7930 Route 16 Lot 61

Franklinville, NY 14737

$79,900B-

2 bd · 2.0 ba · 980 sqft · Built 2023 · Manufactured · Active · 244 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $894/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$188
• Net cashflow: $154/mo
• Annual: $1,848/yr
• Cap rate: 8.61%
• Cash-on-cash: 8.26%
• DSCR: 1.37
• 1% rule: 1.12%
• Cash to close: $22,372

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($894 rent vs $80k).
• It's been on market 244 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($552 loan paydown + $5k appreciation (5.9% local appreciation)).
• Location reads 62/100 on livability (#856 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment C-, amenities F, commute F.
• Franklinville Central School District (rural): math 60% / reading 57% proficiency, ranked #281 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Franklinville Elementary School (math 67% / reading 52%, grade B-, #745 of 2,108 statewide, top 39%, 286 students, 51% FRL); Franklinville Junior-Senior High School (math 57% / reading 62%, grade C+, #851 of 1,100 statewide, top 80%, 299 students, 50% FRL).
• Market conditions: 33 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $16k; list at $80k implies a 403% gain — meaningful room to come down on a strong offer.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, 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

• It's been on market 244 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 D-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.
• 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.