107 Haller Ave

Cheektowaga, NY 14211

$224,000C+

4 bd · 2.0 ba · 2,370 sqft · Built 1924 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,730/mo
• Mortgage (P&I): −$1,175
• Tax + insurance: −$569
• HOA: −$0
• Vac / Maint / Mgmt: −$573
• Net cashflow: $413/mo
• Annual: $4,958/yr
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• 1% rule: 1.22%
• Cash to close: $62,720

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $224k.
• At list price, monthly cash flow is $413 ($5k/yr) — positive. Per door: $207/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $224k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($2k loan paydown + $5k 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.
• Zoned schools: Union East Elementary School (math 19% / reading 36%, grade F, #1,777 of 2,108 statewide, top 84%, 895 students, 65% FRL); Cheektowaga Middle School (math 10% / reading 36%, grade F, #646 of 729 statewide, top 89%, 627 students, 68% FRL); Cheektowaga High School (math 92% / reading 70%, grade A, #495 of 1,100 statewide, top 46%, 705 students, 68% FRL) — zoned schools average 67% FRL vs 51% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.5% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 173 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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).
• Current owner paid $45k; list at $224k implies a 401% gain — meaningful room to come down on a strong offer.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.5% 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 $2,730/mo this rent would consume 90% 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

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1924 — 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.