2 Mazies Ln #3

Firthcliffe, NY 12553

$71,000C

1 bd · 1.0 ba · 650 sqft · Built 1983 · Manufactured · Active · 248 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,910/mo
• Mortgage (P&I): −$372
• Tax + insurance: −$118
• HOA: −$966
• Vac / Maint / Mgmt: −$401
• Net cashflow: $52/mo
• Annual: $629/yr
• Cap rate: 7.18%
• Cash-on-cash: 3.16%
• DSCR: 1.14
• 1% rule: 2.69%
• Cash to close: $19,880

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $71k. Condition is rated average.
• At list price, monthly cash flow is $52 ($629/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $71k).
• It's been on market 248 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $491 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#292 in NY, #4,743 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living F.
• Cornwall Central School District (suburban): math 66% / reading 69% proficiency, ranked #133 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Cornwall Middle School (math 52% / reading 62%, grade B, #192 of 729 statewide, top 28%, 895 students, 22% FRL); Cornwall Central High School (math 96% / reading 90%, grade A+, #147 of 1,100 statewide, top 14%, 1,027 students, 20% FRL).
• Watch-outs: HOA is 51% of rent.
• Market conditions: 170 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 5 sale attempts; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 2.4% in Firthcliffe — 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.

Questions for listing agent

• It's been on market 248 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Landscaping — Needs significant work to improve curb appeal.
• Major: Exterior painting — Needs fresh paint to improve appearance.
• Minor: Bathroom fixtures — Some minor updates needed for fixtures.