4665 Cotherstone Cir

Clarence, NY 14031

$185,000C-

2 bd · 2.0 ba · 1,600 sqft · Built 2009 · Manufactured · Pending · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,696/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$214
• HOA: −$0
• Vac / Maint / Mgmt: −$356
• Net cashflow: $155/mo
• Annual: $1,859/yr
• Cap rate: 7.30%
• Cash-on-cash: 3.59%
• DSCR: 1.16
• 1% rule: 0.92%
• Cash to close: $51,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $185k.
• At list price, monthly cash flow is $155 ($2k/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 $170k (8.3% below list).
• It's been on market 71 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $170k (8.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#707 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: cost of living D+, amenities F, commute F.
• Clarence Central School District (suburban): math 70% / reading 76% proficiency, ranked #94 of 590 in NY (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Harris Hill Elementary School (math 82% / reading 77%, grade A, #188 of 2,108 statewide, top 11%, 464 students, 21% FRL); Clarence Middle School (math 47% / reading 73%, grade B, #157 of 729 statewide, top 22%, 972 students, 18% FRL); Clarence Senior High School (math 100% / reading 77%, grade A, #299 of 1,100 statewide, top 27%, 1,284 students, 17% FRL).
• Market conditions: 77 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• Cap rate 7.3% vs local median 1.3% in Clarence — 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 71 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• 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 A-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.