105 Jordache Ln

North Gates, NY 14559

$189,900D+

3 bd · 1.5 ba · 1,334 sqft · Built 1988 · Townhouse · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,043/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$396
• HOA: −$265
• Vac / Maint / Mgmt: −$429
• Net cashflow: $-43/mo
• Annual: $-514/yr
• Cap rate: 6.02%
• Cash-on-cash: -0.97%
• DSCR: 0.96
• 1% rule: 1.08%
• Cash to close: $53,172

Investor read

• This is a 3-bed/1.5-bath townhouse listed at $190k.
• At list price, monthly cash flow is $-43 ($-514/yr) — negative.
• To cash-flow at today's rent, offer at most $182k (4.0% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $182k (4.0% below list) — sets the bar for cash-flow.
• 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 75/100 on livability (#245 in NY, #3,859 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime D, amenities F.
• Spencerport Central School District (suburban): math 52% / reading 63% proficiency, ranked #248 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: William C Munn School (math 37% / reading 42%, grade F, #1,444 of 2,108 statewide, top 71%, 342 students, 51% FRL); A M Cosgrove Middle School (math 32% / reading 53%, grade D-, #373 of 729 statewide, top 52%, 844 students, 39% FRL); Spencerport High School (math 95% / reading 96%, grade A+, #76 of 1,100 statewide, top 7%, 1,142 students, 40% FRL) — zoned schools average 43% FRL vs 22% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 73 active listings in the ZIP; solid renter incomes; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• Cap rate 6.0% vs local median 4.7% in North Gates — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.