39 Green Valley Ests

Ellicottville, NY 14741

$67,000A

3 bd · 2.0 ba · 1,064 sqft · Built 1990 · Manufactured · Pending · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,046/mo
• Mortgage (P&I): −$351
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $364/mo
• Annual: $4,363/yr
• Cap rate: 12.81%
• Cash-on-cash: 23.26%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $18,760

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $67k. Condition is rated good.
• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• It's been on market 52 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($463 loan paydown + $2k appreciation (2.4% local appreciation)).
• Location reads 70/100 on livability (#422 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: cost of living D+, amenities F, commute F.
• Ellicottville Central School District (rural): math 60% / reading 70% proficiency, ranked #179 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $30k; list at $67k implies a 123% gain — meaningful room to come down on a strong offer.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 12.8% vs local median 0.6% in Ellicottville — 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

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.