10 Apple Ln

Clintondale, NY 12561

$130,000B

3 bd · 2.0 ba · 1,344 sqft · Built 1989 · Manufactured · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,550/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$725
• Vac / Maint / Mgmt: −$536
• Net cashflow: $391/mo
• Annual: $4,693/yr
• Cap rate: 9.90%
• Cash-on-cash: 12.89%
• DSCR: 1.57
• 1% rule: 1.96%
• Cash to close: $36,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k. Condition is rated fair.
• At list price, monthly cash flow is $391 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• It's been on market 85 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#732 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment B+, housing B; Watch: schools D, cost of living D, amenities F.
• New Paltz Central School District (suburban): math 67% / reading 88% proficiency, ranked #70 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 28% of rent.
• Market conditions: 92 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.9% vs local median 2.9% in Clintondale — 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 85 days. Have you received any prior offers? Is the seller open to a 6% 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: wooden deck — slight wear
• Minor: wooden siding — slight wear