130 Ridge Park Ave

Cheektowaga, NY 14211

$139,900A-

4 bd · 2.0 ba · 1,713 sqft · Built 1930 · MultiFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,509/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$476
• HOA: −$0
• Vac / Maint / Mgmt: −$527
• Net cashflow: $773/mo
• Annual: $9,270/yr
• Cap rate: 12.92%
• Cash-on-cash: 23.67%
• DSCR: 2.05
• 1% rule: 1.79%
• Cash to close: $39,172

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $140k.
• At list price, monthly cash flow is $773 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($967 loan paydown + $3k appreciation (2.0% local appreciation)).
• Location reads 84/100 on livability (#54 in NY, #811 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-.
• Cheektowaga Central School District (urban): math 30% / reading 37% proficiency, ranked #564 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.6% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 172 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.9% vs local median 3.8% in Cheektowaga — 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.
• At $2,509/mo this rent would consume 83% of the median local household income ($36k/yr) (locally 1804% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1930 — 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.