4670 Broadway

Depew, NY 14043

$149,900C-

3 bd · 1.5 ba · 1,671 sqft · Built 1865 · SingleFamily · Active · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,725/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$557
• HOA: −$0
• Vac / Maint / Mgmt: −$362
• Net cashflow: $20/mo
• Annual: $235/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.56%
• DSCR: 1.02
• 1% rule: 1.15%
• Cash to close: $41,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $150k.
• At list price, monthly cash flow is $20 ($235/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 152 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#408 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, health & safety A-; Watch: crime F, amenities F, commute F.
• Depew Union Free School District (suburban): math 39% / reading 50% proficiency, ranked #461 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.0% of price; built in 1865 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.8%/yr); 124 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 4 sale attempts since 12y ago; this cycle's ask has dropped $50k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $150k implies a 500% gain — meaningful room to come down on a strong offer.
• Cap rate 6.4% vs local median 3.7% in Depew — 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

• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1865 — 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?
• 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?
• Crime grade is F 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?
• 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.