10 Leon Ave · Cortland, NY 13045

$140,000

3 bd · 2.0 ba · 1,984 sqft · SingleFamily public records · 22 Days on market

Built 1978 10,350 sqft lot Est $262k · 47% 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• 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

Listing remarks

Opportunity awaits in this 3-bedroom, 2-bath raised ranch home located on a quiet neighborhood street close to schools, parks, shopping, and everyday conveniences. The main level offers a bright living room, kitchen with dining area, three bedrooms, and a full bath. The lower level features a spacious family room, second full bath, laundry room, mudroom/storage area with access to the attached one-car garage, plus an office that could potentially serve as a fourth bedroom. This property is being sold as-is and offers great potential for investors, flippers, or buyers looking to build equity with renovations. The home will require a new roof, repairs to the back deck, plumbing updates, and c

Key facts

• Mudroom storage area
• Bright living room
• New roof

Tags

• QUIET NEIGHBORHOOD STREET
• BRIGHT LIVING ROOM
• SPACIOUS FAMILY ROOM
• MUDROOM STORAGE AREA
• POTENTIAL FOURTH BEDROOM
• NEW ROOF

Property features AI

Exterior

• Parking: Attached garage with electricity; 1 garage space
• Utilities: Cable available; Electricity available; High-speed internet available; Public water (connected); Sewer connected
• Home design: 2 stories; Existing (established) home
• Construction: Vinyl siding; Shingle roof; Block foundation; Full finished basement
• Exterior features: Deck; Gravel driveway; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 3 main-level bedrooms
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: 2 full bathrooms; 1 bathroom on the main level
• Heating & cooling: Electric baseboard heating; Has heating
• Interior features: Entrance foyer; Eat-in kitchen; Separate/formal living room; Home office; Sliding doors / sliding glass door(s); Pantry; Storage; Convertible bedroom; See remarks
• Laundry & utility: Laundry in basement; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.0% 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; 2 comparable units currently listed for rent nearby; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• This rent runs 33% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $94k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $137,900 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.37% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.80%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $261,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Banks St	0.20mi	3/1.5	1,784 (-10%)	1mo	$250,000	$140	71
45 Evergreen St	0.14mi	3/1.5	1,824 (-8%)	9mo	$215,000	$118	70
63 Floral Ave	0.39mi	3/2.0	1,865 (-6%)	7mo	$212,000	$114	66
25 Rosewood Ave	0.35mi	4/2.5 (+1)	2,088 (+5%)	4mo	$275,000	$132	64
8 Bellevue Ave	0.26mi	4/2.5 (+1)	2,200 (+11%)	12mo	$315,000	$143	53
1239 Bell Dr	0.58mi	3/2.5	2,245 (+13%)	0mo	$569,000	$253	49
12 Pearne Ave	0.70mi	3/1.5	1,768 (-11%)	3mo	$196,000	$111	44
44 Madison St	0.65mi	3/1.5	2,082 (+5%)	20mo	$247,500	$119	43
1187 Hillside Dr	0.63mi	3/2.5	2,200 (+11%)	10mo	$372,000	$169	42
15 Hamlin St	0.63mi	3/1.5	2,256 (+14%)	6mo	$140,000	$62	41
3389 Maple Ave	0.63mi	4/1.0 (+1)	1,826 (-8%)	10mo	$148,234	$81	40
21 Floral Ave	0.61mi	4/2.0 (+1)	1,844 (-7%)	19mo	$245,000	$133	39

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: 13.5%
• Equity multiple: 1.57×
• Total profit: $22,445
• Equity at exit: $20,874

10-year hold

• IRR: 25.9%
• Equity multiple: 3.83×
• Total profit: $110,847
• Equity at exit: $12,105

Cash invested: $39,200 (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: 6.1×

Monthly cashflow live

• Estimated rent: $1,919 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $549

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 66%

Sensitivity live

Price	-10% $646	-5% $597	+0% $549	+5% $501	+10% $452
Rent	-10% $397	-5% $473	+0% $549	+5% $625	+10% $701
Rate	-1.0pp $619	-0.5pp $584	base $549	+0.5pp $513	+1.0pp $476

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31 James St Cortland, NY	3.0	1.5	1319	$3,600	$2.73	44d	1	1.09mi
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	44d	1	1.17mi

Listing history 18 events

1. 2026-06-19
   days on market $140,000 Active 22 DOM
2. 2026-06-18
   days on market $140,000 Active 21 DOM
3. 2026-06-17
   days on market $140,000 Active 20 DOM
4. 2026-06-16
   days on market $140,000 Active 19 DOM
5. 2026-06-15
   days on market $140,000 Active 18 DOM
6. 2026-06-14
   days on market $140,000 Active 16 DOM
7. 2026-06-12
   days on market $140,000 Active 15 DOM
8. 2026-06-09
   days on market $140,000 Active 12 DOM
9. 2026-06-08
   days on market $140,000 Active 11 DOM
10. 2026-06-07
    days on market $140,000 Active 10 DOM
11. 2026-06-05
    days on market $140,000 Active 7 DOM
12. 2026-06-03
    days on market $140,000 Active 6 DOM
13. 2026-06-02
    days on market $140,000 Active 5 DOM
14. 2026-06-01
    days on market $140,000 Active 4 DOM
15. 2026-05-31
    days on market $140,000 Active 3 DOM
16. 2026-05-30
    days on market $140,000 Active 2 DOM
17. 2026-05-28
    listed $140,000 Active
18. 2006-08-22
    soldstatus $94,000

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 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: $23,034
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,843
• − Management: −$1,843
• − Depreciation: −$4,073
• Taxable income: $4,633
• Est. tax owed @ 24.0%: −$1,112
• After-tax cash flow: $5,475/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

+48.9% since first listed

2 events — show timeline

• 2026-05-28 Listed $140,000 CNYIS
• 2006-08-22 Sold (Public Records) $94,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $9,379 · -0.1% YoY. Source: county tax records.