903 Cayuga Heights Rd · Lansing, NY 14850

$195,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 86 Days on market

Built 1940 0.56 ac lot $226/sqft · 32% below area Est $286k · 32% under ↓ 13% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• Schools +5.4/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Location, location, location!!! Great little Home ready to be rehabbed into a Special place to live! OR use as an investment property or maybe take down the house and Build a new one! This could also be a great first time Buyers home or single level empty Nester house for anyone not afraid of a project! Contractors and Investors will want to come and see the possibilities to turn this into a valuable piece of Real Estate. The house next-door to it is also available at 899 Cayuga Heights Rd which is listing #R1663472.

Key facts

• 0.56 acre lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $15 ($180/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (3.1% below list).
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 83/100 on livability (#67 in NY, #1,006 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• 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; 2 comparable units currently listed for rent nearby; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• This rent runs 32% of the median local income ($71k/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 $6k 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 86 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.33%
• DSCR: 1.01
• GRM: 8.6

CMA / ARV

• ARV (median comp): $286,122
• List price: $195,000
• Delta: -31.85%
• Verdict: UNDERPRICED
• Comps: 18 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.0%
• Equity multiple: 0.52×
• Total profit: $-26,218
• Equity at exit: $29,075

10-year hold

• IRR: -0.6%
• Equity multiple: 0.95×
• Total profit: $-2,630
• Equity at exit: $16,860

Cash invested: $54,600 (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: 8.6×

Monthly cashflow live

• Estimated rent: $1,890 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$374 /mo · $4,487/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $15

Break-even live

Break-even rent $1,871

Max offer price $195,000

Occupancy floor 94%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37 Uptown Rd Ithaca, NY	1.0–2.0	1.0	925	$1,622	$1.75	43d	6	1.41mi
87 Uptown Rd Ithaca, NY	1.0–2.0	1.0–2.0	775	$2,000	$2.58	21d	31	1.45mi

Listing history 18 events

1. 2026-06-19
   days on market $195,000 Active 86 DOM
2. 2026-06-18
   days on market $195,000 Active 85 DOM
3. 2026-06-17
   days on market $195,000 Active 84 DOM
4. 2026-06-16
   days on market $195,000 Active 83 DOM
5. 2026-06-15
   days on market $195,000 Active 82 DOM
6. 2026-06-14
   days on market $195,000 Active 80 DOM
7. 2026-06-13
   days on market $195,000 Active 79 DOM
8. 2026-06-10
   days on market $195,000 Active 77 DOM
9. 2026-06-09
   days on market $195,000 Active 76 DOM
10. 2026-06-08
    days on market $195,000 Active 75 DOM
11. 2026-06-07
    days on market $195,000 Active 74 DOM
12. 2026-06-05
    days on market $195,000 Active 71 DOM
13. 2026-06-02
    days on market $195,000 Active 69 DOM
14. 2026-06-01
    days on market $195,000 Active 68 DOM
15. 2026-05-31
    days on market $195,000 Active 67 DOM
16. 2026-05-30
    days on market $195,000 Active 66 DOM
17. 2026-04-15
    price $195,000 522-char remark

    Show marketing remark (522 chars)

    Location, location, location!!! Great little Home ready to be rehabbed into a Special place to live! OR use as an investment property or maybe take down the house and Build a new one! This could also be a great first time Buyers home or single level empty Nester house for anyone not afraid of a project! Contractors and Investors will want to come and see the possibilities to turn this into a valuable piece of Real Estate. The house next-door to it is also available at 899 Cayuga Heights Rd which is listing #R1663472.

18. 2026-03-25
    listed $225,000 Active 522-char remark

    Show marketing remark (522 chars)

    Location, location, location!!! Great little Home ready to be rehabbed into a Special place to live! OR use as an investment property or maybe take down the house and Build a new one! This could also be a great first time Buyers home or single level empty Nester house for anyone not afraid of a project! Contractors and Investors will want to come and see the possibilities to turn this into a valuable piece of Real Estate. The house next-door to it is also available at 899 Cayuga Heights Rd which is listing #R1663472.

ⓘ 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: $4,487 · $374/mo
• Projected year-2 tax: $4,487 · $374/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 10/10 Extreme 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 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: $22,675
• − Mortgage interest: −$10,923
• − Property taxes: −$4,487
• − Insurance: −$975
• − Repairs & maintenance: −$1,814
• − Management: −$1,814
• − Depreciation: −$5,673
• Taxable loss: −$3,010
• Est. tax savings @ 24.0%: +$722
• After-tax cash flow: $903/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 — Lansing

• Score: 83/100
• State rank: #67
• US rank: #1006

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, 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

-13.3% since first listed

2 events — show timeline

• 2026-04-15 Price Changed $195,000 IBRMLS
• 2026-03-25 Listed $225,000 IBRMLS

Property tax history

+1.6%/yr

Latest (2025): $4,487 · +4.5% YoY. Source: county tax records.