111 Warsaw Boulevard #19 · Silver Springs, NY 14550

$19,900

2 bd · 1.0 ba · 980 sqft · Manufactured · 50 Days on market

Built 1987 Fair condition $20/sqft · at area comps Est $19k · at est. ↓ 12% since listing

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• Appreciation +6.5/10.0
• ARV discount +5.7/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Welcome to the Hillside Terrace Mobile Home Community! Home is located on far left side of park and offers extra privacy. The park owns and maintains the septic system and pays all taxes. The park is located just minutes away from silver lake and its many amenities as well as 15 minutes to Letchworth state park. Buffalo and Rochester are also only about an hour away! Owner will finance to qualified buyer. Lot rent $475

Key facts

• New oven
• Open kitchen
• New roof

Tags

• OPEN KITCHEN
• NEW ROOF
• NEW OVEN
• QUIET COMMUNITY

Property features AI

Finance

• HOA & community: Land lease of $500

Exterior

• Parking: No garage
• Utilities: Water connected (public); Septic tank
• Home design: Single-wide mobile home; Single-story; Resale property; Entry on main level
• Construction: Aluminum siding; Pillar/post/pier foundation; Existing construction
• Exterior features: Gravel driveway; Agricultural and irregular lot

Interior

• Kitchen: Free-standing range; Oven; Refrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Laminate; Vinyl; Varied flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Gas forced-air heating; Has heating
• Interior features: Kitchen and family room combined; Living and dining room area; Bedroom on main level
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $20k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($889 rent vs $20k).
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#1,092 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Letchworth Central School District (rural): math 52% / reading 57% proficiency, ranked #318 of 590 in NY (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 1 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $720 of equity ($138 loan paydown + $582 appreciation (2.9% local appreciation)).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.9% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $3k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $19,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 4.47% ✓
• Cap rate: 40.35%
• Cash-on-cash: 121.62%
• DSCR: 6.41
• GRM: 1.9

CMA / ARV

• ARV (median comp): $19,150
• List price: $19,900
• Delta: 3.92%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Warsaw Blvd #39	0.00mi	2/1.0	980 (0%)	4mo	$19,150	$20	96
111 Warsaw Blvd #1	0.00mi	2/1.0	980 (0%)	19mo	$25,000	$26	84
111 Warsaw Blvd #30	0.00mi	3/2.0 (+1)	980 (0%)	13mo	$22,500	$23	80

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.92% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.87×
• Total profit: $38,300
• Equity at exit: $8,864

10-year hold

• IRR: —
• Equity multiple: 16.44×
• Total profit: $86,057
• Equity at exit: $13,596

Cash invested: $5,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14550

• Home prices YoY: 1.2%
• Active inventory: 1
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $889 medium
• Mortgage (P&I): −$104
• Tax est. 1.5%: −$25 /mo · $298/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $565

Break-even live

Break-even rent $174

Max offer price $19,900

Occupancy floor 31%

Sensitivity live

Price	-10% $578	-5% $572	+0% $565	+5% $558	+10% $551
Rent	-10% $495	-5% $530	+0% $565	+5% $600	+10% $635
Rate	-1.0pp $575	-0.5pp $570	base $565	+0.5pp $560	+1.0pp $554

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $19,900 Active 50 DOM
2. 2026-06-18
   days on market $19,900 Active 48 DOM
3. 2026-06-17
   days on market $19,900 Active 47 DOM
4. 2026-06-16
   days on market $19,900 Active 46 DOM
5. 2026-06-15
   days on market $19,900 Active 45 DOM
6. 2026-06-13
   days on market $19,900 Active 43 DOM
7. 2026-06-12
   days on market $19,900 Active 42 DOM
8. 2026-06-09
   days on market $19,900 Active 39 DOM
9. 2026-06-08
   days on market $19,900 Active 38 DOM
10. 2026-06-07
    days on market $19,900 Active 37 DOM
11. 2026-06-05
    days on market $19,900 Active 35 DOM
12. 2026-06-04
    days on market $19,900 Active 33 DOM
13. 2026-06-02
    days on market $19,900 Active 32 DOM
14. 2026-06-01
    days on market $19,900 Active 31 DOM
15. 2026-05-31
    price $19,900 Active 30 DOM
16. 2026-05-31
    days on market $22,500 Active 30 DOM
17. 2026-05-01
    listed $22,500 Active 589-char remark
18. 2026-04-03
    historical
19. 2025-10-11
    listed $25,000 Active
20. 2024-11-08
    soldstatus $21,000 Closed

    Show marketing remark (422 chars)

    Welcome to the Hillside Terrace Mobile Home Community! Home is located on far left side of park and offers extra privacy. The park owns and maintains the septic system and pays all taxes. The park is located just minutes away from silver lake and its many amenities as well as 15 minutes to Letchworth state park. Buffalo and Rochester are also only about an hour away! Owner will finance to qualified buyer. Lot rent $475

21. 2024-10-29
    status Pending

    Show marketing remark (422 chars)

    Welcome to the Hillside Terrace Mobile Home Community! Home is located on far left side of park and offers extra privacy. The park owns and maintains the septic system and pays all taxes. The park is located just minutes away from silver lake and its many amenities as well as 15 minutes to Letchworth state park. Buffalo and Rochester are also only about an hour away! Owner will finance to qualified buyer. Lot rent $475

22. 2024-10-22
    listed $22,500 Active

    Show marketing remark (422 chars)

    Welcome to the Hillside Terrace Mobile Home Community! Home is located on far left side of park and offers extra privacy. The park owns and maintains the septic system and pays all taxes. The park is located just minutes away from silver lake and its many amenities as well as 15 minutes to Letchworth state park. Buffalo and Rochester are also only about an hour away! Owner will finance to qualified buyer. Lot rent $475

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,667
• − Mortgage interest: −$1,115
• − Property taxes: −$298
• − Insurance: −$100
• − Repairs & maintenance: −$853
• − Management: −$853
• − Depreciation: −$579
• Taxable income: $6,869
• Est. tax owed @ 24.0%: −$1,649
• After-tax cash flow: $5,128/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 2 photos

Fair 45/100 Cosmetic rehab

This mobile home has a fair condition with recent roof and oven updates. It requires minor repairs to the exterior and landscaping to enhance its curb appeal and value.

Repairs flagged

• Minor Metal siding — Slight discoloration and weathering
• Minor Landscaping — Overgrown areas and lack of landscaping

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Landscaping — Improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Metal siding · Slight discoloration and weathering	Minor	$500–3,000
Landscaping · Overgrown areas and lack of landscaping	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Landscaping — Improves curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Letchworth Central School District
• NCES district ID: 3617130
• Math proficiency: 52% ▼ -6.00%
• Reading proficiency: 57% ▲ 14.00%
• Median HH income: $48,908
• Composite: 46.4/100
• National rank: #2457
• State rank: #318 of 590 in NY

Livability — Silver Springs

• Score: 57/100
• State rank: #1092
• US rank: #22175

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Springs, NY
• Population (ZIP): 1,273

Population outlook (Wyoming County) Hauer SSP2

• Today (2025): 38,976 people
• By 2030: 37,826 · -3.0%
• By 2040: 35,585 · -8.7%
• By 2050: 32,841 · -15.7%
• By 2075: 25,920 · -33.5%
• By 2100: 19,082 · -51.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Slovak 2% Italian 2%
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Wyoming

• 2024 margin: Solid R (+48.2) · D 25.9% · R 74.1%
• 2008→2024 swing: -22.1pp toward R · 2008: -26.1pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+45.5 2016: R+51.0 2012: R+29.6 2008: R+26.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.92%
• Current HPI: 242.9789
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-11.6% since first listed

7 events — show timeline

• 2026-05-31 Price Changed $19,900 WNYREIS
• 2026-05-01 Listed $22,500 WNYREIS
• 2026-04-03 Listing Removed — UNYREIS
• 2025-10-11 Listed $25,000 UNYREIS
• 2024-11-08 Sold (MLS) $21,000 WNYREIS
• 2024-10-29 Pending — WNYREIS
• 2024-10-22 Listed $22,500 WNYREIS