110 Hill St

Tonawanda, NY 14150

$160,000C+

3 bd · 1.5 ba · 1,023 sqft · Built 1900 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,714/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$360
• Net cashflow: $345/mo
• Annual: $4,136/yr
• Cap rate: 8.88%
• Cash-on-cash: 9.23%
• DSCR: 1.41
• 1% rule: 1.07%
• Cash to close: $44,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $160k.
• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 89/100 on livability (#8 in NY, #169 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Tonawanda City School District (suburban): math 39% / reading 43% proficiency, ranked #508 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverview Elementary School (math 24% / reading 54%, grade F, #1,444 of 2,108 statewide, top 71%, 366 students, 50% FRL); Fletcher Elementary School (math 27% / reading 37%); Tonawanda Middle/High School (math 49% / reading 43%, grade D-, #1,023 of 1,100 statewide, top 93%, 1,011 students, 46% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.8%/yr); 193 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 5 sale attempts since 6y 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.
• Current owner paid $130k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — 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.
• 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 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.