12 Leonard Post Dr

Cheektowaga, NY 14211

$189,900D

3 bd · 1.5 ba · 1,319 sqft · Built 1943 · SingleFamily · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,509/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$534
• HOA: −$0
• Vac / Maint / Mgmt: −$317
• Net cashflow: $-338/mo
• Annual: $-4,052/yr
• Cap rate: 4.16%
• Cash-on-cash: -7.62%
• DSCR: 0.66
• 1% rule: 0.79%
• Cash to close: $53,172

Investor read

• This is a 3-bed/1.5-bath single-family listed at $190k.
• At list price, monthly cash flow is $-338 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (31.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (20.6% below list).
• It's been on market 108 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (31.4% below list) — sets the bar for cash-flow.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.0% local appreciation)).
• 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-.
• Cheektowaga Central School District (urban): math 30% / reading 37% proficiency, ranked #564 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Union East Elementary School (math 19% / reading 36%, grade F, #1,777 of 2,108 statewide, top 84%, 895 students, 65% FRL); Cheektowaga Middle School (math 10% / reading 36%, grade F, #646 of 729 statewide, top 89%, 627 students, 68% FRL); Cheektowaga High School (math 92% / reading 70%, grade A, #495 of 1,100 statewide, top 46%, 705 students, 68% FRL) — zoned schools average 67% FRL vs 51% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.9% of price; built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 173 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $60k; list at $190k implies a 216% gain — meaningful room to come down on a strong offer.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $1,509/mo this rent would consume 50% of the median local household income ($36k/yr) (locally 1804% of renters already pay >50% of income on rent) — 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 108 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1943 — 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?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?