808 Mcclanathan Ave

Sylvan Beach, NY 13308

$219,900F

3 bd · 2.5 ba · 1,800 sqft · Built 1987 · Manufactured · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,243/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$385
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $-556/mo
• Annual: $-6,674/yr
• Cap rate: 3.26%
• Cash-on-cash: -10.84%
• DSCR: 0.52
• 1% rule: 0.57%
• Cash to close: $61,572

Investor read

• This is a 3-bed/2.5-bath manufactured listed at $220k.
• At list price, monthly cash flow is $-556 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $122k (44.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (43.5% below list).
• It's been on market 36 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (44.7% below list) — sets the bar for cash-flow.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 56/100 on livability (#1,110 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Camden Central School District (rural): math 34% / reading 48% proficiency, ranked #504 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mcconnellsville Elementary School (math 22% / reading 57%, grade F, #1,444 of 2,108 statewide, top 71%, 260 students, 41% FRL); Camden Middle School (math 17% / reading 42%, grade F, #550 of 729 statewide, top 77%, 580 students, 48% FRL); Camden Senior High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 620 students, 45% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: 34 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 18y ago 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 $68k; list at $220k implies a 221% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.3% vs local median 2.3% in Sylvan Beach — 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 36 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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?
• 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.