123 Blue Ridge Rd

Irondequoit, NY 14526

$180,000D

2 bd · 1.5 ba · 1,240 sqft · Built 1976 · Townhouse · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,732/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$454
• HOA: −$328
• Vac / Maint / Mgmt: −$364
• Net cashflow: $-357/mo
• Annual: $-4,283/yr
• Cap rate: 3.91%
• Cash-on-cash: -8.50%
• DSCR: 0.62
• 1% rule: 0.96%
• Cash to close: $50,400

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $180k.
• At list price, monthly cash flow is $-357 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (35.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (3.8% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $117k (35.0% 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.
• Webster Central School District (suburban): math 62% / reading 63% proficiency, ranked #184 of 590 in NY (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 2.5% of price.
• Market conditions: 113 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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.
• Current owner paid $97k; list at $180k implies a 86% gain — meaningful room to come down on a strong offer.
• This rent is only 18% of the median local income ($119k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 1976 — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.