192 Oakwood Ave

East Aurora, NY 14052

$234,900D+

4 bd · 1.0 ba · 1,456 sqft · Built 1890 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,926/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$414
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $-124/mo
• Annual: $-1,493/yr
• Cap rate: 5.66%
• Cash-on-cash: -2.27%
• DSCR: 0.90
• 1% rule: 0.82%
• Cash to close: $65,772

Investor read

• This is a 4-bed/1.0-bath single-family listed at $235k.
• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (18.0% below list).
• It's been on market 18 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (18.0% 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 82/100 on livability (#81 in NY, #1,241 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• East Aurora Union Free School District (town): math 55% / reading 69% proficiency, ranked #189 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 90 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Cap rate 5.7% vs local median 1.8% in East Aurora — 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.