2513 Stannards Rd

Wellsville, NY 14895

$149,000C

4 bd · 2.0 ba · 1,309 sqft · Built 1978 · Manufactured · Pending · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,450/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$248
• HOA: −$0
• Vac / Maint / Mgmt: −$304
• Net cashflow: $116/mo
• Annual: $1,390/yr
• Cap rate: 7.23%
• Cash-on-cash: 3.33%
• DSCR: 1.15
• 1% rule: 0.97%
• Cash to close: $41,720

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $149k.
• At list price, monthly cash flow is $116 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (2.7% below list).
• It's been on market 37 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#336 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D-.
• Wellsville Central School District (town): math 42% / reading 53% proficiency, ranked #442 of 590 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wellsville Elementary School (math 43% / reading 42%, grade F, #1,356 of 2,108 statewide, top 64%, 482 students, 50% FRL); Wellsville Secondary School (math 42% / reading 62%, grade D+, #946 of 1,100 statewide, top 88%, 647 students, 35% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 55 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.