2557 Erieville Rd · Cazenovia, NY 13061

$59,900

3 bd · 1.0 ba · 906 sqft · SingleFamily public records · 148 Days on market

Built 1825 0.25 ac lot $66/sqft · 75% below area

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Just a short walk from Tuscarora Lake, this 2-bedroom, 1-bath Erieville home offers a great opportunity for someone ready to roll up their sleeves and make it their own. Located in the highly desirable Cazenovia School District, and priced at just $89,900, the value reflects the work needed, but the bones, layout, and setting offer plenty of upside. Inside, you’ll find exposed beams that add character and a wood stove that gives the space a cozy, cabin-like feel. The kitchen opens to a deck overlooking the yard—perfect for enjoying warmer months. Outside, there’s a shed for extra storage and a fire pit, ideal for summer nights with friends or family. The home offers a first-floor bedroom, first-floor laundry, and bonus rooms that could be used for storage, office space, or expanded living area. There’s also an attic for additional storage, plus bonus space upstairs for even more flexibility. This property isn’t polished, but it has potential in all the right places. Whether you’re looking for a project, an affordable home near the lake, or a place you can improve over time, this one is worth a look.

Key facts

• Wood stove
• Bonus rooms
• Exposed beams

Tags

• EXPOSED BEAMS
• WOOD STOVE
• DECK OVERLOOKING YARD
• DOWNSTAIRS BEDROOM
• BONUS ROOMS
• FIRST-FLOOR LAUNDRY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 1.2% in Cazenovia — 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.

Location & tenants

• Location reads 78/100 on livability (#154 in NY, #2,396 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, schools A, crime A; Watch: commute F.
• Cazenovia Central School District (town): math 59% / reading 66% proficiency, ranked #187 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($414 loan paydown + $3k appreciation (5.7% local appreciation)).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.7% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $30k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.7% of price; flood insurance adds $56/mo; built in 1825 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1825 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.86% ✓
• Cap rate: 12.36%
• Cash-on-cash: 21.68%
• DSCR: 1.96
• GRM: 4.5

CMA / ARV

• ARV (median comp): $244,120
• List price: $59,900
• Delta: -75.46%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Projected returns pro-forma

5.68% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.6%
• Equity multiple: 2.91×
• Total profit: $32,067
• Equity at exit: $36,445

10-year hold

• IRR: 27.9%
• Equity multiple: 5.93×
• Total profit: $82,604
• Equity at exit: $65,071

Cash invested: $16,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13061

• Home prices YoY: 1.8%
• Active inventory: 8
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,111 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$236 /mo · $2,832/yr
• Insurance: −$25
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $247

Break-even live

Break-even rent $798

Max offer price $59,900

Occupancy floor 73%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-16
   days on market $59,900 Active 148 DOM
2. 2026-06-15
   days on market $59,900 Active 147 DOM
3. 2026-06-13
   days on market $59,900 Active 145 DOM
4. 2026-06-12
   days on market $59,900 Active 144 DOM
5. 2026-06-09
   days on market $59,900 Active 141 DOM
6. 2026-06-08
   days on market $59,900 Active 140 DOM
7. 2026-06-07
   pricedays on market $59,900 Active 139 DOM
8. 2026-06-05
   days on market $69,900 Active 137 DOM
9. 2026-06-04
   days on market $69,900 Active 135 DOM
10. 2026-06-02
    days on market $69,900 Active 134 DOM
11. 2026-06-01
    days on market $69,900 Active 133 DOM
12. 2026-05-31
    days on market $69,900 Active 132 DOM
13. 2026-05-02
    price $69,900 1152-char remark

    Show marketing remark (1152 chars)

    Just a short walk from Tuscarora Lake, this 2-bedroom, 1-bath Erieville home offers a great opportunity for someone ready to roll up their sleeves and make it their own. Located in the highly desirable Cazenovia School District, and priced at just $89,900, the value reflects the work needed, but the bones, layout, and setting offer plenty of upside. Inside, you’ll find exposed beams that add character and a wood stove that gives the space a cozy, cabin-like feel. The kitchen opens to a deck overlooking the yard—perfect for enjoying warmer months. Outside, there’s a shed for extra storage and a fire pit, ideal for summer nights with friends or family. The home offers a first-floor bedroom, first-floor laundry, and bonus rooms that could be used for storage, office space, or expanded living area. There’s also an attic for additional storage, plus bonus space upstairs for even more flexibility. This property isn’t polished, but it has potential in all the right places. Whether you’re looking for a project, an affordable home near the lake, or a place you can improve over time, this one is worth a look.

14. 2026-04-19
    price $79,800 1152-char remark

    Show marketing remark (1152 chars)

    Just a short walk from Tuscarora Lake, this 2-bedroom, 1-bath Erieville home offers a great opportunity for someone ready to roll up their sleeves and make it their own. Located in the highly desirable Cazenovia School District, and priced at just $89,900, the value reflects the work needed, but the bones, layout, and setting offer plenty of upside. Inside, you’ll find exposed beams that add character and a wood stove that gives the space a cozy, cabin-like feel. The kitchen opens to a deck overlooking the yard—perfect for enjoying warmer months. Outside, there’s a shed for extra storage and a fire pit, ideal for summer nights with friends or family. The home offers a first-floor bedroom, first-floor laundry, and bonus rooms that could be used for storage, office space, or expanded living area. There’s also an attic for additional storage, plus bonus space upstairs for even more flexibility. This property isn’t polished, but it has potential in all the right places. Whether you’re looking for a project, an affordable home near the lake, or a place you can improve over time, this one is worth a look.

15. 2026-03-06
    price $79,900 1152-char remark

    Show marketing remark (1152 chars)

    Just a short walk from Tuscarora Lake, this 2-bedroom, 1-bath Erieville home offers a great opportunity for someone ready to roll up their sleeves and make it their own. Located in the highly desirable Cazenovia School District, and priced at just $89,900, the value reflects the work needed, but the bones, layout, and setting offer plenty of upside. Inside, you’ll find exposed beams that add character and a wood stove that gives the space a cozy, cabin-like feel. The kitchen opens to a deck overlooking the yard—perfect for enjoying warmer months. Outside, there’s a shed for extra storage and a fire pit, ideal for summer nights with friends or family. The home offers a first-floor bedroom, first-floor laundry, and bonus rooms that could be used for storage, office space, or expanded living area. There’s also an attic for additional storage, plus bonus space upstairs for even more flexibility. This property isn’t polished, but it has potential in all the right places. Whether you’re looking for a project, an affordable home near the lake, or a place you can improve over time, this one is worth a look.

16. 2026-01-19
    listed $89,900 Active 1152-char remark

    Show marketing remark (1152 chars)

    Just a short walk from Tuscarora Lake, this 2-bedroom, 1-bath Erieville home offers a great opportunity for someone ready to roll up their sleeves and make it their own. Located in the highly desirable Cazenovia School District, and priced at just $89,900, the value reflects the work needed, but the bones, layout, and setting offer plenty of upside. Inside, you’ll find exposed beams that add character and a wood stove that gives the space a cozy, cabin-like feel. The kitchen opens to a deck overlooking the yard—perfect for enjoying warmer months. Outside, there’s a shed for extra storage and a fire pit, ideal for summer nights with friends or family. The home offers a first-floor bedroom, first-floor laundry, and bonus rooms that could be used for storage, office space, or expanded living area. There’s also an attic for additional storage, plus bonus space upstairs for even more flexibility. This property isn’t polished, but it has potential in all the right places. Whether you’re looking for a project, an affordable home near the lake, or a place you can improve over time, this one is worth a look.

17. 2010-12-13
    soldstatus $65,000 432-char remark

    Show marketing remark (432 chars)

    Wonderful opportunity to own your own home in a very afforable price range without needing work! All appliances stay, including Washer and Dryer. Gas fireplace in Livingroom. Exposed beams, wide pine plank floors in bdrm. Basement has inside and outside entrance. Upstairs bedroom has a small sitting room off of it. Large side deck, nice yard. Public Water. Owner will finance with $10,000 down. Immed. occupancy. Call for details.

18. 2010-12-13
    soldstatus $65,000

    Show marketing remark (432 chars)

    Wonderful opportunity to own your own home in a very afforable price range without needing work! All appliances stay, including Washer and Dryer. Gas fireplace in Livingroom. Exposed beams, wide pine plank floors in bdrm. Basement has inside and outside entrance. Upstairs bedroom has a small sitting room off of it. Large side deck, nice yard. Public Water. Owner will finance with $10,000 down. Immed. occupancy. Call for details.

19. 2010-03-19
    listed $68,900 432-char remark

    Show marketing remark (432 chars)

    Wonderful opportunity to own your own home in a very afforable price range without needing work! All appliances stay, including Washer and Dryer. Gas fireplace in Livingroom. Exposed beams, wide pine plank floors in bdrm. Basement has inside and outside entrance. Upstairs bedroom has a small sitting room off of it. Large side deck, nice yard. Public Water. Owner will finance with $10,000 down. Immed. occupancy. Call for details.

20. 2009-10-06
    soldstatus $61,254
21. 2007-12-14
    soldstatus $68,900
22. 2005-10-06
    soldstatus $9,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $2,832 · $236/mo
• Projected year-2 tax: $2,832 · $236/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,338
• − Mortgage interest: −$3,355
• − Property taxes: −$2,832
• − Insurance: −$966
• − Repairs & maintenance: −$1,067
• − Management: −$1,067
• − Depreciation: −$1,743
• Taxable income: $2,308
• Est. tax owed @ 24.0%: −$554
• After-tax cash flow: $2,416/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cazenovia Central School District
• NCES district ID: 3606780
• Math proficiency: 59% ▼ -13.00%
• Reading proficiency: 66% ▼ -5.00%
• Median HH income: $66,232
• Composite: 54.68/100
• National rank: #1327
• State rank: #187 of 590 in NY

Livability — Cazenovia

• Score: 78/100
• State rank: #154
• US rank: #2396

Category grades

Amenities A Commute F Cost of living C Crime A Employment B- Housing A- Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 641

Population outlook (Madison County) Hauer SSP2

• Today (2025): 69,528 people
• By 2030: 66,599 · -4.2%
• By 2040: 59,814 · -14.0%
• By 2050: 52,842 · -24.0%
• By 2075: 39,167 · -43.7%
• By 2100: 28,442 · -59.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Black 3% Hispanic / Latino 3%
• Common ancestry: Slovak 5% Romanian 4% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Madison

• 2024 margin: R (+13.1) · D 43.5% · R 56.5%
• 2008→2024 swing: -13.9pp toward R · 2008: 0.9pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.6 2016: R+15.9 2012: D+0.3 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.68%
• Current HPI: 314.2485
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+676.7% since first listed

10 events — show timeline

• 2026-05-02 Price Changed $69,900 CNYIS
• 2026-04-19 Price Changed $79,800 CNYIS
• 2026-03-06 Price Changed $79,900 CNYIS
• 2026-01-19 Listed $89,900 CNYIS
• 2010-12-13 Sold (Public Records) $65,000 Public Records
• 2010-12-13 Sold (MLS) $65,000 CNYIS
• 2010-03-19 Listed $68,900 CNYIS
• 2009-10-06 Sold (Public Records) $61,254 Public Records
• 2007-12-14 Sold (Public Records) $68,900 Public Records
• 2005-10-06 Sold (Public Records) $9,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $2,832 · -1.3% YoY. Source: county tax records.