1704 County Route 5

Addison, NY 14801

$44,900B+

2 bd · 1.0 ba · 980 sqft · Built 1997 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,845/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$190
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $1,032/mo
• Annual: $12,388/yr
• Cap rate: 33.88%
• Cash-on-cash: 98.53%
• DSCR: 5.38
• 1% rule: 4.11%
• Cash to close: $12,572

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $45k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($310 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#768 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: schools D+, health & safety D, amenities F.
• Addison Central School District (rural): math 32% / reading 35% proficiency, ranked #563 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.6% of price.
• Market conditions: 26 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• Steuben County population projected at -20% 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 $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.