99 S Prince Dr

Cheektowaga, NY 14043

$389,900C-

5 bd · 3.0 ba · 2,800 sqft · Built 1972 · MultiFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,911/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$953
• HOA: −$0
• Vac / Maint / Mgmt: −$821
• Net cashflow: $92/mo
• Annual: $1,098/yr
• Cap rate: 6.57%
• Cash-on-cash: 1.01%
• DSCR: 1.04
• 1% rule: 1.00%
• Cash to close: $109,172

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $390k.
• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• It's been on market 23 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $384k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#54 in NY, #811 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-.
• Depew Union Free School District (suburban): math 39% / reading 50% proficiency, ranked #461 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cayuga Heights Elementary School (math 22% / reading 32%, grade F, #1,786 of 2,108 statewide, top 86%, 864 students, 41% FRL); Depew Middle School (math 27% / reading 47%, grade F, #448 of 729 statewide, top 63%, 427 students, 49% FRL); Depew High School (math 92% / reading 98%, grade A+, #93 of 1,100 statewide, top 10%, 545 students, 50% FRL).
• Market conditions: Rents rising fast (+5.8%/yr); 124 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 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 $103k; list at $390k implies a 279% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 3.8% in Cheektowaga — 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.
• At $3,911/mo this rent would consume 63% of the median local household income ($74k/yr) (locally 854% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1972 — 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 B-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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.