136 Denrose Dr #4 · Tonawanda Town, NY 14228

$172,000

2 bd · 1.5 ba · 1,188 sqft · Condo public records · 6 Days on market

Built 1967 $285/mo HOA · 14% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.9/30.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• DSCR +6.3/10.0
• Schools +4.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move right into this fantastic 1st floor Condo! Large Living Room with sliding glass door to patio, ample formal Dining space, and 2 large Bedrooms with oversized closets for extra storage. Newer light fixtures throughout, updated Baths and all kitchen appliances included! Updated Doors & Windows; Furnace/AC 2016. Main Bedroom has an en-suite 1/2 bath and don't forget to check out the in unit Laundry! Private storage space available in basement. Maintenance free living at its best!

Key facts

• Private patio
• In unit laundry
• Private storage area

Tags

• IN UNIT LAUNDRY
• PRIVATE PATIO
• PRIVATE STORAGE AREA

Property features AI

Finance

• Financial info: Pets allowed (cats OK, number limit)
• HOA & community: Association: LMM Properties Inc; Association fee $285 monthly; Association covers common area maintenance, common area insurance, common areas, insurance, structure maintenance, and snow removal

Exterior

• Parking: Assigned parking (one space), no garage
• Utilities: Electricity connected; Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Single-story property; Resale condition; Shingle roof; Brick construction
• Construction: Brick construction; Shingle roof; Full basement
• Exterior features: Open patio and porch; Patio; Porch; Irregular lot; Near public transit; Residential lot; City street frontage

Interior

• Kitchen: Electric cooktop; Dishwasher; Disposal; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Laminate; Tile; Varies
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 main level bathrooms
• Heating & cooling: Forced-air gas heating; Central air conditioning
• Interior features: Separate/formal living room and separate/formal dining room; Living/dining room combination; Bedroom on main level; Main level primary bedroom; Programmable thermostat
• Laundry & utility: In-unit laundry on the main level; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $172k.

Deal economics

• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• Cap rate 7.7% vs local median 4.1% in Tonawanda Town — 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.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Sweet Home Central School District (suburban): math 46% / reading 59% proficiency, ranked #342 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 94 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 33% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y 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 $98k; list at $172k implies a 76% gain — meaningful room to come down on a strong offer.

Recommended offer $172,000

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.16%
• DSCR: 1.23
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-14,491
• Equity at exit: $25,646

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $5,121
• Equity at exit: $14,871

Cash invested: $48,160 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14228

• Home prices YoY: -31.9%
• Active inventory: 94
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,082 high
• Mortgage (P&I): −$902
• Tax from tax record: −$179 /mo · $2,143/yr
• Insurance: −$72
• HOA: −$285
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $207

Break-even live

Break-even rent $1,819

Max offer price $172,000

Occupancy floor 85%

Sensitivity live

Price	-10% $305	-5% $256	+0% $207	+5% $159	+10% $110
Rent	-10% $43	-5% $125	+0% $207	+5% $289	+10% $372
Rate	-1.0pp $294	-0.5pp $251	base $207	+0.5pp $163	+1.0pp $117

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,000
• Closing costs: $5,160
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1410 Deer Lakes Dr Amherst, NY	2.0	2.0	1300	$1,995	$1.53	3d	5	0.92mi
325 Kaymar Dr Unit 325 Buffalo, NY	3.0	1.0	1073	$1,695	$1.58	44d	1	0.93mi
3948 Ridge Lea Rd Unit D Buffalo, NY	2.0	1.0	952	$1,850	$1.94	2d	1	1.03mi
2071 Sweet Home Rd Buffalo, NY	3.0–4.0	3.0	1415	$2,300	$1.63	2d	5	1.08mi
4585 Chestnut Ridge Rd #4 Buffalo, NY	2.0	2.0	1197	$1,600	$1.34	24d	1	1.09mi
1880 Sweet Home Rd Buffalo, NY	1.0–2.0	1.0	745	$2,030	$2.72	3d	6	1.09mi
200 Koenig Rd Tonawanda, NY	2.0	1.5	1481	$2,200	$1.49	2d	1	1.12mi
695 Skinnersville Rd Buffalo, NY	2.0	1.5	1328	$1,990	$1.50	2d	1	1.12mi
2217 Sweet Home Rd #50 Buffalo, NY	3.0–4.0	2.0–3.0	1372	$2,400	$1.75	2d	2	1.13mi
2217 Sweet Home Rd Buffalo, NY	3.0–4.0	2.0–3.0	1372	$2,400	$1.75	2d	1	1.15mi
205 Charter Oaks Dr #4 Buffalo, NY	1.0	1.0	795	$1,500	$1.89	2d	1	1.27mi
103 Raintree Is Tonawanda, NY	1.0–2.0	1.0	700	$1,800	$2.57	2d	35	1.29mi
2493 Sweet Home Rd Apt 101 Buffalo, NY	2.0	2.0	1000	$2,850	$2.85	3d	1	1.32mi
2493 Sweet Home Rd Unit 1-201 Buffalo, NY	2.0	2.0	943	$1,904	$2.02	44d	1	1.32mi
2493 Sweet Home Rd Unit 202 Buffalo, NY	1.0	1.0	1000	$2,850	$2.85	44d	1	1.32mi
2493 Sweet Home Rd Unit 1-106 Buffalo, NY	2.0	2.0	943	$1,782	$1.89	24d	1	1.32mi
2493 Sweet Home Rd Unit 101A Buffalo, NY	2.0	2.0	1000	$3,500	$3.50	44d	1	1.32mi
1 Apollo Dr Buffalo, NY	2.0	2.5	988	$2,150	$2.18	16d	1	1.49mi

HOA detail condo

• Monthly dues: $285 · $3,420/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-05-20
   listed $172,000 Active
2. 2021-04-14
   soldstatus $98,000 Closed Sale or Rented 494-char remark

   Show marketing remark (494 chars)

   Move right into this fantastic 1st floor Condo! Large Living Room with sliding glass door to patio, ample formal Dining space, and 2 large Bedrooms with oversized closets for extra storage. Newer light fixtures throughout, updated Baths and all kitchen appliances included! Updated Doors & Windows; Furnace/AC 2016. Main Bedroom has an en-suite 1/2 bath and don't forget to check out the in unit Laundry! Private storage space available in basement. Maintenance free living at its best!

3. 2021-04-08
   soldstatus $98,000
4. 2021-02-11
   status Pending Sale 494-char remark

   Show marketing remark (494 chars)

   Move right into this fantastic 1st floor Condo! Large Living Room with sliding glass door to patio, ample formal Dining space, and 2 large Bedrooms with oversized closets for extra storage. Newer light fixtures throughout, updated Baths and all kitchen appliances included! Updated Doors & Windows; Furnace/AC 2016. Main Bedroom has an en-suite 1/2 bath and don't forget to check out the in unit Laundry! Private storage space available in basement. Maintenance free living at its best!

5. 2021-02-03
   status Under Contract- Do Not Show 494-char remark

   Show marketing remark (494 chars)

   Move right into this fantastic 1st floor Condo! Large Living Room with sliding glass door to patio, ample formal Dining space, and 2 large Bedrooms with oversized closets for extra storage. Newer light fixtures throughout, updated Baths and all kitchen appliances included! Updated Doors & Windows; Furnace/AC 2016. Main Bedroom has an en-suite 1/2 bath and don't forget to check out the in unit Laundry! Private storage space available in basement. Maintenance free living at its best!

6. 2021-01-13
   listed $99,900 Active 494-char remark

   Show marketing remark (494 chars)

   Move right into this fantastic 1st floor Condo! Large Living Room with sliding glass door to patio, ample formal Dining space, and 2 large Bedrooms with oversized closets for extra storage. Newer light fixtures throughout, updated Baths and all kitchen appliances included! Updated Doors & Windows; Furnace/AC 2016. Main Bedroom has an en-suite 1/2 bath and don't forget to check out the in unit Laundry! Private storage space available in basement. Maintenance free living at its best!

7. 2012-08-16
   soldstatus $60,500
8. 2012-08-15
   soldstatus $60,500 234-char remark

   Show marketing remark (234 chars)

   Fantastic 1st floor condo that has been completely redone with fresh paint & new carpet. Large living room with sliding glass door to patio. Master bdrm w/ on suite 1/2 bath. In unit laundry! maintenance free living at its best!

9. 2012-01-27
   listed $63,500 234-char remark

   Show marketing remark (234 chars)

   Fantastic 1st floor condo that has been completely redone with fresh paint & new carpet. Large living room with sliding glass door to patio. Master bdrm w/ on suite 1/2 bath. In unit laundry! maintenance free living at its best!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $2,143 · $179/mo
• Projected year-2 tax: $2,525 · $210/mo
• Expected delta: +$382/yr (+$32/mo · 17.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $24,979
• − Mortgage interest: −$9,635
• − Property taxes: −$2,143
• − Insurance: −$860
• − Repairs & maintenance: −$1,998
• − Management: −$1,998
• − HOA: −$3,420
• − Depreciation: −$5,004
• Taxable loss: −$79
• Est. tax savings @ 24.0%: +$19
• After-tax cash flow: $2,505/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Sweet Home Central School District
• NCES district ID: 3628500
• Math proficiency: 46% ▼ -12.00%
• Reading proficiency: 59% ▲ 4.00%
• Median HH income: $48,509
• Composite: 44.67/100
• National rank: #2765
• State rank: #342 of 590 in NY

Livability — Tonawanda Town

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Erie County · 714,559 people
• City population: 63,948
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 25,350
• Household income: $74,871
• Rent vs Own: 46.9% rent · 53.1% own
• Severe rent burden: 1566.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Asian 13% Black 5% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 13% Scotch-Irish 2% Lithuanian 1%
• Foreign-born: 17% · China, Canada, South Korea
• Languages at home: 78% English-only · Chinese 6% Other Indo-European 4% Russian/Polish/Slavic 3%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -148.08%
• Current HPI: 316.3097
• Rent YoY: —
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+170.9% since first listed

9 events — show timeline

• 2026-05-20 Listed $172,000 UNYREIS
• 2021-04-14 Sold (MLS) $98,000 WNYREIS
• 2021-04-08 Sold (Public Records) $98,000 Public Records
• 2021-02-11 Pending — WNYREIS
• 2021-02-03 Pending — WNYREIS
• 2021-01-13 Listed $99,900 WNYREIS
• 2012-08-16 Sold (Public Records) $60,500 Public Records
• 2012-08-15 Sold (MLS) $60,500 WNYREIS
• 2012-01-27 Listed $63,500 WNYREIS

Property tax history

-1.6%/yr

Latest (2025): $2,143 · -0.2% YoY. Source: county tax records.