1036 Peru Rd

Elbridge, NY 13080

$119,000D

3 bd · 1.0 ba · 720 sqft · Built 1960 · Manufactured · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,032/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $-112/mo
• Annual: $-1,345/yr
• Cap rate: 5.16%
• Cash-on-cash: -4.04%
• DSCR: 0.82
• 1% rule: 0.87%
• Cash to close: $33,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $119k.
• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (13.3% below list).
• It's been on market 55 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (16.6% below list) — sets the bar for cash-flow.
• In year one you build about $4k of equity ($823 loan paydown + $3k appreciation (2.9% local appreciation)).
• Location reads 63/100 on livability (#794 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living A-, housing A-; Watch: employment D+, amenities F, commute F.
• Jordan-Elbridge Central School District (rural): math 57% / reading 57% proficiency, ranked #277 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 22 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 9 sale attempts since 4y 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 $60k; list at $119k implies a 98% gain — meaningful room to come down on a strong offer.
• By year 8, 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?
• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.