3690 4th St

Blasdell, NY 14219

$474,900C+

12 bd · 4.0 ba · 3,180 sqft · Built 1954 · MultiFamily · Pending · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,200/mo
• Mortgage (P&I): −$2,490
• Tax + insurance: −$764
• HOA: −$0
• Vac / Maint / Mgmt: −$1,092
• Net cashflow: $854/mo
• Annual: $10,242/yr
• Cap rate: 8.45%
• Cash-on-cash: 7.70%
• DSCR: 1.34
• 1% rule: 1.09%
• Cash to close: $132,972

Investor read

• This is a 3×3bd/1ba + 1×2bd/1ba units multifamily listed at $475k.
• At list price, monthly cash flow is $854 ($10k/yr) — positive. Per door: $213/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• It's been on market 65 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#643 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools D-, amenities F.
• Frontier Central School District (suburban): math 54% / reading 55% proficiency, ranked #301 of 590 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Cap rate 8.4% vs local median 4.5% in Blasdell — 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 65 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 1954 — 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 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.