110 Gina Dr

Dover Plains, NY 12522

$185,000A-

2 bd · 2.0 ba · 1,056 sqft · Built 2017 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,649/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$823
• Vac / Maint / Mgmt: −$766
• Net cashflow: $781/mo
• Annual: $9,374/yr
• Cap rate: 11.36%
• Cash-on-cash: 18.10%
• DSCR: 1.81
• 1% rule: 1.97%
• Cash to close: $51,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $781 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $185k).
• It's been on market 40 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (3.0% below list) — sets the bar for market timing.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#818 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living B; Watch: commute C-, housing D+, amenities F.
• Dover Union Free School District (rural): math 44% / reading 48% proficiency, ranked #433 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dover Elementary School (math 33% / reading 44%, grade F, #1,509 of 2,108 statewide, top 72%, 296 students, 71% FRL); Dover Middle School (math 32% / reading 47%, grade F, #418 of 729 statewide, top 59%, 301 students, 68% FRL); Dover High School (math 92% / reading 74%, grade A, #435 of 1,100 statewide, top 40%, 467 students, 59% FRL) — zoned schools average 66% FRL vs 38% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 23% of rent.
• Market conditions: 36 active listings in the ZIP; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.