525 W Green St

Ithaca, NY 14850

$529,000A-

8 bd · 4.0 ba · 4,210 sqft · Built 1975 · MultiFamily · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,447/mo
• Mortgage (P&I): −$2,774
• Tax + insurance: −$1,025
• HOA: −$0
• Vac / Maint / Mgmt: −$1,774
• Net cashflow: $2,874/mo
• Annual: $34,488/yr
• Cap rate: 12.81%
• Cash-on-cash: 23.28%
• DSCR: 2.04
• 1% rule: 1.60%
• Cash to close: $148,120

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $529k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $718/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $529k).
• It's been on market 61 days — a 6% lower offer ($497k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $497k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• 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: Belle Sherman School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 307 students, 34% FRL); Dewitt Middle School (math 47% / reading 72%, grade B, #161 of 729 statewide, top 24%, 478 students, 38% 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 34% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 551 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 27y 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.
• Current owner paid $394k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $148k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 12.8% vs local median 3.6% 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.
• This rent per unit runs 35% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Major: exterior siding — The exterior siding shows signs of wear and discoloration.
• Major: flooring — The flooring in the listing photos appears to be in poor condition.
• Major: interior walls/paint — The interior walls and paint in the listing photos appear to be in poor condition.
• Major: windows — The windows in the listing photos appear to be in poor condition.
• Major: landscaping — The landscaping and curb appeal in the listing photos appear to be in poor condition.