29 York St

Angola, NY 14006

$169,900B-

6 bd · 3.0 ba · 1,596 sqft · Built 1900 · MultiFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,176/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$403
• HOA: −$0
• Vac / Maint / Mgmt: −$877
• Net cashflow: $2,005/mo
• Annual: $24,059/yr
• Cap rate: 20.45%
• Cash-on-cash: 50.57%
• DSCR: 3.25
• 1% rule: 2.46%
• Cash to close: $47,572

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $170k.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $668/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $170k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#555 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living A-; Watch: schools C-, amenities F, commute F.
• Evans-Brant Central School District (Lake Shore) (suburban): math 43% / reading 51% proficiency, ranked #424 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 100 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 2 sale attempts since 13y ago 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 $63k; list at $170k implies a 170% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• 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 1900 — 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.
• 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.