102 Barney Rd

Milton, NY 12850

$150,000C

3 bd · 2.0 ba · 1,600 sqft · Built 1980 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,591/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$179
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $292/mo
• Annual: $3,500/yr
• Cap rate: 8.63%
• Cash-on-cash: 8.33%
• DSCR: 1.37
• 1% rule: 1.06%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $292 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 25 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#652 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F, cost of living D-.
• Saratoga Springs City SD (suburban): math 67% / reading 72% proficiency, ranked #138 of 590 in NY (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Greenfield Elementary School (math 72% / reading 77%, grade A, #314 of 2,108 statewide, top 17%, 406 students, 36% FRL); Saratoga Springs High School (math 98% / reading 92%, grade A+, #83 of 1,100 statewide, top 8%, 1,947 students, 26% FRL) — zoned schools average 31% FRL vs 15% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 85% at this address vs 70% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Saratoga Springs City SD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 21 active listings in the ZIP; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 8.6% vs local median 2.4% in Milton — 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.

Questions for listing agent

• 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.