1674 Cemetary Rd

Melrose Park, NY 13152

$239,000C

3 bd · 2.0 ba · 1,152 sqft · Built 1991 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,500/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$380
• HOA: −$0
• Vac / Maint / Mgmt: −$525
• Net cashflow: $342/mo
• Annual: $4,100/yr
• Cap rate: 8.01%
• Cash-on-cash: 6.13%
• DSCR: 1.27
• 1% rule: 1.05%
• Cash to close: $66,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $239k.
• At list price, monthly cash flow is $342 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $239k).
• It's been on market 16 days — a 2% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#512 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Skaneateles Central School District (town): math 78% / reading 77% proficiency, ranked #65 of 590 in NY (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 69 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 8.0% vs local median 1.6% in Melrose Park — 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

• 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.