115-117 Spring St

Springville, NY 14141

$134,900D+

4 bd · 1.5 ba · 2,142 sqft · Built 1930 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,180/mo
• Mortgage (P&I): −$707
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $-0/mo
• Annual: $-3/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $37,772

Investor read

• This is a 4-bed/1.5-bath single-family listed at $135k. Condition is rated fair.
• At list price, monthly cash flow is $0 ($-3/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (0.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (12.5% below list).
• It's been on market 17 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (12.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#213 in NY, #3,281 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment D+, commute F.
• Springville-Griffith Institute Central School District (town): math 47% / reading 52% proficiency, ranked #385 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 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 6.3% vs local median 2.2% in Springville — 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1930 — 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition based on the satellite image.
• Major: exterior siding — The exterior siding appears to be in poor condition.
• Major: windows — The windows appear to be in poor condition.
• Major: landscaping — The landscaping appears to be overgrown and in poor condition.