814 County Road 9

Greene, NY 13746

$149,000D

3 bd · 2.0 ba · 1,216 sqft · Built 2016 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,167/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$257
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $-116/mo
• Annual: $-1,389/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.33%
• DSCR: 0.85
• 1% rule: 0.78%
• Cash to close: $41,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $149k.
• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (13.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (21.7% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $117k (21.7% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (9.0% local appreciation)).
• Location reads 71/100 on livability (#407 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, health & safety D, amenities F.
• Greene Central School District (rural): math 56% / reading 58% proficiency, ranked #282 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greene Primary School (234 students, 45% FRL); Greene Middle School (math 42% / reading 47%, grade D, #348 of 729 statewide, top 50%, 208 students, 42% FRL); Greene High School (math 95%, 267 students, 43% FRL).
• Zoned-school proficiency averages 44% at this address vs 57% district-wide (-12 pts) — the specific schools serving this property underperform the Greene Central School District average; the district grade overstates school quality for this exact location.
• Market conditions: 13 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $22k; list at $149k implies a 577% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$36k 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.