235 Wahl St · Clayton, NY 13624

$40,000

3 bd · 2.0 ba · 798 sqft · Manufactured · 83 Days on market

Built 1990 Fair condition $50/sqft · 66% below area ↓ 33% since listing

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Located within the desirable French Creek Marina Park in Clayton, NY, this single-wide home offers an exceptional opportunity to enjoy life in the heart of the 1000 Islands. With beautiful river views and a prime location closer to the water than most in the park, this 3-bedroom, 2-bathroom home is perfect for those seeking a peaceful getaway. The smart open-concept layout includes a dine-in kitchen and spacious living room, with central air conditioning and a small propane furnace to keep you comfortable in the shoulder seasons. A large front entry porch and open deck provide the perfect place to take in stunning sunset views, while a smaller back porch adds extra outdoor living space. Interior square footage is per the floor plans. Vinyl windows are in good condition, and although some updates are needed, this home is full of potential. Nestled at the end of the loop with a good amount of space between neighbors, you’ll appreciate the added privacy and quiet setting. Enjoy the charm of the river, the welcoming park community, and everything the 1000 Islands region has to offer!

Key facts

• Dine-in kitchen
• Prime location
• River views

Tags

• RIVER VIEWS
• PRIME LOCATION
• OPEN-CONCEPT LAYOUT
• DINE-IN KITCHEN
• SPACIOUS LIVING ROOM
• CENTRAL AIR CONDITIONING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $749 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 28.8% vs local median 1.5% in Clayton — 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.

Location & tenants

• Location reads 66/100 on livability (#621 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B+; Watch: employment C-, health & safety D, amenities F.
• Thousand Islands Central School District (rural): math 60% / reading 56% proficiency, ranked #262 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 55 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($277 loan paydown + $4k appreciation (9.4% local appreciation)).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $37,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 3.25% ✓
• Cap rate: 28.77%
• Cash-on-cash: 80.28%
• DSCR: 4.57
• GRM: 2.6

CMA / ARV

• ARV (median comp): $116,150
• List price: $40,000
• Delta: -65.56%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

9.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 89.7%
• Equity multiple: 7.06×
• Total profit: $67,860
• Equity at exit: $34,264

10-year hold

• IRR: 84.9%
• Equity multiple: 15.46×
• Total profit: $161,962
• Equity at exit: $72,085

Cash invested: $11,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13624

• Home prices YoY: 2.3%
• Active inventory: 55
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,298 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $749

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 37%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-03
   status $40,000 Pending 83 DOM
2. 2026-06-02
   days on market $40,000 Active 83 DOM
3. 2026-06-01
   days on market $40,000 Active 82 DOM
4. 2026-05-31
   days on market $40,000 Active 81 DOM
5. 2026-05-30
   days on market $40,000 Active 80 DOM
6. 2026-05-02
   status Active 1102-char remark

   Show marketing remark (1102 chars)

   Located within the desirable French Creek Marina Park in Clayton, NY, this single-wide home offers an exceptional opportunity to enjoy life in the heart of the 1000 Islands. With beautiful river views and a prime location closer to the water than most in the park, this 3-bedroom, 2-bathroom home is perfect for those seeking a peaceful getaway. The smart open-concept layout includes a dine-in kitchen and spacious living room, with central air conditioning and a small propane furnace to keep you comfortable in the shoulder seasons. A large front entry porch and open deck provide the perfect place to take in stunning sunset views, while a smaller back porch adds extra outdoor living space. Interior square footage is per the floor plans. Vinyl windows are in good condition, and although some updates are needed, this home is full of potential. Nestled at the end of the loop with a good amount of space between neighbors, you’ll appreciate the added privacy and quiet setting. Enjoy the charm of the river, the welcoming park community, and everything the 1000 Islands region has to offer!

7. 2026-05-02
   price $40,000 1102-char remark

   Show marketing remark (1102 chars)

   Located within the desirable French Creek Marina Park in Clayton, NY, this single-wide home offers an exceptional opportunity to enjoy life in the heart of the 1000 Islands. With beautiful river views and a prime location closer to the water than most in the park, this 3-bedroom, 2-bathroom home is perfect for those seeking a peaceful getaway. The smart open-concept layout includes a dine-in kitchen and spacious living room, with central air conditioning and a small propane furnace to keep you comfortable in the shoulder seasons. A large front entry porch and open deck provide the perfect place to take in stunning sunset views, while a smaller back porch adds extra outdoor living space. Interior square footage is per the floor plans. Vinyl windows are in good condition, and although some updates are needed, this home is full of potential. Nestled at the end of the loop with a good amount of space between neighbors, you’ll appreciate the added privacy and quiet setting. Enjoy the charm of the river, the welcoming park community, and everything the 1000 Islands region has to offer!

8. 2025-09-18
   price $52,000 1102-char remark

   Show marketing remark (1102 chars)

   Located within the desirable French Creek Marina Park in Clayton, NY, this single-wide home offers an exceptional opportunity to enjoy life in the heart of the 1000 Islands. With beautiful river views and a prime location closer to the water than most in the park, this 3-bedroom, 2-bathroom home is perfect for those seeking a peaceful getaway. The smart open-concept layout includes a dine-in kitchen and spacious living room, with central air conditioning and a small propane furnace to keep you comfortable in the shoulder seasons. A large front entry porch and open deck provide the perfect place to take in stunning sunset views, while a smaller back porch adds extra outdoor living space. Interior square footage is per the floor plans. Vinyl windows are in good condition, and although some updates are needed, this home is full of potential. Nestled at the end of the loop with a good amount of space between neighbors, you’ll appreciate the added privacy and quiet setting. Enjoy the charm of the river, the welcoming park community, and everything the 1000 Islands region has to offer!

9. 2025-08-19
   price $55,000 1102-char remark

   Show marketing remark (1102 chars)

   Located within the desirable French Creek Marina Park in Clayton, NY, this single-wide home offers an exceptional opportunity to enjoy life in the heart of the 1000 Islands. With beautiful river views and a prime location closer to the water than most in the park, this 3-bedroom, 2-bathroom home is perfect for those seeking a peaceful getaway. The smart open-concept layout includes a dine-in kitchen and spacious living room, with central air conditioning and a small propane furnace to keep you comfortable in the shoulder seasons. A large front entry porch and open deck provide the perfect place to take in stunning sunset views, while a smaller back porch adds extra outdoor living space. Interior square footage is per the floor plans. Vinyl windows are in good condition, and although some updates are needed, this home is full of potential. Nestled at the end of the loop with a good amount of space between neighbors, you’ll appreciate the added privacy and quiet setting. Enjoy the charm of the river, the welcoming park community, and everything the 1000 Islands region has to offer!

10. 2025-08-01
    listed $60,000 Active 1102-char remark

    Show marketing remark (1102 chars)

    Located within the desirable French Creek Marina Park in Clayton, NY, this single-wide home offers an exceptional opportunity to enjoy life in the heart of the 1000 Islands. With beautiful river views and a prime location closer to the water than most in the park, this 3-bedroom, 2-bathroom home is perfect for those seeking a peaceful getaway. The smart open-concept layout includes a dine-in kitchen and spacious living room, with central air conditioning and a small propane furnace to keep you comfortable in the shoulder seasons. A large front entry porch and open deck provide the perfect place to take in stunning sunset views, while a smaller back porch adds extra outdoor living space. Interior square footage is per the floor plans. Vinyl windows are in good condition, and although some updates are needed, this home is full of potential. Nestled at the end of the loop with a good amount of space between neighbors, you’ll appreciate the added privacy and quiet setting. Enjoy the charm of the river, the welcoming park community, and everything the 1000 Islands region has to offer!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,580
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,246
• − Management: −$1,246
• − Depreciation: −$1,164
• Taxable income: $8,883
• Est. tax owed @ 24.0%: −$2,132
• After-tax cash flow: $6,859/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This single-wide manufactured home in Clayton, NY, offers a good opportunity for renovation. It has average condition with minor repairs needed, and improvements in paint, landscaping, and HVAC could significantly boost its value.

Repairs flagged

• Minor Paint — Paint appears worn in some areas.
• Minor Siding — Siding appears weathered, but not major damage.
• Minor Windows — Standard windows, no visible damage, but could be replaced for better curb appeal.

Value-add opportunities

• Both Paint and minor repairs — Improves both resale and rental value.
• Both Landscaping — Enhances curb appeal and could attract more buyers/renters.
• Both HVAC upgrade — Improves comfort and energy efficiency, attracting more buyers/renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears worn in some areas.	Minor	$500–3,000
Siding · Siding appears weathered, but not major damage.	Minor	$500–3,000
Windows · Standard windows, no visible damage, but could be replaced for better curb appeal.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint and minor repairs — Improves both resale and rental value. ↑
• Both Landscaping — Enhances curb appeal and could attract more buyers/renters. ↑
• Both HVAC upgrade — Improves comfort and energy efficiency, attracting more buyers/renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Thousand Islands Central School District
• NCES district ID: 3607650
• Math proficiency: 60% ▼ -2.00%
• Reading proficiency: 56% ▼ -2.00%
• Median HH income: $55,233
• Composite: 49.94/100
• National rank: #1930
• State rank: #262 of 590 in NY

Livability — Clayton

• Score: 66/100
• State rank: #621
• US rank: #11271

Category grades

Amenities F Commute F Cost of living B+ Crime A Employment C- Housing A+ Health & safety D User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clayton, NY
• Population (ZIP): 4,438

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 111,748 people
• By 2030: 109,370 · -2.1%
• By 2040: 103,828 · -7.1%
• By 2050: 98,523 · -11.8%
• By 2075: 91,422 · -18.2%
• By 2100: 78,214 · -30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 9% Romanian 5% Slovak 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Jefferson

• 2024 margin: Strong R (+23.6) · D 38.2% · R 61.8%
• 2008→2024 swing: -18.3pp toward R · 2008: -5.3pp · 2024: -23.6pp
• All cycles: 2024: R+23.6 2020: R+19.0 2016: R+22.4 2012: R+2.9 2008: R+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.39%
• Current HPI: 418.5008
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-33.3% since first listed

5 events — show timeline

• 2026-05-02 Relisted — CNYIS
• 2026-05-02 Price Changed $40,000 CNYIS
• 2025-09-18 Price Changed $52,000 CNYIS
• 2025-08-19 Price Changed $55,000 CNYIS
• 2025-08-01 Listed $60,000 CNYIS