32 Abraham Joseph Cir

Unionville, NY 10940

$99,888B

3 bd · 2.0 ba · 1,599 sqft · Built 1983 · Manufactured · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,708/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$140
• Vac / Maint / Mgmt: −$569
• Net cashflow: $1,309/mo
• Annual: $15,710/yr
• Cap rate: 22.02%
• Cash-on-cash: 56.17%
• DSCR: 3.50
• 1% rule: 2.71%
• Cash to close: $27,969

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• It's been on market 81 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#671 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, crime D, amenities F.
• Minisink Valley Central School District (rural): math 51% / reading 59% proficiency, ranked #254 of 590 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Minisink Valley Elementary School (475 students, 26% FRL); Minisink Valley Middle School (math 27% / reading 58%, grade D-, #373 of 729 statewide, top 52%, 775 students, 28% FRL); Minisink Valley High School (math 94% / reading 75%, grade A, #379 of 1,100 statewide, top 36%, 1,172 students, 28% FRL).
• Market conditions: Rents rising fast (+8.2%/yr); 273 active listings in the ZIP; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 22.0% vs local median 2.0% in Unionville — 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.
• This rent runs 37% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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?
• Crime grade is D 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Significant wear and tear
• Major: windows — Visible damage
• Major: HVAC/mechanicals — No photos, but typically needs replacement