203 Lou Ann Dr · Cheektowaga, NY 14043

$219,900

2 bd · 1.0 ba · 1,006 sqft · SingleFamily public records · 8 Days on market

Built 1964 6,098 sqft lot $219/sqft · 23% below area Est $284k · 23% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +7.6/30.0
• Schools +5.2/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

If you have vision and are a little handy then this may be the house for you! Two bdrm ranch with large living rm and large kitchen! Needs your TLC. Great yard with two sheds and a closed in patio off the garage! Nice street and close to shopping!

Key facts

• Attached garage
• Remodeled kitchen
• Full basement

Tags

• REMODELED KITCHEN
• ATTACHED GARAGE
• 3-SEASON ROOM
• FULLY FENCED BACKYARD
• FULL BASEMENT
• BOILER BASEBOARD HEAT

Property features AI

Exterior

• Parking: Attached garage with electricity (1 car)
• Utilities: Public water (connected); Sewer connected; Electric with circuit breakers
• Home design: Single-story house; Existing construction
• Construction: Brick and vinyl siding exterior; Asphalt roof; Poured foundation; Built (existing)
• Exterior features: Concrete driveway; Fully fenced yard; Rectangular residential lot; City street frontage

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Refrigerator
• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Luxury vinyl; Varied flooring
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Gas heating; Baseboard heating; Central air conditioning
• Interior features: Eat-in kitchen; Separate/formal living room; Main-level primary bedroom; Sunroom / Florida room; Full basement
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-261 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (21.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (23.0% below list).
• Recommended offer: $169k (23.0% below list) — sets the bar for 1% rule.
• Cap rate 4.9% vs local median 3.8% in Cheektowaga — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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-.
• Lancaster Central School District (suburban): math 57% / reading 61% proficiency, ranked #234 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Lancaster High School (math 97% / reading 92%, grade A+, #117 of 1,100 statewide, top 11%, 1,652 students, 24% FRL).
• Zoned-school proficiency averages 94% at this address vs 59% district-wide (+36 pts) — the actual schools serving this property are materially stronger than the Lancaster Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.8%/yr); 124 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $82k; list at $220k implies a 168% gain — meaningful room to come down on a strong offer.

Recommended offer $169,267 (23.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1964 — 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. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.77% ✗
• Cap rate: 4.87%
• Cash-on-cash: -5.08%
• DSCR: 0.77
• GRM: 10.8

CMA / ARV

• ARV (median comp): $284,158
• List price: $219,900
• Delta: -22.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
185 Dean Rd	0.22mi	3/1.0 (+1)	984 (-2%)	0mo	$275,000	$279	81
208 Poinciana Pkwy	0.23mi	3/1.0 (+1)	988 (-2%)	1mo	$239,900	$243	80
21 Royal Palm Dr	0.16mi	3/1.5 (+1)	1,040 (+3%)	5mo	$186,100	$179	76
244 Hyland Ave	0.21mi	3/1.5 (+1)	1,064 (+6%)	2mo	$145,000	$136	72
204 Diane Dr	0.24mi	3/1.0 (+1)	1,076 (+7%)	5mo	$215,000	$200	68
85 Poinciana Pkwy	0.56mi	3/1.0 (+1)	1,041 (+4%)	2mo	$270,000	$259	62
47 Temple Dr	0.67mi	3/1.0 (+1)	1,040 (+3%)	2mo	$225,000	$216	56
59 Crandon Blvd	0.63mi	3/1.5 (+1)	1,062 (+6%)	5mo	$260,000	$245	50
96 Green Ter	0.66mi	3/1.0 (+1)	1,080 (+7%)	3mo	$255,000	$236	49
70 Crandon Blvd	0.60mi	3/1.0 (+1)	1,134 (+13%)	3mo	$295,000	$260	43
114 Norman Dr	0.70mi	3/2.0 (+1)	1,092 (+8%)	1mo	$290,000	$266	43
50 Mary Lou Ln	0.65mi	2/1.0	1,144 (+14%)	5mo	$210,000	$184	43

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 · 5.75% rent growth · sell at horizon

5-year hold

• IRR: -21.7%
• Equity multiple: 0.23×
• Total profit: $-47,364
• Equity at exit: $32,788

10-year hold

• IRR: -9.8%
• Equity multiple: 0.33×
• Total profit: $-41,447
• Equity at exit: $19,013

Cash invested: $61,572 (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 14043

• Home prices YoY: -34.2%
• Rents YoY: 5.8%
• Active inventory: 124
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,693 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$353 /mo · $4,240/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $-261

Break-even live

Break-even rent $2,023

Max offer price $173,812

Occupancy floor —

Sensitivity live

Price	-10% $-136	-5% $-199	+0% $-261	+5% $-323	+10% $-385
Rent	-10% $-395	-5% $-328	+0% $-261	+5% $-194	+10% $-127
Rate	-1.0pp $-150	-0.5pp $-205	base $-261	+0.5pp $-318	+1.0pp $-376

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
176 Meadowlawn Rd Buffalo, NY	2.0	1.0	1100	$900	$0.82	45d	1	0.55mi
4925 Genesee St Cheektowaga, NY	1.0–2.0	1.0	680	$1,399	$2.06	21d	1	1.15mi
6386 Transit Rd Depew, NY	1.0–2.0	1.0–2.0	1023	$2,397	$2.34	3d	62	1.35mi
1175 George Urban Blvd Buffalo, NY	1.0–2.0	1.0	725	$1,365	$1.88	45d	1	1.49mi

Listing history 7 events

1. 2026-05-12
   listed $219,900 Active 1305-char remark
2. 2018-08-24
   soldstatus $82,000
3. 2017-12-29
   soldstatus $82,000
4. 2017-10-24
   soldstatus $82,000
5. 2012-12-21
   soldstatus $62,000 247-char remark

   Show marketing remark (247 chars)

   If you have vision and are a little handy then this may be the house for you! Two bdrm ranch with large living rm and large kitchen! Needs your TLC. Great yard with two sheds and a closed in patio off the garage! Nice street and close to shopping!

6. 2012-12-17
   soldstatus $62,000
7. 2012-09-05
   listed $84,900 247-char remark

   Show marketing remark (247 chars)

   If you have vision and are a little handy then this may be the house for you! Two bdrm ranch with large living rm and large kitchen! Needs your TLC. Great yard with two sheds and a closed in patio off the garage! Nice street and close to shopping!

ⓘ 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: $4,240 · $353/mo
• Projected year-2 tax: $4,240 · $353/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 3/10 Moderate 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: $20,312
• − Mortgage interest: −$12,318
• − Property taxes: −$4,240
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,625
• − Management: −$1,625
• − Depreciation: −$6,397
• Taxable loss: −$6,992
• Est. tax savings @ 24.0%: +$1,678
• After-tax cash flow: $-1,453/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: Lancaster Central School District
• NCES district ID: 3616680
• Math proficiency: 57% ▼ -13.00%
• Reading proficiency: 61% ▲ 2.00%
• Median HH income: $64,668
• Composite: 51.64/100
• National rank: #1700
• State rank: #234 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): 25,098
• Household income: $74,112
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 854.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 3% Two or more races 3% Black 2% Asian 1%
• Common ancestry: Romanian 30% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Arabic 3% Russian/Polish/Slavic 2% Spanish 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: ▼ -152.13%
• Current HPI: 292.1082
• Rent YoY: ▲ 5.75%
• 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

+159.0% since first listed

8 events — show timeline

• 2026-05-20 Pending — WNYREIS
• 2026-05-12 Listed $219,900 WNYREIS
• 2018-08-24 Sold (Public Records) $82,000 Public Records
• 2017-12-29 Sold (Public Records) $82,000 Public Records
• 2017-10-24 Sold (Public Records) $82,000 Public Records
• 2012-12-21 Sold (MLS) $62,000 WNYREIS
• 2012-12-17 Sold (Public Records) $62,000 Public Records
• 2012-09-05 Listed $84,900 WNYREIS

Property tax history

+7.8%/yr

Latest (2025): $4,240 · -0.4% YoY. Source: county tax records.