1 Erie St N

Macedon, NY 14502

$225,000B

3 bd · 2.0 ba · 1,780 sqft · Built 1870 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,062/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$592
• HOA: −$0
• Vac / Maint / Mgmt: −$1,063
• Net cashflow: $2,227/mo
• Annual: $26,730/yr
• Cap rate: 18.17%
• Cash-on-cash: 42.43%
• DSCR: 2.89
• 1% rule: 2.25%
• Cash to close: $63,000

Investor read

• This is a 3 × 3.0-bed/1.5-bath units multifamily listed at $225k.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $742/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $225k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#377 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F.
• Palmyra-Macedon Central School District (town): math 41% / reading 51% proficiency, ranked #443 of 590 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Palmyra-Macedon Primary School (440 students, 37% FRL); Palmyra-Macedon Middle School (math 27% / reading 41%, grade F, #497 of 729 statewide, top 69%, 367 students, 46% FRL); Palmyra-Macedon Senior High School (math 98% / reading 98%, grade A+, #19 of 1,100 statewide, top 4%, 605 students, 37% FRL).
• Zoned-school proficiency averages 66% at this address vs 46% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Palmyra-Macedon Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.7% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).
• Wayne County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $120k; list at $225k implies a 88% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• 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 1870 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.