605 Graduate Dr · Varna, NY 14850

$139,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured · 22 Days on market

Built 2015 1,248 sqft lot Est $142k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.5/15.0
• Schools +5.4/10.0
• Rent growth +3.8/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

Key facts

• Front porch
• Gas fireplace
• Large island

Tags

• ENERGY STAR CERTIFIED
• COOK'S KITCHEN
• STAINLESS STEEL APPLIANCES
• LARGE ISLAND
• GAS FIREPLACE
• FRONT PORCH

Property features AI

Finance

• Financial info: Monthly land lease: $584

Exterior

• Parking: Driveway; Gravel parking; No garage
• Utilities: Public water; Sewer connected; Electricity connected; Cable available
• Home design: Manufactured home (double wide); One-level design; Model: The Truman #5628-9009
• Construction: Vinyl siding with frame construction; Blown-in and foam insulation; Asphalt roof; Foundation: Other (see remarks)
• Exterior features: Covered porch; Porch; Sliding doors; Shed(s) and storage; Near public transit; Rectangular lot; City street frontage; Public-maintained road

Interior

• Kitchen: Gas oven and gas range; Microwave; Dishwasher; Range hood; Garbage disposal; Refrigerator; Exhaust fan; Electric water heater
• Bedrooms: Three main-level bedrooms
• Flooring: Laminate and varied flooring
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced-air heating (natural gas); Ceiling fans for cooling
• Interior features: Ceiling fans; Cathedral ceilings; Kitchen island; Drapes and window treatments; One fireplace
• Laundry & utility: Washer and dryer; Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $887 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Ithaca City School District (urban): math 57% / reading 71% proficiency, ranked #195 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Caroline Elementary School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 293 students, 32% FRL); Dewitt Middle School (math 47% / reading 72%, grade B, #161 of 729 statewide, top 24%, 478 students, 38% FRL); Ithaca Senior High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 1,341 students, 31% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• This rent runs 38% of the median local income ($71k/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 $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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 $105k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,915 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.62% ✓
• Cap rate: 14.52%
• Cash-on-cash: 29.39%
• DSCR: 2.31
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $142,128
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
605 Graduate Dr	0.00mi	3/2.0	1,512 (0%)	1mo	$142,000	$94	100
712 Pats Pl	0.19mi	3/2.0	1,456 (-4%)	2mo	$129,900	$89	83

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.00×
• Total profit: $39,075
• Equity at exit: $20,725

10-year hold

• IRR: 33.0%
• Equity multiple: 4.31×
• Total profit: $128,748
• Equity at exit: $12,018

Cash invested: $38,920 (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 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,248 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$36 /mo · $430/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $887

Break-even live

Break-even rent $1,125

Max offer price $139,000

Occupancy floor 56%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-11
   historical Active Under Contract
2. 2026-05-04
   listed $139,000 Active
3. 2023-01-03
   historical Active Under Contract 983-char remark

   Show marketing remark (983 chars)

   Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

4. 2023-01-03
   soldstatus $105,000 Closed 983-char remark

   Show marketing remark (983 chars)

   Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

5. 2023-01-03
   soldstatus $105,000

   Show marketing remark (983 chars)

   Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

6. 2022-12-06
   status Active 983-char remark

   Show marketing remark (983 chars)

   Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

7. 2022-11-21
   historical Active Under Contract 983-char remark

   Show marketing remark (983 chars)

   Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

8. 2022-11-02
   price $129,900 983-char remark

   Show marketing remark (983 chars)

   Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

9. 2022-09-20
   listed $136,500 Active 983-char remark

   Show marketing remark (983 chars)

   Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

10. 2022-09-20
    listed $129,900

    Show marketing remark (983 chars)

    Beautiful home in a quiet and friendly neighborhood is located just steps away from the Cornell Botanic Gardens and other gorgeous hiking trails. This 6 yo home is Energy Star Certified and manufactured using stick built materials including interior sheetrock, low-e tilt in windows, and lots of insulation. There is nothing to do to this affordable hidden gem except move in. Enjoy the open concept plan, a cook's kitchen with stainless steel appliances, a large island and gas fireplace in dining room. 26' front porch is perfect for birdwatching. HE washer, dryer, natural gas furnace and electric water all help to keep utilities low. Easy to care for lawn with electric mower and storage shed included. Hillside acres is a peaceful neighborhood and the lot rent of $521/mo beats paying the taxes, water, and sewer in a similar value home in a location so close to shopping, schools, and nature. Cornell is a short bike, hike, or TCAT bus ride away. This home is priced to sell!

11. 2022-03-14
    listed $136,500
12. 2022-03-14
    listed $136,500 Active

ⓘ 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: $430 · $36/mo
• Projected year-2 tax: $1,390 · $116/mo
• Expected delta: +$960/yr (+$80/mo · 223.2%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 97% 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: $26,975
• − Mortgage interest: −$7,786
• − Property taxes: −$430
• − Insurance: −$1,492
• − Repairs & maintenance: −$2,158
• − Management: −$2,158
• − Depreciation: −$4,044
• Taxable income: $8,907
• Est. tax owed @ 24.0%: −$2,138
• After-tax cash flow: $8,503/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: Ithaca City School District
• NCES district ID: 3615570
• Math proficiency: 57% ▼ -5.00%
• Reading proficiency: 71% ▲ 11.00%
• Median HH income: $46,528
• Composite: 54.01/100
• National rank: #1397
• State rank: #195 of 590 in NY

Livability — Varna

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

Census & demographics

• Census place: Varna, NY
• County: Tompkins County · 68,610 people
• Metro: Ithaca, NY
• Population (ZIP): 68,610
• Household income: $71,445
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 5169.0

Population outlook (Tompkins County) Hauer SSP2

• Today (2025): 113,958 people
• By 2030: 118,774 · +4.2%
• By 2040: 125,927 · +10.5%
• By 2050: 133,599 · +17.2%
• By 2075: 156,759 · +37.6%
• By 2100: 169,896 · +49.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 13% Hispanic / Latino 8% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 79% English-only · Chinese 5% Spanish 4% Other Indo-European 4%

Political lean MEDSL · Tompkins

• 2024 margin: Solid D (+50.6) · D 75.3% · R 24.7%
• 2008→2024 swing: +8.6pp toward D · 2008: 42.1pp · 2024: 50.6pp
• All cycles: 2024: D+50.6 2020: D+49.2 2016: D+42.1 2012: D+39.8 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.59%
• Current HPI: 389.7215
• Rent YoY: ▲ 5.22%
• Metro: Ithaca, 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

+1.8% since first listed

12 events — show timeline

• 2026-05-11 Contingent — IBRMLS
• 2026-05-04 Listed $139,000 IBRMLS
• 2023-01-03 Contingent — IBRMLS
• 2023-01-03 Sold (MLS) $105,000 IBRMLS
• 2023-01-03 Sold (MLS) $105,000 IBRMLS
• 2022-12-06 Relisted — IBRMLS
• 2022-11-21 Contingent — IBRMLS
• 2022-11-02 Price Changed $129,900 IBRMLS
• 2022-09-20 Listed $129,900 IBRMLS
• 2022-09-20 Listed $136,500 IBRMLS
• 2022-03-14 Listed $136,500 IBRMLS
• 2022-03-14 Listed $136,500 IBRMLS

Property tax history

-11.1%/yr

Latest (2024): $430 · -60.1% YoY. Source: county tax records.