20 Tenth St

Jefferson Heights, NY 12414

$140,000B-

2 bd · 1.0 ba · 460 sqft · Built 1965 · Manufactured · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,561/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$196
• HOA: −$0
• Vac / Maint / Mgmt: −$328
• Net cashflow: $303/mo
• Annual: $3,640/yr
• Cap rate: 8.89%
• Cash-on-cash: 9.28%
• DSCR: 1.41
• 1% rule: 1.12%
• Cash to close: $39,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 107 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($968 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#860 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, health & safety A, cost of living B; Watch: employment C-, amenities F, commute F.
• Catskill Central School District (town): math 45% / reading 51% proficiency, ranked #429 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Catskill Elementary School (math 47% / reading 47%, grade D-, #1,195 of 2,108 statewide, top 60%, 574 students, 41% FRL); Catskill Middle School (math 17% / reading 37%, grade F, #587 of 729 statewide, top 81%, 303 students, 45% FRL); Catskill Senior High School (math 87% / reading 87%, grade A, #311 of 1,100 statewide, top 30%, 400 students, 38% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% 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 $15k; list at $140k implies a 833% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.