214 Delaware Ave

Ithaca, NY 14850

$495,000D-

6 bd · 1.5 ba · 2,828 sqft · Built 1980 · SingleFamily · Active · 345 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,799/mo
• Mortgage (P&I): −$2,596
• Tax + insurance: −$798
• HOA: −$0
• Vac / Maint / Mgmt: −$588
• Net cashflow: $-1,182/mo
• Annual: $-14,189/yr
• Cap rate: 3.43%
• Cash-on-cash: -10.24%
• DSCR: 0.54
• 1% rule: 0.57%
• Cash to close: $138,600

Investor read

• This is a 6-bed/1.5-bath single-family listed at $495k. Condition is rated fair.
• 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).
• It's been on market 345 days — a 12% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $280k (43.5% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• 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