16637 Witt Rd

Dexter, NY 13615

$69,900B

1 bd · 1.0 ba · 43,560 sqft · Built — · Manufactured · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $983/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $293/mo
• Annual: $3,521/yr
• Cap rate: 11.33%
• Cash-on-cash: 17.99%
• DSCR: 1.80
• 1% rule: 1.41%
• Cash to close: $19,572

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($983 rent vs $70k).
• It's been on market 53 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($483 loan paydown + $647 appreciation (0.9% local appreciation)).
• Location reads 62/100 on livability (#869 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: employment D+, health & safety D, crime F.
• General Brown Central School District (rural): math 39% / reading 57% proficiency, ranked #407 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dexter Elementary School (316 students, 40% FRL); General Brown Junior-Senior High School (math 50% / reading 52%, grade D+, #970 of 1,100 statewide, top 88%, 661 students, 40% FRL).
• Market conditions: 8 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.9% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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: roof — Significant rust and wear
• Major: exterior walls — Weathered and in need of repainting
• Major: landscaping — Overgrown vegetation and lack of landscaping