7 Cowpath Rd

Fulton, NY 13069

$59,900B+

2 bd · 2.0 ba · 980 sqft · Built 2001 · Manufactured · Active · 181 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,062/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $400/mo
• Annual: $4,798/yr
• Cap rate: 14.30%
• Cash-on-cash: 28.61%
• DSCR: 2.27
• 1% rule: 1.77%
• Cash to close: $16,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $60k. Condition is rated poor.
• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 181 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($414 loan paydown + $4k appreciation (6.8% local appreciation)).
• Location reads 61/100 on livability (#907 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities F.
• Hannibal Central School District (rural): math 38% / reading 50% proficiency, ranked #471 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairley School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 494 students, 69% FRL); Kenney Middle School (math 23% / reading 37%, grade F, #539 of 729 statewide, top 74%, 346 students, 78% FRL); Hannibal High School (math 82% / reading 77%, grade A-, #518 of 1,100 statewide, top 51%, 359 students, 73% FRL) — zoned schools average 73% FRL vs 52% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 226 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $3k; list at $60k implies a 1735% gain — meaningful room to come down on a strong offer.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 14.3% vs local median 5.2% in Fulton — 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

• It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The independent aerial image shows a large, dark area that appears to be a roof, which is in poor condition.
• Major: exterior siding — The independent aerial image shows a manufactured home with visible wear and tear.
• Major: landscaping — The independent aerial image shows a lack of landscaping, and the listing photos show snow and a lack of visible curb appeal.
• Major: interior walls and paint — No interior walls or paint are visible in the photos, indicating a need for repairs or updates.
• Major: bathrooms — No bathrooms are visible in the photos, indicating a need for repairs or updates.
• Major: kitchen — No kitchen is visible in the photos, indicating a need for repairs or updates.