2177 Clute Rd Unit 528 AL I-II-III-IV · Virgil, NY 13045

$20,000

1 bd · 2.0 ba · 603 sqft · Condo · 274 Days on market

Built 2009 Good condition $33/sqft · 84% below area $1538/mo HOA · 125% of rent ↓ 11% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unit 528, fifth floor unit, is a flexible loft style unit and is a Deeded Fractional Quarter-Ownership, but the seller owns all 4 quarters (Access all year). 528 AL sleeps 2 privately upstairs with a full bath and then another 2 on the pull-out couch with kitchen , dining and full bath on the main floor, gas fireplace, PLUS it has fantastic mountain views. Buyer must receive a USB Port of Offering plan at the time of signing offer.

Key facts

• $1,538 HOA
• Built 2009
• Listed 273 days

Tags

• FLEXIBLE LOFT STYLE UNIT
• FANTASTIC MOUNTAIN VIEWS

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $20k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-706 ($-8k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#963 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: schools C-, health & safety D, crime F.
• 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; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 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.

Negotiation context

• It's been on market 274 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 125% of rent.

Recommended offer $17,600 (12.0% 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 274 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 6.14% ✓
• Cap rate: -36.06%
• Cash-on-cash: -151.26%
• DSCR: -5.73
• GRM: 1.4

CMA / ARV

• ARV (median comp): $126,215
• List price: $20,000
• Delta: -84.15%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -6.28×
• Total profit: $-40,743
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: -9.70×
• Total profit: $-59,910
• Equity at exit: $1,729

Cash invested: $5,600 (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: 1.4×

Monthly cashflow live

• Estimated rent: $1,228 medium
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$1,538
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-706

Break-even live

Break-even rent $2,122

Max offer price —

Occupancy floor —

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,538 · $18,456/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-19
   days on market $20,000 Active 274 DOM
2. 2026-06-18
   days on market $20,000 Active 273 DOM
3. 2026-06-17
   days on market $20,000 Active 272 DOM
4. 2026-06-16
   days on market $20,000 Active 271 DOM
5. 2026-06-15
   days on market $20,000 Active 270 DOM
6. 2026-06-14
   days on market $20,000 Active 268 DOM
7. 2026-06-12
   days on market $20,000 Active 267 DOM
8. 2026-06-09
   days on market $20,000 Active 264 DOM
9. 2026-06-08
   days on market $20,000 Active 263 DOM
10. 2026-06-07
    days on market $20,000 Active 262 DOM
11. 2026-06-05
    days on market $20,000 Active 259 DOM
12. 2026-06-03
    days on market $20,000 Active 258 DOM
13. 2026-06-02
    days on market $20,000 Active 257 DOM
14. 2026-06-01
    days on market $20,000 Active 256 DOM
15. 2026-05-31
    days on market $20,000 Active 255 DOM
16. 2026-05-30
    days on market $20,000 Active 254 DOM
17. 2026-03-11
    price $20,000 436-char remark

    Show marketing remark (436 chars)

    Unit 528, fifth floor unit, is a flexible loft style unit and is a Deeded Fractional Quarter-Ownership, but the seller owns all 4 quarters (Access all year). 528 AL sleeps 2 privately upstairs with a full bath and then another 2 on the pull-out couch with kitchen , dining and full bath on the main floor, gas fireplace, PLUS it has fantastic mountain views. Buyer must receive a USB Port of Offering plan at the time of signing offer.

18. 2025-09-18
    listed $22,500 Active 436-char remark

    Show marketing remark (436 chars)

    Unit 528, fifth floor unit, is a flexible loft style unit and is a Deeded Fractional Quarter-Ownership, but the seller owns all 4 quarters (Access all year). 528 AL sleeps 2 privately upstairs with a full bath and then another 2 on the pull-out couch with kitchen , dining and full bath on the main floor, gas fireplace, PLUS it has fantastic mountain views. Buyer must receive a USB Port of Offering plan at the time of signing offer.

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 8 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: $14,739
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − HOA: −$18,456
• − Depreciation: −$582
• Taxable loss: −$8,177
• Est. tax savings @ 24.0%: +$1,962
• After-tax cash flow: $-6,508/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 condo is in excellent condition with no visible repairs needed. It offers a flexible loft style unit with a gas fireplace and fantastic mountain views, making it a great investment.

Value-add opportunities

• Both Update landscaping and curb appeal — Enhances curb appeal and can attract more buyers/renters
• Both Install smart home technology — Improves convenience and can be a selling point
• Both Add a smart thermostat — Saves energy and can be a selling point

Renovation cost estimate screening

Value-add ROI direction

• Both Update landscaping and curb appeal — Enhances curb appeal and can attract more buyers/renters ↑
• Both Install smart home technology — Improves convenience and can be a selling point ↑
• Both Add a smart thermostat — Saves energy and can be a selling point ↑

ⓘ 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: 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 — Virgil

• Score: 60/100
• State rank: #963
• US rank: #18876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cortland County · 28,361 people
• City population: 22
• 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

-11.1% since first listed

2 events — show timeline

• 2026-03-11 Price Changed $20,000 CNYIS
• 2025-09-18 Listed $22,500 CNYIS