90 Warsaw St · Lackawanna, NY 14218

$350,000

8 bd · 1.0 ba · 4,290 sqft · MultiFamily public records · 58 Days on market

Built 1900 4,800 sqft lot $82/sqft · at area comps Est $341k · 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
• ARV discount +6.4/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Attention investors, don't miss out on this large 6 Unit money maker. 5 apartments are vacant and can be seen at any time. 1 unit is occupied and requires 24 hour notice. Apartments have been updated and are ready to move in. All mechanics are in good condition

Key facts

• 5 apartments vacant
• 1 unit occupied
• Large 6 unit

Tags

• LARGE 6 UNIT
• 5 APARTMENTS VACANT
• 1 UNIT OCCUPIED
• UPDATED APARTMENTS
• MECHANICS IN GOOD CONDITION

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $6k ($74k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.9% vs local median 5.4% in Lackawanna — 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 75/100 on livability (#254 in NY, #4,026 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, schools D+, employment D+.
• Lackawanna City School District (suburban): math 19% / reading 29% proficiency, ranked #588 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 92 active listings in the ZIP; 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 $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y ago; this cycle's ask has dropped $80k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $350k implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-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. 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.
9. 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.
10. 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: 3.18% ✓
• Cap rate: 28.90%
• Cash-on-cash: 80.74%
• DSCR: 4.59
• GRM: 2.6

CMA / ARV

• ARV (median comp): $341,460
• List price: $350,000
• Delta: 2.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 Center St	0.32mi	8/4.0	4,902 (+14%)	9mo	$193,000	$39	42

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: 75.4%
• Equity multiple: 4.43×
• Total profit: $336,396
• Equity at exit: $52,186

10-year hold

• IRR: 79.1%
• Equity multiple: 9.16×
• Total profit: $799,938
• Equity at exit: $30,262

Cash invested: $98,000 (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 14218

• Home prices YoY: -9.2%
• Active inventory: 92
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $11,130 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$217 /mo · $2,608/yr
• Insurance: −$146
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,337
• Net cashflow: $6,168

Break-even live

Break-even rent $3,323

Max offer price $350,000

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$11,130
Total (6 units)			$11,130

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $350,000 Active 58 DOM
2. 2026-06-17
   days on market $350,000 Active 57 DOM
3. 2026-06-16
   remarks 405-char remark
4. 2026-06-16
   pricedays on market $350,000 Active 56 DOM
5. 2026-06-15
   days on market $399,900 Active 55 DOM
6. 2026-06-13
   days on market $399,900 Active 53 DOM
7. 2026-06-10
   days on market $399,900 Active 50 DOM
8. 2026-06-09
   days on market $399,900 Active 49 DOM
9. 2026-06-08
   days on market $399,900 Active 48 DOM
10. 2026-06-07
    days on market $399,900 Active 47 DOM
11. 2026-06-05
    pricedays on market $399,900 Active 44 DOM
12. 2026-06-03
    days on market $424,900 Active 43 DOM
13. 2026-06-02
    days on market $424,900 Active 42 DOM
14. 2026-06-01
    days on market $424,900 Active 41 DOM
15. 2026-05-31
    days on market $424,900 Active 40 DOM
16. 2026-05-14
    price $424,900 261-char remark

    Show marketing remark (261 chars)

    Attention investors, don't miss out on this large 6 Unit money maker. 5 apartments are vacant and can be seen at any time. 1 unit is occupied and requires 24 hour notice. Apartments have been updated and are ready to move in. All mechanics are in good condition

17. 2026-04-21
    listed $429,900 Active 261-char remark

    Show marketing remark (261 chars)

    Attention investors, don't miss out on this large 6 Unit money maker. 5 apartments are vacant and can be seen at any time. 1 unit is occupied and requires 24 hour notice. Apartments have been updated and are ready to move in. All mechanics are in good condition

18. 2019-06-27
    soldstatus $110,000
19. 2015-09-25
    status Active 169-char remark

    Show marketing remark (169 chars)

    6 unit money maker- all mechanics in good condition. Fully rented and very profitable. 1 bedroom, 3 two bedrooms and 2 three bedrooms- See attached income expense sheet.

20. 2015-09-21
    soldstatus $111,000
21. 2015-09-10
    soldstatus $111,000 Closed Sale or Rented 169-char remark

    Show marketing remark (169 chars)

    6 unit money maker- all mechanics in good condition. Fully rented and very profitable. 1 bedroom, 3 two bedrooms and 2 three bedrooms- See attached income expense sheet.

22. 2015-06-16
    historical 169-char remark

    Show marketing remark (169 chars)

    6 unit money maker- all mechanics in good condition. Fully rented and very profitable. 1 bedroom, 3 two bedrooms and 2 three bedrooms- See attached income expense sheet.

23. 2015-05-13
    listed $139,000 Active 169-char remark

    Show marketing remark (169 chars)

    6 unit money maker- all mechanics in good condition. Fully rented and very profitable. 1 bedroom, 3 two bedrooms and 2 three bedrooms- See attached income expense sheet.

24. 2011-05-31
    soldstatus $39,000
25. 2011-04-25
    listed $49,900
26. 2007-04-03
    soldstatus $107,000
27. 1996-01-05
    soldstatus $100,000

ⓘ 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: $2,608 · $217/mo
• Projected year-2 tax: $4,261 · $355/mo
• Expected delta: +$1,654/yr (+$138/mo · 63.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 23% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $133,560
• − Mortgage interest: −$19,605
• − Property taxes: −$2,608
• − Insurance: −$6,868
• − Repairs & maintenance: −$10,685
• − Management: −$10,685
• − Depreciation: −$10,182
• Taxable income: $72,927
• Est. tax owed @ 24.0%: −$17,502
• After-tax cash flow: $56,508/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: Lackawanna City School District
• NCES district ID: 3616440
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 29% ▲ 3.00%
• Median HH income: $35,041
• Composite: 19.76/100
• National rank: #8708
• State rank: #588 of 590 in NY

Livability — Lackawanna

• Score: 75/100
• State rank: #254
• US rank: #4026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lackawanna, NY
• City population: 20,661
• Population (ZIP): 20,661

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 (73%)
• Race & ethnicity: White 73% Black 13% Hispanic / Latino 10% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Romanian 18% Lithuanian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 80% English-only · Arabic 11% Spanish 6% Russian/Polish/Slavic 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: ▼ -39.44%
• Current HPI: 389.0188
• 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

+324.9% since first listed

12 events — show timeline

• 2026-05-14 Price Changed $424,900 WNYREIS
• 2026-04-21 Listed $429,900 WNYREIS
• 2019-06-27 Sold (Public Records) $110,000 Public Records
• 2015-09-25 Relisted — WNYREIS
• 2015-09-21 Sold (Public Records) $111,000 Public Records
• 2015-09-10 Sold (MLS) $111,000 WNYREIS
• 2015-06-16 Listing Removed — WNYREIS
• 2015-05-13 Listed $139,000 WNYREIS
• 2011-05-31 Sold (MLS) $39,000 WNYREIS
• 2011-04-25 Listed $49,900 WNYREIS
• 2007-04-03 Sold (Public Records) $107,000 Public Records
• 1996-01-05 Sold (Public Records) $100,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $2,608 · +0.6% YoY. Source: county tax records.