24 Commercial St · Blasdell, NY 14219

$219,900

4 bd · 2.0 ba · 1,664 sqft · MultiFamily public records · 39 Days on market

Built 1956 5,624 sqft lot Est $230k · at est.

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Why this score? — see what drove the C 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 +22.7/30.0
• ARV discount +9.4/15.0
• DSCR +7.3/10.0
• 1% rule +6.2/10.0
• Schools +4.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Completely rebuilt side-by-side 2-unit ranch in the heart of Blasdell! 24 Commercial offers the rare combination of modern living, efficient design, and fantastic investment potential. This property has been renovated from top to bottom—essentially brand new. Each unit features modern finishes and thoughtful updates throughout. Everything is new: appliances, heating systems, roof, exterior components, mechanicals, and interior finishes, giving peace of mind for many years to come. The convenient side-by-side layout provides privacy for both units and works perfectly for owner-occupants looking to live in one unit while renting the other, or for investors seeking a turnkey rental p

Key facts

• Thoughtful updates
• Side-by-side layout
• New heating systems

Tags

• SIDE-BY-SIDE LAYOUT
• MODERN FINISHES
• THOUGHTFUL UPDATES
• NEW APPLIANCES
• NEW HEATING SYSTEMS
• NEW ROOF

Property features AI

Finance

• Other: Listing provided by Atlas Realty Trading Co LLC; Listing agent: Kekeli Olympio

Exterior

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Interior

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What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive. Per door: $188/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.5% in Blasdell — 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 66/100 on livability (#643 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools D-, amenities F.
• Frontier Central School District (suburban): math 54% / reading 55% proficiency, ranked #301 of 590 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 44 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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

• It's been on market 39 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 3 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 $28k; list at $220k implies a 700% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.12% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.34%
• DSCR: 1.33
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $229,632
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Commercial St	0.00mi	4/2.0	1,664 (0%)	1mo	$230,000	$138	99
31 Orchard Ave	0.27mi	4/2.0	1,806 (+8%)	19mo	$200,850	$111	57

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: -5.0%
• Equity multiple: 0.81×
• Total profit: $-11,590
• Equity at exit: $32,788

10-year hold

• IRR: 4.7%
• Equity multiple: 1.34×
• Total profit: $21,045
• 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 14219

• Home prices YoY: -19.4%
• Active inventory: 44
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,456 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$319 /mo · $3,827/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $376

Break-even live

Break-even rent $1,979

Max offer price $219,900

Occupancy floor 80%

Sensitivity live

Price	-10% $501	-5% $439	+0% $376	+5% $314	+10% $252
Rent	-10% $182	-5% $279	+0% $376	+5% $474	+10% $571
Rate	-1.0pp $487	-0.5pp $432	base $376	+0.5pp $320	+1.0pp $262

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,456
Total (2 units)			$2,456

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3365 McKinley Pkwy Buffalo, NY	3.0	1.0	2016	$2,200	$1.09	4d	1	1.10mi

Listing history 11 events

1. 2026-05-15
   status Pending
2. 2026-04-10
   historical Active Under Contract
3. 2026-04-06
   listed $219,900 Active
4. 2026-01-19
   status Pending
5. 2026-01-19
   historical
6. 2026-01-14
   listed $199,900 Active
7. 2026-01-06
   historical
8. 2025-12-16
   price $229,900
9. 2025-12-08
   price $239,900
10. 2025-11-24
    listed $249,900 Active
11. 2025-01-15
    soldstatus $27,500

ⓘ 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: $3,827 · $319/mo
• Projected year-2 tax: $3,827 · $319/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 · 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: $29,472
• − Mortgage interest: −$12,318
• − Property taxes: −$3,827
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,358
• − Management: −$2,358
• − Depreciation: −$6,397
• Taxable income: $1,115
• Est. tax owed @ 24.0%: −$268
• After-tax cash flow: $4,250/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: Frontier Central School District
• NCES district ID: 3611670
• Math proficiency: 54% ▼ -16.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $58,807
• Composite: 47.36/100
• National rank: #2291
• State rank: #301 of 590 in NY

Livability — Blasdell

• Score: 66/100
• State rank: #643
• US rank: #12059

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blasdell, NY
• Population (ZIP): 10,894

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Asian 2% Black 2%
• Common ancestry: Romanian 21% Slovak 5% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Russian/Polish/Slavic 3% Other Indo-European 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: ▼ -80.33%
• Current HPI: 332.7314
• 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

+699.6% since first listed

11 events — show timeline

• 2026-05-15 Pending — WNYREIS
• 2026-04-10 Contingent — WNYREIS
• 2026-04-06 Listed $219,900 WNYREIS
• 2026-01-19 Pending — WNYREIS
• 2026-01-19 Listing Removed — WNYREIS
• 2026-01-14 Listed $199,900 WNYREIS
• 2026-01-06 Listing Removed — WNYREIS
• 2025-12-16 Price Changed $229,900 WNYREIS
• 2025-12-08 Price Changed $239,900 WNYREIS
• 2025-11-24 Listed $249,900 WNYREIS
• 2025-01-15 Sold (Public Records) $27,500 Public Records

Property tax history

+2.0%/yr

Latest (2025): $3,827 · +0.6% YoY. Source: county tax records.