166 Pleasant Ave

Irondequoit, NY 14622

$129,900C-

2 bd · 1.5 ba · 1,148 sqft · Built 1935 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,524/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$540
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $-18/mo
• Annual: $-215/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• 1% rule: 1.17%
• Cash to close: $36,372

Investor read

• This is a 2-bed/1.5-bath single-family listed at $130k.
• At list price, monthly cash flow is $-18 ($-215/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (2.4% below list).
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $127k (2.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k 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: Ivan L Green Primary School (328 students, 58% 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 4.5% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 48 active listings in the ZIP; solid renter incomes; 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.
• Cap rate 6.1% vs local median 4.5% in Irondequoit — 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

• 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 1935 — 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.