10 E Pine St · Dunkirk, NY 14048

$78,000

4 bd · 2.0 ba · 1,533 sqft · MultiFamily public records · 49 Days on market

Built 1927 0.27 ac lot Est $94k · 17% under

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.5/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Close to Lake! Two-unit apartment house! 2 bedrooms each, nice yard and large garage around the block from the Lake! View from the upper back window!! Needs some TLC! See attached virtual tour!

Key facts

• Lake erie
• 0.27 acre lot
• 2 parking spots

Tags

• INVESTMENT OPPORTUNITY
• LAKE ERIE

Property features AI

Finance

• Financial info: Two-unit property with separate rental incomes (currently listed rents: $650 and $750); Owner pays water; rent includes water; Operating expense details referenced in remarks

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family property; Resale property; Frame construction
• Construction: Frame construction; Existing (previously built)
• Exterior features: Rectangular lot; Main thoroughfare frontage; Lot dimensions approximately 73 x 160

Interior

• Kitchen: Each unit includes an oven/range and refrigerator; Each unit has an eat-in kitchen
• Bedrooms: Two 2-bedroom units
• Flooring: Carpet; Hardwood; Vinyl; Varies
• Bathrooms: Each unit has one full bathroom (total 2 full bathrooms)
• Heating & cooling: Gas heating; Baseboard heat
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $78k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $76k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.1% vs local median 7.4% in Dunkirk — 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 70/100 on livability (#426 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Dunkirk City School District (town): math 30% / reading 34% proficiency, ranked #575 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 70 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($539 loan paydown + $4k appreciation (4.9% local appreciation)).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.
• Current owner paid $35k; list at $78k implies a 123% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,660 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.68% ✓
• Cap rate: 23.11%
• Cash-on-cash: 60.04%
• DSCR: 3.67
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $93,513
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 Swan St	0.75mi	3/2.0 (-1)	1,316 (-14%)	7mo	$80,000	$61	31
503 S Roberts Rd	0.69mi	4/2.0	1,760 (+15%)	20mo	$60,000	$34	26

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

Projected returns pro-forma

4.93% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 66.9%
• Equity multiple: 5.00×
• Total profit: $87,313
• Equity at exit: $43,874

10-year hold

• IRR: 64.8%
• Equity multiple: 10.34×
• Total profit: $204,016
• Equity at exit: $75,451

Cash invested: $21,840 (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 14048

• Home prices YoY: 1.5%
• Active inventory: 70
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,087 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$114 /mo · $1,373/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $1,093

Break-even live

Break-even rent $704

Max offer price $78,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,088
Total (2 units)			$2,087

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-30
   status Pending
2. 2026-04-06
   price $78,000
3. 2026-03-31
   status Active
4. 2026-03-31
   status Pending
5. 2026-03-12
   listed $79,000 Active
6. 2020-06-22
   soldstatus $35,000 Closed Sale or Rented 196-char remark

   Show marketing remark (196 chars)

   Close to Lake! Two-unit apartment house! 2 bedrooms each, nice yard and large garage around the block from the Lake! View from the upper back window!! Needs some TLC! See attached virtual tour!

7. 2020-06-18
   soldstatus $34,000
8. 2020-05-21
   status Pending Sale 196-char remark

   Show marketing remark (196 chars)

   Close to Lake! Two-unit apartment house! 2 bedrooms each, nice yard and large garage around the block from the Lake! View from the upper back window!! Needs some TLC! See attached virtual tour!

9. 2020-05-07
   listed $50,000 Active 196-char remark

   Show marketing remark (196 chars)

   Close to Lake! Two-unit apartment house! 2 bedrooms each, nice yard and large garage around the block from the Lake! View from the upper back window!! Needs some TLC! See attached virtual tour!

ⓘ 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: $1,373 · $114/mo
• Projected year-2 tax: $1,373 · $114/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 6/10 Major FEMA zone X · 72% 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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,044
• − Mortgage interest: −$4,369
• − Property taxes: −$1,373
• − Insurance: −$390
• − Repairs & maintenance: −$2,004
• − Management: −$2,004
• − Depreciation: −$2,269
• Taxable income: $12,636
• Est. tax owed @ 24.0%: −$3,033
• After-tax cash flow: $10,081/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: Dunkirk City School District
• NCES district ID: 3609420
• Math proficiency: 30% ▼ -11.00%
• Reading proficiency: 34% ▬ 0.00%
• Median HH income: $36,345
• Composite: 26.55/100
• National rank: #7190
• State rank: #575 of 590 in NY

Livability — Dunkirk

• Score: 70/100
• State rank: #426
• US rank: #7421

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunkirk, NY
• City population: 14,949
• Population (ZIP): 14,949

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (63%)
• Race & ethnicity: White 63% Hispanic / Latino 30% Two or more races 12% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 25% Dominican 1%
• Common ancestry: Romanian 20% Lithuanian 3% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 80% English-only · Spanish 18% Other Indo-European 1%

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: ▲ 4.93%
• Current HPI: 325.9188
• Rent YoY: —
• Metro: —
• 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

+56.0% since first listed

9 events — show timeline

• 2026-04-30 Pending — WNYREIS
• 2026-04-06 Price Changed $78,000 WNYREIS
• 2026-03-31 Relisted — WNYREIS
• 2026-03-31 Pending — WNYREIS
• 2026-03-12 Listed $79,000 WNYREIS
• 2020-06-22 Sold (MLS) $35,000 UNYREIS
• 2020-06-18 Sold (Public Records) $34,000 Public Records
• 2020-05-21 Pending — UNYREIS
• 2020-05-07 Listed $50,000 UNYREIS

Property tax history

-0.6%/yr

Latest (2025): $1,373 · +3.3% YoY. Source: county tax records.