66 Blackberry Ln

Margaretville, NY 13731

$199,000B

2 bd · 2.0 ba · 910 sqft · Built 1988 · Manufactured · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,431/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$511
• Net cashflow: $712/mo
• Annual: $8,549/yr
• Cap rate: 10.59%
• Cash-on-cash: 15.34%
• DSCR: 1.68
• 1% rule: 1.22%
• Cash to close: $55,720

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $199k.
• At list price, monthly cash flow is $712 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• It's been on market 25 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($1k loan paydown + $13k appreciation (6.6% local appreciation)).
• Location reads 65/100 on livability (#711 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A, cost of living A-; Watch: employment D, schools F, crime F.
• Andes Central School District (rural): math 40% / reading 20% proficiency, ranked #727 of 755 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 41 active listings in the ZIP; 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.
• 6 sale attempts since 6y 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 $130k; list at $199k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.6% vs local median 4.0% in Margaretville — 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

• 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.
• 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.