370 Lafayette Rd

Irondequoit, NY 14609

$179,900D

3 bd · 1.5 ba · 1,120 sqft · Built 1955 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,689/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$626
• HOA: −$0
• Vac / Maint / Mgmt: −$355
• Net cashflow: $-235/mo
• Annual: $-2,814/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.59%
• DSCR: 0.75
• 1% rule: 0.94%
• Cash to close: $50,372

Investor read

• This is a 3-bed/1.5-bath single-family listed at $180k.
• At list price, monthly cash flow is $-235 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (6.1% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $138k (23.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#92 in NY, #1,414 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime B+; Watch: amenities F.
• East Irondequoit Central School District (suburban): math 40% / reading 47% proficiency, ranked #475 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Helendale Road Primary School (282 students, 56% FRL); East Irondequoit Middle School (math 20% / reading 36%, grade F, #573 of 729 statewide, top 79%, 676 students, 61% FRL); Eastridge Senior High School (math 93% / reading 82%, grade A, #304 of 1,100 statewide, top 28%, 850 students, 56% FRL).
• Zoned-school proficiency averages 58% at this address vs 44% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the East Irondequoit Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.7% of price; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.9%/yr); 199 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• This rent runs 31% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1955 — 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.
• 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?
• 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.