15 Sunset Dr

Lime Lake, NY 14042

$78,500B-

2 bd · 1.0 ba · 840 sqft · Built 1956 · Manufactured · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $875/mo
• Mortgage (P&I): −$412
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$184
• Net cashflow: $161/mo
• Annual: $1,931/yr
• Cap rate: 8.75%
• Cash-on-cash: 8.79%
• DSCR: 1.39
• 1% rule: 1.11%
• Cash to close: $21,980

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $78k.
• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($875 rent vs $78k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $8k of equity ($543 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 56/100 on livability (#1,109 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A-; Watch: employment D, schools F, crime F.
• Yorkshire-Pioneer Central School District (town): math 50% / reading 54% proficiency, ranked #358 of 590 in NY (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 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.
• Current owner paid $38k; list at $78k implies a 107% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1956 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.