11150 State Route 70

Canaseraga, NY 14884

$35,000B+

1 bd · 1.0 ba · 450 sqft · Built 1961 · Manufactured · Active · 664 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $792/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$166
• Net cashflow: $369/mo
• Annual: $4,431/yr
• Cap rate: 18.95%
• Cash-on-cash: 45.21%
• DSCR: 3.01
• 1% rule: 2.26%
• Cash to close: $9,800

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $35k.
• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($792 rent vs $35k).
• It's been on market 664 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($242 loan paydown + $2k appreciation (4.4% local appreciation)).
• Location reads 61/100 on livability (#937 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Canaseraga Central School District (rural): math 60% / reading 45% proficiency, ranked #430 of 755 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 8 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 664 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1961 — 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.
• 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.