2431 County Road 17

Montour Falls, NY 14891

$119,900D-

2 bd · 1.5 ba · 980 sqft · Built 1984 · Manufactured · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $909/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$191
• Net cashflow: $6/mo
• Annual: $75/yr
• Cap rate: 6.36%
• Cash-on-cash: 0.22%
• DSCR: 1.01
• 1% rule: 0.76%
• Cash to close: $33,572

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $120k.
• At list price, monthly cash flow is $6 ($75/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 $91k (24.2% below list).
• It's been on market 47 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (24.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#786 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing B+; Watch: health & safety D, amenities F, commute F.
• Watkins Glen Central School District (town): math 42% / reading 46% proficiency, ranked #472 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Watkins Glen Elementary School (math 37% / reading 41%, grade F, #1,505 of 2,108 statewide, top 72%, 468 students, 42% FRL); Watkins Glen Central High School (math 47% / reading 52%, grade D, #974 of 1,100 statewide, top 91%, 432 students, 41% FRL).
• Market conditions: 18 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.