3525 East Lake Rd Lot A06

Canandaigua, NY 14424

$93,733B

3 bd · 2.0 ba · 1,012 sqft · Built 2026 · Manufactured · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,128/mo
• Mortgage (P&I): −$492
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$447
• Net cashflow: $1,034/mo
• Annual: $12,403/yr
• Cap rate: 19.52%
• Cash-on-cash: 47.26%
• DSCR: 3.10
• 1% rule: 2.27%
• Cash to close: $26,245

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $94k. Condition is rated good.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $94k).
• It's been on market 47 days — a 3% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $648 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#243 in NY, #3,822 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, schools B+; Watch: employment C-, amenities F, health & safety D-.
• Canandaigua City School District (suburban): math 50% / reading 59% proficiency, ranked #305 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.5%/yr); 223 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• Ontario County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts; this cycle's ask is 54% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $56k; list at $94k implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.5% vs local median 3.4% in Canandaigua — 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.
• This rent runs 32% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.