8688 Church St

Barker, NY 14012

$79,900A-

9 bd · 3.5 ba · 3,728 sqft · Built 1880 · MultiFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,168/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$257
• HOA: −$0
• Vac / Maint / Mgmt: −$665
• Net cashflow: $1,826/mo
• Annual: $21,918/yr
• Cap rate: 33.72%
• Cash-on-cash: 97.97%
• DSCR: 5.36
• 1% rule: 3.96%
• Cash to close: $22,372

Investor read

• This is a 3 × 2-bed/1.7-bath units multifamily listed at $80k.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $609/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $80k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $9k of equity ($552 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#1,001 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities F.
• Barker Central School District (rural): math 60% / reading 65% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.4% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 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.
• Crime grade is F 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?
• 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.