548 Englewood Ave

Tonawanda Town, NY 14223

$199,900B+

6 bd · 2.0 ba · 2,050 sqft · Built 1940 · MultiFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,260/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$670
• HOA: −$0
• Vac / Maint / Mgmt: −$685
• Net cashflow: $857/mo
• Annual: $10,281/yr
• Cap rate: 11.44%
• Cash-on-cash: 18.37%
• DSCR: 1.82
• 1% rule: 1.63%
• Cash to close: $55,972

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $200k.
• At list price, monthly cash flow is $857 ($10k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Only 3 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Kenmore-Tonawanda Union Free School District (suburban): math 44% / reading 47% proficiency, ranked #453 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ben Franklin Elementary School (math 27% / reading 47%, grade F, #1,519 of 2,108 statewide, top 74%, 459 students, 58% FRL); Kenmore West Senior High School (math 74% / reading 57%, grade B, #773 of 1,100 statewide, top 70%, 1,358 students, 51% FRL) — zoned schools average 54% FRL vs 33% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.5% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 122 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 sale attempts since 12y ago 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.
• Current owner paid $100k; list at $200k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.4% vs local median 4.1% in Tonawanda Town — 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 $3,260/mo this rent would consume 46% of the median local household income ($84k/yr) (locally 368% 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 1940 — 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?
• 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 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.