6 Fortunato Rd

Hancock, NY 13783

$179,000C

2 bd · 1.5 ba · 1,161 sqft · Built 1993 · Manufactured · Pending · 262 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,600/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$438
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $-113/mo
• Annual: $-1,354/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• 1% rule: 0.89%
• Cash to close: $50,120

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $179k.
• At list price, monthly cash flow is $-113 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (11.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (10.6% below list).
• It's been on market 262 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#454 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: schools D+, amenities D, commute F.
• Hancock Central School District (rural): math 40% / reading 40% proficiency, ranked #649 of 755 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 57 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 2.4% in Hancock — 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.

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?
• It's been on market 262 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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.