775 Thomas

Angola on the Lake, NY 14006

$109,000C+

3 bd · 2.0 ba · 1,904 sqft · Built 1999 · Manufactured · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,350/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $313/mo
• Annual: $3,759/yr
• Cap rate: 9.74%
• Cash-on-cash: 12.32%
• DSCR: 1.55
• 1% rule: 1.24%
• Cash to close: $30,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $109k.
• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• It's been on market 61 days — a 6% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#1,000 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B+; Watch: employment D, amenities F, commute F.
• Evans-Brant Central School District (Lake Shore) (suburban): math 43% / reading 51% proficiency, ranked #424 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: A J Schmidt Elementary School (math 42% / reading 47%, grade F, #1,277 of 2,108 statewide, top 64%, 246 students, 54% FRL); William G Houston Middle School (math 15% / reading 43%, grade F, #566 of 729 statewide, top 78%, 503 students, 0% FRL); Lake Shore Senior High School (math 92% / reading 95%, grade A+, #131 of 1,100 statewide, top 13%, 671 students, 47% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.