83 Bryant Unit 7AB

Buffalo, NY 14209

$239,900F

2 bd · 2.0 ba · 1,900 sqft · Built 1927 · Condo · Active · 486 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,896/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$400
• HOA: −$2,557
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-2,717/mo
• Annual: $-32,602/yr
• Cap rate: -7.30%
• Cash-on-cash: -48.54%
• DSCR: -1.16
• 1% rule: 0.79%
• Cash to close: $67,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $240k. Condition is rated good.
• At list price, monthly cash flow is $-3k ($-33k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (21.0% below list).
• It's been on market 486 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (21.0% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($2k loan paydown + $4k appreciation (1.9% local appreciation)).
• Location reads 77/100 on livability (#195 in NY, #3,011 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Buffalo City School District (urban): math 41% / reading 40% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Watch-outs: HOA is 135% of rent; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.5%/yr); 94 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate -7.3% vs local median 6.8% in Buffalo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $1,896/mo this rent would consume 45% of the median local household income ($50k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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?
• It's been on market 486 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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?