191 Lansingville Rd

South Lansing, NY 14882

$150,000C

2 bd · 2.0 ba · 600 sqft · Built 1964 · Manufactured · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,753/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$271
• HOA: −$0
• Vac / Maint / Mgmt: −$368
• Net cashflow: $327/mo
• Annual: $3,927/yr
• Cap rate: 8.91%
• Cash-on-cash: 9.35%
• DSCR: 1.42
• 1% rule: 1.17%
• Cash to close: $42,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Lansing Central School District (rural): math 53% / reading 62% proficiency, ranked #244 of 590 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Raymond C Buckley Elementary School (math 37% / reading 67%, grade C-, #988 of 2,108 statewide, top 49%, 405 students, 32% FRL); Lansing Middle School (math 47% / reading 60%, grade C+, #228 of 729 statewide, top 31%, 366 students, 33% FRL); Lansing High School (math 98% / reading 70%, grade A, #409 of 1,100 statewide, top 39%, 383 students, 30% FRL).
• Market conditions: 29 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 8.9% vs local median 2.2% in South Lansing — 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

• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.