103 Sunset Cir

Wells, NY 12190

$25,000B+

1 bd · 1.0 ba · 500 sqft · Built 1960 · Manufactured · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $805/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$71
• HOA: −$0
• Vac / Maint / Mgmt: −$169
• Net cashflow: $434/mo
• Annual: $5,209/yr
• Cap rate: 27.13%
• Cash-on-cash: 74.41%
• DSCR: 4.31
• 1% rule: 3.22%
• Cash to close: $7,000

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $25k.
• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($805 rent vs $25k).
• It's been on market 22 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($173 loan paydown + $2k appreciation (8.3% local appreciation)).
• Location reads 61/100 on livability (#921 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+, employment B; Watch: health & safety C-, crime F, amenities F.
• Wells Central School District (rural): math 55% / reading 55% proficiency, ranked #369 of 755 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.9% of price.
• Market conditions: 10 active listings in the ZIP; 55 units permitted in Hamilton County in 2024 (0 in 5+ unit buildings).
• Hamilton County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $16k; list at $25k implies a 56% gain — meaningful room to come down on a strong offer.
• At projected returns (8.3% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1960 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.