501 N North Old Route 4 Rd

Fort Ann, NY 12827

$69,000A-

3 bd · 1.0 ba · 1,960 sqft · Built 1983 · Manufactured · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,436/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$302
• Net cashflow: $658/mo
• Annual: $7,896/yr
• Cap rate: 17.74%
• Cash-on-cash: 40.87%
• DSCR: 2.82
• 1% rule: 2.08%
• Cash to close: $19,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $69k.
• At list price, monthly cash flow is $658 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• It's been on market 19 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($477 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#645 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, cost of living A; Watch: crime F, amenities F, commute F.
• Fort Ann Central School District (rural): math 61% / reading 64% proficiency, ranked #231 of 755 in NY (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 38 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• Crime grade is F 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.