2092 Spruce St

North Collins, NY 14111

$199,000B+

28 bd · 16.0 ba · 7,617 sqft · Built 1937 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,620/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$688
• HOA: −$0
• Vac / Maint / Mgmt: −$1,180
• Net cashflow: $2,708/mo
• Annual: $32,494/yr
• Cap rate: 22.62%
• Cash-on-cash: 58.32%
• DSCR: 3.59
• 1% rule: 2.82%
• Cash to close: $55,720

Investor read

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $199k.
• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $677/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $199k).
• It's been on market 45 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (3.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($1k loan paydown + $8k appreciation (4.2% local appreciation)).
• Location reads 63/100 on livability (#802 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment F.
• North Collins Central School District (rural): math 45% / reading 40% proficiency, ranked #589 of 755 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Collins Elementary School (math 12% / reading 47%, grade F, #1,729 of 2,108 statewide, top 84%, 309 students, 38% FRL); North Collins Junior-Senior High School (math 52% / reading 67%, grade C+, #851 of 1,100 statewide, top 80%, 248 students, 42% FRL).
• Watch-outs: property tax is 3.7% of price; built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At projected returns (4.2% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1937 — 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.
• 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.