822 Lark Ln

Otisville, NY 12729

$50,000C-

3 bd · 1.0 ba · 980 sqft · Built 1978 · Manufactured · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,514/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$660
• Vac / Maint / Mgmt: −$528
• Net cashflow: $981/mo
• Annual: $11,766/yr
• Cap rate: 29.83%
• Cash-on-cash: 84.05%
• DSCR: 4.74
• 1% rule: 5.03%
• Cash to close: $14,000

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $50k. Condition is rated average.
• At list price, monthly cash flow is $981 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $50k).
• It's been on market 37 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• In year one you build about $378 of equity ($346 loan paydown + $32 appreciation (0.1% local appreciation)).
• Location reads 70/100 on livability (#459 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Port Jervis City School District (rural): math 43% / reading 50% proficiency, ranked #451 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: N A Hamilton Bicentennial School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 464 students, 54% FRL); Port Jervis Middle School (math 22% / reading 35%, grade F, #569 of 729 statewide, top 78%, 379 students, 59% FRL); Port Jervis Senior High School (math 87% / reading 95%, grade A+, #203 of 1,100 statewide, top 20%, 750 students, 55% FRL) — zoned schools at 56% FRL track the district average.
• Watch-outs: HOA is 26% of rent.
• Market conditions: 20 active listings in the ZIP; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• At projected returns (0.1% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.8% vs local median 2.4% in Otisville — 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 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen backsplash — simple update to modernize
• Minor: bathroom vanity — update to larger vanity for better storage
• Minor: exterior siding — painting or minor repairs needed