110 S Transit St · Lockport, NY 14094

$119,999

4 bd · 2.0 ba · 2,273 sqft · MultiFamily public records · 89 Days on market

Built 1875 6,970 sqft lot Est $120k · at est. ↓ 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 +7.7/15.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• 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: 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

Property features AI

Finance

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

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water available (not connected); Sewer available; Cable available
• Home design: Two-story multifamily property; Resale property; Frame construction
• Construction: Frame construction; Block foundation; Existing (previously built) structure
• Exterior features: Rectangular lot (approx. 51 x 132)

Interior

• Kitchen: Oven/range in each unit; Refrigerator in each unit; Dining area open to kitchen in each unit
• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Flooring: Hardwood; Laminate; Varies by area
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Hardwood and laminate flooring; Varied flooring types through the property
• Laundry & utility: Washer and dryer in each unit; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $764 ($9k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 4.5% 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); 357 active listings in the ZIP; solid renter incomes; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,799 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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 1875 — 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: 1.83% ✓
• Cap rate: 13.94%
• Cash-on-cash: 27.29%
• DSCR: 2.21
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $120,469
• Comps found: 9

Show comp detail 9 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%)	0mo	$20,000	$9	65
156 Cottage St	0.15mi	5/2.0 (+1)	2,556 (+12%)	13mo	$145,000	$57	56
129 Lock St	0.73mi	4/2.0	2,492 (+10%)	0mo	$96,000	$39	50
35 South St	0.40mi	5/3.0 (+1)	2,070 (-9%)	14mo	$162,000	$78	46
24 Waterman St	0.33mi	3/3.0 (-1)	2,560 (+13%)	12mo	$135,000	$53	45
217 Genesee St	0.46mi	5/2.0 (+1)	2,464 (+8%)	21mo	$87,500	$36	42
119 Locust St	0.44mi	4/2.0	2,566 (+13%)	21mo	$162,000	$63	40
25 S New York St	0.59mi	4/2.0	1,980 (-13%)	16mo	$113,500	$57	38
373 Prospect St	0.73mi	5/3.0 (+1)	2,535 (+12%)	21mo	$120,000	$47	20

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: 22.2%
• Equity multiple: 1.92×
• Total profit: $30,840
• Equity at exit: $17,892

10-year hold

• IRR: 30.7%
• Equity multiple: 3.86×
• Total profit: $96,222
• Equity at exit: $10,375

Cash invested: $33,600 (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 14094

• Rents YoY: 3.7%
• Active inventory: 357
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,197 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$292 /mo · $3,505/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $764

Break-even live

Break-even rent $1,230

Max offer price $119,999

Occupancy floor 60%

Sensitivity live

Price	-10% $832	-5% $798	+0% $764	+5% $730	+10% $696
Rent	-10% $591	-5% $677	+0% $764	+5% $851	+10% $938
Rate	-1.0pp $825	-0.5pp $795	base $764	+0.5pp $733	+1.0pp $701

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,198
Total (2 units)			$2,197

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $119,999 Active 89 DOM
2. 2026-06-17
   days on market $119,999 Active 88 DOM
3. 2026-06-16
   days on market $119,999 Active 87 DOM
4. 2026-06-15
   days on market $119,999 Active 86 DOM
5. 2026-06-13
   days on market $119,999 Active 84 DOM
6. 2026-06-13
   days on market $119,999 Active 83 DOM
7. 2026-06-10
   days on market $119,999 Active 81 DOM
8. 2026-06-09
   days on market $119,999 Active 80 DOM
9. 2026-06-08
   days on market $119,999 Active 79 DOM
10. 2026-06-07
    days on market $119,999 Active 78 DOM
11. 2026-06-05
    days on market $119,999 Active 75 DOM
12. 2026-06-03
    days on market $119,999 Active 74 DOM
13. 2026-06-02
    days on market $119,999 Active 73 DOM
14. 2026-06-01
    days on market $119,999 Active 72 DOM
15. 2026-05-31
    days on market $119,999 Active 71 DOM
16. 2026-03-21
    listed $119,999 Active
17. 2026-01-02
    historical
18. 2025-07-16
    price $199,999
19. 2025-01-03
    price $250,000
20. 2024-01-03
    status Active
21. 2023-12-31
    historical
22. 2023-01-04
    listed $229,000 Active
23. 2022-10-11
    historical
24. 2021-10-11
    listed $250,000 Active
25. 2021-10-05
    historical
26. 2020-12-17
    listed $250,000 Active
27. 2020-12-16
    historical
28. 2019-12-16
    listed $250,000 Active

ⓘ 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: $26,364
• − Mortgage interest: −$6,722
• − Property taxes: −$3,505
• − Insurance: −$600
• − Repairs & maintenance: −$2,109
• − Management: −$2,109
• − Depreciation: −$3,491
• Taxable income: $7,828
• Est. tax owed @ 24.0%: −$1,879
• After-tax cash flow: $7,292/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: 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

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 · 157,377 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: 1112.0

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: 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%

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

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

-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.