2701 Clinton St

West Seneca, NY 14224

$235,000B+

5 bd · 2.0 ba · 3,088 sqft · Built 1920 · MultiFamily · Active · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,560/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$692
• HOA: −$0
• Vac / Maint / Mgmt: −$1,168
• Net cashflow: $2,468/mo
• Annual: $29,611/yr
• Cap rate: 18.89%
• Cash-on-cash: 45.00%
• DSCR: 3.00
• 1% rule: 2.37%
• Cash to close: $65,800

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $235k.
• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $823/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $235k).
• It's been on market 110 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $214k (9.0% 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 79/100 on livability (#130 in NY, #2,089 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: amenities D, commute F.
• West Seneca Central School District (suburban): math 49% / reading 55% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 202 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Current owner paid $75k; list at $235k implies a 213% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.9% vs local median 3.7% in West Seneca — 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.

Questions for listing agent

• It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% 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 1920 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?