1841 Michigan Ave · Niagara Falls, NY 14305

$109,900

6 bd · 2.0 ba · 1,804 sqft · MultiFamily public records · 63 Days on market

Built 1920 3,600 sqft lot $61/sqft · 26% below area Est $148k · 26% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Great opportunity for investors! This well-maintained duplex in the heart of Niagara Falls features two fully tenant-occupied units, each offering 2 bedrooms, 1 bathroom, a spacious living room, and kitchen. Both units are currently rented at $950/month, providing immediate cash flow. The upper unit is occupied by a reliable long-term tenant, while the lower tenant has expressed interest in staying long-term as well—making this a stable, income-producing property from day one. Opportunities like this are rare—duplexes under $150K in Niagara Falls are hard to come by. Don’t miss your chance to add this solid investment to your portfolio!

Key facts

• 3,600 sq ft lot
• Built 1920
• Listed 63 days

🏷️ Possibly a rental listed for sale. The $109,900 price doesn't fit this home's estimated sale value (~$147,531) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $600/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.4% 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: 142 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,625/mo this rent would consume 62% of the median local household income ($51k/yr) (locally 1095% 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 $760 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $110k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 2.39% ✓
• Cap rate: 19.39%
• Cash-on-cash: 46.76%
• DSCR: 3.08
• GRM: 3.5

CMA / ARV

• ARV (median comp): $147,531
• List price: $109,900
• Delta: -25.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1811 Weston Ave	0.08mi	5/3.0 (-1)	1,998 (+11%)	6mo	$140,000	$70	64
1514 Whitney Ave	0.35mi	5/2.0 (-1)	1,824 (+1%)	19mo	$55,000	$30	61
2254 Grand Ave	0.58mi	5/2.0 (-1)	1,748 (-3%)	8mo	$149,000	$85	56
2133 North Ave	0.37mi	6/2.0	2,048 (+14%)	9mo	$170,000	$83	53
769 19th St	0.49mi	6/2.5	1,920 (+6%)	16mo	$150,000	$78	51
2449 Grand Ave	0.66mi	5/2.0 (-1)	1,918 (+6%)	4mo	$135,000	$70	50

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: 44.1%
• Equity multiple: 2.91×
• Total profit: $58,671
• Equity at exit: $16,386

10-year hold

• IRR: 50.1%
• Equity multiple: 5.87×
• Total profit: $149,875
• Equity at exit: $9,502

Cash invested: $30,772 (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 14305

• Home prices YoY: -10.9%
• Active inventory: 142
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,625 high
• Mortgage (P&I): −$576
• Tax from tax record: −$253 /mo · $3,031/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $1,199

Break-even live

Break-even rent $1,107

Max offer price $109,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,261	-5% $1,230	+0% $1,199	+5% $1,168	+10% $1,137
Rent	-10% $992	-5% $1,095	+0% $1,199	+5% $1,303	+10% $1,406
Rate	-1.0pp $1,254	-0.5pp $1,227	base $1,199	+0.5pp $1,171	+1.0pp $1,142

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,626
Total (2 units)			$2,625

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3225 Belden Pl Niagara Falls, NY	5.0	1.5	1344	$1,750	$1.30	2d	1	1.35mi

Listing history 36 events

1. 2026-06-18
   days on market $109,900 Active 63 DOM
2. 2026-06-17
   days on market $109,900 Active 62 DOM
3. 2026-06-16
   days on market $109,900 Active 61 DOM
4. 2026-06-15
   days on market $109,900 Active 60 DOM
5. 2026-06-13
   days on market $109,900 Active 58 DOM
6. 2026-06-13
   days on market $109,900 Active 57 DOM
7. 2026-06-10
   days on market $109,900 Active 55 DOM
8. 2026-06-09
   days on market $109,900 Active 54 DOM
9. 2026-06-08
   days on market $109,900 Active 53 DOM
10. 2026-06-07
    days on market $109,900 Active 52 DOM
11. 2026-06-03
    days on market $109,900 Active 48 DOM
12. 2026-06-02
    days on market $109,900 Active 47 DOM
13. 2026-06-01
    days on market $109,900 Active 46 DOM
14. 2026-05-31
    days on market $109,900 Active 45 DOM
15. 2026-05-08
    price $109,900 662-char remark

    Show marketing remark (662 chars)

    Great opportunity for investors! This well-maintained duplex in the heart of Niagara Falls features two fully tenant-occupied units, each offering 2 bedrooms, 1 bathroom, a spacious living room, and kitchen. Both units are currently rented at $950/month, providing immediate cash flow. The upper unit is occupied by a reliable long-term tenant, while the lower tenant has expressed interest in staying long-term as well—making this a stable, income-producing property from day one. Opportunities like this are rare—duplexes under $150K in Niagara Falls are hard to come by. Don’t miss your chance to add this solid investment to your portfolio!

16. 2026-04-30
    price $114,900 662-char remark

    Show marketing remark (662 chars)

    Great opportunity for investors! This well-maintained duplex in the heart of Niagara Falls features two fully tenant-occupied units, each offering 2 bedrooms, 1 bathroom, a spacious living room, and kitchen. Both units are currently rented at $950/month, providing immediate cash flow. The upper unit is occupied by a reliable long-term tenant, while the lower tenant has expressed interest in staying long-term as well—making this a stable, income-producing property from day one. Opportunities like this are rare—duplexes under $150K in Niagara Falls are hard to come by. Don’t miss your chance to add this solid investment to your portfolio!

17. 2026-04-16
    listed $119,900 Active 662-char remark

    Show marketing remark (662 chars)

    Great opportunity for investors! This well-maintained duplex in the heart of Niagara Falls features two fully tenant-occupied units, each offering 2 bedrooms, 1 bathroom, a spacious living room, and kitchen. Both units are currently rented at $950/month, providing immediate cash flow. The upper unit is occupied by a reliable long-term tenant, while the lower tenant has expressed interest in staying long-term as well—making this a stable, income-producing property from day one. Opportunities like this are rare—duplexes under $150K in Niagara Falls are hard to come by. Don’t miss your chance to add this solid investment to your portfolio!

18. 2024-03-15
    soldstatus $44,000 Closed 265-char remark

    Show marketing remark (265 chars)

    Charming investment opportunity! This 2-unit duplex located at 1841 Michigan Ave, Niagara Falls, NY 14305 is a fixer-upper enthusiast's dream. Offering two spacious units, this property is in need of full rehabilitation, allowing you to customize it to your liking.

19. 2024-02-06
    status Pending 265-char remark

    Show marketing remark (265 chars)

    Charming investment opportunity! This 2-unit duplex located at 1841 Michigan Ave, Niagara Falls, NY 14305 is a fixer-upper enthusiast's dream. Offering two spacious units, this property is in need of full rehabilitation, allowing you to customize it to your liking.

20. 2024-01-08
    listed $50,000 Active 265-char remark

    Show marketing remark (265 chars)

    Charming investment opportunity! This 2-unit duplex located at 1841 Michigan Ave, Niagara Falls, NY 14305 is a fixer-upper enthusiast's dream. Offering two spacious units, this property is in need of full rehabilitation, allowing you to customize it to your liking.

21. 2021-08-09
    soldstatus $35,000 Closed Sale or Rented
22. 2021-03-15
    status Under Contract- Do Not Show
23. 2021-03-01
    listed $25,000 Active
24. 2020-03-12
    historical
25. 2019-09-20
    listed $35,000 Active
26. 2018-09-21
    historical
27. 2018-07-06
    listed $39,000 Active
28. 2018-06-19
    historical
29. 2018-01-19
    listed $39,000 Active
30. 2016-10-14
    soldstatus $35,000 Closed Sale or Rented
31. 2016-09-30
    soldstatus $35,000
32. 2016-06-06
    status Pending Sale
33. 2016-04-01
    listed $39,900 Active
34. 2013-02-25
    listed $24,900
35. 2006-02-09
    soldstatus $16,000
36. 2005-11-03
    soldstatus $63,527

ⓘ 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: $3,031 · $253/mo
• Projected year-2 tax: $3,031 · $253/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 2/10 Low 7 d/yr ≥94°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: $31,500
• − Mortgage interest: −$6,156
• − Property taxes: −$3,031
• − Insurance: −$550
• − Repairs & maintenance: −$2,520
• − Management: −$2,520
• − Depreciation: −$3,197
• Taxable income: $13,526
• Est. tax owed @ 24.0%: −$3,246
• After-tax cash flow: $11,142/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: 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): 16,696
• Household income: $51,004
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1095.0

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 0.63)
• Race & ethnicity: White 55% Black 24% Two or more races 13% Hispanic / Latino 8% Asian 1% Native American 1%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 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: ▼ -43.08%
• Current HPI: 350.8741
• 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

+73.0% since first listed

22 events — show timeline

• 2026-05-08 Price Changed $109,900 WNYREIS
• 2026-04-30 Price Changed $114,900 WNYREIS
• 2026-04-16 Listed $119,900 WNYREIS
• 2024-03-15 Sold (MLS) $44,000 WNYREIS
• 2024-02-06 Pending — WNYREIS
• 2024-01-08 Listed $50,000 WNYREIS
• 2021-08-09 Sold (MLS) $35,000 WNYREIS
• 2021-03-15 Pending — WNYREIS
• 2021-03-01 Listed $25,000 WNYREIS
• 2020-03-12 Listing Removed — WNYREIS
• 2019-09-20 Listed $35,000 WNYREIS
• 2018-09-21 Listing Removed — WNYREIS
• 2018-07-06 Listed $39,000 WNYREIS
• 2018-06-19 Listing Removed — WNYREIS
• 2018-01-19 Listed $39,000 WNYREIS
• 2016-10-14 Sold (MLS) $35,000 WNYREIS
• 2016-09-30 Sold (Public Records) $35,000 Public Records
• 2016-06-06 Pending — WNYREIS
• 2016-04-01 Listed $39,900 WNYREIS
• 2013-02-25 Listed $24,900 WNYREIS
• 2006-02-09 Sold (Public Records) $16,000 Public Records
• 2005-11-03 Sold (Public Records) $63,527 Public Records

Property tax history

+9.8%/yr

Latest (2025): $3,031 · +28.2% YoY. Source: county tax records.