149 Green Valley Rd

Altona, NY 12935

$86,900B

3 bd · 2.0 ba · 1,296 sqft · Built 1999 · Manufactured · Active · 269 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,207/mo
• Mortgage (P&I): −$456
• Tax + insurance: −$222
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $276/mo
• Annual: $3,310/yr
• Cap rate: 10.10%
• Cash-on-cash: 13.61%
• DSCR: 1.61
• 1% rule: 1.39%
• Cash to close: $24,332

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $87k.
• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $87k).
• It's been on market 269 days — a 12% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $76k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($601 loan paydown + $6k appreciation (6.5% local appreciation)).
• Location reads 51/100 on livability (#1,166 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, schools F, amenities F.
• Northern Adirondack Central School District (rural): math 47% / reading 49% proficiency, ranked #430 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 20 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $8k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (6.5% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 269 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.