21 Pritchard St

Buffalo, NY 14210

$219,900D

3 bd · 1.0 ba · 1,260 sqft · Built 1945 · SingleFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,420/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$422
• HOA: −$0
• Vac / Maint / Mgmt: −$298
• Net cashflow: $-453/mo
• Annual: $-5,440/yr
• Cap rate: 4.12%
• Cash-on-cash: -7.75%
• DSCR: 0.66
• 1% rule: 0.65%
• Cash to close: $61,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $-453 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (29.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (35.4% below list).
• It's been on market 15 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (35.4% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 77/100 on livability (#195 in NY, #3,011 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Buffalo City School District (urban): math 41% / reading 40% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $56/mo; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+12.7%/yr); 94 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 sale attempts since 10y 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 $74k; list at $220k implies a 195% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.1% vs local median 8.0% in Buffalo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 31% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.