47 Stoneledge

Harris Hill, NY 14221

$234,900D

2 bd · 1.0 ba · 1,146 sqft · Built 1972 · Condo · Pending · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,140/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$294
• HOA: −$300
• Vac / Maint / Mgmt: −$449
• Net cashflow: $-136/mo
• Annual: $-1,630/yr
• Cap rate: 5.60%
• Cash-on-cash: -2.48%
• DSCR: 0.89
• 1% rule: 0.91%
• Cash to close: $65,772

Investor read

• This is a 2-bed/1.0-bath condo listed at $235k.
• At list price, monthly cash flow is $-136 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (10.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (8.9% below list).
• It's been on market 69 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (10.2% below list) — sets the bar for cash-flow.
• 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 72/100 on livability (#345 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A-; Watch: amenities F, commute F, cost of living F.
• Williamsville Central School District (suburban): math 64% / reading 77% proficiency, ranked #114 of 590 in NY (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.0%/yr); 329 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Cap rate 5.6% vs local median 2.6% in Harris Hill — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?