83 W 2nd St

Dunkirk, NY 14048

$128,500C-

4 bd · 1.0 ba · 1,176 sqft · Built 1873 · SingleFamily · Active · 213 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,193/mo
• Mortgage (P&I): −$674
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $158/mo
• Annual: $1,891/yr
• Cap rate: 7.76%
• Cash-on-cash: 5.25%
• DSCR: 1.23
• 1% rule: 0.93%
• Cash to close: $35,980

Investor read

• This is a 4-bed/1.0-bath single-family listed at $128k.
• At list price, monthly cash flow is $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (7.2% below list).
• It's been on market 213 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($888 loan paydown + $6k appreciation (4.9% local appreciation)).
• Location reads 70/100 on livability (#426 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Dunkirk City School District (town): math 30% / reading 34% proficiency, ranked #575 of 590 in NY (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1873 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 70 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $26k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $128k implies a 1804% gain — meaningful room to come down on a strong offer.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1873 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.