30 Meadowlawn Rd

Cheektowaga, NY 14225

$349,900D

6 bd · 3.5 ba · 3,039 sqft · Built 1920 · MultiFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,804/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$804
• HOA: −$0
• Vac / Maint / Mgmt: −$589
• Net cashflow: $-423/mo
• Annual: $-5,080/yr
• Cap rate: 4.84%
• Cash-on-cash: -5.19%
• DSCR: 0.77
• 1% rule: 0.80%
• Cash to close: $97,972

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $-423 ($-5k/yr) — negative. Per door: $-212/mo.
• To cash-flow at today's rent, offer at most $275k (21.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (19.9% below list).
• It's been on market 35 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $275k (21.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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-.
• Cheektowaga-Maryvale Union Free School District (urban): math 67% / reading 73% proficiency, ranked #154 of 590 in NY (top 26%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 207 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 sale attempts since 4y 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 $250k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 4.8% vs local median 3.8% in Cheektowaga — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $2,804/mo this rent would consume 50% of the median local household income ($67k/yr) (locally 991% 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 35 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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 1920 — 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 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?