3520 Stony Point Rd

Niagara Falls, NY 14072

$219,999C

4 bd · 1.0 ba · 1,953 sqft · Built 1951 · SingleFamily · Pending · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,621/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$586
• HOA: −$0
• Vac / Maint / Mgmt: −$551
• Net cashflow: $331/mo
• Annual: $3,971/yr
• Cap rate: 8.10%
• Cash-on-cash: 6.45%
• DSCR: 1.29
• 1% rule: 1.19%
• Cash to close: $61,600

Investor read

• This is a 4-bed/1.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 89 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (6.0% 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 $7k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#956 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Grand Island Central School District (suburban): math 54% / reading 57% proficiency, ranked #263 of 590 in NY (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Charlotte Sidway School (471 students, 21% FRL); Veronica E Connor Middle School (math 32% / reading 53%, grade D-, #373 of 729 statewide, top 52%, 679 students, 28% FRL); Grand Island Senior High School (math 95% / reading 72%, grade A, #409 of 1,100 statewide, top 39%, 868 students, 26% FRL).
• Watch-outs: property tax is 2.7% of price; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 130 active listings in the ZIP; high-income renter base; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $45k; list at $220k implies a 389% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1951 — 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?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.