380 Rt-38 · Dryden, NY 13784

$299,000

6 bd · 3.0 ba · 2,864 sqft · MultiFamily public records · 25 Days on market

Built 1820 1.00 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 +16.7/30.0
• Appreciation +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• DSCR +5.2/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

WOW!! What an Historical gem in the hamlet of Harford NY. This property has so much historical value to it. This center hall Federal home was built in the 1820'a and features many original woodwork details including hand hewn doors, hardware, wide plank floors, and wood siding. Currently set up for 3 separate living spaces: On the south end features a 4-5 bedroom/ 2.5 bath income apt. , featuring a formal entry with cherry handrail on main staircase. Large rooms with tall ceilings, including dining room, living room, country kitchen with laundry. 3-4 bedrooms on the second floor. . The center unit #2 accessed from back porch is a one bedroom, one bath, with main level kitchen/dining, and s

Key facts

• Formal entry
• Wood siding
• Hand hewn doors

Tags

• ORIGINAL WOODWORK DETAILS
• HAND HEWN DOORS
• WIDE PLANK FLOORS
• WOOD SIDING
• SEPARATE LIVING SPACES
• FORMAL ENTRY

Property features AI

Finance

• Other: Property contains 3 total units (4 units in community); Separate electric meters for 3 units and a single gas meter
• Financial info: Owner pays grounds care, garage, snow removal, and water; Rent includes gardener, parking, snow removal, and water; Operating expenses include insurance, structure maintenance, general maintenance, and snow removal

Exterior

• Parking: 2-car garage; Gravel parking; Multiple parking spaces available
• Utilities: Cable available; High-speed internet available; Circuit breakers and fuses; Septic system; Spring and well water sources
• Home design: Two-story property; Existing condition
• Construction: Frame construction; Copper and PEX plumbing; Metal roof; Stone foundation; Built (existing)
• Exterior features: Deck; Fully fenced yard; Play structure; Leased propane tank; Irregular lot; Near public transit; Lot dimensions approximately 175 x 195

Interior

• Flooring: Hardwood; Vinyl; Varied flooring
• Bathrooms: Four full bathrooms; One half bathroom
• Heating & cooling: Heat pump cooling; Heating options include electric, gas, heat pump, propane, baseboard, forced air, and hot water
• Interior features: Ceiling fans; Natural woodwork; Window treatments; Drapes; Thermal windows; Accessible doors
• Laundry & utility: Accessible laundry/utilities; Electric water heater

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $187 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#277 in NY, #4,393 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F.
• Dryden Central School District (rural): math 38% / reading 53% proficiency, ranked #443 of 590 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 3 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($2k loan paydown + $21k appreciation (7.0% local appreciation)).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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 $178k; list at $299k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1820 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $294,515 (1.5% below list)

Questions for the listing agent

1. Built in 1820 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.08% ✓
• Cap rate: 7.04%
• Cash-on-cash: 2.68%
• DSCR: 1.12
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.97% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.8%
• Equity multiple: 2.39×
• Total profit: $115,998
• Equity at exit: $206,631

10-year hold

• IRR: 18.8%
• Equity multiple: 4.93×
• Total profit: $328,778
• Equity at exit: $391,992

Cash invested: $83,720 (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 13784

• Home prices YoY: 4.5%
• Active inventory: 3
• Price-to-rent: 25.0×

Monthly cashflow live

• Estimated rent: $3,220 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$664 /mo · $7,974/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $187

Break-even live

Break-even rent $2,984

Max offer price $299,000

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
1× unit	4	2.5	$995
▸ 2× units	1	1	$2,226
Total (3 units)			$3,220

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $299,000 Active 25 DOM
2. 2026-06-18
   days on market $299,000 Active 24 DOM
3. 2026-06-17
   days on market $299,000 Active 23 DOM
4. 2026-06-16
   days on market $299,000 Active 22 DOM
5. 2026-06-15
   days on market $299,000 Active 21 DOM
6. 2026-06-14
   days on market $299,000 Active 19 DOM
7. 2026-06-13
   days on market $299,000 Active 18 DOM
8. 2026-06-10
   days on market $299,000 Active 16 DOM
9. 2026-06-09
   days on market $299,000 Active 15 DOM
10. 2026-06-08
    days on market $299,000 Active 14 DOM
11. 2026-06-07
    days on market $299,000 Active 13 DOM
12. 2026-06-05
    days on market $299,000 Active 10 DOM
13. 2026-06-03
    days on market $299,000 Active 9 DOM
14. 2026-06-02
    days on market $299,000 Active 8 DOM
15. 2026-06-01
    days on market $299,000 Active 7 DOM
16. 2026-05-31
    days on market $299,000 Active 6 DOM
17. 2026-05-30
    days on market $299,000 Active 5 DOM
18. 2026-05-25
    listed $299,000 Active
19. 2013-07-17
    soldstatus $177,500
20. 2013-01-30
    historical
21. 2012-04-05
    listed $190,000
22. 2008-12-19
    soldstatus $170,000
23. 2006-12-12
    soldstatus $199,900

ⓘ 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: $7,974 · $664/mo
• Projected year-2 tax: $7,974 · $664/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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 17 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: $38,640
• − Mortgage interest: −$16,749
• − Property taxes: −$7,974
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,091
• − Management: −$3,091
• − Depreciation: −$8,698
• Taxable loss: −$2,458
• Est. tax savings @ 24.0%: +$590
• After-tax cash flow: $2,831/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: Dryden Central School District
• NCES district ID: 3609330
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 53% ▲ 13.00%
• Median HH income: $56,766
• Composite: 39.65/100
• National rank: #3914
• State rank: #443 of 590 in NY

Livability — Dryden

• Score: 74/100
• State rank: #277
• US rank: #4393

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 383

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 (84%)
• Race & ethnicity: White 84% Two or more races 14% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Subsaharan African 4%
• Foreign-born: 2% · Canada
• Languages at home: 90% English-only · Russian/Polish/Slavic 5% Spanish 4% Other Indo-European 2%

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: ▲ 6.97%
• Current HPI: 160.1896
• Rent YoY: —
• Metro: —
• 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

+49.6% since first listed

6 events — show timeline

• 2026-05-25 Listed $299,000 CNYIS
• 2013-07-17 Sold (Public Records) $177,500 Public Records
• 2013-01-30 Listing Removed — CNYIS
• 2012-04-05 Listed $190,000 CNYIS
• 2008-12-19 Sold (Public Records) $170,000 Public Records
• 2006-12-12 Sold (Public Records) $199,900 Public Records

Property tax history

-2.8%/yr

Latest (2025): $7,974 · +13.9% YoY. Source: county tax records.