697 Point Rd

Willsboro Point, NY 12996

$155,000D

3 bd · 2.0 ba · 1,344 sqft · Built 1973 · Manufactured · Active · 249 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,218/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $-61/mo
• Annual: $-734/yr
• Cap rate: 5.82%
• Cash-on-cash: -1.69%
• DSCR: 0.92
• 1% rule: 0.79%
• Cash to close: $43,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $155k.
• At list price, monthly cash flow is $-61 ($-734/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (21.4% below list).
• It's been on market 249 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (21.4% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (6.9% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Willsboro Central School District (rural): math 45% / reading 45% proficiency, ranked #562 of 755 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $64k; list at $155k implies a 142% gain — meaningful room to come down on a strong offer.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k 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?
• It's been on market 249 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.