2960 Love Rd

Grandyle Village, NY 14072

$239,900D

3 bd · 1.5 ba · 1,528 sqft · Built 1952 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,323/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$565
• HOA: −$0
• Vac / Maint / Mgmt: −$488
• Net cashflow: $13/mo
• Annual: $153/yr
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• 1% rule: 0.97%
• Cash to close: $67,172

Investor read

• This is a 3-bed/1.5-bath single-family listed at $240k.
• At list price, monthly cash flow is $13 ($153/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (3.2% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $232k (3.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#416 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A-; Watch: crime C-, amenities F, commute F.
• Grand Island Central School District (suburban): math 54% / reading 57% proficiency, ranked #263 of 590 in NY (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Charlotte Sidway School (471 students, 21% FRL); Veronica E Connor Middle School (math 32% / reading 53%, grade D-, #373 of 729 statewide, top 52%, 679 students, 28% FRL); Grand Island Senior High School (math 95% / reading 72%, grade A, #409 of 1,100 statewide, top 39%, 868 students, 26% FRL).
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 130 active listings in the ZIP; high-income renter base; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Cap rate 6.4% vs local median 4.5% in Grandyle Village — 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 1952 — 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.
• 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.
• 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.