22 Prospect St

Whitney Point, NY 13862

$142,900D

2 bd · 2.0 ba · 1,120 sqft · Built 1985 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,017/mo
• Mortgage (P&I): −$749
• Tax + insurance: −$238
• HOA: −$0
• Vac / Maint / Mgmt: −$213
• Net cashflow: $-184/mo
• Annual: $-2,213/yr
• Cap rate: 4.74%
• Cash-on-cash: -5.53%
• DSCR: 0.75
• 1% rule: 0.71%
• Cash to close: $40,012

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $143k.
• At list price, monthly cash flow is $-184 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (28.9% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $102k (28.9% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($988 loan paydown + $13k appreciation (9.0% local appreciation)).
• Location reads 62/100 on livability (#879 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D, amenities F, commute F.
• Whitney Point Central School District (rural): math 47% / reading 52% proficiency, ranked #390 of 590 in NY (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• 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.