114 Lecours Dr

Old Forge, NY 13420

$179,500F

3 bd · 2.0 ba · 1,140 sqft · Built 2005 · Manufactured · Pending · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,091/mo
• Mortgage (P&I): −$941
• Tax + insurance: −$424
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $-504/mo
• Annual: $-6,048/yr
• Cap rate: 3.76%
• Cash-on-cash: -9.04%
• DSCR: 0.60
• 1% rule: 0.61%
• Cash to close: $50,260

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $-504 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (40.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (39.2% below list).
• It's been on market 51 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (40.6% below list) — sets the bar for cash-flow.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.0% local appreciation)).
• Location reads 63/100 on livability (#804 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+; Watch: crime C-, health & safety C-, employment D+.
• Town Of Webb Union Free School District (rural): math 50% / reading 55% proficiency, ranked #404 of 755 in NY (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 43 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

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 51 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.