56 Belmont Dr

Akron, NY 14001

$38,000B

3 bd · 2.0 ba · 1,350 sqft · Built 1991 · Manufactured · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,202/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$63
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $687/mo
• Annual: $8,245/yr
• Cap rate: 27.99%
• Cash-on-cash: 77.49%
• DSCR: 4.45
• 1% rule: 3.16%
• Cash to close: $10,640

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $38k. Condition is rated fair.
• At list price, monthly cash flow is $687 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• It's been on market 23 days — a 2% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#297 in NY, #4,809 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: employment D+, amenities F, commute F.
• Akron Central School District (town): math 56% / reading 58% proficiency, ranked #272 of 590 in NY (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Akron Elementary School (math 47% / reading 57%, grade C-, #988 of 2,108 statewide, top 49%, 562 students, 42% FRL); Akron Middle School (math 37% / reading 57%, grade D+, #315 of 729 statewide, top 45%, 280 students, 44% FRL); Akron High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 414 students, 41% FRL).
• Market conditions: 85 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 28.0% vs local median 2.4% in Akron — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen sink and countertops — Missing sink and countertops
• Moderate: Exterior siding — Weathered appearance