7-9 Venice Ave

Celoron, NY 14720

$85,000D+

4 bd · 2.0 ba · 1,800 sqft · Built 1900 · MultiFamily · Pending · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,869/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$812
• Net cashflow: $2,469/mo
• Annual: $29,629/yr
• Cap rate: 41.15%
• Cash-on-cash: 124.49%
• DSCR: 6.54
• 1% rule: 4.55%
• Cash to close: $23,800

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $85k.
• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $85k).
• It's been on market 71 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.3%/yr); year-one equity from $588 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#320 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Southwestern Central School District At Jamestown (town): math 45% / reading 56% proficiency, ranked #373 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southwestern Elementary School (math 46% / reading 53%, grade D, #1,085 of 2,108 statewide, top 56%, 583 students, 36% FRL); Southwestern Middle School (math 26% / reading 55%, grade F, #409 of 729 statewide, top 56%, 307 students, 39% FRL); Southwestern Senior High School (math 98% / reading 95%, grade A+, #59 of 1,100 statewide, top 6%, 429 students, 40% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 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.
• At projected returns (-2.3% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — 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.
• 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?
• 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?