2035 Hemstreet Rd

Billington Heights, NY 14052

$48,500B

2 bd · 2.0 ba · 914 sqft · Built 2020 · SingleFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,618/mo
• Mortgage (P&I): −$254
• Tax + insurance: −$81
• HOA: −$0
• Vac / Maint / Mgmt: −$340
• Net cashflow: $943/mo
• Annual: $11,316/yr
• Cap rate: 29.63%
• Cash-on-cash: 83.33%
• DSCR: 4.71
• 1% rule: 3.34%
• Cash to close: $13,580

Investor read

• This is a 2-bed/2.0-bath single-family listed at $48k. Condition is rated fair.
• 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).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• 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.
• 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

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