61 Bird Rd

Fort Covington, NY 12926

$149,900D-

2 bd · 2.0 ba · 1,568 sqft · Built 1996 · Manufactured · Pending · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,113/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $-119/mo
• Annual: $-1,434/yr
• Cap rate: 5.34%
• Cash-on-cash: -3.42%
• DSCR: 0.85
• 1% rule: 0.74%
• Cash to close: $41,972

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (14.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $111k (25.8% below list).
• It's been on market 58 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (25.8% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (7.4% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Salmon River Central School District (rural): math 34% / reading 43% proficiency, ranked #545 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Salmon River Elementary School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 317 students, 71% FRL); Salmon River Middle School (math 8% / reading 32%, grade F, #678 of 729 statewide, top 94%, 313 students, 77% FRL); Salmon River High School (math 98% / reading 72%, grade A, #374 of 1,100 statewide, top 34%, 396 students, 69% FRL).
• Market conditions: 20 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $130k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 3, paydown + projected appreciation supports a ~$30k 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 58 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• 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.
• 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.