6882 Route 62

South Dayton, NY 14726

$129,000D+

3 bd · 2.0 ba · 1,344 sqft · Built 2004 · Manufactured · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,273/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$314
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $15/mo
• Annual: $181/yr
• Cap rate: 6.43%
• Cash-on-cash: 0.50%
• DSCR: 1.02
• 1% rule: 0.99%
• Cash to close: $36,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $129k.
• At list price, monthly cash flow is $15 ($181/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (1.3% below list).
• It's been on market 75 days — a 6% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (6.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($892 loan paydown + $4k appreciation (2.9% local appreciation)).
• Location reads 56/100 on livability (#1,102 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Pine Valley Central School District (South Dayton) (rural): math 33% / reading 49% proficiency, ranked #512 of 590 in NY (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $66k; list at $129k implies a 95% gain — meaningful room to come down on a strong offer.
• At projected returns (2.9% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.