7585 East Ave

Springwater, NY 14560

$33,900B-

2 bd · 1.0 ba · 720 sqft · Built 1972 · Manufactured · Pending · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,121/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $595/mo
• Annual: $7,138/yr
• Cap rate: 27.35%
• Cash-on-cash: 75.20%
• DSCR: 4.35
• 1% rule: 3.31%
• Cash to close: $9,492

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $34k.
• At list price, monthly cash flow is $595 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• It's been on market 111 days — a 9% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $234 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Wayland-Cohocton Central School District (rural): math 40% / reading 53% proficiency, ranked #446 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.5% of price.
• Market conditions: 15 active listings in the ZIP; 86 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $6k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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.
• 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.