69 Matilda St

North Gates, NY 14606

$239,900F

3 bd · 2.0 ba · 1,050 sqft · Built 1958 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,750/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$746
• HOA: −$0
• Vac / Maint / Mgmt: −$367
• Net cashflow: $-622/mo
• Annual: $-7,461/yr
• Cap rate: 3.18%
• Cash-on-cash: -11.11%
• DSCR: 0.51
• 1% rule: 0.73%
• Cash to close: $67,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-622 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (35.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (27.1% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $155k (35.4% 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 75/100 on livability (#245 in NY, #3,859 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime D, amenities F.
• Gates-Chili Central School District (suburban): math 41% / reading 42% proficiency, ranked #491 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Neil Armstrong School (math 17% / reading 32%, grade F, #1,846 of 2,108 statewide, top 91%, 389 students, 61% FRL); Gates-Chili Middle School (math 25% / reading 40%, grade F, #504 of 729 statewide, top 70%, 854 students, 58% FRL); Gates-Chili High School (math 92% / reading 70%, grade A, #495 of 1,100 statewide, top 46%, 1,132 students, 55% FRL) — zoned schools average 58% FRL vs 31% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.2% of price; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.3%/yr); 125 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $74k; list at $240k implies a 222% gain — meaningful room to come down on a strong offer.
• Cap rate 3.2% vs local median 4.7% in North Gates — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 38% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1958 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.