575 Creek Rd Unit 5A

Haviland, NY 12601

$150,000F

2 bd · 2.0 ba · 1,100 sqft · Built 2020 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,724/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$742
• Vac / Maint / Mgmt: −$362
• Net cashflow: $-417/mo
• Annual: $-5,000/yr
• Cap rate: 2.96%
• Cash-on-cash: -11.90%
• DSCR: 0.47
• 1% rule: 1.15%
• Cash to close: $42,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $150k. Condition is rated good.
• At list price, monthly cash flow is $-417 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $90k (40.2% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $90k (40.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#712 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment A-; Watch: cost of living C-, amenities F, commute F.
• Hyde Park Central School District (rural): math 43% / reading 62% proficiency, ranked #316 of 590 in NY (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ralph R Smith School (math 22% / reading 32%, grade F, #1,786 of 2,108 statewide, top 86%, 340 students, 54% FRL); Haviland Middle School (math 23% / reading 57%, grade F, #413 of 729 statewide, top 57%, 759 students, 59% FRL); Franklin D Roosevelt Senior High School (math 93% / reading 90%, grade A+, #197 of 1,100 statewide, top 18%, 1,136 students, 52% FRL) — zoned schools average 55% FRL vs 34% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 43% of rent.
• Market conditions: Rents rising (+3.7%/yr); 195 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 3.0% vs local median 4.2% in Haviland — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 33% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.