10 Wayne #21 · Cheektowaga, NY 14225

$99,900

2 bd · 1.0 ba · 740 sqft · Condo public records · 8 Days on market

Built 1966 $312/mo HOA · 19% of rent

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Why this score? — see what drove the B- 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 +27.9/30.0
• 1% rule +10.0/10.0
• DSCR +9.9/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Location & Convenience! Walking distance to multiple restaurants, shops & bus route. Enjoy this cozy 2 bedroom condo w/ eat-in kitchen & living/dining rm combo. Basement has laundry hook-ups, locking storage area & is only shared w/ 1 other unit. The HOA fee is only $224 and includes heat, hot water, common area heating & maintenance, taxes & insurance, exterior maint. snow removal, water & sewer. The hot water tank and furnace are owned & maintained by the condo comp. Live like a rental with the pride & freedom of ownership.

Key facts

• $312 HOA
• Parking
• Built 1966

Property features AI

Finance

• Other: Pets not allowed
• HOA & community: Association: Adruschat Real Estate; Monthly association fee of $312; Association fee includes heat, water, sewer, trash, snow removal, common areas and common area maintenance

Exterior

• Parking: Assigned parking; No garage; One parking space
• Utilities: Sewer connected; Public water connected; Circuit breaker electric
• Home design: Brick construction; 1 story; Resale property; Architectural shingle roof
• Construction: Brick exterior; Architectural shingle roof; Full basement
• Exterior features: Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Refrigerator; Eat-in kitchen layout
• Bedrooms: Bedroom 1 (Second level); Bedroom 2 (Second level)
• Flooring: Ceramic tile; Laminate; Varies
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas heating; Baseboard heating
• Interior features: Ceiling fan(s); Entrance foyer; Eat-in kitchen; Combined living and dining area; Storage
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 10.0% 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.

Location & tenants

• 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-.
• Amherst Central School District (suburban): math 53% / reading 68% proficiency, ranked #209 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 208 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 30% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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 $44k; list at $100k implies a 130% gain — meaningful room to come down on a strong offer.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.68% ✓
• Cap rate: 9.99%
• Cash-on-cash: 13.21%
• DSCR: 1.59
• GRM: 4.9

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: 3.4%
• Equity multiple: 1.13×
• Total profit: $3,653
• Equity at exit: $14,895

10-year hold

• IRR: 13.1%
• Equity multiple: 2.05×
• Total profit: $29,365
• Equity at exit: $8,638

Cash invested: $27,972 (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 14225

• Home prices YoY: -27.3%
• Active inventory: 208
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,683 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$144 /mo · $1,728/yr
• Insurance: −$42
• HOA: −$312
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $308

Break-even live

Break-even rent $1,293

Max offer price $99,900

Occupancy floor 77%

Sensitivity live

Price	-10% $364	-5% $336	+0% $308	+5% $280	+10% $251
Rent	-10% $175	-5% $241	+0% $308	+5% $374	+10% $441
Rate	-1.0pp $358	-0.5pp $333	base $308	+0.5pp $282	+1.0pp $256

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4865 Main St Unit 2 Buffalo, NY	1.0	1.0	700	$2,500	$3.57	12d	1	0.93mi
1233 Eggert Rd Buffalo, NY	1.0	1.0	700	$1,175	$1.68	24d	1	1.38mi

HOA detail condo

• Monthly dues: $312 · $3,744/yr
• Likely covers: watersewersnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-21
   statusdays on market $99,900 Pending 8 DOM
2. 2026-06-18
   days on market $99,900 Active 7 DOM
3. 2026-06-17
   days on market $99,900 Active 6 DOM
4. 2026-06-16
   days on market $99,900 Active 5 DOM
5. 2026-06-15
   days on market $99,900 Active 4 DOM
6. 2026-06-13
   days on market $99,900 Active 2 DOM
7. 2026-06-13
   remarks 366-char remark
8. 2026-06-13
   listed $99,900 Active 1 DOM

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $1,728 · $144/mo
• Projected year-2 tax: $1,728 · $144/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,194
• − Mortgage interest: −$5,596
• − Property taxes: −$1,728
• − Insurance: −$500
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − HOA: −$3,744
• − Depreciation: −$2,906
• Taxable income: $2,489
• Est. tax owed @ 24.0%: −$597
• After-tax cash flow: $3,098/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: Amherst Central School District
• NCES district ID: 3602920
• Math proficiency: 53% ▼ -16.00%
• Reading proficiency: 68% ▲ 4.00%
• Median HH income: $68,551
• Composite: 53.21/100
• National rank: #1502
• State rank: #209 of 590 in NY

Livability — Cheektowaga

• Score: 84/100
• State rank: #54
• US rank: #811

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Erie County · 714,559 people
• City population: 55,470
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 33,620
• Household income: $67,237
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 991.0

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 (74%)
• Race & ethnicity: White 74% Black 13% Two or more races 7% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 21% Lithuanian 3% Iranian 1%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Other Indo-European 2% Spanish 2% Arabic 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: ▼ -120.26%
• Current HPI: 320.6248
• Rent YoY: —
• Metro: Buffalo-Cheektowaga, NY
• 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

+100.2% since first listed

3 events — show timeline

• 2026-06-11 Listed $99,900 WNYREIS
• 2013-01-08 Sold (MLS) $43,500 WNYREIS
• 2012-05-03 Listed $49,900 WNYREIS

Property tax history

+1.0%/yr

Latest (2025): $1,728 · +9.2% YoY. Source: county tax records.