1188 County Road 110

Broadalbin, NY 12025

$215,000D-

3 bd · 2.0 ba · 1,086 sqft · Built 1996 · Manufactured · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,399/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$347
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $-369/mo
• Annual: $-4,431/yr
• Cap rate: 4.23%
• Cash-on-cash: -7.36%
• DSCR: 0.67
• 1% rule: 0.65%
• Cash to close: $60,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $215k.
• At list price, monthly cash flow is $-369 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (30.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (34.9% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $140k (34.9% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#290 in NY, #4,681 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Broadalbin-Perth Central School District (rural): math 50% / reading 62% proficiency, ranked #286 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 37 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).
• Fulton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $90k; list at $215k implies a 138% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.