47 Oliver St

Chazy, NY 12921

$189,900D

3 bd · 2.0 ba · 1,461 sqft · Built 1989 · Manufactured · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,255/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$344
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $-348/mo
• Annual: $-4,178/yr
• Cap rate: 4.09%
• Cash-on-cash: -7.86%
• DSCR: 0.65
• 1% rule: 0.66%
• Cash to close: $53,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $-348 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (32.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (33.9% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $126k (33.9% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (4.5% local appreciation)).
• Location reads 67/100 on livability (#595 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Chazy Union Free School District (rural): math 72% / reading 65% proficiency, ranked #175 of 755 in NY (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chazy Central Rural Elementary School (math 77% / reading 77%, grade A, #244 of 2,108 statewide, top 13%, 251 students, 33% FRL); Chazy Central Rural Junior-Senior High School (math 57% / reading 54%, 211 students, 32% FRL).
• Market conditions: 18 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$33k 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 A-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?
• 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.