32 Jordache Ln

North Gates, NY 14559

$169,900D

2 bd · 2.5 ba · 1,320 sqft · Built 1988 · Townhouse · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,805/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$478
• HOA: −$275
• Vac / Maint / Mgmt: −$379
• Net cashflow: $-218/mo
• Annual: $-2,620/yr
• Cap rate: 4.75%
• Cash-on-cash: -5.51%
• DSCR: 0.75
• 1% rule: 1.06%
• Cash to close: $47,572

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $170k.
• At list price, monthly cash flow is $-218 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (22.7% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $131k (22.7% 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 $5k 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.
• Watch-outs: property tax is 2.9% of price.
• 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.
• 4 sale attempts since 14y ago 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.

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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.