88 Udell Rd

Voorheesville, NY 12193

$80,000B

2 bd · 1.0 ba · 564 sqft · Built 1970 · Manufactured · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $978/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$126
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $227/mo
• Annual: $2,729/yr
• Cap rate: 9.70%
• Cash-on-cash: 12.18%
• DSCR: 1.54
• 1% rule: 1.22%
• Cash to close: $22,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($978 rent vs $80k).
• It's been on market 16 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($553 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#369 in NY) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: cost of living D, amenities F, commute F.
• Berne-Knox-Westerlo Central School District (rural): math 54% / reading 57% proficiency, ranked #275 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 17 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.7% vs local median 1.6% in Voorheesville — 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

• Built in 1970 — 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 A-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.