9 Primrose Dr

Cheektowaga, NY 14225

$184,000D

3 bd · 1.0 ba · 1,262 sqft · Built 1943 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,724/mo
• Mortgage (P&I): −$965
• Tax + insurance: −$505
• HOA: −$0
• Vac / Maint / Mgmt: −$362
• Net cashflow: $-108/mo
• Annual: $-1,301/yr
• Cap rate: 5.59%
• Cash-on-cash: -2.53%
• DSCR: 0.89
• 1% rule: 0.94%
• Cash to close: $51,520

Investor read

• This is a 3-bed/1.0-bath single-family listed at $184k.
• At list price, monthly cash flow is $-108 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (6.3% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $165k (10.4% below list) — sets the bar for cash-flow.
• 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 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-.
• Cleveland Hill Union Free School District (urban): math 42% / reading 46% proficiency, ranked #468 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cleveland Hill Elementary School (math 27% / reading 43%, grade F, #1,569 of 2,108 statewide, top 75%, 646 students, 63% FRL); Cleveland Hill Middle School (math 37% / reading 52%, grade D, #348 of 729 statewide, top 50%, 298 students, 64% FRL); Cleveland Hill High School (math 87% / reading 75%, grade A, #485 of 1,100 statewide, top 45%, 385 students, 56% FRL) — zoned schools average 61% FRL vs 43% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.8% of price; built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 209 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 4 sale attempts since 13y 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 $87k; list at $184k implies a 111% gain — meaningful room to come down on a strong offer.
• Cap rate 5.6% vs local median 3.8% in Cheektowaga — 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.
• This rent runs 31% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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?
• 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?
• 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.