117 Kenview Ave

Tonawanda Town, NY 14217

$239,900C+

4 bd · 2.0 ba · 1,612 sqft · Built 1944 · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,916/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$623
• HOA: −$0
• Vac / Maint / Mgmt: −$612
• Net cashflow: $423/mo
• Annual: $5,077/yr
• Cap rate: 8.41%
• Cash-on-cash: 7.56%
• DSCR: 1.34
• 1% rule: 1.22%
• Cash to close: $67,172

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.
• At list price, monthly cash flow is $423 ($5k/yr) — positive. Per door: $212/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Kenmore-Tonawanda Union Free School District (suburban): math 44% / reading 47% proficiency, ranked #453 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Herbert Hoover Elementary School (math 37% / reading 52%, grade F, #1,277 of 2,108 statewide, top 64%, 565 students, 43% FRL); Herbert Hoover Middle School (math 24% / reading 39%, grade F, #522 of 729 statewide, top 73%, 758 students, 51% FRL); Kenmore West Senior High School (math 74% / reading 57%, grade B, #773 of 1,100 statewide, top 70%, 1,358 students, 51% FRL) — zoned schools average 48% FRL vs 33% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price; built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.8%/yr); 102 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $55k; list at $240k implies a 336% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $67k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 8.4% vs local median 4.1% in Tonawanda Town — 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.
• At $2,916/mo this rent would consume 47% of the median local household income ($74k/yr) (locally 727% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1944 — 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 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.