34175 County Route 46

Theresa, NY 13691

$25,000C-

3 bd · None ba · 1,008 sqft · Built 1980 · Manufactured · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,133/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $547/mo
• Annual: $6,565/yr
• Cap rate: 38.56%
• Cash-on-cash: 115.26%
• DSCR: 6.13
• 1% rule: 4.53%
• Cash to close: $7,000

Investor read

• This is a 3-bed/?-bath manufactured listed at $25k.
• At list price, monthly cash flow is $547 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 17 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($173 loan paydown + $1k appreciation (5.6% local appreciation)).
• Location reads 65/100 on livability (#693 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A-; Watch: employment D, health & safety D, amenities F.
• Indian River Central School District (rural): math 33% / reading 50% proficiency, ranked #502 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.9% of price; flood insurance adds $125/mo.
• Market conditions: 30 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.