69 Madison Ave

Blasdell, NY 14219

$199,900B

5 bd · 2.0 ba · 1,643 sqft · Built 1938 · MultiFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,569/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$498
• HOA: −$0
• Vac / Maint / Mgmt: −$539
• Net cashflow: $483/mo
• Annual: $5,800/yr
• Cap rate: 9.19%
• Cash-on-cash: 10.36%
• DSCR: 1.46
• 1% rule: 1.29%
• Cash to close: $55,972

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $200k.
• At list price, monthly cash flow is $483 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Only 11 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 $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#643 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Frontier Central School District (suburban): math 54% / reading 55% proficiency, ranked #301 of 590 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Blasdell Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 488 students, 56% FRL); Frontier Middle School (math 38% / reading 53%, grade D+, #337 of 729 statewide, top 47%, 1,071 students, 34% FRL); Frontier Senior High School (math 97% / reading 95%, grade A+, #68 of 1,100 statewide, top 6%, 1,352 students, 31% FRL) — zoned schools average 40% FRL vs 20% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $78k; list at $200k implies a 156% gain — meaningful room to come down on a strong offer.
• Cap rate 9.2% vs local median 4.5% in Blasdell — 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 1938 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.