235 Wahl St

Clayton, NY 13624

$40,000A-

3 bd · 2.0 ba · 798 sqft · Built 1990 · Manufactured · Pending · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,298/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $749/mo
• Annual: $8,991/yr
• Cap rate: 28.77%
• Cash-on-cash: 80.28%
• DSCR: 4.57
• 1% rule: 3.25%
• Cash to close: $11,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.
• 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).
• It's been on market 83 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($277 loan paydown + $4k appreciation (9.4% local appreciation)).
• 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).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.

Repairs flagged (vision-AI assessment)

• 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.