31 Thamsen Dr

Stony Point, NY 10980

$230,999D+

3 bd · 2.0 ba · 1,700 sqft · Built 2002 · Manufactured · Pending · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,360/mo
• Mortgage (P&I): −$1,211
• Tax + insurance: −$198
• HOA: −$1,200
• Vac / Maint / Mgmt: −$706
• Net cashflow: $45/mo
• Annual: $545/yr
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• 1% rule: 1.45%
• Cash to close: $64,680

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $231k.
• At list price, monthly cash flow is $45 ($545/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $231k).
• It's been on market 38 days — a 3% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $224k (3.0% 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 70/100 on livability (#450 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living F.
• Haverstraw-Stony Point CSD (North Rockland) (suburban): math 41% / reading 47% proficiency, ranked #427 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stony Point Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 725 students, 17% FRL); James A Farley Elementary School (math 36% / reading 51%, grade D, #366 of 729 statewide, top 51%, 538 students, 7% FRL); North Rockland High School (math 86% / reading 67%, grade A-, #612 of 1,100 statewide, top 56%, 2,687 students, 0% FRL) — zoned schools average 8% FRL vs 40% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 36% of rent.
• Market conditions: 89 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 2.6% in Stony Point — 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 38 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.