10673 State Route 34

Cato, NY 13166

$147,000B

3 bd · 2.0 ba · 1,216 sqft · Built 2001 · Manufactured · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,810/mo
• Mortgage (P&I): −$771
• Tax + insurance: −$229
• HOA: −$0
• Vac / Maint / Mgmt: −$380
• Net cashflow: $430/mo
• Annual: $5,159/yr
• Cap rate: 9.80%
• Cash-on-cash: 12.53%
• DSCR: 1.56
• 1% rule: 1.23%
• Cash to close: $41,160

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $147k.
• At list price, monthly cash flow is $430 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $147k).
• It's been on market 17 days — a 2% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (1.5% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#764 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime F, amenities F, commute F.
• Cato-Meridian Central School District (rural): math 43% / reading 58% proficiency, ranked #364 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cato-Meridian Elementary School (math 39% / reading 58%, grade D, #1,181 of 2,108 statewide, top 56%, 489 students, 46% FRL); Cato-Meridian Junior-Senior High School (math 47% / reading 57%, grade D+, #946 of 1,100 statewide, top 88%, 378 students, 47% FRL).
• Market conditions: 16 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $8k; list at $147k implies a 1629% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k 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 B-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?
• 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.