130 Trailer St

Palatine Bridge, NY 13428

$149,900D

3 bd · 2.0 ba · 1,680 sqft · Built 2003 · Manufactured · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,237/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$392
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $-202/mo
• Annual: $-2,419/yr
• Cap rate: 4.68%
• Cash-on-cash: -5.76%
• DSCR: 0.74
• 1% rule: 0.82%
• Cash to close: $41,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $-202 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (17.5% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $114k (23.8% below list) — sets the bar for cash-flow.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (7.6% local appreciation)).
• Location reads 66/100 on livability (#663 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F, amenities F.
• Canajoharie Central School District (town): math 38% / reading 59% proficiency, ranked #414 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East Hill School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 386 students, 45% FRL); Canajoharie Middle School (math 17% / reading 57%, grade F, #448 of 729 statewide, top 63%, 195 students, 47% FRL); Canajoharie Senior High School (math 87% / reading 84%, grade A, #358 of 1,100 statewide, top 33%, 263 students, 39% FRL).
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 11 active listings in the ZIP; 210 units permitted in Montgomery County in 2024 (168 in 5+ unit buildings).
• Montgomery County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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 $55k; list at $150k implies a 173% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.