214 Delaware Ave · Ithaca, NY 14850

$495,000

6 bd · 1.5 ba · 2,828 sqft · MultiFamily public records · 295 Days on market

Built 1980 Fair condition 5,779 sqft lot $175/sqft · 37% below area Est $566k · 13% 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 +30.0/30.0
• ARV discount +13.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

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 multifamily listed at $495k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $495k).
• Recommended offer: $436k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 $7,623/mo this rent would consume 128% 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 $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.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $139k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 295 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 $435,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 295 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.54% ✓
• Cap rate: 12.67%
• Cash-on-cash: 22.76%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $565,869
• List price: $495,000
• Delta: -12.52%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 Prospect St	0.58mi	6/2.0	2,656 (-6%)	5mo	$380,000	$143	56
402 University Ave	0.71mi	5/3.0 (-1)	2,661 (-6%)	2mo	$445,000	$167	45
135 Linn St	0.64mi	7/3.0 (+1)	2,666 (-6%)	10mo	$580,000	$218	41

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: 18.2%
• Equity multiple: 1.76×
• Total profit: $104,716
• Equity at exit: $73,806

10-year hold

• IRR: 28.1%
• Equity multiple: 3.76×
• Total profit: $381,909
• 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 →

ZIP-level market 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $7,623 high
• Mortgage (P&I): −$2,596
• Tax from tax record: −$591 /mo · $7,096/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,601
• Net cashflow: $2,629

Break-even live

Break-even rent $4,295

Max offer price $495,000

Occupancy floor 61%

Sensitivity live

Price	-10% $2,909	-5% $2,769	+0% $2,629	+5% $2,489	+10% $2,349
Rent	-10% $2,027	-5% $2,328	+0% $2,629	+5% $2,930	+10% $3,231
Rate	-1.0pp $2,878	-0.5pp $2,755	base $2,629	+0.5pp $2,500	+1.0pp $2,370

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,623
Total (3 units)			$7,623

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
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $495,000 Active 295 DOM
2. 2026-06-18
   days on market $495,000 Active 294 DOM
3. 2026-06-17
   days on market $495,000 Active 293 DOM
4. 2026-06-16
   days on market $495,000 Active 292 DOM
5. 2026-06-15
   days on market $495,000 Active 291 DOM
6. 2026-06-14
   days on market $495,000 Active 289 DOM
7. 2026-06-13
   days on market $495,000 Active 288 DOM
8. 2026-06-10
   days on market $495,000 Active 286 DOM
9. 2026-06-09
   days on market $495,000 Active 285 DOM
10. 2026-06-08
    days on market $495,000 Active 284 DOM
11. 2026-06-07
    days on market $495,000 Active 283 DOM
12. 2026-06-05
    days on market $495,000 Active 280 DOM
13. 2026-06-02
    days on market $495,000 Active 278 DOM
14. 2026-06-01
    days on market $495,000 Active 277 DOM
15. 2026-05-31
    days on market $495,000 Active 276 DOM
16. 2026-05-30
    days on market $495,000 Active 275 DOM
17. 2025-10-15
    status Active 1367-char remark

    Show marketing remark (1367 chars)

    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.

18. 2025-09-12
    historical Active Under Contract 1367-char remark

    Show marketing remark (1367 chars)

    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.

19. 2025-08-28
    listed $495,000 Active 1367-char remark

    Show marketing remark (1367 chars)

    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.

ⓘ 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: $91,476
• − Mortgage interest: −$27,728
• − Property taxes: −$7,096
• − Insurance: −$2,475
• − Repairs & maintenance: −$7,318
• − Management: −$7,318
• − Depreciation: −$14,400
• Taxable income: $25,141
• Est. tax owed @ 24.0%: −$6,034
• After-tax cash flow: $25,511/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely outdated and in poor condition	Major	$15,000–50,000
kitchen countertops · outdated and in poor condition	Major	$15,000–50,000
kitchen flooring · outdated and in poor condition	Major	$15,000–50,000
bathroom fixtures · no visible damage	Minor	$500–3,000
Total estimated repair cost · 4 items		$45,500–153,000

Value-add ROI direction

• 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 ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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.