1268 Indian Church Rd

West Seneca, NY 14224

$144,000B-

5 bd · 2.0 ba · 1,768 sqft · Built 1880 · MultiFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,942/mo
• Mortgage (P&I): −$755
• Tax + insurance: −$367
• HOA: −$0
• Vac / Maint / Mgmt: −$408
• Net cashflow: $413/mo
• Annual: $4,953/yr
• Cap rate: 9.73%
• Cash-on-cash: 12.28%
• DSCR: 1.55
• 1% rule: 1.35%
• Cash to close: $40,320

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $144k.
• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• It's been on market 25 days — a 2% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $996 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#130 in NY, #2,089 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: amenities D, commute F.
• West Seneca Central School District (suburban): math 49% / reading 55% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.6% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 201 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 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.
• Current owner paid $42k; list at $144k implies a 240% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.7% vs local median 3.7% in West Seneca — 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 1880 — 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.