8460 Old River Rd

Rome, NY 13403

$139,000B

3 bd · 1.5 ba · 1,735 sqft · Built 1950 · Manufactured · Active · 481 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,675/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $362/mo
• Annual: $4,347/yr
• Cap rate: 9.42%
• Cash-on-cash: 11.17%
• DSCR: 1.50
• 1% rule: 1.20%
• Cash to close: $38,920

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $139k. Condition is rated fair.
• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• It's been on market 481 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($961 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#722 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Oriskany Central School District (suburban): math 52% / reading 56% proficiency, ranked #314 of 590 in NY (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.4% vs local median 5.6% in Rome — 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 481 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1950 — 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.
• 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?
• 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)

• Major: kitchen — No photos of kitchen
• Major: bath — No photos of bathrooms
• Major: flooring — No photos of flooring
• Major: interior walls/paint — No photos of interior walls
• Major: windows — No photos of windows
• Major: HVAC/mechanicals — No photos of HVAC