2636 Sunset Dr

Eden, NY 14057

$209,900C+

4 bd · 2.0 ba · 2,352 sqft · Built 1971 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,843/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$745
• HOA: −$0
• Vac / Maint / Mgmt: −$597
• Net cashflow: $401/mo
• Annual: $4,806/yr
• Cap rate: 8.58%
• Cash-on-cash: 8.18%
• DSCR: 1.36
• 1% rule: 1.35%
• Cash to close: $58,772

Investor read

• This is a 2×2bd/1.3ba + 1×1bd/1.3ba units multifamily listed at $210k.
• At list price, monthly cash flow is $401 ($5k/yr) — positive. Per door: $134/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• It's been on market 29 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#62 in NY, #896 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F.
• Eden Central School District (rural): math 56% / reading 63% proficiency, ranked #226 of 590 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 3.8% of price.
• Market conditions: 36 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $160k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.6% vs local median 2.3% in Eden — 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

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.