1990 Ridge Rd

Ontario, NY 14519

$675,000C

8 bd · 4.0 ba · 6,260 sqft · Built 1875 · MultiFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,458/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,125
• HOA: −$0
• Vac / Maint / Mgmt: −$1,566
• Net cashflow: $1,227/mo
• Annual: $14,725/yr
• Cap rate: 8.47%
• Cash-on-cash: 7.79%
• DSCR: 1.35
• 1% rule: 1.10%
• Cash to close: $189,000

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $675k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $307/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $675k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#385 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living B+; Watch: commute D, amenities F, health & safety D-.
• Wayne Central School District (suburban): math 57% / reading 68% proficiency, ranked #194 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wayne Central Primary School (439 students, 38% FRL); Wayne Central Middle School (math 42% / reading 59%, grade C, #259 of 729 statewide, top 36%, 625 students, 39% FRL); Wayne Senior High School (math 92% / reading 98%, grade A+, #93 of 1,100 statewide, top 10%, 670 students, 37% FRL) — zoned schools average 38% FRL vs 22% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 87 active listings in the ZIP; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).
• Wayne County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 22y 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 $65k; list at $675k implies a 938% gain — meaningful room to come down on a strong offer.
• Cap rate 8.5% vs local median 3.3% in Ontario — 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

• 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 1875 — 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.
• 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.