174 Fletcher St · Tonawanda, NY 14150

$145,000

5 bd · 2.0 ba · 2,606 sqft · MultiFamily public records · 168 Days on market

Built 1907 7,524 sqft lot $56/sqft · 62% below area

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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 +7.5/15.0
• Livability +4.5/5.0
• Rent growth +4.2/5.0
• Schools +3.5/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

Key facts

• Flexible floor plan
• 2 unit home
• Niagara river

Tags

• 2 UNIT HOME
• SINGLE FAMILY RESIDENCE
• MULTIPLE LIVING AREAS
• FLEXIBLE FLOOR PLAN
• NEAR LOCAL AMENITIES
• NIAGARA RIVER

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 89/100 on livability (#8 in NY, #169 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Tonawanda City School District (suburban): math 39% / reading 43% proficiency, ranked #508 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverview Elementary School (math 24% / reading 54%, grade F, #1,444 of 2,108 statewide, top 71%, 366 students, 50% FRL); Fletcher Elementary School (math 27% / reading 37%); Tonawanda Middle/High School (math 49% / reading 43%, grade D-, #1,023 of 1,100 statewide, top 93%, 1,011 students, 46% FRL).
• Market conditions: Rents rising fast (+6.8%/yr); 193 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,165/mo this rent would consume 53% of the median local household income ($71k/yr) (locally 1427% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.18% ✓
• Cap rate: 18.16%
• Cash-on-cash: 42.37%
• DSCR: 2.89
• GRM: 3.8

CMA / ARV

• ARV (median comp): $382,774
• List price: $145,000
• Delta: -62.12%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.75% rent growth · sell at horizon

5-year hold

• IRR: 43.4%
• Equity multiple: 2.98×
• Total profit: $80,283
• Equity at exit: $21,620

10-year hold

• IRR: 51.2%
• Equity multiple: 6.98×
• Total profit: $242,764
• Equity at exit: $12,537

Cash invested: $40,600 (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 14150

• Rents YoY: 6.8%
• Active inventory: 193
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,165 high
• Mortgage (P&I): −$760
• Tax from tax record: −$246 /mo · $2,952/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $1,434

Break-even live

Break-even rent $1,350

Max offer price $145,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,516	-5% $1,475	+0% $1,434	+5% $1,392	+10% $1,351
Rent	-10% $1,183	-5% $1,308	+0% $1,434	+5% $1,559	+10% $1,684
Rate	-1.0pp $1,507	-0.5pp $1,470	base $1,434	+0.5pp $1,396	+1.0pp $1,358

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,651
1× unit	2	1	$1,514
Total (2 units)			$3,165

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-29
   status Active 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

2. 2026-04-29
   price $145,000 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

3. 2026-04-08
   historical Active Under Contract 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

4. 2026-03-20
   status Active 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

5. 2026-03-16
   status Pending 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

6. 2026-03-12
   price $159,000 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

7. 2026-01-02
   status Active 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

8. 2025-12-03
   status Pending 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

9. 2025-11-05
   listed $165,000 Active 1117-char remark

   Show marketing remark (1117 chars)

   Opportunity Awaits in the Heart of Tonawanda! Per tax records, this property is a 2-unit home, but it has been converted and currently set up to live as a single-family residence—offering plenty of flexibility for its next owner. Bring your vision and creativity to restore this spacious home to its full potential! Inside, you’ll find multiple living areas, generous bedroom sizes, and a layout that can easily be reimagined to suit your needs—whether you’d like to maintain it as a single-family home or convert it back to a duplex for investment potential. The home does need updates, but the possibilities are endless for those ready to make it shine again. A great opportunity for investors, rehabbers, or buyers looking to build sweat equity in a convenient Tonawanda location close to shopping, parks, and major routes. Flexible floor plan with spacious room, great location near local amenities and the Niagara River. Perfect project for renovation or investment. With some vision and effort, 174 Fletcher can become the beautiful home or income property you’ve been dreaming of!

10. 2007-10-05
    soldstatus $115,000

ⓘ 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: $2,952 · $246/mo
• Projected year-2 tax: $2,952 · $246/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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,980
• − Mortgage interest: −$8,122
• − Property taxes: −$2,952
• − Insurance: −$725
• − Repairs & maintenance: −$3,038
• − Management: −$3,038
• − Depreciation: −$4,218
• Taxable income: $15,885
• Est. tax owed @ 24.0%: −$3,812
• After-tax cash flow: $13,390/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: Tonawanda City School District
• NCES district ID: 3628740
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $47,061
• Composite: 35.03/100
• National rank: #5041
• State rank: #508 of 590 in NY

Livability — Tonawanda

• Score: 89/100
• State rank: #8
• US rank: #169

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tonawanda, NY
• County: Erie County · 714,559 people
• City population: 41,260
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 41,260
• Household income: $71,406
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 1427.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 4% Asian 2%
• Common ancestry: Romanian 13% Lithuanian 3% Slovak 2%
• Foreign-born: 6% · Canada, Philippines, Vietnam
• Languages at home: 94% English-only · Other Indo-European 2% Spanish 1% 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: ▼ -260.43%
• Current HPI: 334.5893
• Rent YoY: ▲ 6.75%
• 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

+26.1% since first listed

10 events — show timeline

• 2026-04-29 Relisted — WNYREIS
• 2026-04-29 Price Changed $145,000 WNYREIS
• 2026-04-08 Contingent — WNYREIS
• 2026-03-20 Relisted — WNYREIS
• 2026-03-16 Pending — WNYREIS
• 2026-03-12 Price Changed $159,000 WNYREIS
• 2026-01-02 Relisted — WNYREIS
• 2025-12-03 Pending — WNYREIS
• 2025-11-05 Listed $165,000 WNYREIS
• 2007-10-05 Sold (Public Records) $115,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $2,952 · +2.8% YoY. Source: county tax records.