104 Jordan Ave Ave

Northwest Ithaca, NY 14850

$107,000A-

2 bd · 2.0 ba · 1,203 sqft · Built 2009 · Manufactured · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,048/mo
• Mortgage (P&I): −$561
• Tax + insurance: −$151
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $905/mo
• Annual: $10,860/yr
• Cap rate: 16.44%
• Cash-on-cash: 36.25%
• DSCR: 2.61
• 1% rule: 1.91%
• Cash to close: $29,960

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $107k.
• At list price, monthly cash flow is $905 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• It's been on market 35 days — a 3% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $740 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#488 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A, employment A; Watch: amenities F, commute F.
• Ithaca City School District (urban): math 57% / reading 71% proficiency, ranked #195 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Enfield School (math 10% / reading 30%, grade F, #1,945 of 2,108 statewide, top 94%, 164 students, 65% FRL) — zoned schools average 65% FRL vs 30% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 20% at this address vs 64% district-wide (-44 pts) — the specific schools serving this property underperform the Ithaca City School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $12k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $30k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• This rent runs 34% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 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.
• 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.