597 Staleyville Rd

Sharon Springs, NY 13459

$159,999D

2 bd · 2.0 ba · 1,200 sqft · Built 1990 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,183/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$267
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $-171/mo
• Annual: $-2,050/yr
• Cap rate: 5.01%
• Cash-on-cash: -4.58%
• DSCR: 0.80
• 1% rule: 0.74%
• Cash to close: $44,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $-171 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (26.0% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $118k (26.0% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#945 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: health & safety C-, schools D, crime F.
• Sharon Springs Central School District (rural): math 45% / reading 45% proficiency, ranked #568 of 755 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 19 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $110k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 3, paydown + projected appreciation supports a ~$43k 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 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?
• Crime grade is F 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.
• 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.