119 Stewart Ave · Ithaca, NY 14850

$1,100,000

25 bd · None ba · 5,368 sqft · MultiFamily public records · 43 Days on market

Built 1975 4,600 sqft lot $205/sqft · 36% below area Est $1234k · 11% 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 +25.9/30.0
• ARV discount +12.4/15.0
• DSCR +8.7/10.0
• 1% rule +6.6/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

5 STAR 5 UNIT 5 MINUTES TO CORNELL! Impressive architectural, spacious, designed apartments offer unique eye-catching appeal that the students really enjoy! 10 bedrooms, 6 baths (one 4-bedroom, two 2-bedroom, and two 1-bedroom units), hardwood floors, high ceilings, open floor plans, large windows offering lots of natural light, laundry, off-street parking and a bus stop at the door. Easy walk to Cornell and downtown Ithaca.

Key facts

• Large windows
• Open floor plans
• High ceilings

Tags

• HARDWOOD FLOORS
• HIGH CEILINGS
• OPEN FLOOR PLANS
• LARGE WINDOWS
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 1×4bd/1ba + 2×2bd/1ba + 2×1bd/1ba units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $540/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.10M).
• Recommended offer: $1.07M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 5.3% in Ithaca — 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 (#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.
• 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).
• At $12,721/mo this rent would consume 214% 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 $8k of loan paydown is wiped out by about $33k 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 $308k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $710k; list at $1.10M implies a 55% gain — meaningful room to come down on a strong offer.

Recommended offer $1,067,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.53%
• DSCR: 1.47
• GRM: 7.2

CMA / ARV

• ARV (median comp): $1,234,160
• List price: $1,100,000
• Delta: -10.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $22,938
• Equity at exit: $164,014

10-year hold

• IRR: 13.5%
• Equity multiple: 2.19×
• Total profit: $366,456
• Equity at exit: $95,108

Cash invested: $308,000 (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: 31.9×

Monthly cashflow live

• Estimated rent: $12,721 high
• Mortgage (P&I): −$5,769
• Tax from tax record: −$1,120 /mo · $13,446/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,671
• Net cashflow: $2,702

Break-even live

Break-even rent $9,300

Max offer price $1,100,000

Occupancy floor 74%

Sensitivity live

Price	-10% $3,325	-5% $3,014	+0% $2,702	+5% $2,391	+10% $2,080
Rent	-10% $1,697	-5% $2,200	+0% $2,702	+5% $3,205	+10% $3,707
Rate	-1.0pp $3,256	-0.5pp $2,982	base $2,702	+0.5pp $2,417	+1.0pp $2,127

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4	1	$2,875
▸ 2× units	2	1	$5,420
▸ 2× units	1	1	$4,428
Total (5 units)			$12,721

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $1,100,000 Active 43 DOM
2. 2026-06-18
   days on market $1,100,000 Active 42 DOM
3. 2026-06-17
   days on market $1,100,000 Active 41 DOM
4. 2026-06-16
   days on market $1,100,000 Active 40 DOM
5. 2026-06-15
   days on market $1,100,000 Active 39 DOM
6. 2026-06-14
   days on market $1,100,000 Active 37 DOM
7. 2026-06-13
   days on market $1,100,000 Active 36 DOM
8. 2026-06-10
   days on market $1,100,000 Active 34 DOM
9. 2026-06-09
   days on market $1,100,000 Active 33 DOM
10. 2026-06-08
    days on market $1,100,000 Active 32 DOM
11. 2026-06-07
    days on market $1,100,000 Active 31 DOM
12. 2026-06-05
    days on market $1,100,000 Active 28 DOM
13. 2026-06-02
    days on market $1,100,000 Active 26 DOM
14. 2026-06-01
    days on market $1,100,000 Active 25 DOM
15. 2026-05-31
    days on market $1,100,000 Active 24 DOM
16. 2026-05-30
    days on market $1,100,000 Active 23 DOM
17. 2026-05-07
    listed $1,100,000 Active 430-char remark

    Show marketing remark (430 chars)

    5 STAR 5 UNIT 5 MINUTES TO CORNELL! Impressive architectural, spacious, designed apartments offer unique eye-catching appeal that the students really enjoy! 10 bedrooms, 6 baths (one 4-bedroom, two 2-bedroom, and two 1-bedroom units), hardwood floors, high ceilings, open floor plans, large windows offering lots of natural light, laundry, off-street parking and a bus stop at the door. Easy walk to Cornell and downtown Ithaca.

18. 2018-09-20
    soldstatus $710,000 220-char remark

    Show marketing remark (220 chars)

    Cornell/Collegetown investement property - Architecturally gracious and spacious mansion. 5 unit with striking design; lots of natural, hardwood floors, off street parking and more. Just steps from campus and Collegtown.

19. 2018-09-20
    soldstatus $710,000

    Show marketing remark (220 chars)

    Cornell/Collegetown investement property - Architecturally gracious and spacious mansion. 5 unit with striking design; lots of natural, hardwood floors, off street parking and more. Just steps from campus and Collegtown.

20. 2018-09-20
    soldstatus $710,000

    Show marketing remark (220 chars)

    Cornell/Collegetown investement property - Architecturally gracious and spacious mansion. 5 unit with striking design; lots of natural, hardwood floors, off street parking and more. Just steps from campus and Collegtown.

21. 2017-08-16
    listed $815,000 220-char remark

    Show marketing remark (220 chars)

    Cornell/Collegetown investement property - Architecturally gracious and spacious mansion. 5 unit with striking design; lots of natural, hardwood floors, off street parking and more. Just steps from campus and Collegtown.

22. 2017-08-16
    listed $815,000

    Show marketing remark (220 chars)

    Cornell/Collegetown investement property - Architecturally gracious and spacious mansion. 5 unit with striking design; lots of natural, hardwood floors, off street parking and more. Just steps from campus and Collegtown.

23. 2014-02-28
    soldstatus $625,000
24. 2004-04-08
    soldstatus $365,000
25. 2004-04-07
    soldstatus $365,000
26. 2003-12-16
    listed $565,000
27. 1995-06-01
    soldstatus $143,000

ⓘ 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: $13,446 · $1,120/mo
• Projected year-2 tax: $16,018 · $1,335/mo
• Expected delta: +$2,572/yr (+$214/mo · 19.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 17 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: $152,652
• − Mortgage interest: −$61,617
• − Property taxes: −$13,446
• − Insurance: −$5,500
• − Repairs & maintenance: −$12,212
• − Management: −$12,212
• − Depreciation: −$32,000
• Taxable income: $15,665
• Est. tax owed @ 24.0%: −$3,760
• After-tax cash flow: $28,667/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
• 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

+669.2% since first listed

11 events — show timeline

• 2026-05-07 Listed $1,100,000 IBRMLS
• 2018-09-20 Sold (Public Records) $710,000 Public Records
• 2018-09-20 Sold (MLS) $710,000 IBRMLS
• 2018-09-20 Sold (MLS) $710,000 IBRMLS
• 2017-08-16 Listed $815,000 IBRMLS
• 2017-08-16 Listed $815,000 IBRMLS
• 2014-02-28 Sold (Public Records) $625,000 Public Records
• 2004-04-08 Sold (Public Records) $365,000 Public Records
• 2004-04-07 Sold (MLS) $365,000 IBRMLS
• 2003-12-16 Listed $565,000 IBRMLS
• 1995-06-01 Sold (Public Records) $143,000 Public Records

Property tax history

-5.2%/yr

Latest (2025): $13,446 · +2.3% YoY. Source: county tax records.