506 E Seneca St · Ithaca, NY 14850

$675,000

3 bd · 0.0 ba · 5,596 sqft · MultiFamily public records · 332 Days on market

Built 1895 Fair condition 9,148 sqft lot $121/sqft · 57% below area Est $1.161M · 42% under ↓ 10% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.8/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Located in the heart of College Town, this charming 6-unit apartment building offers a unique blend of historic character and modern convenience. Just a short walk from Cornell University, and Downtown Ithaca. It is nestled within a well-preserved historic district, and this property offers 6 parking spaces. Call to schedule a showing tour!

Key facts

• 6 parking spaces
• 9,148 sq ft lot
• Built 1895

Tags

• 6 PARKING SPACES

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $675k. Condition is rated fair.
• This rent per unit runs 33% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive. Per door: $813/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $675k).
• Recommended offer: $594k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 3.9% 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: Northeast School (math 77% / reading 67%, grade A-, #378 of 2,108 statewide, top 20%, 385 students, 30% FRL); Boynton Middle School (math 36% / reading 64%, grade C, #261 of 729 statewide, top 36%, 526 students, 36% FRL); Ithaca Senior High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 1,341 students, 31% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 492 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $189k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 332 days — a 12% lower offer ($594k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $594,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 332 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 1.76% ✓
• Cap rate: 14.97%
• Cash-on-cash: 30.99%
• DSCR: 2.38
• GRM: 4.7

CMA / ARV

• ARV (median comp): $1,160,506
• List price: $675,000
• Delta: -41.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
126-30 S Cayuga St	0.41mi	4/— (+1)	5,360 (-4%)	7mo	$530,000	$99	63
423 E Seneca St	0.07mi	5/4.0 (+2)	3,947 (-30%)	13mo	$975,000	$247	41
122 Eddy St	0.24mi	4/4.5 (+1)	5,183 (-7%)	30mo	$808,000	$156	36
200 Sunset Park Park	1.28mi	4/3.5 (+1)	5,259 (-6%)	15mo	$1,675,000	$319	24
402 N Cayuga St	0.41mi	5/1.5 (+2)	4,733 (-15%)	51mo	$485,000	$102	20
101 Coy Glen Rd	2.02mi	5/5.0 (+2)	4,170 (-26%)	2mo	$659,000	$158	18
211 Fallview Ter	1.79mi	4/3.0 (+1)	4,150 (-26%)	25mo	$515,000	$124	3
17 Parkway Pl	1.41mi	5/4.5 (+2)	4,829 (-14%)	58mo	$880,000	$182	2
110 Highland Ave	0.97mi	5/4.5 (+2)	3,991 (-29%)	30mo	$874,000	$219	0
642 Highland Rd	2.00mi	5/3.0 (+2)	4,300 (-23%)	35mo	$860,000	$200	0
130 Forest Home Dr	1.31mi	4/5.0 (+1)	4,578 (-18%)	48mo	$400,000	$87	0

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: 28.2%
• Equity multiple: 2.21×
• Total profit: $228,728
• Equity at exit: $100,645

10-year hold

• IRR: 37.0%
• Equity multiple: 4.79×
• Total profit: $716,420
• Equity at exit: $58,362

Cash invested: $189,000 (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: 492
• Price-to-rent: 28.4×

Monthly cashflow live

• Estimated rent: $11,893 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$694 /mo · $8,323/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,498
• Net cashflow: $4,881

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$11,892
Total (6 units)			$11,893

Break-even live

Break-even rent $5,715

Max offer price $675,000

Occupancy floor 54%

Sensitivity live

Price	-10% $5,263	-5% $5,072	+0% $4,881	+5% $4,690	+10% $4,499
Rent	-10% $3,941	-5% $4,411	+0% $4,881	+5% $5,351	+10% $5,820
Rate	-1.0pp $5,221	-0.5pp $5,053	base $4,881	+0.5pp $4,706	+1.0pp $4,528

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: $168,750
• Closing costs: $20,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 Stewart Ave Unit 2 Ithaca, NY	1.0	1.0	—	$1,595	—	6d	1	0.11mi
113 Osmun Pl Unit 1 Ithaca, NY	2.0	1.0	—	$1,600	—	6d	1	0.11mi
318 E Seneca St Unit 7 Ithaca, NY	2.0	1.0	—	$1,800	—	6d	1	0.14mi
401 E State St Ithaca, NY	1.0–2.0	1.0–1.5	915	$2,350	$2.57	6d	18	0.15mi
107 Hudson St #2 Ithaca, NY	2.0	1.0	—	$1,450	—	6d	1	0.21mi
224 E State St Ithaca, NY	1.0	1.0	12090	$2,500	$0.21	6d	1	0.21mi
614 E State St Unit 5 Ithaca, NY	2.0	1.0	957	$1,700	$1.78	6d	1	0.22mi
112 Hudson St Ithaca, NY	1.0–2.0	1.0–2.0	—	$1,075	—	0d	2	0.23mi
210 E Green St Ithaca, NY	2.0	1.0–2.0	700	$2,964	$4.23	0d	23	0.25mi
208 Hudson St #2 Ithaca, NY	2.0	1.0	—	$1,500	—	6d	1	0.26mi
526 Stewart Ave Unit 12 Ithaca, NY	1.0	5.0	—	$965	—	6d	1	0.27mi
526 Stewart Ave Unit 32 Ithaca, NY	1.0	5.0	150	$935	$6.23	0d	1	0.27mi
171 E State St Unit O202 Ithaca, NY	—	1.0	4474	$7,450	$1.67	6d	1	0.27mi
171 E State St Unit O216 Ithaca, NY	—	1.0	3463	$5,700	$1.65	6d	1	0.27mi
171 E State St Apt 362 Ithaca, NY	2.0	1.0	682	$1,900	$2.79	6d	1	0.27mi
171 E State St Apt 343 Ithaca, NY	1.0	1.0	798	$1,845	$2.31	6d	1	0.27mi
115 James St Ithaca, NY	2.0	1.5	—	$1,950	—	0d	1	0.28mi
125 E State St Ithaca, NY	1.0–2.0	1.0–2.0	1000	$3,150	$3.15	6d	5	0.32mi
109 N Cayuga St Unit G Ithaca, NY	1.0	1.0	—	$1,250	—	6d	1	0.35mi
118 College Ave Unit 401 Ithaca, NY	—	2.0	6	$8,100	$1350.00	6d	1	0.38mi
127 College Ave #5 Ithaca, NY	1.0	1.0	560	$1,825	$3.26	6d	1	0.39mi
502 S Aurora St Unit 1 Ithaca, NY	2.0	1.0	800	$1,600	$2.00	6d	1	0.40mi
105 W Court St Ithaca, NY	1.0	1.0	595	$2,500	$4.20	6d	1	0.40mi
414 E Marshall St Ithaca, NY	1.0	1.5	—	$850	—	6d	1	0.40mi
123 Columbia St #2 Ithaca, NY	2.0	1.0	—	$1,775	—	6d	1	0.41mi
427 N Cayuga St Unit 6 Ithaca, NY	2.0	1.0	—	$1,495	—	6d	1	0.43mi
312 Turner Pl Ithaca, NY	1.0	1.0	—	$1,550	—	6d	1	0.43mi
320 Hillview Pl Ithaca, NY	2.0–3.0	1.0	810	$625	$0.77	0d	4	0.45mi
201 Oak Ave Ithaca, NY	4.0	1.0–4.0	—	$4,000	—	0d	17	0.48mi
325 Dryden Rd Unit G02 Ithaca, NY	2.0	1.0	—	$3,400	—	6d	1	0.49mi
510 N Albany St Apt 1 Ithaca, NY	2.0	1.0	800	$1,750	$2.19	6d	1	0.56mi
311 Elmwood Ave Unit 1 Ithaca, NY	1.0	1.0	—	$1,450	—	6d	1	0.56mi
308 Fairmount Ave Ithaca, NY	1.0–2.0	1.0	400	$1,150	$2.88	140d	4	0.58mi
700 Stewart Ave Ithaca, NY	2.0	1.0–2.0	745	$2,618	$3.51	6d	36	0.59mi
108 2nd St Apt 2 Ithaca, NY	1.0	1.0	—	$1,600	—	6d	1	0.61mi
108 2nd St Apt 4 Ithaca, NY	1.0	1.0	—	$1,600	—	5d	1	0.61mi
520 Linn St Unit 1 Ithaca, NY	2.0	1.0	1000	$2,150	$2.15	6d	1	0.63mi
322 N Plain St Ithaca, NY	2.0	1.0	—	$1,850	—	6d	1	0.63mi
220-222 W Spencer St #5 Ithaca, NY	2.0	1.0	534	$1,400	$2.62	6d	1	0.64mi
224 W Spencer St Apt 1 Ithaca, NY	1.0	1.0	750	$1,290	$1.72	6d	1	0.65mi

Listing history 50 events

1. 2026-09-24
   days on market $675,000 Active 332 DOM
2. 2026-09-24
   days on market $675,000 Active 331 DOM
3. 2026-09-22
   days on market $675,000 Active 330 DOM
4. 2026-09-20
   days on market $675,000 Active 328 DOM
5. 2026-09-18
   days on market $675,000 Active 326 DOM
6. 2026-09-17
   days on market $675,000 Active 325 DOM
7. 2026-09-16
   days on market $675,000 Active 324 DOM
8. 2026-09-15
   days on market $675,000 Active 323 DOM
9. 2026-09-14
   days on market $675,000 Active 322 DOM
10. 2026-09-13
    days on market $675,000 Active 321 DOM
11. 2026-09-12
    days on market $675,000 Active 320 DOM
12. 2026-09-11
    days on market $675,000 Active 319 DOM
13. 2026-09-05
    days on market $675,000 Active 313 DOM
14. 2026-09-04
    days on market $675,000 Active 312 DOM
15. 2026-09-03
    days on market $675,000 Active 311 DOM
16. 2026-09-02
    days on market $675,000 Active 310 DOM
17. 2026-08-30
    days on market $675,000 Active 307 DOM
18. 2026-08-29
    days on market $675,000 Active 306 DOM
19. 2026-08-28
    days on market $675,000 Active 305 DOM
20. 2026-08-27
    days on market $675,000 Active 304 DOM
21. 2026-08-25
    days on market $675,000 Active 302 DOM
22. 2026-08-24
    days on market $675,000 Active 301 DOM
23. 2026-08-23
    days on market $675,000 Active 300 DOM
24. 2026-08-22
    days on market $675,000 Active 299 DOM
25. 2026-08-21
    days on market $675,000 Active 298 DOM
26. 2026-08-20
    days on market $675,000 Active 297 DOM
27. 2026-08-19
    days on market $675,000 Active 296 DOM
28. 2026-08-18
    days on market $675,000 Active 295 DOM
29. 2026-08-17
    days on market $675,000 Active 294 DOM
30. 2026-08-16
    days on market $675,000 Active 293 DOM
31. 2026-08-15
    days on market $675,000 Active 292 DOM
32. 2026-08-14
    days on market $675,000 Active 291 DOM
33. 2026-08-13
    days on market $675,000 Active 290 DOM
34. 2026-08-12
    days on market $675,000 Active 289 DOM
35. 2026-08-11
    days on market $675,000 Active 288 DOM
36. 2026-08-10
    days on market $675,000 Active 287 DOM
37. 2026-08-09
    days on market $675,000 Active 286 DOM
38. 2026-08-08
    days on market $675,000 Active 285 DOM
39. 2026-08-07
    days on market $675,000 Active 284 DOM
40. 2026-08-06
    days on market $675,000 Active 283 DOM
41. 2026-08-05
    days on market $675,000 Active 282 DOM
42. 2026-08-04
    days on market $675,000 Active 281 DOM
43. 2026-08-03
    days on market $675,000 Active 280 DOM
44. 2026-07-31
    days on market $675,000 Active 277 DOM
45. 2026-07-29
    days on market $675,000 Active 275 DOM
46. 2026-07-27
    days on market $675,000 Active 273 DOM
47. 2026-07-25
    days on market $675,000 Active 271 DOM
48. 2026-07-23
    days on market $675,000 Active 269 DOM
49. 2026-07-22
    days on market $675,000 Active 268 DOM
50. 2026-07-21
    days on market $675,000 Active 267 DOM

ⓘ 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: $8,323 · $694/mo
• Projected year-2 tax: $9,865 · $822/mo
• Expected delta: +$1,542/yr (+$129/mo · 18.5%)

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

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 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: $142,716
• − Mortgage interest: −$37,810
• − Property taxes: −$8,323
• − Insurance: −$3,375
• − Repairs & maintenance: −$11,417
• − Management: −$11,417
• − Depreciation: −$19,636
• Taxable income: $50,737
• Est. tax owed @ 24.0%: −$12,177
• After-tax cash flow: $46,394/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 · 2 photos

Fair 45/100 Moderate rehab Est. rehab $139,900–$251,820 screening

This 6-unit apartment building requires significant exterior repairs and maintenance, including siding, paint, and landscaping. Upgrades in these areas would significantly enhance its resale and rental value.

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — The windows show signs of wear and potential rot, indicating a need for replacement.
• Major Electrical (electrical) — The electrical panel appears old and may need an upgrade or replacement.
• Major Plumbing (plumbing) — The exterior plumbing fixtures show signs of wear and potential leaks.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major paint — Severe peeling and discoloration
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both landscaping — Enhances curb appeal and property value ↑
• Both paint — Improves exterior appearance and property value ↑
• Both siding — Replaces weathered siding and enhances property value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 68/100

Zoned Schools

Elementary Belle Sherman School B- NY #745/2,108 Nat'l #7,252/41,679 Middle Boynton Middle School C NY #261/729 Nat'l #3,460/14,009 High Ithaca Senior High School A+ NY #83/1,100 Nat'l #116/17,239

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

B Composite livability gradescore 77/100

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 · 113,958 people
• City population: 68,610
• Metro: Ithaca, NY
• Population (ZIP): 68,610
• Household income: $71,445
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 13% of renters

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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%

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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%

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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

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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

-10.0% since first listed

7 events — show timeline

• 2026-02-11 Price Changed $675,000 IBRMLS
• 2025-11-19 Price Changed $685,000 IBRMLS
• 2025-10-02 Listed $695,000 IBRMLS
• 2025-01-16 Price Changed $690,000 IBRMLS
• 2024-11-07 Listed $720,000 IBRMLS
• 2024-07-31 Price Changed $730,000 IBRMLS
• 2024-07-01 Listed $750,000 IBRMLS

Property tax history

-1.7%/yr

Latest (2025): $8,323 · +2.3% YoY. Source: county tax records.