142 Erie St

Brockport, NY 14420

$159,900D+

3 bd · 2.0 ba · 1,558 sqft · Built 1950 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,901/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$671
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $-8/mo
• Annual: $-95/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• 1% rule: 1.19%
• Cash to close: $44,772

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $160k.
• At list price, monthly cash flow is $-8 ($-95/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (0.9% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $158k (0.9% 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 73/100 on livability (#313 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: employment D+, crime F, amenities F.
• Brockport Central School District (town): math 45% / reading 55% proficiency, ranked #369 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ginther Elementary School (535 students, 44% FRL); A D Oliver Middle School (math 27% / reading 58%, grade D-, #373 of 729 statewide, top 52%, 685 students, 48% FRL); Brockport High School (math 97% / reading 77%, grade A, #311 of 1,100 statewide, top 30%, 946 students, 43% FRL).
• Zoned-school proficiency averages 65% at this address vs 50% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Brockport Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 4.1% of price; flood insurance adds $56/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.7%/yr); 80 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 2 sale attempts 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 $125k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 5.0% in Brockport — 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 1950 — 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's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?
• 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?