56 Belles Hollow Dr

Newfield, NY 14867

$85,000C+

2 bd · 1.0 ba · 500 sqft · Built 1978 · Manufactured · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,062/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$178
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $215/mo
• Annual: $2,582/yr
• Cap rate: 9.33%
• Cash-on-cash: 10.85%
• DSCR: 1.48
• 1% rule: 1.25%
• Cash to close: $23,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 95 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.7%/yr); year-one equity from $588 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Newfield Central School District (rural): math 32% / reading 48% proficiency, ranked #517 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Newfield Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 341 students, 56% FRL); Newfield Middle School (math 17% / reading 32%, grade F, #611 of 729 statewide, top 88%, 157 students, 80% FRL); Newfield Senior High School (math 98% / reading 87%, grade A+, #158 of 1,100 statewide, top 15%, 191 students, 54% FRL) — zoned schools average 64% FRL vs 47% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 32 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.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $85k implies a 445% gain — meaningful room to come down on a strong offer.
• At projected returns (-2.7% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.3% vs local median 3.2% in Newfield — 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 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.