7991 Rock River Rd

Interlaken, NY 14847

$135,000D

3 bd · 2.0 ba · 980 sqft · Built 1988 · Manufactured · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,145/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$312
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $-115/mo
• Annual: $-1,379/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• 1% rule: 0.85%
• Cash to close: $37,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (15.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (15.2% below list).
• It's been on market 18 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (15.2% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($933 loan paydown + $6k appreciation (4.7% local appreciation)).
• Location reads 61/100 on livability (#930 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• South Seneca Central School District (rural): math 30% / reading 42% proficiency, ranked #552 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Seneca Elementary School (math 32% / reading 32%, grade F, #1,646 of 2,108 statewide, top 80%, 315 students, 52% FRL); South Seneca Middle/High School (math 32% / reading 47%, grade F, #1,060 of 1,100 statewide, top 97%, 321 students, 50% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 7 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.