525 Riverleigh Ave Unit C7

Riverside, NY 11901

$109,900D+

2 bd · 1.0 ba · 576 sqft · Built 1997 · Manufactured · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,508/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$183
• HOA: −$1,081
• Vac / Maint / Mgmt: −$527
• Net cashflow: $141/mo
• Annual: $1,691/yr
• Cap rate: 7.83%
• Cash-on-cash: 5.49%
• DSCR: 1.24
• 1% rule: 2.28%
• Cash to close: $30,772

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $110k).
• It's been on market 61 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 54/100 on livability (#1,145 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A, health & safety B+; Watch: amenities F, commute F, employment D-.
• Riverhead Central School District (suburban): math 34% / reading 48% proficiency, ranked #489 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Roanoke Avenue School (math 22% / reading 37%, grade F, #1,729 of 2,108 statewide, top 84%, 408 students, 46% FRL); Riverhead Middle School (math 18% / reading 35%, grade F, #594 of 729 statewide, top 81%, 827 students, 57% FRL); Riverhead Senior High School (math 80% / reading 86%, grade A, #440 of 1,100 statewide, top 40%, 2,001 students, 52% FRL).
• Watch-outs: HOA is 43% of rent.
• Market conditions: 192 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts; this cycle's ask has dropped $11k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $110k implies a 243% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.