15 Chautauqua St · Fredonia, NY 14063

$849,900

196 bd · None ba · 7,542 sqft · MultiFamily · 46 Days on market

Built 1875 Fair condition 1.05 ac lot $113/sqft · 54% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 14 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investor Opportunity – 14-Unit Apartment Complex in Fredonia Attention investors—this is a rare opportunity to acquire a well-maintained 14-unit apartment complex just inside the Village of Fredonia. With a strong rental history and gross annual income exceeding $140,000, this property offers immediate cash flow and long-term upside. The property features two buildings: a front house with four spacious units and a rear single-story building consisting of 10 more units. Combined there are seven studio apartments, three 2-bedroom apartments, and four 1 bedroom apartments. Several units have been thoughtfully renovated, enhancing both appeal and rental potential. Several major improvements have already been completed, including newer roofs, updated boilers, and hot water tanks, reflecting consistent ownership care and reduced future capital expenses. The front building offers separately metered gas and electric for each of the four units, reducing expenses while adding efficiency and ease of management. Ideally located within walking distance to downtown Fredonia’s shops, restaurants, and nightlife, and just minutes from SUNY Fredonia, this property benefits from a highly desirable rental location. Whether you’re expanding your portfolio or entering the multi-family market, this property is a solid investment with proven performance.

Key facts

• 1.05 acre lot
• Built 1875
• Listed 46 days

What this means for you Summary

Snapshot

• This is a 11×1bd/1ba + 3×2bd/1ba units multifamily listed at $850k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $850k).
• Recommended offer: $824k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 3.3% in Fredonia — 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 81/100 on livability (#95 in NY, #1,446 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, commute A; Watch: amenities C-, employment C-, crime F.
• Fredonia Central School District (town): math 55% / reading 46% proficiency, ranked #376 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Chautauqua County population projected at -22% 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 $238k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($824k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $824,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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?
9. 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.
10. 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.
11. 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: 1.48% ✓
• Cap rate: 12.05%
• Cash-on-cash: 20.58%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

• ARV (median comp): $550,379
• List price: $849,900
• Delta: 54.42%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.9%
• Equity multiple: 1.51×
• Total profit: $122,361
• Equity at exit: $126,723

10-year hold

• IRR: 21.8%
• Equity multiple: 2.86×
• Total profit: $441,974
• Equity at exit: $73,484

Cash invested: $237,972 (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 14063

• Home prices YoY: -23.6%
• Active inventory: 92
• Price-to-rent: 78.7×

Monthly cashflow live

• Estimated rent: $12,600 medium
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,748/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,646
• Net cashflow: $4,081

Break-even live

Break-even rent $7,435

Max offer price $849,900

Occupancy floor 63%

Sensitivity live

Price	-10% $4,668	-5% $4,374	+0% $4,081	+5% $3,787	+10% $3,493
Rent	-10% $3,085	-5% $3,583	+0% $4,081	+5% $4,578	+10% $5,076
Rate	-1.0pp $4,509	-0.5pp $4,297	base $4,081	+0.5pp $3,860	+1.0pp $3,636

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

Units	Beds	Baths	Est. rent
▸ 11× units	1	1	$9,900
▸ 3× units	2	1	$2,700
Total (14 units)			$12,600

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: $212,475
• Closing costs: $25,497
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $849,900 Active 46 DOM
2. 2026-06-18
   days on market $849,900 Active 44 DOM
3. 2026-06-17
   days on market $849,900 Active 43 DOM
4. 2026-06-16
   days on market $849,900 Active 42 DOM
5. 2026-06-15
   days on market $849,900 Active 41 DOM
6. 2026-06-13
   days on market $849,900 Active 39 DOM
7. 2026-06-12
   days on market $849,900 Active 38 DOM
8. 2026-06-09
   days on market $849,900 Active 35 DOM
9. 2026-06-08
   days on market $849,900 Active 34 DOM
10. 2026-06-07
    days on market $849,900 Active 33 DOM
11. 2026-06-07
    days on market $849,900 Active 32 DOM
12. 2026-06-04
    days on market $849,900 Active 29 DOM
13. 2026-06-02
    days on market $849,900 Active 28 DOM
14. 2026-06-01
    days on market $849,900 Active 27 DOM
15. 2026-05-31
    days on market $849,900 Active 26 DOM
16. 2026-05-06
    price $849,900 1379-char remark

    Show marketing remark (1379 chars)

    Investor Opportunity – 14-Unit Apartment Complex in Fredonia Attention investors—this is a rare opportunity to acquire a well-maintained 14-unit apartment complex just inside the Village of Fredonia. With a strong rental history and gross annual income exceeding $140,000, this property offers immediate cash flow and long-term upside. The property features two buildings: a front house with four spacious units and a rear single-story building consisting of 10 more units. Combined there are seven studio apartments, three 2-bedroom apartments, and four 1 bedroom apartments. Several units have been thoughtfully renovated, enhancing both appeal and rental potential. Several major improvements have already been completed, including newer roofs, updated boilers, and hot water tanks, reflecting consistent ownership care and reduced future capital expenses. The front building offers separately metered gas and electric for each of the four units, reducing expenses while adding efficiency and ease of management. Ideally located within walking distance to downtown Fredonia’s shops, restaurants, and nightlife, and just minutes from SUNY Fredonia, this property benefits from a highly desirable rental location. Whether you’re expanding your portfolio or entering the multi-family market, this property is a solid investment with proven performance.

17. 2026-05-05
    listed $799,999 Active 1379-char remark

    Show marketing remark (1379 chars)

    Investor Opportunity – 14-Unit Apartment Complex in Fredonia Attention investors—this is a rare opportunity to acquire a well-maintained 14-unit apartment complex just inside the Village of Fredonia. With a strong rental history and gross annual income exceeding $140,000, this property offers immediate cash flow and long-term upside. The property features two buildings: a front house with four spacious units and a rear single-story building consisting of 10 more units. Combined there are seven studio apartments, three 2-bedroom apartments, and four 1 bedroom apartments. Several units have been thoughtfully renovated, enhancing both appeal and rental potential. Several major improvements have already been completed, including newer roofs, updated boilers, and hot water tanks, reflecting consistent ownership care and reduced future capital expenses. The front building offers separately metered gas and electric for each of the four units, reducing expenses while adding efficiency and ease of management. Ideally located within walking distance to downtown Fredonia’s shops, restaurants, and nightlife, and just minutes from SUNY Fredonia, this property benefits from a highly desirable rental location. Whether you’re expanding your portfolio or entering the multi-family market, this property is a solid investment with proven performance.

18. 2023-04-12
    historical
19. 2023-02-15
    listed $850,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $151,200
• − Mortgage interest: −$47,608
• − Property taxes: −$12,748
• − Insurance: −$4,250
• − Repairs & maintenance: −$12,096
• − Management: −$12,096
• − Depreciation: −$24,724
• Taxable income: $37,678
• Est. tax owed @ 24.0%: −$9,043
• After-tax cash flow: $39,924/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 · 1 photo

Fair 45/100 Moderate rehab

This 14-unit apartment complex requires moderate renovations to improve its condition and appeal. Key areas for improvement include painting interior walls, updating flooring, and renovating the kitchen and bathrooms.

Repairs flagged

• Major Kitchen — No photos of kitchen
• Major Bathrooms — No photos of bathrooms
• Major Flooring — No photos of flooring
• Major Interior walls/paint — No photos of interior walls/paint

Value-add opportunities

• Rental Paint interior walls — Fresh paint enhances appeal and rental potential
• Both Update flooring — New flooring improves aesthetics and functionality
• Both Renovate kitchen and bathrooms — Modern kitchens and bathrooms attract more tenants and buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen · No photos of kitchen	Major	$15,000–50,000
Bathrooms · No photos of bathrooms	Major	$15,000–50,000
Flooring · No photos of flooring	Major	$15,000–50,000
Interior walls/paint · No photos of interior walls/paint	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Rental Paint interior walls — Fresh paint enhances appeal and rental potential ↑
• Both Update flooring — New flooring improves aesthetics and functionality ↑
• Both Renovate kitchen and bathrooms — Modern kitchens and bathrooms attract more tenants and buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Fredonia Central School District
• NCES district ID: 3611520
• Math proficiency: 55% ▼ -8.00%
• Reading proficiency: 46% ▼ -8.00%
• Median HH income: $48,491
• Composite: 43.1/100
• National rank: #3086
• State rank: #376 of 590 in NY

Livability — Fredonia

• Score: 81/100
• State rank: #95
• US rank: #1446

Category grades

Amenities C- Commute A Cost of living B+ 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: Fredonia, NY
• Population (ZIP): 12,722

Population outlook (Chautauqua County) Hauer SSP2

• Today (2025): 123,454 people
• By 2030: 118,509 · -4.0%
• By 2040: 107,311 · -13.1%
• By 2050: 96,703 · -21.7%
• By 2075: 76,757 · -37.8%
• By 2100: 60,984 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 14% Italian 3% Iranian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Chautauqua

• 2024 margin: Strong R (+22.0) · D 39.0% · R 61.0%
• 2008→2024 swing: -22.9pp toward R · 2008: 0.9pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.8 2016: R+24.6 2012: R+8.2 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.55%
• Current HPI: 253.5334
• Rent YoY: —
• Metro: —
• 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

-0.0% since first listed

4 events — show timeline

• 2026-05-06 Price Changed $849,900 UNYREIS
• 2026-05-05 Listed $799,999 UNYREIS
• 2023-04-12 Listing Removed — UNYREIS
• 2023-02-15 Listed $850,000 UNYREIS