2035 Hemstreet Rd · Billington Heights, NY 14052

$48,500

2 bd · 2.0 ba · 914 sqft · SingleFamily · 14 Days on market

Built 2020 Fair condition

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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 +5.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New build at an old price. Very affordable living that you can call your own. Open floorplan with a split bedroom design for privacy. Great earth tones to accommodate any decor, come and take a look at this brand new home.

Key facts

• Washer and dryer
• Primary suite
• Newer generator

Tags

• OPEN-CONCEPT LAYOUT
• PRIMARY SUITE
• STRUCTURAL WARRANTY
• FULLY EQUIPPED KITCHEN
• WASHER AND DRYER
• NEWER GENERATOR

Property features AI

Finance

• HOA & community: Land lease: $650

Exterior

• Parking: No garage
• Utilities: Public water connected; Sewer connected; Electric service
• Home design: Single-story; Single wide mobile home; Commodore model; Resale property
• Construction: Frame construction; Vinyl siding; Blown-in insulation; Block and slab foundation; Existing/previously built
• Exterior features: Gravel driveway; Rectangular lot

Interior

• Kitchen: Gas oven; Gas range; Dishwasher; Refrigerator
• Bedrooms: 2 main level bedrooms
• Flooring: Carpet; Laminate; Varied flooring
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Gas forced air heating
• Interior features: Partially furnished; Kitchen/family room combo; Living/dining room; Primary suite with bath in primary bedroom; Main level primary
• Laundry & utility: Main level laundry; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $48k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $943 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).

Location & tenants

• Location reads 62/100 on livability (#872 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: schools D+, amenities F, commute F.
• Iroquois Central School District (rural): math 57% / reading 68% proficiency, ranked #178 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 90 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $335 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $39k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $48,500

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.34% ✓
• Cap rate: 29.63%
• Cash-on-cash: 83.33%
• DSCR: 4.71
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 83.7%
• Equity multiple: 4.85×
• Total profit: $52,228
• Equity at exit: $7,232

10-year hold

• IRR: 86.9%
• Equity multiple: 10.05×
• Total profit: $122,918
• Equity at exit: $4,193

Cash invested: $13,580 (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 14052

• Active inventory: 90
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,618 medium
• Mortgage (P&I): −$254
• Tax est. 1.5%: −$61 /mo · $728/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $943

Break-even live

Break-even rent $424

Max offer price $48,500

Occupancy floor 37%

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: $12,125
• Closing costs: $1,455
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $48,500 Active 14 DOM
2. 2026-06-17
   days on market $48,500 Active 13 DOM
3. 2026-06-16
   days on market $48,500 Active 12 DOM
4. 2026-06-15
   days on market $48,500 Active 11 DOM
5. 2026-06-13
   days on market $48,500 Active 9 DOM
6. 2026-06-13
   days on market $48,500 Active 8 DOM
7. 2026-06-10
   days on market $48,500 Active 6 DOM
8. 2026-06-09
   days on market $48,500 Active 5 DOM
9. 2026-06-08
   days on market $48,500 Active 4 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $48,500 Active 3 DOM

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

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 ≥91°F today · 16 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: $19,416
• − Mortgage interest: −$2,717
• − Property taxes: −$728
• − Insurance: −$242
• − Repairs & maintenance: −$1,553
• − Management: −$1,553
• − Depreciation: −$1,411
• Taxable income: $11,212
• Est. tax owed @ 24.0%: −$2,691
• After-tax cash flow: $8,626/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 · 12 photos

Fair 45/100 Cosmetic rehab

This 2020-built home offers a good starting point with a fair condition, but minor repairs and updates to the exterior and interior can significantly enhance its value.

Repairs flagged

• Minor Wooden deck and stairs — Worn wooden deck and stairs need minor repair.

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace wooden deck and stairs — A new deck and stairs improve safety and add value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Wooden deck and stairs · Worn wooden deck and stairs need minor repair.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace wooden deck and stairs — A new deck and stairs improve safety and add value for both resale and rental. ↑

ⓘ 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: Iroquois Central School District
• NCES district ID: 3615360
• Math proficiency: 57% ▼ -17.00%
• Reading proficiency: 68% ▲ 8.00%
• Median HH income: $74,111
• Composite: 55.41/100
• National rank: #1251
• State rank: #178 of 590 in NY

Livability — Billington Heights

• Score: 62/100
• State rank: #872
• US rank: #16864

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,501

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Romanian 13% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Arabic 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: ▼ -212.44%
• Current HPI: 327.8237
• 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

+7.8% since first listed

4 events — show timeline

• 2026-06-04 Listed $48,500 WNYREIS
• 2020-08-08 Sold (MLS) $39,000 WNYREIS
• 2020-06-03 Pending — WNYREIS
• 2020-06-01 Listed $45,000 WNYREIS