11762 State Route 12 Rd #12

Boonville, NY 13309

$146,000D+

3 bd · 2.0 ba · 1,440 sqft · Built 2012 · Manufactured · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,202/mo
• Mortgage (P&I): −$766
• Tax + insurance: −$243
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $-60/mo
• Annual: $-717/yr
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• 1% rule: 0.82%
• Cash to close: $40,880

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $146k. Condition is rated fair.
• At list price, monthly cash flow is $-60 ($-717/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (17.7% below list).
• It's been on market 27 days — a 2% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (17.7% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 79/100 on livability (#146 in NY, #2,225 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Adirondack Central School District (rural): math 41% / reading 54% proficiency, ranked #426 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 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 (10.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.8% vs local median 3.6% in Boonville — 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage visible in the independent aerial image.
• Major: exterior siding — Weathered and possibly damaged siding.
• Major: interior walls — Peeling paint and potential structural issues.
• Major: kitchen appliances — Outdated and possibly non-functional appliances.
• Major: bathroom fixtures — Outdated and possibly non-functional fixtures.
• Major: flooring — Carpeted flooring in need of replacement.