6467 Chestnut Ridge Rd

North Boston, NY 14127

$199,900C-

4 bd · 1.5 ba · 1,806 sqft · Built 1957 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,319/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$525
• HOA: −$0
• Vac / Maint / Mgmt: −$487
• Net cashflow: $259/mo
• Annual: $3,105/yr
• Cap rate: 7.85%
• Cash-on-cash: 5.55%
• DSCR: 1.25
• 1% rule: 1.16%
• Cash to close: $55,972

Investor read

• This is a 4-bed/1.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 10 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 (#988 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, housing A, cost of living B; Watch: schools C-, amenities F, commute F.
• Orchard Park Central School District (suburban): math 57% / reading 73% proficiency, ranked #158 of 590 in NY (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 2.7% of price; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 145 active listings in the ZIP; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $99k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.8% vs local median 2.0% in North Boston — 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

• Built in 1957 — 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.
• 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.