110 S Transit St · Lockport, NY 14094

$99,999

4 bd · 2.0 ba · 2,273 sqft · MultiFamily public records · 187 Days on market

Built 1875 Fair condition 6,970 sqft lot $44/sqft · 59% below area ↓ 52% since listing

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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
• Schools +6.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• 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

FOR SALE, TWO UNIT PROPERTY: Two-family residential property that offers a great location, and sits on the southeast corner of S Transit Road & High Street. First floor boasts a 3-bedroom apartment, and there is a 1-bedroom apartment on the second floor. Listed as commercial property (b1668230) also.

Key facts

• Two unit property
• Great location
• Southeast corner

Tags

• TWO UNIT PROPERTY
• GREAT LOCATION
• SOUTHEAST CORNER

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k. Condition is rated fair.
• This rent per unit is only 17% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Deal economics

• At list price, monthly cash flow is $838 ($10k/yr) — positive. Per door: $419/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 3.0% in Lockport — 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 76/100 on livability (#232 in NY, #3,669 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute D+, crime F, employment D-.
• Lockport City School District (town): math 44% / reading 49% proficiency, ranked #452 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 589 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 82d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 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 + 3.7% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 187 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 2.15% ✓
• Cap rate: 16.35%
• Cash-on-cash: 35.91%
• DSCR: 2.60
• GRM: 3.9

CMA / ARV

• ARV (median comp): $242,087
• List price: $99,999
• Delta: -58.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
87 Locust St	0.46mi	5/3.0 (+1)	2,208 (-3%)	3mo	$20,000	$9	62
59 Ontario St	0.48mi	4/2.0	2,076 (-9%)	2mo	$170,000	$82	62
133 Hawley St	0.32mi	4/2.0	1,960 (-14%)	2mo	$110,000	$56	60
227 Genesee St	0.48mi	4/2.0	2,004 (-12%)	1mo	$77,000	$38	57
156 Cottage St	0.15mi	5/2.0 (+1)	2,556 (+12%)	16mo	$145,000	$57	54
235 Niagara St	0.52mi	5/2.0 (+1)	2,016 (-11%)	3mo	$185,400	$92	49
129 Lock St	0.73mi	4/2.0	2,492 (+10%)	3mo	$96,000	$39	47
35 South St	0.40mi	5/3.0 (+1)	2,070 (-9%)	17mo	$162,000	$78	44
24 Waterman St	0.33mi	3/3.0 (-1)	2,560 (+13%)	15mo	$135,000	$53	42
217 Genesee St	0.46mi	5/2.0 (+1)	2,464 (+8%)	24mo	$87,500	$36	40
25 S New York St	0.59mi	4/2.0	1,980 (-13%)	19mo	$113,500	$57	35

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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 32.5%
• Equity multiple: 2.38×
• Total profit: $38,757
• Equity at exit: $14,910

10-year hold

• IRR: 40.0%
• Equity multiple: 4.90×
• Total profit: $109,079
• Equity at exit: $8,646

Cash invested: $28,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 9 active · 11 under contract
• Months of supply: 7.7 mo (13%/mo absorbed)
• Median asking: $149,900 ($77/sqft)
• Median days on market: 48 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +39.1% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14094

• Rents YoY: 3.7%
• Active inventory: 589
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,147 high
• Mortgage (P&I): −$524
• Tax from tax record: −$292 /mo · $3,505/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $838

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,148
Total (2 units)			$2,147

Break-even live

Break-even rent $1,086

Max offer price $99,999

Occupancy floor 56%

Sensitivity live

Price	-10% $895	-5% $866	+0% $838	+5% $810	+10% $781
Rent	-10% $668	-5% $753	+0% $838	+5% $923	+10% $1,008
Rate	-1.0pp $888	-0.5pp $863	base $838	+0.5pp $812	+1.0pp $786

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: $25,000
• Closing costs: $3,000
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
70 Harvey Ave Unit 5 Lockport, NY	1.0	1.0	—	$895	—	10d	1	0.14mi
42 Waterman St Lockport, NY	2.0	1.0	—	$950	—	99d	1	0.33mi
189 West Ave Unit 1 Lockport, NY	2.0	1.0	—	$1,130	—	6d	1	0.34mi
172 High St Lockport, NY	1.0	1.0	700	$850	$1.21	86d	1	0.34mi
172 High St Apt B Lockport, NY	1.0	1.0	350	$730	$2.09	110d	1	0.34mi
67 Waterman St Lockport, NY	1.0	1.0	—	$750	—	99d	1	0.34mi
47 Waterman St Unit 3 Lockport, NY	2.0	1.0	1100	$1,150	$1.05	119d	1	0.35mi
47 Waterman St Apt 2 Lockport, NY	1.0	1.0	700	$775	$1.11	10d	1	0.35mi
35 South St Lockport, NY	2.0	1.0	—	$900	—	10d	1	0.40mi
83 South St Lockport, NY	2.0	1.0	—	$950	—	62d	1	0.50mi
271 Locust St Lockport, NY	1.0	1.0	—	$975	—	10d	1	0.53mi
321 Washburn St Unit 1 Lockport, NY	3.0	1.0	—	$1,150	—	63d	1	0.58mi
327 High St Lockport, NY	1.0–2.0	1.0–2.0	690	$1,920	$2.78	0d	1	0.62mi
11 Beattie Ave Lockport, NY	3.0	1.0	1230	$1,800	$1.46	82d	1	0.82mi
80 Charlotte St Unit 1 Lockport, NY	2.0	1.0	—	$975	—	97d	1	0.93mi
574 S Transit St Lockport, NY	1.0–2.0	1.0	850	$1,055	$1.24	87d	1	0.96mi
303 Beattie Ave Apt 1 Lockport, NY	1.0	1.0	—	$950	—	65d	1	1.04mi
309 Beattie Ave Unit 4 Lockport, NY	1.0	1.0	—	$995	—	99d	1	1.08mi
315 Beattie Ave Apt 2 Lockport, NY	1.0	1.0	—	$995	—	8d	1	1.08mi
315 Beattie Ave Unit 3 Lockport, NY	1.0	1.0	—	$995	—	99d	1	1.08mi
321 Beattie Ave Unit 3 Lockport, NY	2.0	1.0	—	$1,025	—	119d	1	1.11mi
480 South St Lockport, NY	2.0	1.0	960	$1,200	$1.25	0d	2	1.22mi
4 Mc Cue Ave Unit Upper Lockport, NY	3.0	1.0	960	$1,100	$1.15	62d	1	1.36mi
53 Dayton St Lockport, NY	3.0	1.0	930	$1,150	$1.24	107d	1	1.36mi

Property features AI

Finance

• Financial info: Property configured as two units with separate gas and electric metersUnit rents: one unit at $550, the other at $500Owner pays hot water and water; tenants pay all utilitiesOperating expense details referenced in remarks

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water available (not connected)Sewer availableCable available
• Home design: Two-story multifamily propertyResale propertyFrame construction
• Construction: Frame constructionBlock foundationExisting (previously built) structure
• Exterior features: Rectangular lot (approx. 51 x 132)

Interior

• Kitchen: Oven/range in each unitRefrigerator in each unitDining area open to kitchen in each unit
• Bedrooms: One 1-bedroom unitOne 3-bedroom unit
• Flooring: HardwoodLaminateVaries by area
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basementHardwood and laminate flooringVaried flooring types through the property
• Laundry & utility: Washer and dryer in each unitGas water heater

Listing history 50 events

1. 2026-09-24
   days on market $99,999 Active 187 DOM
2. 2026-09-23
   days on market $99,999 Active 186 DOM
3. 2026-09-22
   days on market $99,999 Active 185 DOM
4. 2026-09-21
   days on market $99,999 Active 184 DOM
5. 2026-09-20
   days on market $99,999 Active 183 DOM
6. 2026-09-19
   days on market $99,999 Active 182 DOM
7. 2026-09-18
   days on market $99,999 Active 181 DOM
8. 2026-09-17
   days on market $99,999 Active 180 DOM
9. 2026-09-16
   days on market $99,999 Active 179 DOM
10. 2026-09-15
    days on market $99,999 Active 178 DOM
11. 2026-09-14
    days on market $99,999 Active 177 DOM
12. 2026-09-13
    days on market $99,999 Active 176 DOM
13. 2026-09-12
    days on market $99,999 Active 175 DOM
14. 2026-09-11
    days on market $99,999 Active 174 DOM
15. 2026-09-05
    days on market $99,999 Active 168 DOM
16. 2026-09-04
    days on market $99,999 Active 167 DOM
17. 2026-09-03
    days on market $99,999 Active 166 DOM
18. 2026-08-31
    days on market $99,999 Active 163 DOM
19. 2026-08-29
    days on market $99,999 Active 161 DOM
20. 2026-08-28
    days on market $99,999 Active 160 DOM
21. 2026-08-27
    days on market $99,999 Active 159 DOM
22. 2026-08-26
    days on market $99,999 Active 158 DOM
23. 2026-08-25
    days on market $99,999 Active 157 DOM
24. 2026-08-24
    days on market $99,999 Active 156 DOM
25. 2026-08-23
    days on market $99,999 Active 155 DOM
26. 2026-08-22
    days on market $99,999 Active 154 DOM
27. 2026-08-21
    days on market $99,999 Active 153 DOM
28. 2026-08-20
    pricedays on market $99,999 Active 152 DOM
29. 2026-08-19
    days on market $119,999 Active 151 DOM
30. 2026-08-18
    days on market $119,999 Active 150 DOM
31. 2026-08-17
    days on market $119,999 Active 149 DOM
32. 2026-08-16
    days on market $119,999 Active 148 DOM
33. 2026-08-15
    days on market $119,999 Active 147 DOM
34. 2026-08-14
    days on market $119,999 Active 146 DOM
35. 2026-08-13
    days on market $119,999 Active 145 DOM
36. 2026-08-12
    days on market $119,999 Active 144 DOM
37. 2026-08-11
    days on market $119,999 Active 143 DOM
38. 2026-08-10
    days on market $119,999 Active 142 DOM
39. 2026-08-09
    days on market $119,999 Active 141 DOM
40. 2026-08-08
    days on market $119,999 Active 140 DOM
41. 2026-08-07
    days on market $119,999 Active 139 DOM
42. 2026-08-06
    days on market $119,999 Active 138 DOM
43. 2026-08-05
    days on market $119,999 Active 137 DOM
44. 2026-08-04
    days on market $119,999 Active 136 DOM
45. 2026-08-03
    days on market $119,999 Active 135 DOM
46. 2026-07-31
    days on market $119,999 Active 132 DOM
47. 2026-07-30
    days on market $119,999 Active 131 DOM
48. 2026-07-30
    days on market $119,999 Active 130 DOM
49. 2026-07-28
    days on market $119,999 Active 129 DOM
50. 2026-07-26
    days on market $119,999 Active 127 DOM

ⓘ 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: $3,505 · $292/mo
• Projected year-2 tax: $3,505 · $292/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,764
• − Mortgage interest: −$5,601
• − Property taxes: −$3,505
• − Insurance: −$500
• − Repairs & maintenance: −$2,061
• − Management: −$2,061
• − Depreciation: −$2,909
• Taxable income: $9,126
• Est. tax owed @ 24.0%: −$2,190
• After-tax cash flow: $7,865/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab Est. rehab $56,825–$102,285 screening

This two-unit property requires extensive repairs and updates to its exterior and interior, including a new roof and siding repair, painting, and flooring replacement. These improvements will significantly increase its resale and rental value.

Repairs flagged

• Major roof — The satellite image shows visible damage and discoloration.
• Major exterior siding — The satellite image shows aged and weathered siding.
• Major interior flooring — The listing photos show worn flooring.
• Major interior paint — The listing photos show worn paint.

Value-add opportunities

• Both roof replacement — A new roof will significantly improve the home's appearance and value. ↑
• Both exterior siding repair — Repairing the siding will improve the home's curb appeal and value. ↑
• Both painting — Painting the interior and exterior will refresh the home and increase its value. ↑
• Both flooring replacement — Replacing worn flooring will improve the home's condition and value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 69/100

Zoned Schools

Elementary Regan Intermediate School B NY #663/2,108 Nat'l #5,891/41,679 High Lockport High School B+ NY #659/1,100 Nat'l #1,751/17,239

Schools (NCES district)

• District: Lockport City School District
• NCES district ID: 3617670
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 49% ▲ 3.00%
• Median HH income: $43,793
• Composite: 39.28/100
• National rank: #3997
• State rank: #452 of 590 in NY

B Composite livability gradescore 76/100

Livability — Lockport

• Score: 76/100
• State rank: #232
• US rank: #3669

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockport, NY
• County: Niagara County · 204,149 people
• City population: 50,153
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 50,153
• Household income: $75,427
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Russian/Polish/Slavic 1% Other Indo-European 1%

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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: ▼ -262.57%
• Current HPI: 303.6109
• Rent YoY: ▲ 3.67%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Finance

• Financial info: Property configured as two units with separate gas and electric metersUnit rents: one unit at $550, the other at $500Owner pays hot water and water; tenants pay all utilitiesOperating expense details referenced in remarks

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water available (not connected)Sewer availableCable available
• Home design: Two-story multifamily propertyResale propertyFrame construction
• Construction: Frame constructionBlock foundationExisting (previously built) structure
• Exterior features: Rectangular lot (approx. 51 x 132)

Interior

• Kitchen: Oven/range in each unitRefrigerator in each unitDining area open to kitchen in each unit
• Bedrooms: One 1-bedroom unitOne 3-bedroom unit
• Flooring: HardwoodLaminateVaries by area
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basementHardwood and laminate flooringVaried flooring types through the property
• Laundry & utility: Washer and dryer in each unitGas water heater

Price history

-52.0% since first listed

13 events — show timeline

• 2026-03-21 Listed $119,999 WNYREIS
• 2026-01-02 Listing Removed — WNYREIS
• 2025-07-16 Price Changed $199,999 WNYREIS
• 2025-01-03 Price Changed $250,000 WNYREIS
• 2024-01-03 Relisted — WNYREIS
• 2023-12-31 Listing Removed — WNYREIS
• 2023-01-04 Listed $229,000 WNYREIS
• 2022-10-11 Listing Removed — WNYREIS
• 2021-10-11 Listed $250,000 WNYREIS
• 2021-10-05 Listing Removed — WNYREIS
• 2020-12-17 Listed $250,000 WNYREIS
• 2020-12-16 Listing Removed — WNYREIS
• 2019-12-16 Listed $250,000 WNYREIS

Property tax history

+7.8%/yr

Latest (2025): $3,505 · +2.4% YoY. Source: county tax records.