1877 Owego Hill Rd · Virgil, NY 13045

$169,900

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 47 Days on market

Built 1970 1.08 ac lot $197/sqft · 38% below area Est $273k · 38% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• 1% rule +5.0/10.0
• Rent growth +4.6/5.0
• DSCR +4.3/10.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice home in Virgil. Great if you commute to Cortland, Ithaca, Binghamton. Very nice country setting with lots of living space. Partially finished lower level. Pellet stove to take the chill off or to help heat the home. Recently renovated new kitchen, bath updates, new flooring, new roof, new windows and vinyl siding (being put on at this moment). Great price and location. Call today for a private showing.

Key facts

• Washer dryer
• Uv water system
• Unfinished basement

Tags

• KITCHEN WITH NEWER FLOORING
• UNFINISHED BASEMENT
• RADON SYSTEM
• UV WATER SYSTEM
• EFFICIENT WATER HEATER
• WASHER DRYER

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Well water; Septic tank
• Home design: Single-story existing residence
• Construction: Composite siding; Resale property
• Exterior features: Dirt driveway; Irregular, rural lot (approx. 1.08 acres, 127 x 394)

Interior

• Kitchen: Refrigerator
• Bedrooms: Three main-level bedrooms
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Electric baseboard heating; Window air conditioning units
• Interior features: Other features (see remarks); Full and partial basement
• Laundry & utility: Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-28 ($-342/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (3.0% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% 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: health & safety D, crime F, amenities 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.
• Zoned schools: Cortland High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 596 students, 42% FRL) — zoned schools at 42% FRL track the district average.
• Zoned-school proficiency averages 92% at this address vs 52% district-wide (+40 pts) — the actual schools serving this property are materially stronger than the Cortland City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.4%/yr); 143 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 $1k of loan paydown is wiped out by about $5k 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 47 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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 $101k; list at $170k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,803 (3.0% 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 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
9. 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.
10. 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: 1.00% ✓
• Cap rate: 6.48%
• Cash-on-cash: 0.68%
• DSCR: 1.03
• GRM: 8.3

CMA / ARV

• ARV (median comp): $272,577
• List price: $169,900
• Delta: -37.67%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -11.1%
• Equity multiple: 0.58×
• Total profit: $-20,188
• Equity at exit: $25,333

10-year hold

• IRR: 4.9%
• Equity multiple: 1.46×
• Total profit: $21,694
• Equity at exit: $14,690

Cash invested: $47,572 (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: 143
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,705 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$358 /mo · $4,295/yr
• Insurance: −$71
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $-28

Break-even live

Break-even rent $1,741

Max offer price $164,866

Occupancy floor 97%

Sensitivity live

Price	-10% $68	-5% $20	+0% $-28	+5% $-77	+10% $-125
Rent	-10% $-163	-5% $-96	+0% $-28	+5% $39	+10% $106
Rate	-1.0pp $57	-0.5pp $15	base $-28	+0.5pp $-73	+1.0pp $-117

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-22
   days on market $169,900 Active 47 DOM
2. 2026-06-21
   days on market $169,900 Active 46 DOM
3. 2026-06-19
   days on market $169,900 Active 44 DOM
4. 2026-06-18
   days on market $169,900 Active 43 DOM
5. 2026-06-17
   days on market $169,900 Active 42 DOM
6. 2026-06-16
   days on market $169,900 Active 41 DOM
7. 2026-06-15
   days on market $169,900 Active 40 DOM
8. 2026-06-14
   days on market $169,900 Active 38 DOM
9. 2026-06-12
   days on market $169,900 Active 37 DOM
10. 2026-06-09
    days on market $169,900 Active 34 DOM
11. 2026-06-08
    days on market $169,900 Active 33 DOM
12. 2026-06-07
    days on market $169,900 Active 32 DOM
13. 2026-06-05
    days on market $169,900 Active 29 DOM
14. 2026-06-03
    days on market $169,900 Active 28 DOM
15. 2026-06-02
    days on market $169,900 Active 27 DOM
16. 2026-06-01
    days on market $169,900 Active 26 DOM
17. 2026-05-31
    days on market $169,900 Active 25 DOM
18. 2026-05-30
    days on market $169,900 Active 24 DOM
19. 2026-05-06
    listed $169,900 Active 442-char remark
20. 2014-07-02
    soldstatus $100,700
21. 2014-06-27
    soldstatus $100,700 410-char remark

    Show marketing remark (410 chars)

    Nice home in Virgil. Great if you commute to Cortland, Ithaca, Binghamton. Very nice country setting with lots of living space. Partially finished lower level. Pellet stove to take the chill off or to help heat the home. Recently renovated new kitchen, bath updates, new flooring, new roof, new windows and vinyl siding (being put on at this moment). Great price and location. Call today for a private showing.

22. 2014-06-27
    soldstatus $95,000

    Show marketing remark (410 chars)

    Nice home in Virgil. Great if you commute to Cortland, Ithaca, Binghamton. Very nice country setting with lots of living space. Partially finished lower level. Pellet stove to take the chill off or to help heat the home. Recently renovated new kitchen, bath updates, new flooring, new roof, new windows and vinyl siding (being put on at this moment). Great price and location. Call today for a private showing.

23. 2014-02-04
    listed $104,500 410-char remark

    Show marketing remark (410 chars)

    Nice home in Virgil. Great if you commute to Cortland, Ithaca, Binghamton. Very nice country setting with lots of living space. Partially finished lower level. Pellet stove to take the chill off or to help heat the home. Recently renovated new kitchen, bath updates, new flooring, new roof, new windows and vinyl siding (being put on at this moment). Great price and location. Call today for a private showing.

24. 2014-02-04
    listed $104,500

    Show marketing remark (410 chars)

    Nice home in Virgil. Great if you commute to Cortland, Ithaca, Binghamton. Very nice country setting with lots of living space. Partially finished lower level. Pellet stove to take the chill off or to help heat the home. Recently renovated new kitchen, bath updates, new flooring, new roof, new windows and vinyl siding (being put on at this moment). Great price and location. Call today for a private showing.

ⓘ 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: $4,295 · $358/mo
• Projected year-2 tax: $4,295 · $358/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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥90°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: $20,457
• − Mortgage interest: −$9,517
• − Property taxes: −$4,295
• − Insurance: −$1,516
• − Repairs & maintenance: −$1,637
• − Management: −$1,637
• − Depreciation: −$4,943
• Taxable loss: −$3,087
• Est. tax savings @ 24.0%: +$741
• After-tax cash flow: $399/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: 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
• 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

+62.6% since first listed

6 events — show timeline

• 2026-05-06 Listed $169,900 WNYREIS
• 2014-07-02 Sold (Public Records) $100,700 Public Records
• 2014-06-27 Sold (MLS) $95,000 IBRMLS
• 2014-06-27 Sold (MLS) $100,700 CNYIS
• 2014-02-04 Listed $104,500 IBRMLS
• 2014-02-04 Listed $104,500 CNYIS

Property tax history

-1.2%/yr

Latest (2025): $4,295 · +12.2% YoY. Source: county tax records.