132 Central Ave · Cortland, NY 13045

$159,900

5 bd · 3.0 ba · 1,932 sqft · MultiFamily public records · 139 Days on market

Built 1914 0.31 ac lot Est $166k · at est.

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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
• ARV discount +9.2/15.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• 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 MLS

This is a well kept income property. The new wrap-around covered porch is treated wood. The appliances are newer. The large back yard is fenced on 3 sides and contains 4 parking spaces. The property would make a good owner occupied property. Call for your own tour today!

Key facts

• Quiet street
• Large covered porch
• Access to basement

Tags

• INVESTMENT OPPORTUNITY
• ACCESS TO BASEMENT
• LARGE YARD
• PLENTY OF PARKING
• LARGE COVERED PORCH
• QUIET STREET

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $636 ($8k/yr) — positive. Per door: $318/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 6.2% in Cortland — 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 (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, employment D.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• This rent runs 42% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $95k; list at $160k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 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 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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.
10. 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.
11. 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: 1.53% ✓
• Cap rate: 11.06%
• Cash-on-cash: 17.04%
• DSCR: 1.76
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $166,152
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
132 Central Ave	0.00mi	5/3.0	1,932 (0%)	0mo	$146,000	$76	100
57 Hubbard St	0.03mi	4/3.0 (-1)	1,868 (-3%)	10mo	$188,200	$101	80
10 Washington St	0.40mi	5/2.0	1,932 (0%)	7mo	$177,000	$92	71
64 Elm St	0.18mi	4/2.0 (-1)	1,750 (-9%)	10mo	$179,000	$102	59
24 Washington St	0.48mi	5/3.0	2,086 (+8%)	11mo	$170,000	$81	55
15 Hubbard St	0.26mi	4/3.0 (-1)	2,154 (+12%)	15mo	$100,000	$46	51
243 Port Watson St	0.51mi	4/2.0 (-1)	1,788 (-8%)	12mo	$125,000	$70	45
39 E Court St	0.30mi	4/2.0 (-1)	1,680 (-13%)	20mo	$144,000	$86	39

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.62×
• Total profit: $27,639
• Equity at exit: $23,842

10-year hold

• IRR: 27.0%
• Equity multiple: 4.03×
• Total profit: $135,603
• Equity at exit: $13,825

Cash invested: $44,772 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,444 high
• Mortgage (P&I): −$839
• Tax from tax record: −$390 /mo · $4,680/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $636

Break-even live

Break-even rent $1,639

Max offer price $159,900

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,444
Total (2 units)			$2,444

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-03-30
   status Pending
2. 2026-03-18
   historical Active Under Contract
3. 2026-02-02
   status Active
4. 2026-01-27
   historical Active Under Contract
5. 2025-11-09
   listed $159,900 Active
6. 2020-12-18
   soldstatus $95,000 271-char remark

   Show marketing remark (271 chars)

   This is a well kept income property. The new wrap-around covered porch is treated wood. The appliances are newer. The large back yard is fenced on 3 sides and contains 4 parking spaces. The property would make a good owner occupied property. Call for your own tour today!

7. 2020-12-18
   soldstatus $95,000

   Show marketing remark (271 chars)

   This is a well kept income property. The new wrap-around covered porch is treated wood. The appliances are newer. The large back yard is fenced on 3 sides and contains 4 parking spaces. The property would make a good owner occupied property. Call for your own tour today!

8. 2020-12-17
   soldstatus $95,000
9. 2020-09-14
   listed $110,000
10. 2020-09-10
    listed $110,000 271-char remark

    Show marketing remark (271 chars)

    This is a well kept income property. The new wrap-around covered porch is treated wood. The appliances are newer. The large back yard is fenced on 3 sides and contains 4 parking spaces. The property would make a good owner occupied property. Call for your own tour today!

11. 2007-11-14
    soldstatus $73,130

ⓘ 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: $4,680 · $390/mo
• Projected year-2 tax: $4,680 · $390/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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 18 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: $29,328
• − Mortgage interest: −$8,957
• − Property taxes: −$4,680
• − Insurance: −$800
• − Repairs & maintenance: −$2,346
• − Management: −$2,346
• − Depreciation: −$4,652
• Taxable income: $5,547
• Est. tax owed @ 24.0%: −$1,331
• After-tax cash flow: $6,296/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: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

Population outlook (Cortland County) Hauer SSP2

• Today (2025): 47,543 people
• By 2030: 46,107 · -3.0%
• By 2040: 43,122 · -9.3%
• By 2050: 40,216 · -15.4%
• By 2075: 34,717 · -27.0%
• By 2100: 28,953 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Cortland

• 2024 margin: Lean R (+6.4) · D 46.8% · R 53.2%
• 2008→2024 swing: -16.4pp toward R · 2008: 10.0pp · 2024: -6.4pp
• All cycles: 2024: R+6.4 2020: R+1.9 2016: R+6.7 2012: D+8.8 2008: D+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, 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

+118.7% since first listed

11 events — show timeline

• 2026-03-30 Pending — CNYIS
• 2026-03-18 Contingent — CNYIS
• 2026-02-02 Relisted — CNYIS
• 2026-01-27 Contingent — CNYIS
• 2025-11-09 Listed $159,900 CNYIS
• 2020-12-18 Sold (Public Records) $95,000 Public Records
• 2020-12-18 Sold (MLS) $95,000 GBAOR
• 2020-12-17 Sold (MLS) $95,000 CNYIS
• 2020-09-14 Listed $110,000 CNYIS
• 2020-09-10 Listed $110,000 GBAOR
• 2007-11-14 Sold (Public Records) $73,130 Public Records

Property tax history

+2.3%/yr

Latest (2025): $4,680 · +3.8% YoY. Source: county tax records.