4464 Route 98

Franklinville, NY 14737

$84,900C

2 bd · 1.0 ba · 756 sqft · Built 2005 · Manufactured · Pending · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $858/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$180
• Net cashflow: $90/mo
• Annual: $1,078/yr
• Cap rate: 7.56%
• Cash-on-cash: 4.54%
• DSCR: 1.20
• 1% rule: 1.01%
• Cash to close: $23,772

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($858 rent vs $85k).
• It's been on market 112 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($587 loan paydown + $5k appreciation (5.9% local appreciation)).
• Location reads 62/100 on livability (#856 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment C-, amenities F, commute F.
• Franklinville Central School District (rural): math 60% / reading 57% proficiency, ranked #281 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Franklinville Elementary School (math 67% / reading 52%, grade B-, #745 of 2,108 statewide, top 39%, 286 students, 51% FRL); Franklinville Junior-Senior High School (math 57% / reading 62%, grade C+, #851 of 1,100 statewide, top 80%, 299 students, 50% FRL).
• Market conditions: 33 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.