733 Oakwood Ave

East Aurora, NY 14052

$349,000F

4 bd · 2.0 ba · 1,087 sqft · Built 1860 · MultiFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,874/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$518
• HOA: −$0
• Vac / Maint / Mgmt: −$393
• Net cashflow: $-868/mo
• Annual: $-10,414/yr
• Cap rate: 3.31%
• Cash-on-cash: -10.66%
• DSCR: 0.53
• 1% rule: 0.54%
• Cash to close: $97,720

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $349k.
• At list price, monthly cash flow is $-868 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (43.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (46.3% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $187k (46.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#81 in NY, #1,241 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, commute F.
• East Aurora Union Free School District (town): math 55% / reading 69% proficiency, ranked #189 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Parkdale Elementary School (math 62% / reading 80%, grade A-, #434 of 2,108 statewide, top 21%, 655 students, 12% FRL); East Aurora Middle School (math 27% / reading 59%, grade D-, #370 of 729 statewide, top 51%, 520 students, 14% FRL); East Aurora High School (math 98% / reading 82%, grade A+, #250 of 1,100 statewide, top 24%, 528 students, 13% FRL) — zoned schools at 13% FRL track the district average.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 90 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 sale attempts since 10y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $349k implies a 133% gain — meaningful room to come down on a strong offer.
• Cap rate 3.3% vs local median 1.8% in East Aurora — 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?
• Built in 1860 — 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 A-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.
• 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.