5782-5788 W Main St

Olcott, NY 14126

$350,000B-

8 bd · 4.0 ba · 3,116 sqft · Built 1865 · MultiFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,038/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$0
• Vac / Maint / Mgmt: −$848
• Net cashflow: $771/mo
• Annual: $9,255/yr
• Cap rate: 8.94%
• Cash-on-cash: 9.44%
• DSCR: 1.42
• 1% rule: 1.15%
• Cash to close: $98,000

Investor read

• This is a 1×3bd/1ba + 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $350k. Condition is rated fair.
• At list price, monthly cash flow is $771 ($9k/yr) — positive. Per door: $193/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $16k of equity ($2k loan paydown + $13k appreciation (3.8% local appreciation)).
• Location reads 66/100 on livability (#653 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: employment C-, schools D, amenities F.
• Newfane Central School District (rural): math 51% / reading 66% proficiency, ranked #257 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1865 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 167 units permitted in Niagara County in 2024 (0 in 5+ unit buildings).
• Niagara County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1865 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and discoloration suggest significant damage.
• Major: siding — The siding is old and shows significant wear.
• Major: flooring — The flooring is old and worn, indicating a need for replacement or refinishing.
• Major: HVAC units — The units appear old and may need replacement or repair.
• Major: landscaping — The landscaping is sparse and in need of maintenance to improve curb appeal.