11 N Main St

Cohocton, NY 14826

$90,000B

3 bd · 1.5 ba · 1,196 sqft · Built 1854 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,148/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $282/mo
• Annual: $3,380/yr
• Cap rate: 10.05%
• Cash-on-cash: 13.41%
• DSCR: 1.60
• 1% rule: 1.28%
• Cash to close: $25,200

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $90k.
• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($622 loan paydown + $5k appreciation (5.5% local appreciation)).
• Location reads 56/100 on livability (#1,097 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A-, housing A-; Watch: schools D+, health & safety D, amenities F.
• Wayland-Cohocton Central School District (rural): math 40% / reading 53% proficiency, ranked #446 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1854 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y 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 $10k; list at $90k implies a 800% gain — meaningful room to come down on a strong offer.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1854 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.