13460 Lake St

Yorkshire, NY 14030

$87,900B-

2 bd · 1.0 ba · 1,536 sqft · Built 1880 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,114/mo
• Mortgage (P&I): −$461
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $203/mo
• Annual: $2,441/yr
• Cap rate: 9.07%
• Cash-on-cash: 9.92%
• DSCR: 1.44
• 1% rule: 1.27%
• Cash to close: $24,612

Investor read

• This is a 2-bed/1.0-bath single-family listed at $88k.
• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($608 loan paydown + $6k appreciation (6.7% local appreciation)).
• Location reads 61/100 on livability (#939 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+, schools B; Watch: amenities F, commute F, employment F.
• Yorkshire-Pioneer Central School District (town): math 50% / reading 54% proficiency, ranked #358 of 590 in NY (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 2 sale attempts since 12y 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 $69k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.