56 Todd Rd

Argyle, NY 12809

$130,000C-

3 bd · 1.0 ba · 1,680 sqft · Built 2004 · Manufactured · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,336/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$334
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $40/mo
• Annual: $476/yr
• Cap rate: 6.66%
• Cash-on-cash: 1.31%
• DSCR: 1.06
• 1% rule: 1.03%
• Cash to close: $36,400

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $40 ($476/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $14k of equity ($899 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#1,010 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, crime F.
• Argyle Central School District (rural): math 54% / reading 48% proficiency, ranked #426 of 755 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Argyle Junior/Senior High School (math 47% / reading 62%, grade C-, #912 of 1,100 statewide, top 85%, 229 students, 48% FRL) — zoned schools average 48% FRL vs 26% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 25 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.