93 Martin Ave

Blasdell, NY 14219

$339,900B+

25 bd · None ba · 2,458 sqft · Built 1934 · MultiFamily · Active · 236 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,195/mo
• Mortgage (P&I): −$1,782
• Tax + insurance: −$690
• HOA: −$0
• Vac / Maint / Mgmt: −$1,091
• Net cashflow: $1,632/mo
• Annual: $19,581/yr
• Cap rate: 12.05%
• Cash-on-cash: 20.57%
• DSCR: 1.92
• 1% rule: 1.53%
• Cash to close: $95,172

Investor read

• This is a 1×3bd/1ba + 4×1bd/1ba units multifamily listed at $340k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $340k).
• It's been on market 236 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $299k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 1934 — 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).
• 3 sale attempts since 8y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; list at $340k implies a 58% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $95k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.1% 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

• It's been on market 236 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.