4666 County Road 24

Hannawa Falls, NY 13684

$72,800B+

3 bd · 2.0 ba · 1,176 sqft · Built 2005 · Manufactured · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,100/mo
• Mortgage (P&I): −$382
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $366/mo
• Annual: $4,387/yr
• Cap rate: 12.32%
• Cash-on-cash: 21.52%
• DSCR: 1.96
• 1% rule: 1.51%
• Cash to close: $20,384

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $73k. Condition is rated fair.
• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $73k).
• It's been on market 29 days — a 2% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (1.5% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($503 loan paydown + $5k appreciation (7.1% local appreciation)).
• Location reads 68/100 on livability (#537 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Edwards-Knox Central School District (rural): math 40% / reading 52% proficiency, ranked #454 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edwards-Knox Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 294 students, 56% FRL); Edwards-Knox Junior-Senior High School (math 52% / reading 57%, grade C-, #912 of 1,100 statewide, top 85%, 221 students, 59% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 10 active listings in the ZIP; 215 units permitted in St. Lawrence County in 2024 (0 in 5+ unit buildings).
• St. Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.1% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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: roof — Significant damage is visible in the independent image.
• Major: exterior siding — Peeling paint and siding damage are evident.
• Major: flooring — Worn flooring in the kitchen and living area needs replacement.
• Major: interior walls — Peeling paint and unfinished walls require repainting and finishing.
• Major: HVAC system — The system appears old and worn, likely requiring replacement or major repair.
• Major: landscaping — Overgrown grass and debris need removal and landscaping improvements.