10 Laurel St

Clarence, NY 14001

$25,000D+

3 bd · 2.0 ba · 1,518 sqft · Built 1975 · SingleFamily · Active · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,235/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$694
• Vac / Maint / Mgmt: −$259
• Net cashflow: $109/mo
• Annual: $1,308/yr
• Cap rate: 11.53%
• Cash-on-cash: 18.69%
• DSCR: 1.83
• 1% rule: 4.94%
• Cash to close: $7,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $25k. Condition is rated fair.
• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 163 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#707 in NY) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• Clarence Central School District (suburban): math 70% / reading 76% proficiency, ranked #94 of 590 in NY (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 56% of rent.
• Market conditions: 85 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.5% vs local median 1.3% in Clarence — 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.

Questions for listing agent

• It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — 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?
• 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 A-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?

Repairs flagged (vision-AI assessment)

• Major: roof — Siding condition suggests potential water damage
• Major: exterior siding — Weathered and worn
• Major: landscaping — Unkempt and overgrown