4195 Route 219 #35

Salamanca, NY 14779

$69,900B-

2 bd · 2.0 ba · 1,064 sqft · Built 1993 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,772/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$372
• Net cashflow: $916/mo
• Annual: $10,998/yr
• Cap rate: 22.03%
• Cash-on-cash: 56.19%
• DSCR: 3.50
• 1% rule: 2.53%
• Cash to close: $19,572

Investor read

• This is a 2-bed/2.0-bath single-family listed at $70k. Condition is rated fair.
• At list price, monthly cash flow is $916 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• It's been on market 28 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($483 loan paydown + $3k appreciation (4.5% local appreciation)).
• Location reads 71/100 on livability (#380 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime C-, amenities F.
• Salamanca City School District (town): math 29% / reading 43% proficiency, ranked #560 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 27 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 16y 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 $19k; list at $70k implies a 268% gain — meaningful room to come down on a strong offer.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — No visible updates to kitchen cabinets.
• Minor: Bathroom fixtures — No visible updates to bathroom fixtures.
• Moderate: Windows — Likely older windows based on condition, may need replacement.
• Minor: Landscaping — Some landscaping, but no major improvements.