47 Sutley Ct

Tonawanda, NY 14150

$229,900D-

3 bd · 1.0 ba · 1,008 sqft · Built 1957 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,898/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $-10/mo
• Annual: $-125/yr
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• 1% rule: 0.83%
• Cash to close: $64,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $-10 ($-125/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (17.4% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $190k (17.4% below list) — sets the bar for 1% rule.
• 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 89/100 on livability (#8 in NY, #169 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Tonawanda City School District (suburban): math 39% / reading 43% proficiency, ranked #508 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mullen Elementary School (math 34% / reading 44%, grade F, #1,444 of 2,108 statewide, top 71%, 303 students, 54% FRL); Fletcher Elementary School (math 27% / reading 37%); Tonawanda Middle/High School (math 49% / reading 43%, grade D-, #1,023 of 1,100 statewide, top 93%, 1,011 students, 46% FRL) — zoned schools average 50% FRL vs 34% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.8%/yr); 193 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 sale attempts since 16y 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 $84k; list at $230k implies a 174% gain — meaningful room to come down on a strong offer.
• This rent runs 32% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1957 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.