112 Jefferson Hts #13

Jefferson Heights, NY 12414

$89,000C

2 bd · 1.0 ba · 980 sqft · Built 1994 · Manufactured · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,654/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$148
• HOA: −$700
• Vac / Maint / Mgmt: −$347
• Net cashflow: $-8/mo
• Annual: $-97/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.39%
• DSCR: 0.98
• 1% rule: 1.86%
• Cash to close: $24,920

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $89k. Condition is rated good.
• At list price, monthly cash flow is $-8 ($-97/yr) — negative.
• To cash-flow at today's rent, offer at most $88k (1.3% below list).
• Meets the 1% rule at list price ($2k rent vs $89k).
• It's been on market 21 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($615 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#860 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, health & safety A, cost of living B; Watch: employment C-, schools F, amenities F.
• Catskill Central School District (town): math 45% / reading 51% proficiency, ranked #429 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 42% of rent.
• Market conditions: 104 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• 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.
• 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?
• 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.