214 Delaware Ave · Ithaca, NY 14850

$495,000

6 bd · 1.5 ba · 2,828 sqft · SingleFamily public records · 345 Days on market

Built 1980 Fair condition 5,779 sqft lot $175/sqft · 38% below area Est $576k · 14% under

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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).

• ARV discount +13.8/15.0
• Schools +6.8/10.0
• Cash flow +4.9/30.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• 1% rule +0.7/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime Collegetown Investment & Housing Opportunity! Just a few blocks from the heart of Cornell University’s Collegetown, this spacious residence offers an ideal blend of investment potential and practical living. Legal for five unrelated occupants, the home currently features six full bedrooms plus two additional bonus rooms on the third floor—perfect for home offices, study areas, or walk-in closets. Inside, the home retains classic character with hardwood floors throughout the entry, living, and dining rooms, creating warm and inviting shared spaces. A covered front porch provides a welcoming entry and a place to relax outdoors. With 1.5 bathrooms, a full basement with laundry, and abundant living space, the layout is highly functional for student housing or shared living arrangements. A standout feature is the expansive parking lot, rare in Collegetown, with space to accommodate 6–8 vehicles—a tremendous value-add for residents and an additional draw for investors focused on maximizing rental appeal. Whether you’re a Cornell parent seeking secure, long-term housing for your student, or an investor looking for a strong-performing rental in one of Ithaca’s most sought-after locations, this property delivers. Its combination of size, location, and amenities makes it a rare find in today’s market.

Key facts

• Covered front porch
• Six full bedrooms
• Two bonus rooms

Tags

• LEGAL FOR FIVE OCCUPANTS
• SIX FULL BEDROOMS
• TWO BONUS ROOMS
• HARDWOOD FLOORS
• COVERED FRONT PORCH
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 6-bed/1.5-bath single-family listed at $495k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $286k (42.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (43.5% below list).
• Recommended offer: $280k (43.5% below list) — sets the bar for 1% rule.

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: Northeast School (math 77% / reading 67%, grade A-, #378 of 2,108 statewide, top 20%, 385 students, 30% 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) — zoned schools at 32% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 420 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $2,799/mo this rent would consume 47% of the median local household income ($71k/yr) — 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 $15k 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 345 days — a 12% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $279,877 (43.5% 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 345 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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. 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?
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: 0.57% ✗
• Cap rate: 3.43%
• Cash-on-cash: -10.24%
• DSCR: 0.54
• GRM: 14.7

CMA / ARV

• ARV (median comp): $575,666
• List price: $495,000
• Delta: -14.01%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 Harvard Pl	0.05mi	5/2.5 (-1)	2,689 (-5%)	0mo	$669,000	$249	80
513 Dryden Rd	0.24mi	5/2.0 (-1)	2,342 (-17%)	17mo	$500,010	$213	42
801 Mitchell St	0.47mi	5/2.0 (-1)	2,490 (-12%)	14mo	$614,000	$247	40
314 Farm St	0.68mi	6/2.0	2,526 (-11%)	17mo	$293,000	$116	34
517 S Aurora St	0.67mi	6/2.0	2,457 (-13%)	16mo	$405,000	$165	32
413 Utica St	0.97mi	5/2.0 (-1)	2,530 (-10%)	13mo	$735,000	$291	30
606 N Aurora St	0.78mi	5/3.0 (-1)	2,514 (-11%)	15mo	$655,000	$261	23
314 Turner Pl	0.75mi	5/2.5 (-1)	2,328 (-18%)	11mo	$485,000	$208	22
116 Kelvin Pl	1.04mi	5/4.5 (-1)	3,207 (+13%)	12mo	$765,000	$239	15

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: -32.4%
• Equity multiple: -0.08×
• Total profit: $-149,105
• Equity at exit: $73,806

10-year hold

• IRR: -28.3%
• Equity multiple: -0.44×
• Total profit: $-199,266
• Equity at exit: $42,799

Cash invested: $138,600 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 3 active · 4 under contract
• Months of supply: 9.0 mo (11%/mo absorbed)
• Median asking: $479,000 ($179/sqft)
• Median days on market: 56 d
• This list price: 67% of active listings are priced below it
• ARV vs active asking: +14.0% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14850

• Rents YoY: 5.2%
• Active inventory: 420
• Price-to-rent: 14.7×

Monthly cashflow live

• Estimated rent: $2,799 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$591 /mo · $7,096/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $-1,182

Break-even live

Break-even rent $4,295

Max offer price $286,122

Occupancy floor —

Sensitivity live

Price	-10% $-902	-5% $-1,042	+0% $-1,182	+5% $-1,323	+10% $-1,463
Rent	-10% $-1,404	-5% $-1,293	+0% $-1,182	+5% $-1,072	+10% $-961
Rate	-1.0pp $-933	-0.5pp $-1,057	base $-1,182	+0.5pp $-1,311	+1.0pp $-1,441

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: $123,750
• Closing costs: $14,850
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $495,000 Active 345 DOM
2. 2026-08-07
   days on market $495,000 Active 344 DOM
3. 2026-08-06
   days on market $495,000 Active 343 DOM
4. 2026-08-05
   days on market $495,000 Active 342 DOM
5. 2026-08-04
   days on market $495,000 Active 341 DOM
6. 2026-08-03
   days on market $495,000 Active 340 DOM
7. 2026-07-31
   days on market $495,000 Active 337 DOM
8. 2026-07-29
   days on market $495,000 Active 335 DOM
9. 2026-07-27
   days on market $495,000 Active 333 DOM
10. 2026-07-25
    days on market $495,000 Active 331 DOM
11. 2026-07-23
    days on market $495,000 Active 329 DOM
12. 2026-07-22
    days on market $495,000 Active 328 DOM
13. 2026-07-21
    days on market $495,000 Active 327 DOM
14. 2026-07-18
    days on market $495,000 Active 324 DOM
15. 2026-07-16
    days on market $495,000 Active 322 DOM
16. 2026-07-16
    days on market $495,000 Active 321 DOM
17. 2026-07-14
    days on market $495,000 Active 320 DOM
18. 2026-07-13
    days on market $495,000 Active 319 DOM
19. 2026-07-12
    days on market $495,000 Active 318 DOM
20. 2026-07-11
    days on market $495,000 Active 317 DOM
21. 2026-07-10
    days on market $495,000 Active 316 DOM
22. 2026-07-09
    days on market $495,000 Active 315 DOM
23. 2026-07-08
    days on market $495,000 Active 314 DOM
24. 2026-07-07
    days on market $495,000 Active 313 DOM
25. 2026-07-06
    days on market $495,000 Active 312 DOM
26. 2026-07-05
    days on market $495,000 Active 311 DOM
27. 2026-07-04
    days on market $495,000 Active 310 DOM
28. 2026-07-03
    days on market $495,000 Active 309 DOM
29. 2026-07-02
    days on market $495,000 Active 308 DOM
30. 2026-07-01
    days on market $495,000 Active 307 DOM
31. 2026-06-30
    days on market $495,000 Active 306 DOM
32. 2026-06-29
    days on market $495,000 Active 305 DOM
33. 2026-06-28
    days on market $495,000 Active 304 DOM
34. 2026-06-28
    days on market $495,000 Active 303 DOM
35. 2026-06-27
    days on market $495,000 Active 302 DOM
36. 2026-06-26
    days on market $495,000 Active 301 DOM
37. 2026-06-22
    days on market $495,000 Active 298 DOM
38. 2026-06-19
    days on market $495,000 Active 295 DOM
39. 2026-06-18
    days on market $495,000 Active 294 DOM
40. 2026-06-17
    days on market $495,000 Active 293 DOM
41. 2026-06-16
    days on market $495,000 Active 292 DOM
42. 2026-06-15
    days on market $495,000 Active 291 DOM
43. 2026-06-14
    days on market $495,000 Active 289 DOM
44. 2026-06-13
    days on market $495,000 Active 288 DOM
45. 2026-06-10
    days on market $495,000 Active 286 DOM
46. 2026-06-09
    days on market $495,000 Active 285 DOM
47. 2026-06-08
    days on market $495,000 Active 284 DOM
48. 2026-06-07
    days on market $495,000 Active 283 DOM
49. 2026-06-05
    days on market $495,000 Active 280 DOM
50. 2026-06-02
    days on market $495,000 Active 278 DOM

ⓘ 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: $7,731 · $644/mo
• Expected delta: +$635/yr (+$53/mo · 8.9%)

ⓘ 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 · 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: $33,585
• − Mortgage interest: −$27,728
• − Property taxes: −$7,096
• − Insurance: −$2,475
• − Repairs & maintenance: −$2,687
• − Management: −$2,687
• − Depreciation: −$14,400
• Taxable loss: −$23,487
• Est. tax savings @ 24.0%: +$5,637
• After-tax cash flow: $-8,552/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab Est. rehab $70,700–$127,260 screening

This multi-family home requires moderate renovations to update the kitchen and bathrooms, which will significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — severely outdated and in poor condition
• Major kitchen countertops — outdated and in poor condition
• Major kitchen flooring — outdated and in poor condition
• Minor bathroom fixtures — no visible damage

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen will improve both resale and rental value ↑
• Both paint interior walls — fresh paint will improve the home's curb appeal and interior aesthetics ↑
• Both replace kitchen flooring — new flooring will enhance the home's overall appearance and increase its value ↑
• Both update bathrooms — modernizing the bathrooms will improve both resale and rental value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 68/100

Zoned Schools

Elementary Belle Sherman School B- NY #745/2,108 Nat'l #7,252/41,679 Middle Boynton Middle School C NY #261/729 Nat'l #3,460/14,009 High Ithaca Senior High School A+ NY #83/1,100 Nat'l #116/17,239

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

B Composite livability gradescore 77/100

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 · 113,958 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: 13% of renters

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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%

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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%

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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

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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

3 events — show timeline

• 2025-10-15 Relisted — IBRMLS
• 2025-09-12 Contingent — IBRMLS
• 2025-08-28 Listed $495,000 IBRMLS

Property tax history

-15.5%/yr

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