3484 County Route 22

Altmar, NY 13144

$89,900B+

3 bd · 2.0 ba · 1,352 sqft · Built 1996 · Manufactured · Pending · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,542/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$245
• HOA: −$0
• Vac / Maint / Mgmt: −$324
• Net cashflow: $502/mo
• Annual: $6,023/yr
• Cap rate: 12.99%
• Cash-on-cash: 23.93%
• DSCR: 2.06
• 1% rule: 1.72%
• Cash to close: $25,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 99 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($622 loan paydown + $7k appreciation (7.9% local appreciation)).
• Location reads 57/100 on livability (#1,077 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, health & safety D, crime F.
• Sandy Creek Central School District (rural): math 44% / reading 52% proficiency, ranked #425 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sandy Creek Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 393 students, 49% FRL); Sandy Creek Middle School (math 22% / reading 37%, grade F, #550 of 729 statewide, top 77%, 186 students, 53% FRL); Sandy Creek High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 213 students, 50% FRL).
• Watch-outs: property tax is 2.8% of price.
• Market conditions: 14 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 13.0% vs local median 3.4% in Altmar — 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

• It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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?
• 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.