525 W Green St

Ithaca, NY 14850

$529,000A-

8 bd · 4.0 ba · 4,210 sqft · Built 1975 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,088/mo
• Mortgage (P&I): −$2,774
• Tax + insurance: −$1,025
• HOA: −$0
• Vac / Maint / Mgmt: −$1,698
• Net cashflow: $2,590/mo
• Annual: $31,085/yr
• Cap rate: 12.17%
• Cash-on-cash: 20.99%
• DSCR: 1.93
• 1% rule: 1.53%
• 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 ($31k/yr) — positive. Per door: $648/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 16 days — a 2% lower offer ($521k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $521k (1.5% 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: Northeast School (math 77% / reading 67%, grade A-, #378 of 2,108 statewide, top 20%, 385 students, 30% FRL); Boynton Middle School (math 36% / reading 64%, grade C, #261 of 729 statewide, top 36%, 526 students, 36% 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 32% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 492 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).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 27y ago; this cycle's ask has dropped $46k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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 ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.2% vs local median 3.9% 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 34% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• 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.
• 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.

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.