506 E Seneca St · Ithaca, NY 14850

$675,000

18 bd · None ba · 5,596 sqft · MultiFamily public records · 235 Days on market

Built 1895 9,148 sqft lot $121/sqft · 60% below area Est $1272k · 47% 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 +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• 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.

Deal economics

• At list price, monthly cash flow is $5k ($63k/yr) — positive. Per door: $870/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 15.6% 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.
• 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 $12,320/mo this rent would consume 207% 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 $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 235 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 235 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 1895 — 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: 1.83% ✓
• Cap rate: 15.57%
• Cash-on-cash: 33.13%
• DSCR: 2.47
• GRM: 4.6

CMA / ARV

• ARV (median comp): $1,272,489
• List price: $675,000
• Delta: -46.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 30.8%
• Equity multiple: 2.33×
• Total profit: $251,194
• Equity at exit: $100,645

10-year hold

• IRR: 39.2%
• Equity multiple: 5.06×
• Total profit: $767,861
• 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: 327
• Price-to-rent: 27.4×

Monthly cashflow live

• Estimated rent: $12,320 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$694 /mo · $8,323/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,587
• Net cashflow: $5,218

Break-even live

Break-even rent $5,715

Max offer price $675,000

Occupancy floor 53%

Sensitivity live

Price	-10% $5,600	-5% $5,409	+0% $5,218	+5% $5,027	+10% $4,836
Rent	-10% $4,245	-5% $4,732	+0% $5,218	+5% $5,705	+10% $6,192
Rate	-1.0pp $5,558	-0.5pp $5,390	base $5,218	+0.5pp $5,043	+1.0pp $4,865

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$12,318
Total (6 units)			$12,320

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
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $675,000 Active 235 DOM
2. 2026-06-18
   days on market $675,000 Active 234 DOM
3. 2026-06-17
   days on market $675,000 Active 233 DOM
4. 2026-06-16
   days on market $675,000 Active 232 DOM
5. 2026-06-15
   days on market $675,000 Active 231 DOM
6. 2026-06-14
   days on market $675,000 Active 229 DOM
7. 2026-06-13
   days on market $675,000 Active 228 DOM
8. 2026-06-10
   days on market $675,000 Active 226 DOM
9. 2026-06-09
   days on market $675,000 Active 225 DOM
10. 2026-06-08
    days on market $675,000 Active 224 DOM
11. 2026-06-07
    days on market $675,000 Active 223 DOM
12. 2026-06-05
    days on market $675,000 Active 220 DOM
13. 2026-06-02
    days on market $675,000 Active 218 DOM
14. 2026-06-01
    days on market $675,000 Active 217 DOM
15. 2026-05-31
    days on market $675,000 Active 216 DOM
16. 2026-05-30
    days on market $675,000 Active 215 DOM
17. 2026-02-11
    price $675,000 342-char remark

    Show marketing remark (342 chars)

    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!

18. 2025-11-19
    price $685,000 342-char remark

    Show marketing remark (342 chars)

    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!

19. 2025-10-02
    listed $695,000 Active 342-char remark

    Show marketing remark (342 chars)

    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!

20. 2025-01-16
    price $690,000
21. 2024-11-07
    listed $720,000 Active
22. 2024-07-31
    price $730,000
23. 2024-07-01
    listed $750,000 Active

ⓘ 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: $147,840
• − Mortgage interest: −$37,810
• − Property taxes: −$8,323
• − Insurance: −$3,375
• − Repairs & maintenance: −$11,827
• − Management: −$11,827
• − Depreciation: −$19,636
• Taxable income: $55,041
• Est. tax owed @ 24.0%: −$13,210
• After-tax cash flow: $49,409/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: 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
• 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: 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

-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.