2177 Clute Rd Unit 414 B III · Virgil, NY 13045

$4,500

1 bd · 1.0 ba · 689 sqft · Condo · 274 Days on market

Built 2009 $7/sqft · 97% below area $471/mo HOA · 37% of rent

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your home away from home!! This cozy unit sleeps up to 6 people! This is an open concept hotel-style room featuring a queen bed, mounted TV, gas fireplace, large closet and full size sleeper sofa. Additionally this room has a separate full bedroom with queen bed, full kitchen, dining table a full bath/shower and a balcony with a small dining area and beautiful views! Lots of room for memories to be made in here! * * Hope Lake Lodge is a Condo Hotel unit. Ownership is deeded fractional Winter/Seasonal Ownership. The owner receives the use of the property 13 Weeks per year. one week per month. The hotel has two restaurants, Spa, Salon, activity center for kids, fitness center, Starbucks Coffee Shop and is located in Hope Lake Lodge & Indoor Water Park at Greek Peak Mountain Resort. Hope Lake Lodge has 3 elevators. Furnishings & Appliances are owned and maintained by the HOA * * .

Key facts

• Full kitchen
• Mounted tv
• Open concept

Tags

• OPEN CONCEPT
• FULL KITCHEN
• GAS FIREPLACE
• MOUNTED TV
• FULL BATH
• BALCONY

🏷️ Possibly a rental listed for sale. The $4,500 price doesn't fit this home's estimated sale value (~$135,831) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $4k.

Deal economics

• At list price, monthly cash flow is $504 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $4k).
• Recommended offer: $4k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#963 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: schools C-, health & safety D, crime F.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $31 of loan paydown is wiped out by about $135 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 $1k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 274 days — a 12% lower offer ($4k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $3,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 274 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 28.29% ✓
• Cap rate: 140.60%
• Cash-on-cash: 479.68%
• DSCR: 22.34
• GRM: 0.3

CMA / ARV

• ARV (median comp): $135,831
• List price: $4,500
• Delta: -96.69%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 31.47×
• Total profit: $38,386
• Equity at exit: $671

10-year hold

• IRR: —
• Equity multiple: 85.61×
• Total profit: $106,609
• Equity at exit: $389

Cash invested: $1,260 (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: 0.3×

Monthly cashflow live

• Estimated rent: $1,273 medium
• Mortgage (P&I): −$24
• Tax est. 1.5%: −$6 /mo · $68/yr
• Insurance: −$2
• HOA: −$471
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $504

Break-even live

Break-even rent $636

Max offer price $4,500

Occupancy floor 55%

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: $1,125
• Closing costs: $135
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $471 · $5,652/yr
• Likely covers: watergasgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-19
   days on market $4,500 Active 274 DOM
2. 2026-06-18
   days on market $4,500 Active 273 DOM
3. 2026-06-17
   days on market $4,500 Active 272 DOM
4. 2026-06-16
   days on market $4,500 Active 271 DOM
5. 2026-06-15
   days on market $4,500 Active 270 DOM
6. 2026-06-14
   days on market $4,500 Active 268 DOM
7. 2026-06-12
   days on market $4,500 Active 267 DOM
8. 2026-06-09
   days on market $4,500 Active 264 DOM
9. 2026-06-08
   days on market $4,500 Active 263 DOM
10. 2026-06-07
    days on market $4,500 Active 262 DOM
11. 2026-06-05
    days on market $4,500 Active 259 DOM
12. 2026-06-03
    days on market $4,500 Active 258 DOM
13. 2026-06-02
    days on market $4,500 Active 257 DOM
14. 2026-06-01
    days on market $4,500 Active 256 DOM
15. 2026-05-31
    days on market $4,500 Active 255 DOM
16. 2026-05-30
    days on market $4,500 Active 254 DOM
17. 2025-09-18
    listed $4,500 Active 916-char remark

    Show marketing remark (916 chars)

    Welcome to your home away from home!! This cozy unit sleeps up to 6 people! This is an open concept hotel-style room featuring a queen bed, mounted TV, gas fireplace, large closet and full size sleeper sofa. Additionally this room has a separate full bedroom with queen bed, full kitchen, dining table a full bath/shower and a balcony with a small dining area and beautiful views! Lots of room for memories to be made in here! * * Hope Lake Lodge is a Condo Hotel unit. Ownership is deeded fractional Winter/Seasonal Ownership. The owner receives the use of the property 13 Weeks per year. one week per month. The hotel has two restaurants, Spa, Salon, activity center for kids, fitness center, Starbucks Coffee Shop and is located in Hope Lake Lodge & Indoor Water Park at Greek Peak Mountain Resort. Hope Lake Lodge has 3 elevators. Furnishings & Appliances are owned and maintained by the HOA * * .

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 17 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: $15,277
• − Mortgage interest: −$252
• − Property taxes: −$68
• − Insurance: −$22
• − Repairs & maintenance: −$1,222
• − Management: −$1,222
• − HOA: −$5,652
• − Depreciation: −$131
• Taxable income: $6,708
• Est. tax owed @ 24.0%: −$1,610
• After-tax cash flow: $4,434/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 — Virgil

• Score: 60/100
• State rank: #963
• US rank: #18876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cortland County · 28,361 people
• 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

1 event — show timeline

• 2025-09-18 Listed $4,500 CNYIS