4202 Shimerville Rd

Harris Hill, NY 14031

$229,900B-

4 bd · 1.0 ba · 1,146 sqft · Built 1950 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,604/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$380
• HOA: −$0
• Vac / Maint / Mgmt: −$547
• Net cashflow: $472/mo
• Annual: $5,662/yr
• Cap rate: 8.76%
• Cash-on-cash: 8.80%
• DSCR: 1.39
• 1% rule: 1.13%
• Cash to close: $64,372

Investor read

• This is a 4-bed/1.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#345 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A-; Watch: amenities F, commute F, cost of living F.
• Clarence Central School District (suburban): math 70% / reading 76% proficiency, ranked #94 of 590 in NY (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 77 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 2 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.
• Current owner paid $106k; list at $230k implies a 116% gain — meaningful room to come down on a strong offer.
• Cap rate 8.8% vs local median 2.6% in Harris Hill — 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.

Questions for listing agent

• Built in 1950 — 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.