169 Carder Lane Rd

Frankfort, NY 13340

$69,900B+

3 bd · 1.5 ba · 980 sqft · Built 2000 · Manufactured · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,944/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$206
• HOA: −$0
• Vac / Maint / Mgmt: −$408
• Net cashflow: $964/mo
• Annual: $11,567/yr
• Cap rate: 22.84%
• Cash-on-cash: 59.10%
• DSCR: 3.63
• 1% rule: 2.78%
• Cash to close: $19,572

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $70k.
• At list price, monthly cash flow is $964 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($483 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#648 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Frankfort-Schuyler Central School District (town): math 32% / reading 45% proficiency, ranked #538 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.0% of price.
• Market conditions: 40 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.