1235 Trumansburg Rd

Northwest Ithaca, NY 14850

$342,900D+

4 bd · 1.0 ba · 1,392 sqft · Built 1939 · SingleFamily · Active · 355 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,532/mo
• Mortgage (P&I): −$1,798
• Tax + insurance: −$390
• HOA: −$0
• Vac / Maint / Mgmt: −$532
• Net cashflow: $-188/mo
• Annual: $-2,257/yr
• Cap rate: 5.63%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• 1% rule: 0.74%
• Cash to close: $96,012

Investor read

• This is a 4-bed/1.0-bath single-family listed at $343k.
• At list price, monthly cash flow is $-188 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $310k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (26.2% below list).
• It's been on market 355 days — a 12% lower offer ($302k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (26.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#488 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A, employment A; Watch: schools D-, amenities F, commute F.
• 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.
• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• Current owner paid $159k; list at $343k implies a 116% gain — meaningful room to come down on a strong offer.
• This rent runs 43% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 355 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.