1 Center St

Angola, NY 14006

$119,900C

3 bd · 1.5 ba · 1,523 sqft · Built 1860 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,609/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$428
• HOA: −$0
• Vac / Maint / Mgmt: −$338
• Net cashflow: $214/mo
• Annual: $2,569/yr
• Cap rate: 8.44%
• Cash-on-cash: 7.65%
• DSCR: 1.34
• 1% rule: 1.34%
• Cash to close: $33,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $120k.
• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• 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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#555 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living A-; Watch: schools C-, amenities F, commute F.
• Evans-Brant Central School District (Lake Shore) (suburban): math 43% / reading 51% proficiency, ranked #424 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.8% of price; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 100 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 4 sale attempts since 12y 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 $37k; list at $120k implies a 224% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1860 — 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.