DOM
13. 2026-06-01
    days on market $159,900 Active 47 DOM
14. 2026-05-31
    days on market $159,900 Active 46 DOM
15. 2026-04-30
    price $159,900 1149-char remark

    Show marketing remark (1149 chars)

    Turnkey, income-producing all-brick 2-unit in Niagara Falls generating strong cash flow from day one! This solid investment features a 2-bedroom, 1-bath unit currently rented for $1,200/month and a 1-bedroom, 1-bath unit rented for $950/month—bringing in $2,150/month ($25,800 annually) in gross rental income. Both units have been updated with newer flooring throughout, along with modernized kitchens and bathrooms, offering a clean, low-maintenance setup that attracts and retains quality tenants. The property also features updated electrical, adding another layer of value and peace of mind for the next owner. Current tenants are reliable, in place, and would love to stay—providing immediate stability and eliminating turnover risk. The all-brick exterior ensures long-term durability and reduced maintenance costs, making this a strong, efficient addition to any investment portfolio. With solid rents already in place and minimal capital improvements needed, this is a true plug-and-play asset delivering consistent cash flow from day one. Opportunities like this—stabilized, updated, and producing—don’t last.

16. 2026-04-15
    listed $164,900 Active 1149-char remark

    Show marketing remark (1149 chars)

    Turnkey, income-producing all-brick 2-unit in Niagara Falls generating strong cash flow from day one! This solid investment features a 2-bedroom, 1-bath unit currently rented for $1,200/month and a 1-bedroom, 1-bath unit rented for $950/month—bringing in $2,150/month ($25,800 annually) in gross rental income. Both units have been updated with newer flooring throughout, along with modernized kitchens and bathrooms, offering a clean, low-maintenance setup that attracts and retains quality tenants. The property also features updated electrical, adding another layer of value and peace of mind for the next owner. Current tenants are reliable, in place, and would love to stay—providing immediate stability and eliminating turnover risk. The all-brick exterior ensures long-term durability and reduced maintenance costs, making this a strong, efficient addition to any investment portfolio. With solid rents already in place and minimal capital improvements needed, this is a true plug-and-play asset delivering consistent cash flow from day one. Opportunities like this—stabilized, updated, and producing—don’t last.

17. 2026-04-05
    historical
18. 2026-02-05
    price $175,000
19. 2026-01-08
    listed $180,000 Active
20. 2024-11-14
    status Pending
21. 2024-11-07
    soldstatus $145,000 Closed
22. 2024-09-01
    listed $155,000 Active
23. 2024-06-20
    historical
24. 2024-05-22
    price $161,000
25. 2024-04-19
    price $163,000
26. 2024-03-31
    listed $165,000 Active
27. 2024-03-18
    historical
28. 2023-10-24
    price $149,900
29. 2023-09-18
    listed $154,900 Active
30. 2023-02-09
    historical
31. 2022-11-22
    price $159,900
32. 2022-08-12
    listed $169,900 Active
33. 2019-05-24
    soldstatus $50,000 Closed Sale or Rented
34. 2019-05-20
    soldstatus $50,000
35. 2019-04-07
    status Under Contract- Do Not Show
36. 2019-04-02
    price $59,990
37. 2018-12-04
    listed $59,900 Active
38. 2015-02-19
    soldstatus $68,995
39. 2014-12-24
    soldstatus $41,000

ⓘ 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: $3,578 · $298/mo
• Projected year-2 tax: $3,578 · $298/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 · 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: $30,384
• − Mortgage interest: −$8,677
• − Property taxes: −$3,578
• − Insurance: −$774
• − Repairs & maintenance: −$2,431
• − Management: −$2,431
• − Depreciation: −$4,506
• Taxable income: $7,987
• Est. tax owed @ 24.0%: −$1,917
• After-tax cash flow: $7,986/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): 6,156
• Household income: $45,646
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 230.0

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 0.68)
• Race & ethnicity: White 53% Two or more races 18% Hispanic / Latino 15% Black 12% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 6%
• Common ancestry: Romanian 12% Lithuanian 2% Iranian 1%
• Foreign-born: 3%
• Languages at home: 93% English-only · Other Indo-European 3% Spanish 3% 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: ▼ -5.37%
• Current HPI: 311.8094
• 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

+290.0% since first listed

25 events — show timeline

• 2026-04-30 Price Changed $159,900 WNYREIS
• 2026-04-15 Listed $164,900 WNYREIS
• 2026-04-05 Listing Removed — WNYREIS
• 2026-02-05 Price Changed $175,000 WNYREIS
• 2026-01-08 Listed $180,000 WNYREIS
• 2024-11-14 Pending — WNYREIS
• 2024-11-07 Sold (MLS) $145,000 WNYREIS
• 2024-09-01 Listed $155,000 WNYREIS
• 2024-06-20 Listing Removed — WNYREIS
• 2024-05-22 Price Changed $161,000 WNYREIS
• 2024-04-19 Price Changed $163,000 WNYREIS
• 2024-03-31 Listed $165,000 WNYREIS
• 2024-03-18 Listing Removed — WNYREIS
• 2023-10-24 Price Changed $149,900 WNYREIS
• 2023-09-18 Listed $154,900 WNYREIS
• 2023-02-09 Listing Removed — WNYREIS
• 2022-11-22 Price Changed $159,900 WNYREIS
• 2022-08-12 Listed $169,900 WNYREIS
• 2019-05-24 Sold (MLS) $50,000 WNYREIS
• 2019-05-20 Sold (Public Records) $50,000 Public Records
• 2019-04-07 Pending — WNYREIS
• 2019-04-02 Price Changed $59,990 WNYREIS
• 2018-12-04 Listed $59,900 WNYREIS
• 2015-02-19 Sold (Public Records) $68,995 Public Records
• 2014-12-24 Sold (Public Records) $41,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $3,578 · +19.3% YoY. Source: county tax records.