466 24th St · Niagara Falls, NY 14303

$160,000

4 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 43 Days on market

Built 1916 6,500 sqft lot $83/sqft · 22% below area Est $205k · 22% 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 +2.3/10.0

Multi-family units

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

Listing remarks MLS

Check out this updated, well-maintained side-by-side double in Niagara Falls’ Little Italy. Each unit lives like its own home, featuring a living room, dining room, kitchen, full bathroom, and two bedrooms. Both sides also offer separate basements, dedicated parking areas, and private front porches—ideal for owner-occupants or investors seeking strong rental appeal.

Key facts

• Side-by-side double
• Separate basements
• 6,500 sq ft lot

Tags

• SIDE-BY-SIDE DOUBLE
• SEPARATE BASEMENTS
• DEDICATED PARKING AREAS
• PRIVATE FRONT PORCHES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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: 74 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• At $2,476/mo this rent would consume 65% of the median local household income ($46k/yr) (locally 230% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $65k; list at $160k implies a 146% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1916 — 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: 1.55% ✓
• Cap rate: 12.00%
• Cash-on-cash: 20.37%
• DSCR: 1.91
• GRM: 5.4

CMA / ARV

• ARV (median comp): $204,909
• List price: $160,000
• Delta: -21.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
541 20th St	0.27mi	5/2.0 (+1)	1,917 (-0%)	1mo	$112,000	$58	82
2615 Ferry Ave	0.19mi	4/2.0	1,848 (-4%)	6mo	$115,000	$62	80
609 24th St	0.24mi	4/2.0	2,000 (+4%)	4mo	$140,000	$70	78
2449 Grand Ave	0.39mi	5/2.0 (+1)	1,918 (-0%)	4mo	$135,000	$70	73
2219 Cudaback Ave	0.32mi	4/2.0	2,000 (+4%)	8mo	$80,000	$40	71
1968 Cudaback Ave	0.32mi	4/3.0	1,848 (-4%)	8mo	$20,000	$11	68
2459 La Salle Ave	0.66mi	4/2.0	1,920 (0%)	2mo	$160,000	$83	68
346 Portage Rd	0.55mi	3/2.0 (-1)	1,940 (+1%)	4mo	$142,500	$73	65
420 18th St	0.36mi	4/2.5	1,632 (-15%)	3mo	$115,000	$70	54
2455 La Salle Ave	0.65mi	4/2.0	2,152 (+12%)	3mo	$112,000	$52	47
2409 La Salle Ave	0.64mi	4/2.0	2,154 (+12%)	6mo	$185,000	$86	44
2734 Forest Ave	0.61mi	4/2.0	2,208 (+15%)	7mo	$160,000	$72	40

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: 12.7%
• Equity multiple: 1.50×
• Total profit: $22,605
• Equity at exit: $23,857

10-year hold

• IRR: 21.6%
• Equity multiple: 2.84×
• Total profit: $82,432
• Equity at exit: $13,834

Cash invested: $44,800 (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 14303

• Home prices YoY: -1.7%
• Active inventory: 74
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,476 high
• Mortgage (P&I): −$839
• Tax from tax record: −$290 /mo · $3,477/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$520
• Net cashflow: $761

Break-even live

Break-even rent $1,513

Max offer price $160,000

Occupancy floor 64%

Sensitivity live

Price	-10% $851	-5% $806	+0% $761	+5% $715	+10% $670
Rent	-10% $565	-5% $663	+0% $761	+5% $858	+10% $956
Rate	-1.0pp $841	-0.5pp $801	base $761	+0.5pp $719	+1.0pp $677

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,476
Total (2 units)			$2,476

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2420 Mackenna Ave Unit 1 Niagara Falls, NY	4.0	1.0	1300	$1,390	$1.07	2d	1	0.33mi
2020 Forest Ave Niagara Falls, NY	4.0	2.0	1600	$1,500	$0.94	18d	1	0.60mi
3225 Belden Pl Niagara Falls, NY	5.0	1.5	1344	$1,750	$1.30	2d	1	0.63mi
784 15th St Niagara Falls, NY	3.0	1.5	1380	$1,350	$0.98	4d	1	0.78mi
642 Ashland Ave Niagara Falls, NY	3.0	1.0	1238	$1,100	$0.89	4d	1	1.37mi

Listing history 22 events

1. 2026-04-17
   historical
2. 2026-04-16
   historical
3. 2026-04-16
   price $160,000
4. 2026-04-15
   listed $160,000 Active 380-char remark

   Show marketing remark (380 chars)

   Check out this updated, well-maintained side-by-side double in Niagara Falls’ Little Italy. Each unit lives like its own home, featuring a living room, dining room, kitchen, full bathroom, and two bedrooms. Both sides also offer separate basements, dedicated parking areas, and private front porches—ideal for owner-occupants or investors seeking strong rental appeal.

5. 2026-04-15
   historical

   Show marketing remark (380 chars)

   Check out this updated, well-maintained side-by-side double in Niagara Falls’ Little Italy. Each unit lives like its own home, featuring a living room, dining room, kitchen, full bathroom, and two bedrooms. Both sides also offer separate basements, dedicated parking areas, and private front porches—ideal for owner-occupants or investors seeking strong rental appeal.

6. 2026-04-02
   listed $179,000 Active
7. 2026-04-01
   historical
8. 2026-01-22
   price $199,000
9. 2025-12-17
   listed $210,000 Active
10. 2022-11-09
    soldstatus $65,000 Closed Sale or Rented
11. 2022-08-31
    status Pending Sale
12. 2022-08-15
    status Under Contract- Do Not Show
13. 2022-08-01
    listed $75,000 Active
14. 2017-06-29
    soldstatus $35,000 Closed Sale or Rented
15. 2017-06-26
    soldstatus $35,000
16. 2017-06-05
    status Pending Sale
17. 2017-04-24
    historical Under Contract- Do Not Show
18. 2017-03-25
    price $35,900
19. 2017-01-16
    listed $40,000 Active
20. 2015-09-11
    soldstatus $30,000
21. 1996-01-03
    soldstatus $40,000
22. 1994-08-04
    soldstatus $24,000

ⓘ 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: $3,477 · $290/mo
• Projected year-2 tax: $3,477 · $290/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: $29,712
• − Mortgage interest: −$8,962
• − Property taxes: −$3,477
• − Insurance: −$800
• − Repairs & maintenance: −$2,377
• − Management: −$2,377
• − Depreciation: −$4,655
• Taxable income: $7,064
• Est. tax owed @ 24.0%: −$1,695
• After-tax cash flow: $7,431/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): 6,156
• Household income: $45,646
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 230.0

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 0.68)
• Race & ethnicity: White 53% Two or more races 18% Hispanic / Latino 15% Black 12% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 6%
• Common ancestry: Romanian 12% Lithuanian 2% Iranian 1%
• Foreign-born: 3%
• Languages at home: 93% English-only · Other Indo-European 3% Spanish 3% Russian/Polish/Slavic 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: ▼ -5.37%
• Current HPI: 311.8094
• 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

+566.7% since first listed

22 events — show timeline

• 2026-04-17 Listing Removed — WNYREIS
• 2026-04-16 Listing Removed — WNYREIS
• 2026-04-16 Price Changed $160,000 WNYREIS
• 2026-04-15 Listed $160,000 WNYREIS
• 2026-04-15 Listing Removed — WNYREIS
• 2026-04-02 Listed $179,000 WNYREIS
• 2026-04-01 Listing Removed — WNYREIS
• 2026-01-22 Price Changed $199,000 WNYREIS
• 2025-12-17 Listed $210,000 WNYREIS
• 2022-11-09 Sold (MLS) $65,000 WNYREIS
• 2022-08-31 Pending — WNYREIS
• 2022-08-15 Pending — WNYREIS
• 2022-08-01 Listed $75,000 WNYREIS
• 2017-06-29 Sold (MLS) $35,000 WNYREIS
• 2017-06-26 Sold (Public Records) $35,000 Public Records
• 2017-06-05 Pending — WNYREIS
• 2017-04-24 Contingent — WNYREIS
• 2017-03-25 Price Changed $35,900 WNYREIS
• 2017-01-16 Listed $40,000 WNYREIS
• 2015-09-11 Sold (Public Records) $30,000 Public Records
• 1996-01-03 Sold (Public Records) $40,000 Public Records
• 1994-08-04 Sold (Public Records) $24,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $3,477 · +25.9% YoY. Source: county tax records.