1 Mill St

Clark Mills, NY 13321

$159,900B-

3 bd · 2.0 ba · 1,080 sqft · Built 1993 · Manufactured · Pending · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,890/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$397
• Net cashflow: $388/mo
• Annual: $4,654/yr
• Cap rate: 9.20%
• Cash-on-cash: 10.40%
• DSCR: 1.46
• 1% rule: 1.18%
• Cash to close: $44,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 128 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.0% local appreciation)).
• Location reads 71/100 on livability (#383 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: schools D-, amenities F, commute F.
• Clinton Central School District (suburban): math 57% / reading 71% proficiency, ranked #185 of 590 in NY (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.