1406 East Dr

Alden, NY 14004

$92,500B

3 bd · 2.0 ba · 1,456 sqft · Built 2021 · Manufactured · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,228/mo
• Mortgage (P&I): −$485
• Tax + insurance: −$154
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $331/mo
• Annual: $3,970/yr
• Cap rate: 10.58%
• Cash-on-cash: 15.33%
• DSCR: 1.68
• 1% rule: 1.33%
• Cash to close: $25,900

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $92k. Condition is rated good.
• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $640 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#559 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, schools A, crime A-; Watch: amenities F, commute F, health & safety F.
• Alden Central School District (suburban): math 53% / reading 66% proficiency, ranked #229 of 590 in NY (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 51 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.