2040 Hemstreet Rd · Billington Heights, NY 14052

$18,800

2 bd · 1.0 ba · 816 sqft · SingleFamily · 16 Days on market

Built 1968 435 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

Key facts

• Double pantry
• Extra rec space
• Huge storage shed

Tags

• ATTACHED GARAGE
• WOODLAND VIEW
• WORKSHOP
• EXTRA REC SPACE
• HUGE STORAGE SHED
• DOUBLE PANTRY

Property features AI

Finance

• Financial info: Land lease amount: $638
• HOA & community: Association fees charged monthly

Exterior

• Parking: Attached garage (1 car)
• Utilities: High-speed internet available; Public water available; Sewer connected; Circuit breaker electric
• Home design: Single-story (1 story); Resale property; Double wide or single wide mobile home (Windsor); Rectangular lot
• Construction: Aluminum siding; Membrane / rubber / shingle roof; Crawl space foundation; Existing construction
• Exterior features: Blacktop driveway; Patio; Shed / storage

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Laminate; Varies
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Gas heating; Window air conditioning unit(s)
• Interior features: Breakfast area / eat-in kitchen; Sliding glass doors; Skylights; Main-level primary bedroom; Bedroom on main level
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $19k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $19k).
• Recommended offer: $19k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#872 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: schools D+, amenities F, commute F.
• Iroquois Central School District (rural): math 57% / reading 68% proficiency, ranked #178 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 90 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $130 of loan paydown is wiped out by about $564 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $6k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $18,518 (1.5% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 8.21% ✓
• Cap rate: 75.84%
• Cash-on-cash: 248.39%
• DSCR: 12.05
• GRM: 1.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 13.61×
• Total profit: $66,373
• Equity at exit: $2,803

10-year hold

• IRR: —
• Equity multiple: 28.97×
• Total profit: $147,250
• Equity at exit: $1,625

Cash invested: $5,264 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14052

• Active inventory: 90
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $1,544 medium
• Mortgage (P&I): −$99
• Tax est. 1.5%: −$24 /mo · $282/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $1,090

Break-even live

Break-even rent $164

Max offer price $18,800

Occupancy floor 24%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $4,700
• Closing costs: $564
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-05-05
   status Pending
2. 2026-04-29
   price $18,800
3. 2026-04-27
   status Active
4. 2026-04-16
   status Pending
5. 2026-04-14
   price $19,900
6. 2026-04-08
   listed $24,900 Active
7. 2021-01-22
   soldstatus $15,000 Closed Sale or Rented 769-char remark

   Show marketing remark (769 chars)

   Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

8. 2021-01-21
   status Under Contract- Do Not Show 769-char remark

   Show marketing remark (769 chars)

   Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

9. 2020-12-10
   price $16,000 769-char remark

   Show marketing remark (769 chars)

   Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

10. 2020-11-19
    price $17,000 769-char remark

    Show marketing remark (769 chars)

    Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

11. 2020-10-21
    price $17,500 769-char remark

    Show marketing remark (769 chars)

    Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

12. 2020-10-21
    status Active 769-char remark

    Show marketing remark (769 chars)

    Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

13. 2020-10-15
    status Pending Sale 769-char remark

    Show marketing remark (769 chars)

    Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

14. 2020-10-01
    listed $18,000 Active 769-char remark

    Show marketing remark (769 chars)

    Back on the market!! Warm, inviting, and affordable 2 bedroom home located in East Aurora. this home is located in the Iroquois school district. Nothing to do except move right in. Garage has been fully insulated (new insulation also added to the walls between the home and the garage), garage door opener was replaced in 2018 (rollers, springs, and bearings on garage door replaced 2020), extra large shed (10 X 13) for all of your storage needs, New windows in living room, kitchen, and rear bedroom (replaced in 2019), owner applies cool seal to the roof every year, updates in 2020 include fresh paint, new kitchen floor, and plumbing. Kitchen appliances, washer, and dryer stay! Nice patio with view of woods behind home. This home is solid and in great condition!

15. 2017-06-26
    soldstatus $13,500 Closed Sale or Rented 264-char remark

    Show marketing remark (264 chars)

    Many new updates in the interior. Bathroom completely redone in 2013. Very clean interior, hand built shed (10x13), nice rear patio behind garage for entertaining with view of the woods in rear of mobile home. All appliances stay. 1968 Windsor, 12x68. Many updates

16. 2017-05-10
    listed $14,900 Active 264-char remark

    Show marketing remark (264 chars)

    Many new updates in the interior. Bathroom completely redone in 2013. Very clean interior, hand built shed (10x13), nice rear patio behind garage for entertaining with view of the woods in rear of mobile home. All appliances stay. 1968 Windsor, 12x68. Many updates

17. 2016-03-02
    historical Under Contract- Do Not Show
18. 2016-03-02
    soldstatus $8,000 Closed Sale or Rented
19. 2016-01-22
    price $9,900
20. 2015-12-21
    price $10,900
21. 2015-09-11
    listed $12,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,524
• − Mortgage interest: −$1,053
• − Property taxes: −$282
• − Insurance: −$94
• − Repairs & maintenance: −$1,482
• − Management: −$1,482
• − Depreciation: −$547
• Taxable income: $13,584
• Est. tax owed @ 24.0%: −$3,260
• After-tax cash flow: $9,815/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Iroquois Central School District
• NCES district ID: 3615360
• Math proficiency: 57% ▼ -17.00%
• Reading proficiency: 68% ▲ 8.00%
• Median HH income: $74,111
• Composite: 55.41/100
• National rank: #1251
• State rank: #178 of 590 in NY

Livability — Billington Heights

• Score: 62/100
• State rank: #872
• US rank: #16864

Category grades

Amenities F Commute F Cost of living D- Crime A+ Employment C+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,501

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Romanian 13% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Arabic 2% Spanish 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -212.44%
• Current HPI: 327.8237
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+45.7% since first listed

21 events — show timeline

• 2026-05-05 Pending — WNYREIS
• 2026-04-29 Price Changed $18,800 WNYREIS
• 2026-04-27 Relisted — WNYREIS
• 2026-04-16 Pending — WNYREIS
• 2026-04-14 Price Changed $19,900 WNYREIS
• 2026-04-08 Listed $24,900 WNYREIS
• 2021-01-22 Sold (MLS) $15,000 WNYREIS
• 2021-01-21 Pending — WNYREIS
• 2020-12-10 Price Changed $16,000 WNYREIS
• 2020-11-19 Price Changed $17,000 WNYREIS
• 2020-10-21 Price Changed $17,500 WNYREIS
• 2020-10-21 Relisted — WNYREIS
• 2020-10-15 Pending — WNYREIS
• 2020-10-01 Listed $18,000 WNYREIS
• 2017-06-26 Sold (MLS) $13,500 WNYREIS
• 2017-05-10 Listed $14,900 WNYREIS
• 2016-03-02 Contingent — WNYREIS
• 2016-03-02 Sold (MLS) $8,000 WNYREIS
• 2016-01-22 Price Changed $9,900 WNYREIS
• 2015-12-21 Price Changed $10,900 WNYREIS
• 2015-09-11 Listed $12,900 WNYREIS