111 Warsaw Boulevard #19

Silver Springs, NY 14550

$19,900D+

2 bd · 1.0 ba · 980 sqft · Built 1987 · Manufactured · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $889/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$33
• HOA: −$0
• Vac / Maint / Mgmt: −$187
• Net cashflow: $565/mo
• Annual: $6,777/yr
• Cap rate: 40.35%
• Cash-on-cash: 121.62%
• DSCR: 6.41
• 1% rule: 4.47%
• Cash to close: $5,572

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $20k. Condition is rated fair.
• 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).
• It's been on market 51 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.
• In year one you build about $720 of equity ($138 loan paydown + $582 appreciation (2.9% local appreciation)).
• 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).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

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