2769 Lower Cincinnatus Rd · Cincinnatus, NY 13040

$174,900

6 bd · 2.0 ba · 2,324 sqft · MultiFamily public records · 48 Days on market

Built 1850 0.55 ac lot $75/sqft · 18% below area Est $213k · 18% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +9.8/30.0
• Schools +4.8/10.0
• 1% rule +3.1/10.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Livability +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 MLS

Incredible opportunity to own this 6 bedroom 2 full bathroom 2,324 sq ft home that has been owned by the same family for so many years. Home offers outstanding layout for separate living quarters/in-law quarters. First level offers 2 kitchens, and large formal dining room. Living room sits open to dining room. First floor laundry saves your back countless trips up and down basement stairs. Second level offers 6 bedrooms and a second full bathroom. Large barn out back gives plenty of space for storage and/or hobbies. Over half of an acre lot gives great size yard - plenty of room to entertain or simply sit and relax. Deck off of home as well gives great area to barbecue and eat outside. Don't miss out on this opportunity to own this beautiful 6 bedroom 2 full bathroom, 2,324 sq ft home that has been loved, adored and cared for by the same family for so many years!

Key facts

• Outstanding layout
• Two kitchens
• First floor laundry

Tags

• OUTSTANDING LAYOUT
• SEPARATE LIVING QUARTERS
• IN-LAW QUARTERS
• TWO KITCHENS
• LARGE FORMAL DINING ROOM
• FIRST FLOOR LAUNDRY

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (19.1% below list).
• Recommended offer: $142k (19.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Cincinnatus Central School District (rural): math 52% / reading 62% proficiency, ranked #287 of 590 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 21 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 $19k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,529 (19.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 0.81% ✗
• Cap rate: 5.53%
• Cash-on-cash: -2.74%
• DSCR: 0.88
• GRM: 10.3

CMA / ARV

• ARV (median comp): $212,667
• List price: $174,900
• Delta: -17.76%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.3%
• Equity multiple: 2.80×
• Total profit: $88,179
• Equity at exit: $157,564

10-year hold

• IRR: 20.0%
• Equity multiple: 6.42×
• Total profit: $265,333
• Equity at exit: $339,792

Cash invested: $48,972 (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 13040

• Home prices YoY: 3.8%
• Active inventory: 21
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,415 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$240 /mo · $2,876/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $-112

Break-even live

Break-even rent $1,557

Max offer price $155,179

Occupancy floor —

Sensitivity live

Price	-10% $-13	-5% $-62	+0% $-112	+5% $-161	+10% $-211
Rent	-10% $-223	-5% $-168	+0% $-112	+5% $-56	+10% $0
Rate	-1.0pp $-24	-0.5pp $-67	base $-112	+0.5pp $-157	+1.0pp $-203

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-12
   status Pending 875-char remark

   Show marketing remark (875 chars)

   Incredible opportunity to own this 6 bedroom 2 full bathroom 2,324 sq ft home that has been owned by the same family for so many years. Home offers outstanding layout for separate living quarters/in-law quarters. First level offers 2 kitchens, and large formal dining room. Living room sits open to dining room. First floor laundry saves your back countless trips up and down basement stairs. Second level offers 6 bedrooms and a second full bathroom. Large barn out back gives plenty of space for storage and/or hobbies. Over half of an acre lot gives great size yard - plenty of room to entertain or simply sit and relax. Deck off of home as well gives great area to barbecue and eat outside. Don't miss out on this opportunity to own this beautiful 6 bedroom 2 full bathroom, 2,324 sq ft home that has been loved, adored and cared for by the same family for so many years!

2. 2026-03-25
   listed $174,900 Active 875-char remark

   Show marketing remark (875 chars)

   Incredible opportunity to own this 6 bedroom 2 full bathroom 2,324 sq ft home that has been owned by the same family for so many years. Home offers outstanding layout for separate living quarters/in-law quarters. First level offers 2 kitchens, and large formal dining room. Living room sits open to dining room. First floor laundry saves your back countless trips up and down basement stairs. Second level offers 6 bedrooms and a second full bathroom. Large barn out back gives plenty of space for storage and/or hobbies. Over half of an acre lot gives great size yard - plenty of room to entertain or simply sit and relax. Deck off of home as well gives great area to barbecue and eat outside. Don't miss out on this opportunity to own this beautiful 6 bedroom 2 full bathroom, 2,324 sq ft home that has been loved, adored and cared for by the same family for so many years!

ⓘ 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: $2,876 · $240/mo
• Projected year-2 tax: $2,916 · $243/mo
• Expected delta: +$40/yr (+$3/mo · 1.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥93°F today · 18 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: $16,983
• − Mortgage interest: −$9,797
• − Property taxes: −$2,876
• − Insurance: −$874
• − Repairs & maintenance: −$1,359
• − Management: −$1,359
• − Depreciation: −$5,088
• Taxable loss: −$4,369
• Est. tax savings @ 24.0%: +$1,049
• After-tax cash flow: $-291/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: Cincinnatus Central School District
• NCES district ID: 3607560
• Math proficiency: 52% ▲ 9.00%
• Reading proficiency: 62% ▲ 21.00%
• Median HH income: $45,988
• Composite: 48.17/100
• National rank: #2173
• State rank: #287 of 590 in NY

Livability — Cincinnatus

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 2,683

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Iranian 4% Romanian 2% Polish 2%
• Foreign-born: 1%
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1% 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: ▲ 11.68%
• Current HPI: 316.2434
• 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

2 events — show timeline

• 2026-05-12 Pending — CNYIS
• 2026-03-25 Listed $174,900 CNYIS

Property tax history

-1.3%/yr

Latest (2025): $2,876 · +2.1% YoY. Source: county tax records.