64 Virginia Rd

Cheektowaga, NY 14225

$289,000D

4 bd · 2.0 ba · 1,612 sqft · Built 1942 · MultiFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,841/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$610
• HOA: −$0
• Vac / Maint / Mgmt: −$597
• Net cashflow: $119/mo
• Annual: $1,429/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.77%
• DSCR: 1.08
• 1% rule: 0.98%
• Cash to close: $80,920

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $289k.
• At list price, monthly cash flow is $119 ($1k/yr) — positive. Per door: $60/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $284k (1.7% below list).
• It's been on market 23 days — a 2% lower offer ($285k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $284k (1.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 207 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 2 sale attempts 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.
• Cap rate 6.8% 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.
• At $2,841/mo this rent would consume 51% 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

• 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 1942 — 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?
• 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.