3287 Whitehaven Rd

Niagara Falls, NY 14072

$199,000C+

3 bd · 1.0 ba · 1,200 sqft · Built 1942 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,366/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$445
• HOA: −$0
• Vac / Maint / Mgmt: −$497
• Net cashflow: $380/mo
• Annual: $4,558/yr
• Cap rate: 8.58%
• Cash-on-cash: 8.18%
• DSCR: 1.36
• 1% rule: 1.19%
• Cash to close: $55,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Only 12 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 60/100 on livability (#956 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Grand Island Central School District (suburban): math 54% / reading 57% proficiency, ranked #263 of 590 in NY (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 129 active listings in the ZIP; high-income renter base; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $79k; list at $199k implies a 152% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1942 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.