27 Sunnyside Ave

Bemus Point, NY 14712

$1,125,000A-

361 bd · None ba · 32,375 sqft · Built 1958 · MultiFamily · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $31,504/mo
• Mortgage (P&I): −$5,900
• Tax + insurance: −$1,842
• HOA: −$0
• Vac / Maint / Mgmt: −$6,616
• Net cashflow: $17,146/mo
• Annual: $205,754/yr
• Cap rate: 24.58%
• Cash-on-cash: 65.32%
• DSCR: 3.91
• 1% rule: 2.80%
• Cash to close: $315,000

Investor read

• This is a 19 × 1-bed/1-bath units multifamily listed at $1.12M.
• At list price, monthly cash flow is $17k ($206k/yr) — positive. Per door: $902/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($32k rent vs $1.12M).
• It's been on market 108 days — a 9% lower offer ($1.02M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.02M (9.0% below list) — sets the bar for market timing.
• In year one you build about $120k of equity ($8k loan paydown + $112k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#539 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living A, health & safety A; Watch: amenities F, commute F, employment F.
• Bemus Point Central School District (rural): math 65% / reading 61% proficiency, ranked #238 of 755 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 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.
• 2 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $750k; list at $1.12M implies a 50% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $315k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$193k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 24.6% vs local median 1.8% in Bemus Point — 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 108 days. Have you received any prior offers? Is the seller open to a 9% 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 1958 — 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 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?
• 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.