3 Primrose Dr

Cheektowaga, NY 14225

$190,000B

4 bd · 2.0 ba · 1,590 sqft · Built 1943 · MultiFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,580/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$317
• HOA: −$0
• Vac / Maint / Mgmt: −$542
• Net cashflow: $725/mo
• Annual: $8,702/yr
• Cap rate: 10.87%
• Cash-on-cash: 16.36%
• DSCR: 1.73
• 1% rule: 1.36%
• Cash to close: $53,200

Investor read

• This is a 1×3bd/1ba + 1×1bd/1ba units multifamily listed at $190k. Condition is rated good.
• At list price, monthly cash flow is $725 ($9k/yr) — positive. Per door: $363/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Only 4 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 $6k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#54 in NY, #811 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-.
• Cleveland Hill Union Free School District (urban): math 42% / reading 46% proficiency, ranked #468 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 207 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.9% vs local median 3.8% in Cheektowaga — 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.
• At $2,580/mo this rent would consume 46% of the median local household income ($67k/yr) (locally 991% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1943 — 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen backsplash — The brick backsplash could be replaced with a more modern material for a fresh look.
• Minor: Bathroom fixtures — Updating the fixtures in the bathrooms could improve the aesthetic appeal.