1381 Eagle St

Arcade, NY 14009

$115,000A-

3 bd · 1.0 ba · 1,404 sqft · Built 1900 · SingleFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,626/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$237
• HOA: −$0
• Vac / Maint / Mgmt: −$341
• Net cashflow: $444/mo
• Annual: $5,327/yr
• Cap rate: 10.93%
• Cash-on-cash: 16.54%
• DSCR: 1.74
• 1% rule: 1.41%
• Cash to close: $32,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 21 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($795 loan paydown + $6k appreciation (5.7% local appreciation)).
• Location reads 64/100 on livability (#774 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: amenities F, commute F, employment D-.
• Yorkshire-Pioneer Central School District (town): math 50% / reading 54% proficiency, ranked #358 of 590 in NY (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Arcade Elementary School (math 52% / reading 57%, grade C, #908 of 2,108 statewide, top 46%, 515 students, 45% FRL); Pioneer Middle School (math 35% / reading 52%, grade D, #366 of 729 statewide, top 51%, 662 students, 52% FRL); Pioneer Senior High School (math 98% / reading 95%, grade A+, #59 of 1,100 statewide, top 6%, 658 students, 42% FRL).
• Zoned-school proficiency averages 65% at this address vs 52% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Yorkshire-Pioneer Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.7% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1900 — 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.
• 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.