18 Allandale Dr

North Gates, NY 14624

$269,900D+

4 bd · 3.0 ba · 2,032 sqft · Built 1968 · Townhouse · Pending · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,560/mo
• Mortgage (P&I): −$1,415
• Tax + insurance: −$663
• HOA: −$0
• Vac / Maint / Mgmt: −$538
• Net cashflow: $-57/mo
• Annual: $-678/yr
• Cap rate: 6.04%
• Cash-on-cash: -0.90%
• DSCR: 0.96
• 1% rule: 0.95%
• Cash to close: $75,572

Investor read

• This is a 4-bed/3.0-bath townhouse listed at $270k.
• At list price, monthly cash flow is $-57 ($-678/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (5.2% below list).
• It's been on market 41 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $256k (5.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#245 in NY, #3,859 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime D, schools F, amenities F.
• Churchville-Chili Central School District (rural): math 53% / reading 57% proficiency, ranked #291 of 590 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 127 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $118k; list at $270k implies a 130% gain — meaningful room to come down on a strong offer.
• Cap rate 6.0% vs local median 4.8% in North Gates — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 35% of the median local income ($88k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.