551 22nd St · Niagara Falls, NY 14301

$325,000

6 bd · 3.0 ba · 2,443 sqft · MultiFamily public records · 35 Days on market

Built 1950 4,960 sqft lot $133/sqft · 77% above 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 +25.0/30.0
• Appreciation +10.0/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Rent growth +4.7/5.0
• Livability +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Fully renovated in 2020, this meticulously maintained home features brick siding, all-new wiring, furnace, hot water tank, windows, hardwood floors, and appliances—everything has been completely updated. Originally designed as a two-family property, it is currently used as a single-family home but offers easy conversion back to a multi-unit by completing the upstairs kitchen. The main level includes three bedrooms and one full bath, while the upper level offers three bedrooms (one bedroom doesn't have a closet) and an additional full bath, with a third full bathroom located in the basement. Enjoy a bright, open living and dining area, a beautifully updated kitchen, and modern finishes

Key facts

• Brick siding
• Hot water tank
• All-new wiring

Tags

• BRICK SIDING
• ALL-NEW WIRING
• HOT WATER TANK
• HARDWOOD FLOORS
• UPDATED KITCHEN
• SCREENED PORCH

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.

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: crime F, amenities F, commute 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.
• Zoned schools: Bloneva Bond Primary School (math 2% / reading 17%, grade F, #2,075 of 2,108 statewide, top 99%, 403 students, 82% FRL); Gaskill Preparatory School (math 10% / reading 22%, grade F, #702 of 729 statewide, top 96%, 500 students, 78% FRL); Niagara Falls High School (math 75% / reading 92%, grade A, #409 of 1,100 statewide, top 39%, 2,139 students, 71% FRL).
• Market conditions: Rents rising fast (+8.8%/yr); 164 active listings in the ZIP; lower-income renter base — watch delinquency; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $3,694/mo this rent would consume 128% of the median local household income ($35k/yr) (locally 954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $35k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $91k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$56k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $60k; list at $325k implies a 442% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.14% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.33%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

• ARV (median comp): $183,830
• List price: $325,000
• Delta: 76.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
559 22nd St	0.01mi	7/3.0 (+1)	2,520 (+3%)	10mo	$38,000	$15	81
626 23rd St	0.10mi	5/3.0 (-1)	2,600 (+6%)	6mo	$125,000	$48	75
444 20th St	0.25mi	5/3.0 (-1)	2,385 (-2%)	6mo	$25,000	$10	74
2230 Grand Ave	0.23mi	6/3.0	2,348 (-4%)	11mo	$165,000	$70	73
2460 Grand Ave	0.31mi	6/2.0	2,162 (-12%)	0mo	$175,000	$81	62
2225 Whitney Ave	0.52mi	6/2.0	2,200 (-10%)	3mo	$125,000	$57	52
2401 Whitney Ave	0.53mi	6/2.0	2,168 (-11%)	2mo	$40,000	$18	51
1023 15th St	0.60mi	5/4.0 (-1)	2,304 (-6%)	5mo	$190,000	$82	50
412 19th St	0.34mi	5/2.0 (-1)	2,208 (-10%)	12mo	$80,000	$36	49
1825 Pierce Ave	0.61mi	6/2.0	2,288 (-6%)	10mo	$110,000	$48	48
1000 19th St	0.42mi	6/2.5	2,804 (+15%)	7mo	$65,000	$23	48
417 18th St	0.35mi	6/2.0	2,080 (-15%)	10mo	$166,000	$80	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 33.3%
• Equity multiple: 3.66×
• Total profit: $241,615
• Equity at exit: $292,786

10-year hold

• IRR: 30.4%
• Equity multiple: 8.96×
• Total profit: $724,516
• Equity at exit: $631,404

Cash invested: $91,000 (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 14301

• Home prices YoY: 6.2%
• Rents YoY: 8.8%
• Active inventory: 164
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $3,694 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$371 /mo · $4,453/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$776
• Net cashflow: $707

Break-even live

Break-even rent $2,799

Max offer price $325,000

Occupancy floor 76%

Sensitivity live

Price	-10% $891	-5% $799	+0% $707	+5% $615	+10% $523
Rent	-10% $416	-5% $562	+0% $707	+5% $853	+10% $999
Rate	-1.0pp $871	-0.5pp $790	base $707	+0.5pp $623	+1.0pp $538

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,564
1× unit	1	1	$1,130
Total (3 units)			$3,694

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-10
   days on market $325,000 Active 35 DOM
2. 2026-06-09
   days on market $325,000 Active 34 DOM
3. 2026-06-08
   days on market $325,000 Active 33 DOM
4. 2026-06-07
   days on market $325,000 Active 32 DOM
5. 2026-06-03
   days on market $325,000 Active 28 DOM
6. 2026-06-02
   days on market $325,000 Active 27 DOM
7. 2026-06-01
   days on market $325,000 Active 26 DOM
8. 2026-05-31
   days on market $325,000 Active 25 DOM
9. 2026-05-12
   historical
10. 2026-05-05
    listed $325,000 Active
11. 2026-05-05
    listed $325,000 Active 1009-char remark
12. 2008-03-26
    soldstatus $60,000

ⓘ 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: $4,453 · $371/mo
• Projected year-2 tax: $4,973 · $414/mo
• Expected delta: +$520/yr (+$43/mo · 11.7%)

ⓘ 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 ≥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: $44,328
• − Mortgage interest: −$18,205
• − Property taxes: −$4,453
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,546
• − Management: −$3,546
• − Depreciation: −$9,455
• Taxable income: $3,498
• Est. tax owed @ 24.0%: −$839
• After-tax cash flow: $7,650/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): 10,923
• Household income: $34,549
• Rent vs Own: 54.1% rent · 45.9% own
• Severe rent burden: 954.0

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 0.58)
• Race & ethnicity: White 59% Black 25% Two or more races 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China, Dominican Republic
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 3% Chinese 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: ▲ 15.41%
• Current HPI: 266.1457
• Rent YoY: ▲ 8.79%
• 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

+441.7% since first listed

3 events — show timeline

• 2026-05-12 Listing Removed — WNYREIS
• 2026-05-05 Listed $325,000 WNYREIS
• 2008-03-26 Sold (Public Records) $60,000 Public Records

Property tax history

+19.4%/yr

Latest (2025): $4,453 · +19.3% YoY. Source: county tax records.