134 Fourth

Jordan, NY 13166

$16,000C

2 bd · 1.5 ba · 980 sqft · Built 1994 · Manufactured · Pending · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,545/mo
• Mortgage (P&I): −$84
• Tax + insurance: −$27
• HOA: −$0
• Vac / Maint / Mgmt: −$324
• Net cashflow: $1,110/mo
• Annual: $13,321/yr
• Cap rate: 89.55%
• Cash-on-cash: 297.35%
• DSCR: 14.23
• 1% rule: 9.66%
• Cash to close: $4,480

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $16k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $16k).
• It's been on market 80 days — a 6% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $15k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($111 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#581 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety D-.
• Jordan-Elbridge Central School District (rural): math 57% / reading 57% proficiency, ranked #277 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 16 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 89.6% vs local median 1.1% in Jordan — 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 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.