3986 Route 417

Allegany, NY 14706

$179,900D

4 bd · 3.0 ba · 1,216 sqft · Built 1967 · Manufactured · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,191/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$161
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $-164/mo
• Annual: $-1,963/yr
• Cap rate: 5.20%
• Cash-on-cash: -3.90%
• DSCR: 0.83
• 1% rule: 0.66%
• Cash to close: $50,372

Investor read

• This is a 4-bed/3.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $-164 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (33.8% below list).
• It's been on market 106 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (33.8% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#395 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Allegany-Limestone Central School District (rural): math 55% / reading 67% proficiency, ranked #233 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Allegany-Limestone Elementary School (math 62% / reading 62%, grade B, #675 of 2,108 statewide, top 35%, 464 students, 43% FRL); Allegany-Limestone Middle-High School (math 52% / reading 70%, grade C+, #843 of 1,100 statewide, top 77%, 598 students, 39% FRL).
• Market conditions: 47 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.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 106 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.