1773 Falls St · Niagara Falls, NY 14303

$74,900

2 bd · 1.0 ba · 3,036 sqft · SingleFamily · 34 Days on market

Built 1930 Poor condition 6,987 sqft lot $25/sqft · 65% below area

---

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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Appreciation +2.3/10.0
• Condition / age +1.0/5.0

Listing remarks MLS

Delayed showings until Friday 6/6/25 Investor and handymen special! Lots of potential with this mixed-use property that has been in the sellers family for many years. Cash only. Being sold as is. First floor was used for storage and office area. Second floor has an apartment. Walk up attic with extra room. Parking area accessible from back alley. Water is off and property has been winterized.

Key facts

• Brick structure
• Double lot
• Investment property

Tags

• SHORT-TERM RENTAL ZONE
• DOUBLE LOT
• OUTDOOR SPACE
• BRICK STRUCTURE
• REHABILITATION OPPORTUNITY
• INVESTMENT PROPERTY

Property features AI

Finance

• Other: Two total units in the building; Separate electric meters for each unit (2); Single shared gas meter
• Financial info: Owner pays: other (see remarks); Rent includes: see remarks; Operating expenses (multi-unit) may include electric, insurance, maintenance (structure and general), trash, utilities, and water/sewer

Exterior

• Parking: Parking available with two or more spaces; see remarks
• Utilities: Public water connected; Sewer connected
• Home design: Two-story property; Resale condition
• Construction: Existing construction (see remarks for details)
• Exterior features: Rectangular residential lot with 60 x 116 dimensions; City street frontage

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Gas-fired hot water heating
• Interior features: Full basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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; 2 comparable units currently listed for rent nearby; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $38k; list at $75k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.48% ✓
• Cap rate: 12.06%
• Cash-on-cash: 20.61%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

• ARV (median comp): $213,292
• List price: $74,900
• Delta: -64.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1773 Falls St	0.00mi	2/1.0	3,036 (0%)	9mo	$38,200	$13	92
445 10th St	0.59mi	3/1.0 (+1)	2,648 (-13%)	10mo	$250,000	$94	38

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: 12.9%
• Equity multiple: 1.52×
• Total profit: $10,821
• Equity at exit: $11,168

10-year hold

• IRR: 21.8%
• Equity multiple: 2.86×
• Total profit: $39,030
• Equity at exit: $6,476

Cash invested: $20,972 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,111 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $360

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 63%

Sensitivity live

Price	-10% $412	-5% $386	+0% $360	+5% $334	+10% $308
Rent	-10% $272	-5% $316	+0% $360	+5% $404	+10% $448
Rate	-1.0pp $398	-0.5pp $379	base $360	+0.5pp $341	+1.0pp $321

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1935 Niagara St Unit Upper Niagara Falls, NY	3.0	1.0	2685	$1,200	$0.45	15d	1	0.12mi
1361 Ashland Ave Unit 1F Niagara Falls, NY	1.0	1.0	3168	$950	$0.30	24d	1	0.87mi

Listing history 18 events

1. 2026-06-18
   days on market $74,900 Active 34 DOM
2. 2026-06-17
   days on market $74,900 Active 33 DOM
3. 2026-06-16
   days on market $74,900 Active 32 DOM
4. 2026-06-15
   days on market $74,900 Active 31 DOM
5. 2026-06-13
   days on market $74,900 Active 29 DOM
6. 2026-06-13
   days on market $74,900 Active 28 DOM
7. 2026-06-10
   days on market $74,900 Active 26 DOM
8. 2026-06-09
   days on market $74,900 Active 25 DOM
9. 2026-06-08
   days on market $74,900 Active 24 DOM
10. 2026-06-07
    days on market $74,900 Active 23 DOM
11. 2026-06-03
    days on market $74,900 Active 19 DOM
12. 2026-06-02
    days on market $74,900 Active 18 DOM
13. 2026-06-01
    days on market $74,900 Active 17 DOM
14. 2026-05-31
    days on market $74,900 Active 16 DOM
15. 2026-05-15
    listed $74,900 Active 1197-char remark
16. 2025-09-09
    soldstatus $38,200 Closed 396-char remark

    Show marketing remark (396 chars)

    Delayed showings until Friday 6/6/25 Investor and handymen special! Lots of potential with this mixed-use property that has been in the sellers family for many years. Cash only. Being sold as is. First floor was used for storage and office area. Second floor has an apartment. Walk up attic with extra room. Parking area accessible from back alley. Water is off and property has been winterized.

17. 2025-06-24
    status Pending 396-char remark

    Show marketing remark (396 chars)

    Delayed showings until Friday 6/6/25 Investor and handymen special! Lots of potential with this mixed-use property that has been in the sellers family for many years. Cash only. Being sold as is. First floor was used for storage and office area. Second floor has an apartment. Walk up attic with extra room. Parking area accessible from back alley. Water is off and property has been winterized.

18. 2025-06-04
    listed $34,900 Active 396-char remark

    Show marketing remark (396 chars)

    Delayed showings until Friday 6/6/25 Investor and handymen special! Lots of potential with this mixed-use property that has been in the sellers family for many years. Cash only. Being sold as is. First floor was used for storage and office area. Second floor has an apartment. Walk up attic with extra room. Parking area accessible from back alley. Water is off and property has been winterized.

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

Taxation est. · year 1

• Rental income: $13,334
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,067
• − Management: −$1,067
• − Depreciation: −$2,179
• Taxable income: $3,328
• Est. tax owed @ 24.0%: −$799
• After-tax cash flow: $3,524/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

Poor 20/100 Extensive rehab

This property requires extensive rehabilitation, including major repairs to the exterior, roof, and interior, as well as HVAC system replacement. Landscaping and curb appeal improvements are also needed to enhance its value.

Repairs flagged

• Major brick facade — Significant wear and tear
• Major roof — Visible damage and missing shingles
• Major concrete foundation — Deteriorated and uneven
• Major interior walls — Paint peeling and visible damage
• Major HVAC system — Likely outdated and in need of replacement

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances visual appeal and first impressions
• Both HVAC system replacement — Improves comfort and energy efficiency
• Both Exterior repairs and repainting — Restores curb appeal and enhances property value
• Both Interior repairs and painting — Enhances living space and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
brick facade · Significant wear and tear	Major	$15,000–50,000
roof · Visible damage and missing shingles	Major	$15,000–50,000
concrete foundation · Deteriorated and uneven	Major	$15,000–50,000
interior walls · Paint peeling and visible damage	Major	$15,000–50,000
HVAC system · Likely outdated and in need of replacement	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances visual appeal and first impressions ↑
• Both HVAC system replacement — Improves comfort and energy efficiency ↑
• Both Exterior repairs and repainting — Restores curb appeal and enhances property value ↑
• Both Interior repairs and painting — Enhances living space 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): 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

+114.6% since first listed

4 events — show timeline

• 2026-05-15 Listed $74,900 WNYREIS
• 2025-09-09 Sold (MLS) $38,200 WNYREIS
• 2025-06-24 Pending — WNYREIS
• 2025-06-04 Listed $34,900 WNYREIS