2140 Clinton St

Cheektowaga, NY 14206

$155,000B

3 bd · 2.0 ba · 1,834 sqft · Built 1922 · MultiFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,326/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$608
• HOA: −$0
• Vac / Maint / Mgmt: −$488
• Net cashflow: $416/mo
• Annual: $4,997/yr
• Cap rate: 9.52%
• Cash-on-cash: 11.51%
• DSCR: 1.51
• 1% rule: 1.50%
• Cash to close: $43,400

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $155k.
• At list price, monthly cash flow is $416 ($5k/yr) — positive. Per door: $208/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 52 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• 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-.
• Cheektowaga-Sloan Union Free School District (urban): math 33% / reading 38% proficiency, ranked #555 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.2% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 170 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $83k; list at $155k implies a 87% gain — meaningful room to come down on a strong offer.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.5% 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 $2,326/mo this rent would consume 55% of the median local household income ($50k/yr) (locally 841% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.