5893 Lakeview Ter

Wanakah, NY 14085

$174,900C

3 bd · 1.0 ba · 1,012 sqft · Built 1957 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,850/mo
• Mortgage (P&I): −$917
• Tax + insurance: −$335
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $209/mo
• Annual: $2,514/yr
• Cap rate: 7.73%
• Cash-on-cash: 5.13%
• DSCR: 1.23
• 1% rule: 1.06%
• Cash to close: $48,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $175k.
• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 69/100 on livability (#508 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F, health & safety F.
• Frontier Central School District (suburban): math 54% / reading 55% proficiency, ranked #301 of 590 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Pinehurst Elementary School (math 58% / reading 56%, grade C+, #842 of 2,108 statewide, top 43%, 583 students, 14% FRL); Frontier Middle School (math 38% / reading 53%, grade D+, #337 of 729 statewide, top 47%, 1,071 students, 34% FRL); Frontier Senior High School (math 97% / reading 95%, grade A+, #68 of 1,100 statewide, top 6%, 1,352 students, 31% FRL).
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 2 sale attempts since 15y 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 $87k; list at $175k implies a 101% gain — meaningful room to come down on a strong offer.
• Cap rate 7.7% vs local median 3.1% in Wanakah — 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.

Questions for listing agent

• Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.