86 Cr 35

Hannawa Falls, NY 13617

$55,000A-

2 bd · 1.0 ba · 550 sqft · Built 1967 · Manufactured · Pending · 272 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,105/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $520/mo
• Annual: $6,245/yr
• Cap rate: 17.65%
• Cash-on-cash: 40.55%
• DSCR: 2.80
• 1% rule: 2.01%
• Cash to close: $15,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $55k.
• At list price, monthly cash flow is $520 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 272 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($380 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#537 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Canton Central School District (rural): math 49% / reading 59% proficiency, ranked #321 of 590 in NY (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: F S Banford Elementary School (math 42% / reading 67%, grade C, #908 of 2,108 statewide, top 46%, 434 students, 43% FRL); J M Mckenney Middle School (math 35% / reading 55%, grade D, #342 of 729 statewide, top 48%, 337 students, 49% FRL); H C Williams Senior High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 346 students, 46% FRL).
• Market conditions: 64 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).
• St. Lawrence County population projected at -14% 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, 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

• It's been on market 272 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.