252 Cornell Rd

Parish, NY 13076

$148,500D+

3 bd · 2.0 ba · 1,080 sqft · Built 1997 · Manufactured · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,167/mo
• Mortgage (P&I): −$779
• Tax + insurance: −$287
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $-144/mo
• Annual: $-1,724/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.15%
• DSCR: 0.82
• 1% rule: 0.79%
• Cash to close: $41,580

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $148k.
• At list price, monthly cash flow is $-144 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (21.4% below list).
• It's been on market 67 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (21.4% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (8.6% local appreciation)).
• Location reads 60/100 on livability (#976 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime F, amenities F, commute F.
• Central Square Central School District (suburban): math 40% / reading 40% proficiency, ranked #507 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hastings Mallory Elementary School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 394 students, 54% FRL); Central Square Middle School (math 19% / reading 35%, grade F, #587 of 729 statewide, top 81%, 833 students, 45% FRL); Paul V Moore High School (math 91% / reading 75%, grade A, #440 of 1,100 statewide, top 40%, 1,101 students, 44% FRL).
• Market conditions: 16 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $148k implies a 56% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 67 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.