66 Stephenson Ave

West Seneca, NY 14224

$179,900B+

5 bd · 2.0 ba · 2,200 sqft · Built 1913 · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,693/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$463
• HOA: −$0
• Vac / Maint / Mgmt: −$566
• Net cashflow: $721/mo
• Annual: $8,653/yr
• Cap rate: 11.10%
• Cash-on-cash: 17.18%
• DSCR: 1.76
• 1% rule: 1.50%
• Cash to close: $50,372

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.
• At list price, monthly cash flow is $721 ($9k/yr) — positive. Per door: $361/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Only 13 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 $5k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#130 in NY, #2,089 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: amenities D, commute F.
• West Seneca Central School District (suburban): math 49% / reading 55% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.6% of price; built in 1913 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 201 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.1% vs local median 3.7% in West Seneca — 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

• 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 1913 — 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.