2379 Leicester Rd

Leicester, NY 14481

$49,900A-

2 bd · 1.0 ba · 854 sqft · Built 1976 · Manufactured · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,032/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$84
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $469/mo
• Annual: $5,632/yr
• Cap rate: 17.58%
• Cash-on-cash: 40.31%
• DSCR: 2.79
• 1% rule: 2.07%
• Cash to close: $13,972

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $50k.
• At list price, monthly cash flow is $469 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 17 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($345 loan paydown + $2k appreciation (3.6% local appreciation)).
• Location reads 64/100 on livability (#775 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: crime F, amenities F, commute F.
• York Central School District (rural): math 41% / reading 55% proficiency, ranked #403 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: York Central Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 279 students, 58% FRL); York Middle/High School (math 32% / reading 57%, grade F, #1,032 of 1,100 statewide, top 95%, 371 students, 46% FRL) — zoned schools average 52% FRL vs 32% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 5 active listings in the ZIP; 86 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $40k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-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?
• 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.