Champion 164 D & R Village Plan

Clifton Gardens, NY 12065

$81,000B

2 bd · 2.0 ba · 924 sqft · Built — · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,758/mo
• Mortgage (P&I): −$425
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$369
• Net cashflow: $829/mo
• Annual: $9,951/yr
• Cap rate: 18.58%
• Cash-on-cash: 43.88%
• DSCR: 2.95
• 1% rule: 2.17%
• Cash to close: $22,680

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $81k. Condition is rated average.
• At list price, monthly cash flow is $829 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $81k).
• It's been on market 20 days — a 2% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $560 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Shenendehowa Central School District (suburban): math 72% / reading 73% proficiency, ranked #98 of 590 in NY (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.7%/yr); 265 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.6% vs local median 3.3% in Clifton Gardens — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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)

• Minor: exterior siding — Some discoloration visible on siding.
• Minor: interior paint — Some wear on painted walls.
• Minor: landscaping — Simple landscaping could be improved for curb appeal.