238 E Main St

Westfield, NY 14787

$625,000B+

10 bd · None ba · 12,998 sqft · Built 1878 · MultiFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,654/mo
• Mortgage (P&I): −$3,278
• Tax + insurance: −$1,042
• HOA: −$0
• Vac / Maint / Mgmt: −$2,027
• Net cashflow: $3,307/mo
• Annual: $39,689/yr
• Cap rate: 12.64%
• Cash-on-cash: 22.68%
• DSCR: 2.01
• 1% rule: 1.54%
• Cash to close: $175,000

Investor read

• This is a 10-bed/?-bath multifamily listed at $625k. Condition is rated good.
• At list price, monthly cash flow is $3k ($40k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $625k).
• It's been on market 43 days — a 3% lower offer ($606k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $606k (3.0% below list) — sets the bar for market timing.
• In year one you build about $18k of equity ($4k loan paydown + $14k appreciation (2.2% local appreciation)).
• Location reads 72/100 on livability (#364 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, crime B+; Watch: employment D, amenities F, commute F.
• Westfield Central School District (town): math 57% / reading 64% proficiency, ranked #246 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Westfield Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 297 students, 52% FRL); Westfield Middle School (math 52% / reading 67%, grade B, #161 of 729 statewide, top 24%, 142 students, 55% FRL); Westfield High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 198 students, 46% FRL).
• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $175k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1878 — 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.