3195 State Highway 23 · Norwich, NY 13844

$95,000

2 bd · 1.0 ba · 280 sqft · Manufactured public records · 197 Days on market

Built 2016 0.77 ac lot

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +14.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• 1% rule +3.9/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

2.39 Acres with 2016 year old Mobil Home 3 Bedrooms Nice Bright Open Kitchen-Living Room With Sliding Patio Door to Side Porch, Garage and Shed! Just Minutes to Norwich Also Tax Map #95.-1-21.5

Key facts

• 0.77 acre lot
• Garage
• Built 2016

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $-36 ($-432/yr) — negative.
• To cash-flow at today's rent, offer at most $89k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $84k (11.4% below list).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 4.1% in Norwich — 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.

Location & tenants

• Location reads 70/100 on livability (#447 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Norwich City School District (town): math 42% / reading 43% proficiency, ranked #498 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($657 loan paydown + $10k appreciation (10.0% local appreciation)).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $5k; list at $95k implies a 1800% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,600 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.88%
• DSCR: 1.04
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 2.86×
• Total profit: $49,489
• Equity at exit: $85,584

10-year hold

• IRR: 20.6%
• Equity multiple: 6.55×
• Total profit: $147,618
• Equity at exit: $184,564

Cash invested: $26,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13844

• Home prices YoY: 5.9%
• Active inventory: 5
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $842 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$108 /mo · $1,295/yr
• Insurance: −$40
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $-36

Break-even live

Break-even rent $888

Max offer price $88,647

Occupancy floor 99%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-06
   historical Active Under Contract 195-char remark

   Show marketing remark (195 chars)

   2.39 Acres with 2016 year old Mobil Home 3 Bedrooms Nice Bright Open Kitchen-Living Room With Sliding Patio Door to Side Porch, Garage and Shed! Just Minutes to Norwich Also Tax Map #95.-1-21.5

2. 2026-03-12
   price $95,000 195-char remark

   Show marketing remark (195 chars)

   2.39 Acres with 2016 year old Mobil Home 3 Bedrooms Nice Bright Open Kitchen-Living Room With Sliding Patio Door to Side Porch, Garage and Shed! Just Minutes to Norwich Also Tax Map #95.-1-21.5

3. 2025-11-18
   price $110,000 195-char remark

   Show marketing remark (195 chars)

   2.39 Acres with 2016 year old Mobil Home 3 Bedrooms Nice Bright Open Kitchen-Living Room With Sliding Patio Door to Side Porch, Garage and Shed! Just Minutes to Norwich Also Tax Map #95.-1-21.5

4. 2025-11-10
   listed $129,900 Active 195-char remark

   Show marketing remark (195 chars)

   2.39 Acres with 2016 year old Mobil Home 3 Bedrooms Nice Bright Open Kitchen-Living Room With Sliding Patio Door to Side Porch, Garage and Shed! Just Minutes to Norwich Also Tax Map #95.-1-21.5

5. 2004-07-13
   soldstatus $5,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $1,295 · $108/mo
• Projected year-2 tax: $1,450 · $121/mo
• Expected delta: +$155/yr (+$13/mo · 12.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,105
• − Mortgage interest: −$5,321
• − Property taxes: −$1,295
• − Insurance: −$1,142
• − Repairs & maintenance: −$808
• − Management: −$808
• − Depreciation: −$2,764
• Taxable loss: −$2,033
• Est. tax savings @ 24.0%: +$488
• After-tax cash flow: $56/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Norwich City School District
• NCES district ID: 3621330
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $40,687
• Composite: 35.68/100
• National rank: #4874
• State rank: #498 of 590 in NY

Livability — Norwich

• Score: 70/100
• State rank: #447
• US rank: #7857

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment F Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 12,855
• Population (ZIP): 543

Population outlook (Chenango County) Hauer SSP2

• Today (2025): 45,669 people
• By 2030: 43,484 · -4.8%
• By 2040: 38,774 · -15.1%
• By 2050: 34,000 · -25.6%
• By 2075: 24,637 · -46.1%
• By 2100: 16,452 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 3% Scotch-Irish 1% Danish 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Chenango

• 2024 margin: Strong R (+27.2) · D 36.4% · R 63.6%
• 2008→2024 swing: -26.1pp toward R · 2008: -1.1pp · 2024: -27.2pp
• All cycles: 2024: R+27.2 2020: R+23.3 2016: R+28.1 2012: R+3.4 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.70%
• Current HPI: 407.7205
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+1800.0% since first listed

5 events — show timeline

• 2026-05-06 Contingent — UNYREIS
• 2026-03-12 Price Changed $95,000 UNYREIS
• 2025-11-18 Price Changed $110,000 UNYREIS
• 2025-11-10 Listed $129,900 UNYREIS
• 2004-07-13 Sold (Public Records) $5,000 Public Records

Property tax history

+16.1%/yr

Latest (2025): $1,295 · +250.6% YoY. Source: county tax records.