2064 Pilgrimport Rd

Lyons, NY 14489

$100,000A

3 bd · 1.0 ba · 1,440 sqft · Built 1975 · Manufactured · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,763/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$370
• Net cashflow: $636/mo
• Annual: $7,633/yr
• Cap rate: 14.59%
• Cash-on-cash: 29.64%
• DSCR: 2.32
• 1% rule: 1.76%
• Cash to close: $28,000

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $636 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 92 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#270 in NY, #4,307 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F.
• Lyons Central School District (town): math 33% / reading 42% proficiency, ranked #549 of 590 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lyons Elementary School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 492 students, 59% FRL); Lyons Middle School (math 2% / reading 27%, grade F, #704 of 729 statewide, top 98%, 124 students, 66% FRL); Lyons Senior High School (math 82% / reading 84%, grade A, #435 of 1,100 statewide, top 40%, 259 students, 62% FRL).
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 27 active listings in the ZIP; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).
• Wayne County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.