5600 #72 Shute Rd

Nedrow, NY 13084

$95,000C-

2 bd · 2.0 ba · 1,344 sqft · Built 1991 · Manufactured · Pending · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,581/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$650
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-58/mo
• Annual: $-692/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• 1% rule: 1.66%
• Cash to close: $26,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $95k. Condition is rated fair.
• At list price, monthly cash flow is $-58 ($-692/yr) — negative.
• To cash-flow at today's rent, offer at most $87k (8.8% below list).
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 52 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (8.8% below list) — sets the bar for cash-flow.
• In year one you build about $7k of equity ($657 loan paydown + $6k appreciation (6.7% local appreciation)).
• Location reads 71/100 on livability (#415 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, schools D, amenities F.
• Lafayette Central School District (rural): math 45% / reading 56% proficiency, ranked #351 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 41% of rent.
• Market conditions: 19 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k 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 52 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• 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.