1835 State Route 13 · Cortland, NY 13045

$154,500

3 bd · 1.5 ba · 2,151 sqft · SingleFamily public records · 97 Days on market

Built 1880 1.94 ac lot

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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).

• Cash flow +20.2/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• DSCR +6.4/10.0
• Schools +4.7/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lots to offer in this 3 bedroom, 1.5 bath home. Many updates include a nice kitchen and baths, large living room with an extra room perfect for office or playroom, great mudroom/pantry and a family room in the basement. Features an oversized, detached two car garage, enclosed front porch and great deck, all on nearly 2 acres! Come Take A Look!

Key facts

• Main level bedroom
• Patio area
• Large yard

Tags

• MAIN LEVEL BEDROOM
• ENCLOSED FRONT PORCH
• BACK ENTRY ROOM
• PATIO AREA
• LARGE YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $154k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $154k).
• Recommended offer: $141k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 6.2% in Cortland — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Homer Central School District (town): math 49% / reading 59% proficiency, ranked #306 of 590 in NY (top 52%) — 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; 1 comparable units currently listed for rent nearby; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• This rent runs 32% 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 $43k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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: property tax is 3.1% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,595 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
7. 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.
8. 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.
9. 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: 1.20% ✓
• Cap rate: 7.81%
• Cash-on-cash: 5.41%
• DSCR: 1.24
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-2,643
• Equity at exit: $23,036

10-year hold

• IRR: 13.5%
• Equity multiple: 2.36×
• Total profit: $58,990
• Equity at exit: $13,358

Cash invested: $43,260 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,857 medium
• Mortgage (P&I): −$810
• Tax from tax record: −$397 /mo · $4,769/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $195

Break-even live

Break-even rent $1,610

Max offer price $154,500

Occupancy floor 84%

Sensitivity live

Price	-10% $283	-5% $239	+0% $195	+5% $151	+10% $108
Rent	-10% $48	-5% $122	+0% $195	+5% $268	+10% $342
Rate	-1.0pp $273	-0.5pp $234	base $195	+0.5pp $155	+1.0pp $114

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: $38,625
• Closing costs: $4,635
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 Morningside Dr Cortland, NY	3.0	1.5	1464	$2,150	$1.47	44d	1	0.98mi

Listing history 15 events

1. 2026-04-22
   soldstatus $159,500
2. 2026-03-25
   status Pending
3. 2026-01-19
   historical Active Under Contract
4. 2025-12-26
   price $154,500
5. 2025-12-24
   status Active
6. 2025-12-20
   historical Active Under Contract
7. 2025-12-18
   listed $159,900 Active
8. 2015-08-31
   soldstatus $121,900
9. 2015-08-28
   soldstatus $121,900 346-char remark

   Show marketing remark (346 chars)

   Lots to offer in this 3 bedroom, 1.5 bath home. Many updates include a nice kitchen and baths, large living room with an extra room perfect for office or playroom, great mudroom/pantry and a family room in the basement. Features an oversized, detached two car garage, enclosed front porch and great deck, all on nearly 2 acres! Come Take A Look!

10. 2015-04-21
    listed $118,000 346-char remark

    Show marketing remark (346 chars)

    Lots to offer in this 3 bedroom, 1.5 bath home. Many updates include a nice kitchen and baths, large living room with an extra room perfect for office or playroom, great mudroom/pantry and a family room in the basement. Features an oversized, detached two car garage, enclosed front porch and great deck, all on nearly 2 acres! Come Take A Look!

11. 2013-10-09
    soldstatus $119,065
12. 2013-10-08
    soldstatus $115,500 599-char remark

    Show marketing remark (599 chars)

    This home is sure to please! The 3 bedroom 1.5 bath updated house, welcomes you with a spacious front porch that leads into the front door. From the front door you enter into the formal living room that opens into a den. The first floor features an updated eat-in kitchen, bedroom, mudroom/pantry, and first floor laundry. The upstairs features a gorgeous renovated bathroom with an in-lay tile bath, and 2 spacious bedrooms. There is no lack for storage in this home, there is a TON of closet space. The home has a slate floor finished basement with bar. There is a Brand new 2 car detached garage.

13. 2013-04-22
    listed $114,900 599-char remark

    Show marketing remark (599 chars)

    This home is sure to please! The 3 bedroom 1.5 bath updated house, welcomes you with a spacious front porch that leads into the front door. From the front door you enter into the formal living room that opens into a den. The first floor features an updated eat-in kitchen, bedroom, mudroom/pantry, and first floor laundry. The upstairs features a gorgeous renovated bathroom with an in-lay tile bath, and 2 spacious bedrooms. There is no lack for storage in this home, there is a TON of closet space. The home has a slate floor finished basement with bar. There is a Brand new 2 car detached garage.

14. 2009-08-21
    soldstatus $95,400
15. 2006-08-31
    soldstatus $95,400

ⓘ 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: $4,769 · $397/mo
• Projected year-2 tax: $4,769 · $397/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 16 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: $22,285
• − Mortgage interest: −$8,654
• − Property taxes: −$4,769
• − Insurance: −$772
• − Repairs & maintenance: −$1,783
• − Management: −$1,783
• − Depreciation: −$4,495
• Taxable income: $29
• Est. tax owed @ 24.0%: −$7
• After-tax cash flow: $2,334/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: Homer Central School District
• NCES district ID: 3614640
• Math proficiency: 49% ▼ -1.00%
• Reading proficiency: 59% ▲ 9.00%
• Median HH income: $60,122
• Composite: 47.03/100
• National rank: #2342
• State rank: #306 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

• 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

+67.2% since first listed

15 events — show timeline

• 2026-04-22 Sold (Public Records) $159,500 Public Records
• 2026-03-25 Pending — CNYIS
• 2026-01-19 Contingent — CNYIS
• 2025-12-26 Price Changed $154,500 CNYIS
• 2025-12-24 Relisted — CNYIS
• 2025-12-20 Contingent — CNYIS
• 2025-12-18 Listed $159,900 CNYIS
• 2015-08-31 Sold (Public Records) $121,900 Public Records
• 2015-08-28 Sold (MLS) $121,900 CNYIS
• 2015-04-21 Listed $118,000 CNYIS
• 2013-10-09 Sold (Public Records) $119,065 Public Records
• 2013-10-08 Sold (MLS) $115,500 CNYIS
• 2013-04-22 Listed $114,900 CNYIS
• 2009-08-21 Sold (Public Records) $95,400 Public Records
• 2006-08-31 Sold (Public Records) $95,400 Public Records

Property tax history

-3.2%/yr

Latest (2025): $4,769 · +6.0% YoY. Source: county tax records.