Lot # 19 296 Route 295

Chatham, NY 12037

$114,900A-

2 bd · 2.0 ba · 998 sqft · Built 2006 · Manufactured · Active · 229 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,656/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $514/mo
• Annual: $6,168/yr
• Cap rate: 11.66%
• Cash-on-cash: 19.17%
• DSCR: 1.85
• 1% rule: 1.44%
• Cash to close: $32,172

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $115k. Condition is rated good.
• At list price, monthly cash flow is $514 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 229 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($794 loan paydown + $11k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#686 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A-, schools B; Watch: employment C-, cost of living C-, amenities F.
• Chatham Central School District (rural): math 48% / reading 53% proficiency, ranked #353 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $14k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.7% vs local median 2.4% in Chatham — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Deck — The deck has some minor wear and tear, but it is still structurally sound.