2339 State Route 63, Lot #24

Wayland, NY 14572

$27,000B+

3 bd · 2.0 ba · 952 sqft · Built 2017 · Manufactured · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,125/mo
• Mortgage (P&I): −$142
• Tax + insurance: −$45
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $702/mo
• Annual: $8,423/yr
• Cap rate: 37.49%
• Cash-on-cash: 111.42%
• DSCR: 5.96
• 1% rule: 4.17%
• Cash to close: $7,560

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $27k. Condition is rated poor.
• At list price, monthly cash flow is $702 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $27k).
• It's been on market 27 days — a 2% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (1.5% below list) — sets the bar for market timing.
• In year one you build about $639 of equity ($187 loan paydown + $452 appreciation (1.7% local appreciation)).
• Location reads 65/100 on livability (#668 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: health & safety D, amenities F, commute F.
• Wayland-Cohocton Central School District (rural): math 40% / reading 53% proficiency, ranked #446 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $3k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Significant wear and tear
• Major: roof — No visible damage, but siding condition suggests underlying issues
• Major: flooring — No visible flooring, but siding condition suggests underlying issues
• Major: interior walls/paint — No visible interior, but siding condition suggests underlying issues
• Major: HVAC/mechanicals — No visible systems, but siding condition suggests underlying issues
• Major: landscaping — Overgrown lawn and unkempt appearance