20 Argyle Pl · Cortland, NY 13045

$225,000

4 bd · 3.0 ba · 2,974 sqft · MultiFamily public records · 135 Days on market

Built 1900 5,487 sqft lot $76/sqft · 21% below area Est $286k · 21% under

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Why this score? — see what drove the A- 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +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: 1 unit. estimate disagrees with records

Listing remarks MLS

Well-maintained and fully rented three-unit investment property located in the City of Cortland. This solid income-producing asset features a long and consistent rental history, reflecting strong demand and reliable performance. The property has seen numerous updates over time, including many replacement windows, updated flooring, and refreshed kitchens, helping to reduce future capital needs while maintaining tenant appeal. Each unit is separately metered and offers functional layouts suited to today’s rental market. Conveniently located near downtown Cortland, public transportation, shopping, dining, and other city amenities, the property provides tenants with easy access to everyday conveniences. An excellent opportunity for investors seeking steady cash flow, established tenants, and a well-located multi-family property in a proven rental market.

Key facts

• Refreshed kitchens
• Long rental history
• Updated flooring

Tags

• THREE-UNIT INVESTMENT PROPERTY
• LONG RENTAL HISTORY
• REPLACEMENT WINDOWS
• UPDATED FLOORING
• REFRESHED KITCHENS
• SEPARATELY METERED

🏷️ Possibly a rental listed for sale. The $225,000 price doesn't fit this home's estimated sale value (~$285,502) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 6.2% in Cortland — 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 77/100 on livability (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, employment D.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• At $4,067/mo this rent would consume 70% of the median local household income ($70k/yr) (locally 1488% 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 $7k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $63k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $81k; list at $225k implies a 176% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.81% ✓
• Cap rate: 14.14%
• Cash-on-cash: 28.02%
• DSCR: 2.25
• GRM: 4.6

CMA / ARV

• ARV (median comp): $285,502
• List price: $225,000
• Delta: -21.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 Greenbush St	0.61mi	4/4.0	2,863 (-4%)	19mo	$156,000	$54	46

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.1%
• Equity multiple: 2.25×
• Total profit: $78,905
• Equity at exit: $33,548

10-year hold

• IRR: 38.6%
• Equity multiple: 5.57×
• Total profit: $287,896
• Equity at exit: $19,454

Cash invested: $63,000 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $4,067 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$468 /mo · $5,618/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$854
• Net cashflow: $1,471

Break-even live

Break-even rent $2,205

Max offer price $225,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,598	-5% $1,535	+0% $1,471	+5% $1,407	+10% $1,344
Rent	-10% $1,150	-5% $1,310	+0% $1,471	+5% $1,632	+10% $1,792
Rate	-1.0pp $1,584	-0.5pp $1,528	base $1,471	+0.5pp $1,413	+1.0pp $1,353

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,068
Total (3 units)			$4,067

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	44d	1	0.75mi

Listing history 20 events

1. 2026-06-21
   days on market $225,000 Active 135 DOM
2. 2026-06-19
   days on market $225,000 Active 133 DOM
3. 2026-06-18
   days on market $225,000 Active 132 DOM
4. 2026-06-17
   days on market $225,000 Active 131 DOM
5. 2026-06-16
   days on market $225,000 Active 130 DOM
6. 2026-06-15
   days on market $225,000 Active 129 DOM
7. 2026-06-14
   days on market $225,000 Active 127 DOM
8. 2026-06-12
   days on market $225,000 Active 126 DOM
9. 2026-06-09
   days on market $225,000 Active 123 DOM
10. 2026-06-08
    days on market $225,000 Active 122 DOM
11. 2026-06-07
    days on market $225,000 Active 121 DOM
12. 2026-06-05
    days on market $225,000 Active 118 DOM
13. 2026-06-03
    days on market $225,000 Active 117 DOM
14. 2026-06-02
    days on market $225,000 Active 116 DOM
15. 2026-06-01
    days on market $225,000 Active 115 DOM
16. 2026-05-31
    days on market $225,000 Active 114 DOM
17. 2026-05-30
    days on market $225,000 Active 113 DOM
18. 2026-02-06
    listed $225,000 Active 868-char remark

    Show marketing remark (868 chars)

    Well-maintained and fully rented three-unit investment property located in the City of Cortland. This solid income-producing asset features a long and consistent rental history, reflecting strong demand and reliable performance. The property has seen numerous updates over time, including many replacement windows, updated flooring, and refreshed kitchens, helping to reduce future capital needs while maintaining tenant appeal. Each unit is separately metered and offers functional layouts suited to today’s rental market. Conveniently located near downtown Cortland, public transportation, shopping, dining, and other city amenities, the property provides tenants with easy access to everyday conveniences. An excellent opportunity for investors seeking steady cash flow, established tenants, and a well-located multi-family property in a proven rental market.

19. 2016-11-15
    soldstatus $81,436 443-char remark

    Show marketing remark (443 chars)

    This 3 family home offers several updates and a nice mix of units throughout to make it an attractive investment! Features include vinyl windows throughout, separate heat, electric, and hot water, updated electric and boilers, and roof replaced 5 years ago. Offers a 2 bedroom, 1 bedroom, and studio apartment. Located at the end of the dead end street, close to downtown. Investors and those looking for an owner occupied home take notice!!!

20. 2015-09-24
    listed $79,900 443-char remark

    Show marketing remark (443 chars)

    This 3 family home offers several updates and a nice mix of units throughout to make it an attractive investment! Features include vinyl windows throughout, separate heat, electric, and hot water, updated electric and boilers, and roof replaced 5 years ago. Offers a 2 bedroom, 1 bedroom, and studio apartment. Located at the end of the dead end street, close to downtown. Investors and those looking for an owner occupied home take notice!!!

ⓘ 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: $5,618 · $468/mo
• Projected year-2 tax: $5,618 · $468/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥92°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: $48,804
• − Mortgage interest: −$12,603
• − Property taxes: −$5,618
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,904
• − Management: −$3,904
• − Depreciation: −$6,545
• Taxable income: $15,103
• Est. tax owed @ 24.0%: −$3,625
• After-tax cash flow: $14,028/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: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% 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: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, 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

+181.6% since first listed

3 events — show timeline

• 2026-02-06 Listed $225,000 CNYIS
• 2016-11-15 Sold (MLS) $81,436 CNYIS
• 2015-09-24 Listed $79,900 CNYIS

Property tax history

+2.3%/yr

Latest (2025): $5,618 · +0.5% YoY. Source: county tax records.