7965 State Route 52 Lot 31

Lake Huntington, NY 12764

$89,900D

3 bd · 2.0 ba · 980 sqft · Built 2004 · Manufactured · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,124/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$525
• Vac / Maint / Mgmt: −$236
• Net cashflow: $-258/mo
• Annual: $-3,100/yr
• Cap rate: 2.85%
• Cash-on-cash: -12.31%
• DSCR: 0.45
• 1% rule: 1.25%
• Cash to close: $25,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $-258 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $53k (41.6% below list).
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 160 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (41.6% below list) — sets the bar for cash-flow.
• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Sullivan West Central School District (rural): math 45% / reading 47% proficiency, ranked #436 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 47% of rent.
• Market conditions: 43 active listings in the ZIP; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.8% vs local median 2.1% in Lake Huntington — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 160 days. Have you received any prior offers? Is the seller open to a 42% 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn appearance
• Minor: Bathroom sink — Appears functional but dated
• Minor: Exterior siding — Could use cleaning