5645 West Ln

Wanakah, NY 14085

$205,000D+

2 bd · 1.0 ba · 1,175 sqft · Built 1945 · SingleFamily · Pending · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,850/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$393
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $-6/mo
• Annual: $-75/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• 1% rule: 0.90%
• Cash to close: $57,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $205k.
• At list price, monthly cash flow is $-6 ($-75/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (9.8% below list).
• It's been on market 77 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (9.8% below list) — sets the bar for 1% rule.
• 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 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.
• Watch-outs: built in 1945 — 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).
• 4 sale attempts since 3y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.3% 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.