21 Tyler Ave

Seneca Falls, NY 13148

$129,900D-

2 bd · 2.0 ba · 732 sqft · Built 2025 · Manufactured · Pending · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $955/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $-64/mo
• Annual: $-763/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.10%
• DSCR: 0.91
• 1% rule: 0.74%
• Cash to close: $36,372

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $-64 ($-763/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (26.5% below list).
• It's been on market 70 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (26.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#657 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, amenities D, commute F.
• Seneca Falls Central School District (town): math 46% / reading 53% proficiency, ranked #392 of 590 in NY (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frank M Knight Elementary School (286 students, 53% FRL); Seneca Falls Middle School (math 22% / reading 47%, grade F, #483 of 729 statewide, top 68%, 277 students, 57% FRL); Mynderse Academy (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 377 students, 47% FRL) — zoned schools average 52% FRL vs 32% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 63% at this address vs 50% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Seneca Falls Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 52 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $130k implies a 584% gain — meaningful room to come down on a strong offer.
• Cap rate 5.7% vs local median 3.6% in Seneca Falls — 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

• 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 70 days. Have you received any prior offers? Is the seller open to a 26% 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.
• Crime grade is D 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.
• 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.