2 Mill St · Marathon, NY 13803

$29,900

4 bd · 1.5 ba · 1,660 sqft · SingleFamily public records · 132 Days on market

Built 1890 3,048 sqft lot $18/sqft · 84% below area

---

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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This traditional two-story 3 bedroom home in the village of Marathon needs new owners to love and renovate it to its full potential. The home features a large living room with a bay window, front porch, enclosed sun porch for morning coffee while watching the river flow by in the back yard and a formal dining room as well as lots of storage in the basement. This one needs renovation so cash or construction/renovation loan only, please. Fix and live in the great village of Marathon or fix and rent to start your rental portfolio. Seller requests all highest and best offers by 5/5/26 at 5 pm. Offers received after this time may not be considered.

Key facts

• River view
• Formal dining room
• Front porch

Tags

• LARGE LIVING ROOM
• BAY WINDOW
• FRONT PORCH
• ENCLOSED SUN PORCH
• RIVER VIEW
• FORMAL DINING ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $750 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#853 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing B+; Watch: schools C-, employment D, health & safety D.
• Marathon Central School District (rural): math 42% / reading 51% proficiency, ranked #437 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 15 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 $3k of equity ($207 loan paydown + $3k appreciation (9.9% 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 (9.9% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $25k (46%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $26,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 4.28% ✓
• Cap rate: 38.62%
• Cash-on-cash: 115.45%
• DSCR: 6.14
• GRM: 1.9

CMA / ARV

• ARV (median comp): $181,985
• List price: $29,900
• Delta: -83.57%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Tannery St	0.45mi	4/2.0	1,690 (+2%)	9mo	$108,070	$64	67
24 Bradford St	0.39mi	3/2.0 (-1)	1,620 (-2%)	10mo	$165,000	$102	62
15 Galatia St	0.42mi	3/1.5 (-1)	1,512 (-9%)	8mo	$160,000	$106	54
7 Swift St	0.44mi	3/2.0 (-1)	1,568 (-6%)	16mo	$132,500	$85	50
18 Galatia St	0.45mi	3/2.0 (-1)	1,848 (+11%)	20mo	$197,500	$107	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.63×
• Total profit: $63,913
• Equity at exit: $26,736

10-year hold

• IRR: —
• Equity multiple: 19.00×
• Total profit: $150,708
• Equity at exit: $57,446

Cash invested: $8,372 (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 13803

• Home prices YoY: 3.0%
• Active inventory: 15
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,281 medium
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$37 /mo · $448/yr
• Insurance: −$12
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $750

Break-even live

Break-even rent $332

Max offer price $29,900

Occupancy floor 36%

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-13
   status Pending 651-char remark

   Show marketing remark (651 chars)

   This traditional two-story 3 bedroom home in the village of Marathon needs new owners to love and renovate it to its full potential. The home features a large living room with a bay window, front porch, enclosed sun porch for morning coffee while watching the river flow by in the back yard and a formal dining room as well as lots of storage in the basement. This one needs renovation so cash or construction/renovation loan only, please. Fix and live in the great village of Marathon or fix and rent to start your rental portfolio. Seller requests all highest and best offers by 5/5/26 at 5 pm. Offers received after this time may not be considered.

2. 2026-04-08
   price $29,900 651-char remark

   Show marketing remark (651 chars)

   This traditional two-story 3 bedroom home in the village of Marathon needs new owners to love and renovate it to its full potential. The home features a large living room with a bay window, front porch, enclosed sun porch for morning coffee while watching the river flow by in the back yard and a formal dining room as well as lots of storage in the basement. This one needs renovation so cash or construction/renovation loan only, please. Fix and live in the great village of Marathon or fix and rent to start your rental portfolio. Seller requests all highest and best offers by 5/5/26 at 5 pm. Offers received after this time may not be considered.

3. 2026-03-06
   price $34,900 651-char remark

   Show marketing remark (651 chars)

   This traditional two-story 3 bedroom home in the village of Marathon needs new owners to love and renovate it to its full potential. The home features a large living room with a bay window, front porch, enclosed sun porch for morning coffee while watching the river flow by in the back yard and a formal dining room as well as lots of storage in the basement. This one needs renovation so cash or construction/renovation loan only, please. Fix and live in the great village of Marathon or fix and rent to start your rental portfolio. Seller requests all highest and best offers by 5/5/26 at 5 pm. Offers received after this time may not be considered.

4. 2026-02-02
   price $44,900 651-char remark

   Show marketing remark (651 chars)

   This traditional two-story 3 bedroom home in the village of Marathon needs new owners to love and renovate it to its full potential. The home features a large living room with a bay window, front porch, enclosed sun porch for morning coffee while watching the river flow by in the back yard and a formal dining room as well as lots of storage in the basement. This one needs renovation so cash or construction/renovation loan only, please. Fix and live in the great village of Marathon or fix and rent to start your rental portfolio. Seller requests all highest and best offers by 5/5/26 at 5 pm. Offers received after this time may not be considered.

5. 2025-12-31
   listed $54,900 Active 651-char remark

   Show marketing remark (651 chars)

   This traditional two-story 3 bedroom home in the village of Marathon needs new owners to love and renovate it to its full potential. The home features a large living room with a bay window, front porch, enclosed sun porch for morning coffee while watching the river flow by in the back yard and a formal dining room as well as lots of storage in the basement. This one needs renovation so cash or construction/renovation loan only, please. Fix and live in the great village of Marathon or fix and rent to start your rental portfolio. Seller requests all highest and best offers by 5/5/26 at 5 pm. Offers received after this time may not be considered.

6. 2022-10-26
   historical
7. 2022-07-25
   listed $64,000 Active
8. 2021-04-12
   historical
9. 2021-02-11
   listed $69,000
10. 2009-05-29
    soldstatus $62,000
11. 2004-12-02
    soldstatus $22,560
12. 2004-12-02
    soldstatus $20,000
13. 1996-07-23
    soldstatus $27,500

ⓘ 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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥93°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: $15,374
• − Mortgage interest: −$1,675
• − Property taxes: −$448
• − Insurance: −$816
• − Repairs & maintenance: −$1,230
• − Management: −$1,230
• − Depreciation: −$870
• Taxable income: $9,105
• Est. tax owed @ 24.0%: −$2,185
• After-tax cash flow: $6,814/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: Marathon Central School District
• NCES district ID: 3618450
• Math proficiency: 42% ▲ 4.00%
• Reading proficiency: 51% ▲ 11.00%
• Median HH income: $51,011
• Composite: 39.95/100
• National rank: #3842
• State rank: #437 of 590 in NY

Livability — Marathon

• Score: 62/100
• State rank: #853
• US rank: #16483

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marathon, NY
• Population (ZIP): 3,936

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 (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Polish 3% Iranian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · German/W. Germanic 3% 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: ▲ 9.91%
• Current HPI: 342.2891
• 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

+8.7% since first listed

13 events — show timeline

• 2026-05-13 Pending — CNYIS
• 2026-04-08 Price Changed $29,900 CNYIS
• 2026-03-06 Price Changed $34,900 CNYIS
• 2026-02-02 Price Changed $44,900 CNYIS
• 2025-12-31 Listed $54,900 CNYIS
• 2022-10-26 Listing Removed — CNYIS
• 2022-07-25 Listed $64,000 CNYIS
• 2021-04-12 Listing Removed — CNYIS
• 2021-02-11 Listed $69,000 CNYIS
• 2009-05-29 Sold (Public Records) $62,000 Public Records
• 2004-12-02 Sold (Public Records) $20,000 Public Records
• 2004-12-02 Sold (Public Records) $22,560 Public Records
• 1996-07-23 Sold (Public Records) $27,500 Public Records

Property tax history

+1.8%/yr

Latest (2025): $3,197 · +4.4% YoY. Source: county tax records.