1004 N Cayuga St · Ithaca, NY 14850

$363,000

2 bd · 2.0 ba · 1,508 sqft · SingleFamily public records · 146 Days on market

Built 1910 5,000 sqft lot Est $356k · at est.

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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 +12.8/30.0
• ARV discount +6.6/15.0
• Schools +5.4/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Set in the heart of Fall Creek this 2 bedroom 2 full bath home is available for the 1st time in twenty one years! Hardwood floors through the FR, LR & dining. Kitchen features new stainless steel gas stove & refrigerator and opens to an expansive rear deck. One car garage has additional finished space perfect for an art studio, gym or home office. Two full baths provide the option of one floor living. Upstairs has additional full bath, bedroom with loft and master with cathedral ceilings. Walking distance to all your downtown favorites like the farmers market, Gimme Coffee and the commons.

Key facts

• New carpet
• Kitchen updates
• Recent improvements

Tags

• HARDWOOD FLOORS
• KITCHEN UPDATES
• RECENT IMPROVEMENTS
• FRESH INTERIOR PAINT
• NEW CARPET

Property features AI

Exterior

• Parking: Detached garage with workshop and storage; Driveway; Gravel parking; Electric vehicle charging station
• Utilities: Public water; Sewer connected; Electricity connected (circuit breakers); Cable available; Gas water heater
• Home design: Single-family residence; Two-story; Residential property
• Construction: Frame construction with wood siding; Attic/crawl hatchway(s) insulated; Stone foundation; Asphalt shingle roof; Built as two-story (levels: Two)
• Exterior features: Covered porch; Deck; Patio; Near public transit; Rectangular city lot; Publicly maintained road; City street frontage; Barns and outbuilding(s)

Interior

• Kitchen: Dishwasher; Gas range and gas oven; Free-standing range; Oven; Range hood; Refrigerator; Exhaust fan
• Bedrooms: 1 main-level bedroom
• Flooring: Hardwood; Carpet; Vinyl; Varied flooring
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Forced-air heating (natural gas); Ceiling fans; Window air conditioning units
• Interior features: Ceiling fans; Cathedral ceilings; Natural woodwork; Fireplace (1)
• Laundry & utility: Washer and dryer; Main-level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $363k.

Deal economics

• At list price, monthly cash flow is $-89 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $347k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $331k (8.9% below list).
• Recommended offer: $319k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#210 in NY, #3,240 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: housing C-, employment D+, cost of living D.
• 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: Fall Creek Elementary School (math 37% / reading 62%, grade D, #1,085 of 2,108 statewide, top 56%, 232 students, 40% FRL); Boynton Middle School (math 36% / reading 64%, grade C, #261 of 729 statewide, top 36%, 526 students, 36% FRL); Ithaca Senior High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 1,341 students, 31% FRL).
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $3,307/mo this rent would consume 56% of the median local household income ($71k/yr) (locally 5169% 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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $26k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $270k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $319,440 (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 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 0.91% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.39%
• DSCR: 0.98
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $355,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
812 N Tioga St	0.17mi	3/1.5 (+1)	1,467 (-3%)	2mo	$465,000	$317	79
308 E Lincoln St	0.18mi	3/1.5 (+1)	1,587 (+5%)	1mo	$385,000	$243	75
119 Sears St St	0.52mi	3/1.5 (+1)	1,504 (-0%)	2mo	$188,000	$125	67
113 Sears St St	0.54mi	3/1.5 (+1)	1,504 (-0%)	2mo	$188,000	$125	66
1110 N Cayuga St	0.11mi	3/2.5 (+1)	1,640 (+9%)	10mo	$535,000	$326	65
208 First St	0.38mi	3/2.0 (+1)	1,488 (-1%)	13mo	$397,000	$267	64
107 Sears St St	0.55mi	3/2.0 (+1)	1,525 (+1%)	4mo	$240,000	$157	64
115 Sears St St	0.53mi	2/1.5	1,379 (-9%)	2mo	$160,000	$116	58
117 Sears St St	0.52mi	2/1.5	1,379 (-9%)	2mo	$160,000	$116	58
107 Second St	0.44mi	3/1.5 (+1)	1,598 (+6%)	10mo	$350,000	$219	54
616 Cascadilla St	0.60mi	3/1.0 (+1)	1,461 (-3%)	11mo	$345,000	$236	48
103 Madison St	0.32mi	3/1.0 (+1)	1,344 (-11%)	13mo	$369,000	$275	47

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: -15.3%
• Equity multiple: 0.44×
• Total profit: $-56,768
• Equity at exit: $54,124

10-year hold

• IRR: -3.1%
• Equity multiple: 0.77×
• Total profit: $-23,617
• Equity at exit: $31,386

Cash invested: $101,640 (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: 9.1×

Monthly cashflow live

• Estimated rent: $3,307 medium
• Mortgage (P&I): −$1,904
• Tax from tax record: −$591 /mo · $7,096/yr
• Insurance: −$151
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$695
• Net cashflow: $-89

Break-even live

Break-even rent $3,420

Max offer price $347,284

Occupancy floor 98%

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: $90,750
• Closing costs: $10,890
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 Taughannock Blvd Ithaca, NY	2.0	1.0–2.5	1167	$6,402	$5.48	43d	6	0.87mi
815 S Aurora St Ithaca, NY	2.0–4.0	1.0	936	$950	$1.01	43d	1	1.46mi

Listing history 10 events

1. 2026-05-12
   status Pending
2. 2026-04-25
   historical Active Under Contract
3. 2026-03-30
   price $363,000
4. 2026-01-06
   price $379,000
5. 2025-12-17
   listed $389,000 Active
6. 2020-07-16
   soldstatus $270,000
7. 2015-03-17
   soldstatus $185,000 608-char remark

   Show marketing remark (608 chars)

   Set in the heart of Fall Creek this 2 bedroom 2 full bath home is available for the 1st time in twenty one years! Hardwood floors through the FR, LR & dining. Kitchen features new stainless steel gas stove & refrigerator and opens to an expansive rear deck. One car garage has additional finished space perfect for an art studio, gym or home office. Two full baths provide the option of one floor living. Upstairs has additional full bath, bedroom with loft and master with cathedral ceilings. Walking distance to all your downtown favorites like the farmers market, Gimme Coffee and the commons.

8. 2015-03-17
   soldstatus $185,000

   Show marketing remark (608 chars)

   Set in the heart of Fall Creek this 2 bedroom 2 full bath home is available for the 1st time in twenty one years! Hardwood floors through the FR, LR & dining. Kitchen features new stainless steel gas stove & refrigerator and opens to an expansive rear deck. One car garage has additional finished space perfect for an art studio, gym or home office. Two full baths provide the option of one floor living. Upstairs has additional full bath, bedroom with loft and master with cathedral ceilings. Walking distance to all your downtown favorites like the farmers market, Gimme Coffee and the commons.

9. 2014-08-06
   listed $200,000 608-char remark

   Show marketing remark (608 chars)

   Set in the heart of Fall Creek this 2 bedroom 2 full bath home is available for the 1st time in twenty one years! Hardwood floors through the FR, LR & dining. Kitchen features new stainless steel gas stove & refrigerator and opens to an expansive rear deck. One car garage has additional finished space perfect for an art studio, gym or home office. Two full baths provide the option of one floor living. Upstairs has additional full bath, bedroom with loft and master with cathedral ceilings. Walking distance to all your downtown favorites like the farmers market, Gimme Coffee and the commons.

10. 1993-10-28
    soldstatus $92,000

ⓘ 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: $7,096 · $591/mo
• Projected year-2 tax: $7,096 · $591/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 8/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $39,688
• − Mortgage interest: −$20,334
• − Property taxes: −$7,096
• − Insurance: −$2,482
• − Repairs & maintenance: −$3,175
• − Management: −$3,175
• − Depreciation: −$10,560
• Taxable loss: −$7,133
• Est. tax savings @ 24.0%: +$1,712
• After-tax cash flow: $644/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 — Ithaca

• Score: 77/100
• State rank: #210
• US rank: #3240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ithaca, NY
• County: Tompkins County · 68,610 people
• City population: 68,610
• 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

+294.6% since first listed

10 events — show timeline

• 2026-05-12 Pending — IBRMLS
• 2026-04-25 Contingent — IBRMLS
• 2026-03-30 Price Changed $363,000 IBRMLS
• 2026-01-06 Price Changed $379,000 IBRMLS
• 2025-12-17 Listed $389,000 IBRMLS
• 2020-07-16 Sold (Public Records) $270,000 Public Records
• 2015-03-17 Sold (Public Records) $185,000 Public Records
• 2015-03-17 Sold (MLS) $185,000 IBRMLS
• 2014-08-06 Listed $200,000 IBRMLS
• 1993-10-28 Sold (Public Records) $92,000 Public Records

Property tax history

-0.6%/yr

Latest (2025): $7,096 · +2.3% YoY. Source: county tax records.