Concord Plan

St. John Fisher College, NY 14625

$97,900B

2 bd · 1.0 ba · 864 sqft · Built — · Manufactured · Active · 858 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,419/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$508
• Net cashflow: $1,462/mo
• Annual: $17,546/yr
• Cap rate: 33.33%
• Cash-on-cash: 96.55%
• DSCR: 5.30
• 1% rule: 3.73%
• Cash to close: $18,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $98k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• It's been on market 858 days — a 12% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $86k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Penfield Central School District (suburban): math 77% / reading 79% proficiency, ranked #67 of 590 in NY (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: 63 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 33.3% vs local median 16.6% in St. John Fisher College — 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 858 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — No visible roof in the image
• Major: exterior siding — No visible siding in the image
• Major: exterior paint — No visible siding or paint in the image
• Major: landscaping — No visible landscaping in the image