5527 E Creek Rd

Strykersville, NY 14139

$220,000C-

3 bd · 1.0 ba · 1,391 sqft · Built 1865 · SingleFamily · Pending · 134 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,729/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$243
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $-31/mo
• Annual: $-368/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.60%
• DSCR: 0.97
• 1% rule: 0.79%
• Cash to close: $61,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $-31 ($-368/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (21.4% below list).
• It's been on market 134 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (21.4% below list) — sets the bar for 1% rule.
• 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 64/100 on livability (#758 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, employment B+; Watch: crime F, amenities F, commute F.
• Iroquois Central School District (rural): math 57% / reading 68% proficiency, ranked #178 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Wales Primary School (math 37% / reading 64%, grade C-, #1,051 of 2,108 statewide, top 50%, 224 students, 20% FRL); Iroquois Middle School (math 42% / reading 62%, grade C+, #241 of 729 statewide, top 35%, 450 students, 21% FRL); Iroquois Senior High School (math 98% / reading 98%, grade A+, #19 of 1,100 statewide, top 4%, 663 students, 20% FRL).
• Watch-outs: built in 1865 — 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).
• Current owner paid $130k; list at $220k implies a 69% gain — meaningful room to come down on a strong offer.

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?
• It's been on market 134 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1865 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.