15 Perrine St · Auburn, NY 13021

$289,900

8 bd · 4.0 ba · 3,926 sqft · MultiFamily · 345 Days on market

Built 1980 Good condition 0.25 ac lot $74/sqft · 6% below area Est $308k · 6% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +10.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

This fully tenant-occupied quadplex offers a rare opportunity to acquire a high-performing asset with strong cash flow and recent capital improvements. Located adjacent to 17 Perrine Street and boasting 3,926 sq ft of living space, this property is ideal for investors seeking a stabilized, low-maintenance addition to their portfolio. Unit 1 is a 1 bedroom offering new flooring, updated kitchen with stainless steel appliances & dishwasher, renovated bathroom, new furnace, paint, and electrical fixtures. Unit 2 is a 3 Bedroom, recent updates are new flooring throughout, modern kitchen and updated bathroom, new washer/dryer hookups, new electrical fixtures. Unit 3 which is also a 3 Bedroom has new flooring and paint, newer furnace, and updated electrical fixtures. Unit 4 is a 2 Bedroom with new flooring and paint, newer furnace, new washer/dryer hookups, and updated modern fixtures. This is a rare chance to own a fully renovated, cash-flowing quadplex in a high-demand rental market. Whether you're scaling your portfolio or entering multifamily investing, this property delivers on both performance and potential. Each unit is currently below market value, presenting a strong opportunity for rental income growth through market-aligned rate adjustments. Property is for sale only as part of a larger 18-unit package portfolio.

Key facts

• New furnace
• Renovated bathroom
• New flooring

Tags

• RECENT CAPITAL IMPROVEMENTS
• NEW FLOORING
• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• RENOVATED BATHROOM
• NEW FURNACE

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 2×3bd/1.0ba units multifamily listed at $290k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $725/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $290k).
• Recommended offer: $255k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.3% vs local median 7.6% in Auburn — 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.

Location & tenants

• Location reads 74/100 on livability (#298 in NY, #4,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities D-, commute F.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $6,208/mo this rent would consume 123% of the median local household income ($61k/yr) (locally 1449% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 345 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.

Recommended offer $255,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 345 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 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: 2.14% ✓
• Cap rate: 18.30%
• Cash-on-cash: 42.89%
• DSCR: 2.91
• GRM: 3.9

CMA / ARV

• ARV (median comp): $307,852
• List price: $289,900
• Delta: -5.83%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
166 Van Anden St	0.71mi	7/3.0 (-1)	3,682 (-6%)	21mo	$230,000	$62	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 39.7%
• Equity multiple: 2.70×
• Total profit: $137,876
• Equity at exit: $43,225

10-year hold

• IRR: 46.1%
• Equity multiple: 5.41×
• Total profit: $358,348
• Equity at exit: $25,065

Cash invested: $81,172 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $6,208 medium
• Mortgage (P&I): −$1,520
• Tax est. 1.5%: −$362 /mo · $4,348/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,304
• Net cashflow: $2,901

Break-even live

Break-even rent $2,536

Max offer price $289,900

Occupancy floor 48%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,828
▸ 2× units	3	1	$3,378
Total (4 units)			$6,208

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $289,900 Active 345 DOM
2. 2026-06-18
   days on market $289,900 Active 344 DOM
3. 2026-06-17
   days on market $289,900 Active 343 DOM
4. 2026-06-16
   days on market $289,900 Active 342 DOM
5. 2026-06-15
   days on market $289,900 Active 341 DOM
6. 2026-06-14
   days on market $289,900 Active 339 DOM
7. 2026-06-12
   days on market $289,900 Active 338 DOM
8. 2026-06-09
   days on market $289,900 Active 335 DOM
9. 2026-06-08
   days on market $289,900 Active 334 DOM
10. 2026-06-07
    days on market $289,900 Active 333 DOM
11. 2026-06-05
    days on market $289,900 Active 330 DOM
12. 2026-06-03
    days on market $289,900 Active 329 DOM
13. 2026-06-02
    days on market $289,900 Active 328 DOM
14. 2026-06-01
    days on market $289,900 Active 327 DOM
15. 2026-05-31
    days on market $289,900 Active 326 DOM
16. 2026-05-30
    days on market $289,900 Active 325 DOM
17. 2025-07-09
    listed $289,900 Active 1345-char remark

    Show marketing remark (1345 chars)

    This fully tenant-occupied quadplex offers a rare opportunity to acquire a high-performing asset with strong cash flow and recent capital improvements. Located adjacent to 17 Perrine Street and boasting 3,926 sq ft of living space, this property is ideal for investors seeking a stabilized, low-maintenance addition to their portfolio. Unit 1 is a 1 bedroom offering new flooring, updated kitchen with stainless steel appliances & dishwasher, renovated bathroom, new furnace, paint, and electrical fixtures. Unit 2 is a 3 Bedroom, recent updates are new flooring throughout, modern kitchen and updated bathroom, new washer/dryer hookups, new electrical fixtures. Unit 3 which is also a 3 Bedroom has new flooring and paint, newer furnace, and updated electrical fixtures. Unit 4 is a 2 Bedroom with new flooring and paint, newer furnace, new washer/dryer hookups, and updated modern fixtures. This is a rare chance to own a fully renovated, cash-flowing quadplex in a high-demand rental market. Whether you're scaling your portfolio or entering multifamily investing, this property delivers on both performance and potential. Each unit is currently below market value, presenting a strong opportunity for rental income growth through market-aligned rate adjustments. Property is for sale only as part of a larger 18-unit package portfolio.

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $74,496
• − Mortgage interest: −$16,239
• − Property taxes: −$4,348
• − Insurance: −$1,450
• − Repairs & maintenance: −$5,960
• − Management: −$5,960
• − Depreciation: −$8,433
• Taxable income: $32,106
• Est. tax owed @ 24.0%: −$7,706
• After-tax cash flow: $27,105/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This fully tenant-occupied quadplex is in good condition with recent updates and a high-performing asset with strong cash flow.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and property value.
• Both Painting exterior — Fresh paint can improve curb appeal and property value.
• Both Landscaping and curb appeal — Enhances curb appeal and property value.
• Both Interior updates — Fresh paint and minor updates can improve property value.
• Both Landscaping and curb appeal — Enhances curb appeal and property value.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and property value. ↑
• Both Painting exterior — Fresh paint can improve curb appeal and property value. ↑
• Both Landscaping and curb appeal — Enhances curb appeal and property value. ↑
• Both Interior updates — Fresh paint and minor updates can improve property value. ↑
• Both Landscaping and curb appeal — Enhances curb appeal and property value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Auburn City School District
• NCES district ID: 3603480
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $43,567
• Composite: 29.71/100
• National rank: #6452
• State rank: #558 of 590 in NY

Livability — Auburn

• Score: 74/100
• State rank: #298
• US rank: #4814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, NY
• County: Cayuga County · 37,247 people
• City population: 37,247
• Metro: Auburn, NY
• Population (ZIP): 37,247
• Household income: $60,712
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1449.0

Population outlook (Cayuga County) Hauer SSP2

• Today (2025): 74,820 people
• By 2030: 72,402 · -3.2%
• By 2040: 66,917 · -10.6%
• By 2050: 61,007 · -18.5%
• By 2075: 48,047 · -35.8%
• By 2100: 34,512 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Subsaharan African 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Cayuga

• 2024 margin: R (+13.0) · D 43.5% · R 56.5%
• 2008→2024 swing: -21.5pp toward R · 2008: 8.5pp · 2024: -13.0pp
• All cycles: 2024: R+13.0 2020: R+9.2 2016: R+13.2 2012: D+10.8 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.53%
• Current HPI: 338.5537
• Rent YoY: —
• Metro: Auburn, 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

• 2025-07-09 Listed $289,900 UNYREIS