702 Hudson St · Ithaca, NY 14850

$535,000

8 bd · 5.0 ba · 3,590 sqft · MultiFamily · 286 Days on market

Built 1968 Good condition 8,098 sqft lot Est $664k · 19% under

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Why this score? — see what drove the C 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 +17.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• Schools +5.4/10.0
• 1% rule +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Don’t miss this opportunity to own a fully renovated duplex in the South Hill area of Ithaca. Renovated in 2014, both units offer modern finishes and spacious layouts. The downstairs unit features 3 large bedrooms and 2 full bathrooms, while the upstairs unit offers 6 generously sized bedrooms and 2 full baths. This property is a perfect opportunity for an owner-occupant looking to live in one unit while generating rental income from the other, or for investors seeking a strong addition to their student housing portfolio. Each unit is fully furnished and includes stainless steel appliances, granite countertops, custom tiled bathrooms, in-unit washer and dryer, and oversized bedrooms w

Key facts

• Spacious layouts
• Modern finishes
• Granite countertops

Tags

• FULLY RENOVATED DUPLEX
• MODERN FINISHES
• SPACIOUS LAYOUTS
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• CUSTOM TILED BATHROOMS

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.5-bath units multifamily listed at $535k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $383 ($5k/yr) — positive. Per door: $192/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $516k (3.5% below list).
• Recommended offer: $471k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 5.3% in Ithaca — 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 77/100 on livability (#210 in NY, #3,240 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: housing C-, employment D+, cost of living D.
• Ithaca City School District (urban): math 57% / reading 71% proficiency, ranked #195 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Hill School (math 57% / reading 72%, grade B, #591 of 2,108 statewide, top 31%, 380 students, 0% FRL) — zoned schools average 0% FRL vs 30% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $5,165/mo this rent would consume 87% of the median local household income ($71k/yr) (locally 5169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 286 days — a 12% lower offer ($471k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $470,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 286 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.07%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $664,150
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 Hudson Pl	0.09mi	7/4.0 (-1)	3,640 (+1%)	20mo	$406,000	$112	68
310-312 Pleasant St	0.47mi	8/4.0	3,700 (+3%)	2mo	$685,000	$185	67
404-406-408 S Aurora St	0.44mi	7/6.0 (-1)	3,474 (-3%)	4mo	$945,000	$272	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.66×
• Total profit: $-50,424
• Equity at exit: $79,770

10-year hold

• IRR: 3.2%
• Equity multiple: 1.26×
• Total profit: $38,465
• Equity at exit: $46,257

Cash invested: $149,800 (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 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $5,165 medium
• Mortgage (P&I): −$2,806
• Tax est. 1.5%: −$669 /mo · $8,025/yr
• Insurance: −$223
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,085
• Net cashflow: $383

Break-even live

Break-even rent $4,680

Max offer price $535,000

Occupancy floor 88%

Sensitivity live

Price	-10% $753	-5% $568	+0% $383	+5% $198	+10% $13
Rent	-10% $-25	-5% $179	+0% $383	+5% $587	+10% $791
Rate	-1.0pp $653	-0.5pp $519	base $383	+0.5pp $244	+1.0pp $103

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	4	2.5	$5,164
Total (2 units)			$5,165

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: $133,750
• Closing costs: $16,050
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-03-24
   status Pending
2. 2025-07-17
   historical Active Under Contract
3. 2025-07-03
   status Active
4. 2025-07-01
   historical Active Under Contract
5. 2025-06-11
   listed $535,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $61,980
• − Mortgage interest: −$29,968
• − Property taxes: −$8,025
• − Insurance: −$2,675
• − Repairs & maintenance: −$4,958
• − Management: −$4,958
• − Depreciation: −$15,564
• Taxable loss: −$4,169
• Est. tax savings @ 24.0%: +$1,001
• After-tax cash flow: $5,598/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.

Condition & rehab AI · 14 photos

Good 75/100 Cosmetic rehab

This fully renovated duplex in the South Hill area of Ithaca is in excellent condition, with modern finishes and spacious layouts. The property is move-in ready and offers a strong investment opportunity for both owner-occupants and investors.

Value-add opportunities

• Resale Painting the exterior walls — Fresh paint can enhance the curb appeal and make the home look more inviting to potential buyers
• Rental Upgrading the HVAC system — A modern, energy-efficient HVAC system can attract tenants and reduce utility costs
• Both Landscaping improvements — Enhancing the landscaping can improve the home's curb appeal and attract both buyers and tenants

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior walls — Fresh paint can enhance the curb appeal and make the home look more inviting to potential buyers ↑
• Rental Upgrading the HVAC system — A modern, energy-efficient HVAC system can attract tenants and reduce utility costs ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the home's curb appeal and attract both buyers and tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ithaca City School District
• NCES district ID: 3615570
• Math proficiency: 57% ▼ -5.00%
• Reading proficiency: 71% ▲ 11.00%
• Median HH income: $46,528
• Composite: 54.01/100
• National rank: #1397
• State rank: #195 of 590 in NY

Livability — Ithaca

• Score: 77/100
• State rank: #210
• US rank: #3240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ithaca, NY
• County: Tompkins County · 68,610 people
• Metro: Ithaca, NY
• Population (ZIP): 68,610
• Household income: $71,445
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 5169.0

Population outlook (Tompkins County) Hauer SSP2

• Today (2025): 113,958 people
• By 2030: 118,774 · +4.2%
• By 2040: 125,927 · +10.5%
• By 2050: 133,599 · +17.2%
• By 2075: 156,759 · +37.6%
• By 2100: 169,896 · +49.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 13% Hispanic / Latino 8% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 79% English-only · Chinese 5% Spanish 4% Other Indo-European 4%

Political lean MEDSL · Tompkins

• 2024 margin: Solid D (+50.6) · D 75.3% · R 24.7%
• 2008→2024 swing: +8.6pp toward D · 2008: 42.1pp · 2024: 50.6pp
• All cycles: 2024: D+50.6 2020: D+49.2 2016: D+42.1 2012: D+39.8 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.59%
• Current HPI: 389.7215
• Rent YoY: ▲ 5.22%
• Metro: Ithaca, NY
• 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

5 events — show timeline

• 2026-03-24 Pending — IBRMLS
• 2025-07-17 Contingent — IBRMLS
• 2025-07-03 Relisted — IBRMLS
• 2025-07-01 Contingent — IBRMLS
• 2025-06-11 Listed $535,000 IBRMLS