4785 Mud Lake Rd

Constableville, NY 13489

$85,000B-

3 bd · 1.5 ba · 1,408 sqft · Built 1995 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,241/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$327
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $207/mo
• Annual: $2,486/yr
• Cap rate: 9.22%
• Cash-on-cash: 10.44%
• DSCR: 1.46
• 1% rule: 1.46%
• Cash to close: $23,800

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $85k.
• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($588 loan paydown + $1k appreciation (1.5% local appreciation)).
• Location reads 59/100 on livability (#1,019 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety C-, schools F.
• Adirondack Central School District (rural): math 41% / reading 54% proficiency, ranked #426 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.1% of price.
• Market conditions: 5 active listings in the ZIP; 110 units permitted in Lewis County in 2024 (0 in 5+ unit buildings).
• Lewis County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 15y ago 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.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.