6 Riverbend Rd

Palenville, NY 12477

$274,900C-

3 bd · 1.5 ba · 980 sqft · Built 1997 · Manufactured · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,484/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$871
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $-350/mo
• Annual: $-4,201/yr
• Cap rate: 6.77%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• 1% rule: 0.90%
• Cash to close: $76,972

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $275k.
• At list price, monthly cash flow is $-350 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (22.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (9.6% below list).
• It's been on market 74 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (22.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#1,125 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A, housing A; Watch: amenities F, commute F, employment F.
• Saugerties Central School District (suburban): math 38% / reading 57% proficiency, ranked #419 of 590 in NY (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $460/mo.
• Market conditions: 173 active listings in the ZIP; solid renter incomes; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $26k; list at $275k implies a 937% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 2.2% in Palenville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 37% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.