45 Crane St · Depew, NY 14043

$219,000

4 bd · 3.0 ba · 2,240 sqft · MultiFamily public records · 104 Days on market

Built 1935 5,000 sqft lot Est $332k · 34% 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
• Rent growth +3.9/5.0
• Schools +3.8/10.0
• Livability +3.6/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Calling all investors!! You won't want to miss out on an outstanding opportunity to own this 3 unit Cash Cow. With all three units currently rented this gem is set for you to just sit back and make money. Notable updates and improvements include bathroom, kitchen & flooring. Call today to schedule your private showing.

Key facts

• Practical layouts
• 5,000 sq ft lot
• 2 parking spots

Tags

• FULLY OCCUPIED TRIPLEX
• PRACTICAL LAYOUTS
• QUICK ACCESS TO TRANSIT RD
• SMART MULTI-FAMILY ASSET

What this means for you Summary

Snapshot

• This is a 3 × 2.0-bed/1.5-bath units multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $466/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $219k).
• Recommended offer: $199k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 3.7% in Depew — 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 71/100 on livability (#408 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, health & safety A-; Watch: crime F, amenities F, commute F.
• Depew Union Free School District (suburban): math 39% / reading 50% proficiency, ranked #461 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.8%/yr); 124 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).
• At $3,948/mo this rent would consume 64% of the median local household income ($74k/yr) (locally 854% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $61k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago 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 $125k; list at $219k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,290 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% 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 1935 — 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 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?
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: 1.80% ✓
• Cap rate: 13.95%
• Cash-on-cash: 27.34%
• DSCR: 2.22
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $331,520
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109-111 Sawyer Ave	0.43mi	5/3.0 (+1)	2,100 (-6%)	11mo	$310,000	$148	55
59 Laverack Ave	0.58mi	5/3.0 (+1)	2,264 (+1%)	19mo	$310,000	$137	50
134 Sawyer Ave	0.46mi	5/2.0 (+1)	2,058 (-8%)	18mo	$275,000	$134	41
51 Laverack Ave Ave	0.58mi	5/3.0 (+1)	2,039 (-9%)	23mo	$305,000	$150	34

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 · 5.75% rent growth · sell at horizon

5-year hold

• IRR: 24.7%
• Equity multiple: 2.06×
• Total profit: $64,915
• Equity at exit: $32,654

10-year hold

• IRR: 34.3%
• Equity multiple: 4.60×
• Total profit: $220,611
• Equity at exit: $18,935

Cash invested: $61,320 (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 14043

• Home prices YoY: -34.2%
• Rents YoY: 5.8%
• Active inventory: 124
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $3,948 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$482 /mo · $5,784/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$829
• Net cashflow: $1,397

Break-even live

Break-even rent $2,179

Max offer price $219,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2.0	1.5	$3,948
Total (3 units)			$3,948

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Cowing St Lancaster, NY	3.0	1.0	1450	$1,400	$0.97	44d	1	0.56mi

Listing history 9 events

1. 2026-02-15
   status Pending
2. 2025-11-03
   listed $219,000 Active
3. 2024-02-15
   historical
4. 2023-10-17
   price $225,000
5. 2023-08-15
   listed $250,000 Active
6. 2020-07-15
   soldstatus $125,000
7. 2020-07-01
   soldstatus $125,000 Closed Sale or Rented 327-char remark

   Show marketing remark (327 chars)

   Calling all investors!! You won't want to miss out on an outstanding opportunity to own this 3 unit Cash Cow. With all three units currently rented this gem is set for you to just sit back and make money. Notable updates and improvements include bathroom, kitchen & flooring. Call today to schedule your private showing.

8. 2020-03-13
   status Pending Sale 327-char remark

   Show marketing remark (327 chars)

   Calling all investors!! You won't want to miss out on an outstanding opportunity to own this 3 unit Cash Cow. With all three units currently rented this gem is set for you to just sit back and make money. Notable updates and improvements include bathroom, kitchen & flooring. Call today to schedule your private showing.

9. 2020-03-10
   listed $135,000 Active 327-char remark

   Show marketing remark (327 chars)

   Calling all investors!! You won't want to miss out on an outstanding opportunity to own this 3 unit Cash Cow. With all three units currently rented this gem is set for you to just sit back and make money. Notable updates and improvements include bathroom, kitchen & flooring. Call today to schedule your private showing.

ⓘ 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: $5,784 · $482/mo
• Projected year-2 tax: $5,784 · $482/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°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: $47,376
• − Mortgage interest: −$12,267
• − Property taxes: −$5,784
• − Insurance: −$1,095
• − Repairs & maintenance: −$3,790
• − Management: −$3,790
• − Depreciation: −$6,371
• Taxable income: $14,279
• Est. tax owed @ 24.0%: −$3,427
• After-tax cash flow: $13,340/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: Depew Union Free School District
• NCES district ID: 3609030
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $51,488
• Composite: 38.33/100
• National rank: #4224
• State rank: #461 of 590 in NY

Livability — Depew

• Score: 71/100
• State rank: #408
• US rank: #7016

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Depew, NY
• County: Erie County · 714,559 people
• City population: 25,098
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 25,098
• Household income: $74,112
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 854.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 3% Two or more races 3% Black 2% Asian 1%
• Common ancestry: Romanian 30% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Arabic 3% Russian/Polish/Slavic 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: ▼ -152.13%
• Current HPI: 292.1082
• Rent YoY: ▲ 5.75%
• 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

+62.2% since first listed

9 events — show timeline

• 2026-02-15 Pending — WNYREIS
• 2025-11-03 Listed $219,000 WNYREIS
• 2024-02-15 Listing Removed — WNYREIS
• 2023-10-17 Price Changed $225,000 WNYREIS
• 2023-08-15 Listed $250,000 WNYREIS
• 2020-07-15 Sold (Public Records) $125,000 Public Records
• 2020-07-01 Sold (MLS) $125,000 WNYREIS
• 2020-03-13 Pending — WNYREIS
• 2020-03-10 Listed $135,000 WNYREIS

Property tax history

+1.8%/yr

Latest (2025): $5,784 · +3.8% YoY. Source: county tax records.