368 Grover Cleveland Hwy

Eggertsville, NY 14226

$249,900C

5 bd · 2.5 ba · 1,292 sqft · Built 1952 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,458/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$560
• HOA: −$0
• Vac / Maint / Mgmt: −$516
• Net cashflow: $71/mo
• Annual: $854/yr
• Cap rate: 6.63%
• Cash-on-cash: 1.22%
• DSCR: 1.05
• 1% rule: 0.98%
• Cash to close: $69,972

Investor read

• This is a 5-bed/2.5-bath single-family listed at $250k.
• At list price, monthly cash flow is $71 ($854/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (1.6% below list).
• It's been on market 49 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#34 in NY, #534 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-, amenities C-.
• Amherst Central School District (suburban): math 53% / reading 68% proficiency, ranked #209 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Windermere Blvd School (math 37% / reading 62%, grade D, #1,085 of 2,108 statewide, top 56%, 748 students, 49% FRL); Amherst Middle School (math 36% / reading 69%, grade C+, #235 of 729 statewide, top 33%, 623 students, 34% FRL); Amherst Central High School (math 100% / reading 82%, grade A+, #226 of 1,100 statewide, top 21%, 870 students, 38% FRL) — zoned schools average 40% FRL vs 22% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.0%/yr); 147 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 6 sale attempts since 3y ago; this cycle's ask is 41550% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $189k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.6% vs local median 4.5% in Eggertsville — 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.
• This rent runs 35% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1952 — 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 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.