44 Beehunter Ct

Rapids, NY 14051

$183,000D+

2 bd · 1.0 ba · 1,024 sqft · Built 1973 · Condo · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,968/mo
• Mortgage (P&I): −$960
• Tax + insurance: −$305
• HOA: −$271
• Vac / Maint / Mgmt: −$413
• Net cashflow: $19/mo
• Annual: $231/yr
• Cap rate: 6.42%
• Cash-on-cash: 0.45%
• DSCR: 1.02
• 1% rule: 1.08%
• Cash to close: $51,240

Investor read

• This is a 2-bed/1.0-bath condo listed at $183k. Condition is rated fair.
• At list price, monthly cash flow is $19 ($231/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $183k).
• It's been on market 26 days — a 2% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $180k (1.5% below list) — sets the bar for market timing.
• 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 49/100 on livability (#1,176 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools D+, amenities F, commute F.
• Williamsville Central School District (suburban): math 64% / reading 77% proficiency, ranked #114 of 590 in NY (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.6%/yr); 153 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 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 $80k; list at $183k implies a 128% gain — meaningful room to come down on a strong offer.
• This rent is only 17% of the median local income ($136k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Landscaping — Overgrown bushes and lack of maintenance
• Major: Patio — Worn and in need of repair