329 W Buffalo St · Ithaca, NY 14850

$379,000

2 bd · 2.0 ba · 1,470 sqft · MultiFamily public records · 25 Days on market

Built 1850 4,356 sqft lot

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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 +27.7/30.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Open House Saturday, April 18th, from 10 a. m. -noon. Downtown Ithaca duplex, only steps from Washington Park, the Dewitt Mall, & downtown’s vibrant restaurants and bars. Owner-occupied and carefully maintained for decades, this duplex surprises with classic details, & airy, generously proportioned rooms. NO FLOOD INSURANCE REQUIRED. Owner retains one apt for her use & leases out the larger unit. Market value of main level apt proj. at $2k/mo includ. utils. Up tenants cooking gas & elec. separately metered. No leases in place. The property is special enough to consider converting into an extraordinary single family home. The spacious main level is a 1-2 br apt w/ mid-century charm, with direct access to a private laundry, a large enclosed porch, modern 2-car detached garage & a fenced garden. In the foyer is a winding staircase that leads to a spacious & bright 1 br apt. w/ large windows and galley kitchen. Hardwood floors downstairs & wide plank floors (in need of refinishing) under upstairs carpet. Both units are fully furnished & the owner might be willing to sell some furnishings. Survey, deed, annotated structural inspection (all good news!), floorplans & C of C are available from your Realtor.

Key facts

• Fenced garden
• Private laundry
• Large enclosed porch

Tags

• DOWNTOWN ITHACA DUPLEX
• STEPS FROM WASHINGTON PARK
• LARGE ENCLOSED PORCH
• PRIVATE LAUNDRY
• MODERN 2-CAR DETACHED GARAGE
• FENCED GARDEN

Property features AI

Exterior

• Parking: Attached garage with 2 spaces; Driveway (asphalt); Garage storage
• Utilities: Public water; Sewer connected; Electricity connected (circuit breakers and fuses); Cable available
• Home design: Single-family residence; Two levels / 2-story
• Construction: Aluminum siding; Frame construction; Blown-in insulation; Insulated attic/crawl hatchway; Stone foundation; Asphalt shingle roof
• Exterior features: Private yard; Covered, enclosed porch; Partial fencing; Corner lot; Near public transit; Rectangular lot; Publicly maintained road frontage on a city street

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Gas oven; Gas range; Refrigerator; Eat-in kitchen
• Bedrooms: 1 main-level bedroom; Accessible entrance and accessible bedroom
• Flooring: Carpet; Hardwood; Vinyl; Varied flooring
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Zoned cooling; Zoned heating; Baseboard heating; Hot water heating; Natural gas heating
• Interior features: Cathedral ceilings; Entrance foyer; Eat-in kitchen; Storm windows; Partially furnished; 8 total rooms; Full basement with walk-up access, exterior entry, crawl space and sump pump
• Laundry & utility: Washer; Dryer; Laundry room on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $379k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $379k).
• Recommended offer: $373k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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.
• Zoned schools: Beverly J Martin Elementary School (math 15% / reading 34%, grade F, #1,825 of 2,108 statewide, top 88%, 274 students, 58% FRL); Dewitt Middle School (math 47% / reading 72%, grade B, #161 of 729 statewide, top 24%, 478 students, 38% FRL); Ithaca Senior High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 1,341 students, 31% FRL).
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 $106k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($373k) 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.
• Current owner paid $147k; list at $379k implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $373,315 (1.5% below list)

Questions for the listing agent

1. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.26% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.87%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $235,200
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Fifth St	0.31mi	2/2.0	1,531 (+4%)	10mo	$245,000	$160	70

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: 5.2%
• Equity multiple: 1.21×
• Total profit: $22,016
• Equity at exit: $56,510

10-year hold

• IRR: 16.6%
• Equity multiple: 2.50×
• Total profit: $159,480
• Equity at exit: $32,769

Cash invested: $106,120 (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: 13.3×

Monthly cashflow live

• Estimated rent: $4,760 medium
• Mortgage (P&I): −$1,988
• Tax from tax record: −$477 /mo · $5,722/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,000
• Net cashflow: $1,138

Break-even live

Break-even rent $3,319

Max offer price $379,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$4,760
Total (2 units)			$4,760

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 W State St Ithaca, NY	2.0	1.0–2.0	727	$3,410	$4.69	44d	34	0.11mi
323 Taughannock Blvd Ithaca, NY	2.0	1.0–2.5	1167	$6,402	$5.48	44d	6	0.43mi
320 Hillview Pl Ithaca, NY	2.0–3.0	1.0	800	$1,675	$2.09	44d	4	0.60mi
815 S Aurora St Ithaca, NY	2.0–4.0	1.0	936	$950	$1.01	44d	1	0.85mi
127 College Ave Ithaca, NY	3.0	1.0	958	$2,885	$3.01	44d	1	0.99mi

Listing history 8 events

1. 2026-05-12
   status Pending

   Show marketing remark (1276 chars)

   Open House Saturday, April 18th, from 10 a. m. -noon. Downtown Ithaca duplex, only steps from Washington Park, the Dewitt Mall, & downtown’s vibrant restaurants and bars. Owner-occupied and carefully maintained for decades, this duplex surprises with classic details, & airy, generously proportioned rooms. NO FLOOD INSURANCE REQUIRED. Owner retains one apt for her use & leases out the larger unit. Market value of main level apt proj. at $2k/mo includ. utils. Up tenants cooking gas & elec. separately metered. No leases in place. The property is special enough to consider converting into an extraordinary single family home. The spacious main level is a 1-2 br apt w/ mid-century charm, with direct access to a private laundry, a large enclosed porch, modern 2-car detached garage & a fenced garden. In the foyer is a winding staircase that leads to a spacious & bright 1 br apt. w/ large windows and galley kitchen. Hardwood floors downstairs & wide plank floors (in need of refinishing) under upstairs carpet. Both units are fully furnished & the owner might be willing to sell some furnishings. Survey, deed, annotated structural inspection (all good news!), floorplans & C of C are available from your Realtor.

2. 2026-05-12
   status Pending 1276-char remark

   Show marketing remark (1276 chars)

   Open House Saturday, April 18th, from 10 a. m. -noon. Downtown Ithaca duplex, only steps from Washington Park, the Dewitt Mall, & downtown’s vibrant restaurants and bars. Owner-occupied and carefully maintained for decades, this duplex surprises with classic details, & airy, generously proportioned rooms. NO FLOOD INSURANCE REQUIRED. Owner retains one apt for her use & leases out the larger unit. Market value of main level apt proj. at $2k/mo includ. utils. Up tenants cooking gas & elec. separately metered. No leases in place. The property is special enough to consider converting into an extraordinary single family home. The spacious main level is a 1-2 br apt w/ mid-century charm, with direct access to a private laundry, a large enclosed porch, modern 2-car detached garage & a fenced garden. In the foyer is a winding staircase that leads to a spacious & bright 1 br apt. w/ large windows and galley kitchen. Hardwood floors downstairs & wide plank floors (in need of refinishing) under upstairs carpet. Both units are fully furnished & the owner might be willing to sell some furnishings. Survey, deed, annotated structural inspection (all good news!), floorplans & C of C are available from your Realtor.

3. 2026-04-25
   historical Active Under Contract 1276-char remark

   Show marketing remark (1276 chars)

   Open House Saturday, April 18th, from 10 a. m. -noon. Downtown Ithaca duplex, only steps from Washington Park, the Dewitt Mall, & downtown’s vibrant restaurants and bars. Owner-occupied and carefully maintained for decades, this duplex surprises with classic details, & airy, generously proportioned rooms. NO FLOOD INSURANCE REQUIRED. Owner retains one apt for her use & leases out the larger unit. Market value of main level apt proj. at $2k/mo includ. utils. Up tenants cooking gas & elec. separately metered. No leases in place. The property is special enough to consider converting into an extraordinary single family home. The spacious main level is a 1-2 br apt w/ mid-century charm, with direct access to a private laundry, a large enclosed porch, modern 2-car detached garage & a fenced garden. In the foyer is a winding staircase that leads to a spacious & bright 1 br apt. w/ large windows and galley kitchen. Hardwood floors downstairs & wide plank floors (in need of refinishing) under upstairs carpet. Both units are fully furnished & the owner might be willing to sell some furnishings. Survey, deed, annotated structural inspection (all good news!), floorplans & C of C are available from your Realtor.

4. 2026-04-25
   historical Active Under Contract

   Show marketing remark (1276 chars)

   Open House Saturday, April 18th, from 10 a. m. -noon. Downtown Ithaca duplex, only steps from Washington Park, the Dewitt Mall, & downtown’s vibrant restaurants and bars. Owner-occupied and carefully maintained for decades, this duplex surprises with classic details, & airy, generously proportioned rooms. NO FLOOD INSURANCE REQUIRED. Owner retains one apt for her use & leases out the larger unit. Market value of main level apt proj. at $2k/mo includ. utils. Up tenants cooking gas & elec. separately metered. No leases in place. The property is special enough to consider converting into an extraordinary single family home. The spacious main level is a 1-2 br apt w/ mid-century charm, with direct access to a private laundry, a large enclosed porch, modern 2-car detached garage & a fenced garden. In the foyer is a winding staircase that leads to a spacious & bright 1 br apt. w/ large windows and galley kitchen. Hardwood floors downstairs & wide plank floors (in need of refinishing) under upstairs carpet. Both units are fully furnished & the owner might be willing to sell some furnishings. Survey, deed, annotated structural inspection (all good news!), floorplans & C of C are available from your Realtor.

5. 2026-04-16
   listed $379,000 Active

   Show marketing remark (1276 chars)

   Open House Saturday, April 18th, from 10 a. m. -noon. Downtown Ithaca duplex, only steps from Washington Park, the Dewitt Mall, & downtown’s vibrant restaurants and bars. Owner-occupied and carefully maintained for decades, this duplex surprises with classic details, & airy, generously proportioned rooms. NO FLOOD INSURANCE REQUIRED. Owner retains one apt for her use & leases out the larger unit. Market value of main level apt proj. at $2k/mo includ. utils. Up tenants cooking gas & elec. separately metered. No leases in place. The property is special enough to consider converting into an extraordinary single family home. The spacious main level is a 1-2 br apt w/ mid-century charm, with direct access to a private laundry, a large enclosed porch, modern 2-car detached garage & a fenced garden. In the foyer is a winding staircase that leads to a spacious & bright 1 br apt. w/ large windows and galley kitchen. Hardwood floors downstairs & wide plank floors (in need of refinishing) under upstairs carpet. Both units are fully furnished & the owner might be willing to sell some furnishings. Survey, deed, annotated structural inspection (all good news!), floorplans & C of C are available from your Realtor.

6. 2026-04-16
   listed $379,000 Active 1276-char remark

   Show marketing remark (1276 chars)

   Open House Saturday, April 18th, from 10 a. m. -noon. Downtown Ithaca duplex, only steps from Washington Park, the Dewitt Mall, & downtown’s vibrant restaurants and bars. Owner-occupied and carefully maintained for decades, this duplex surprises with classic details, & airy, generously proportioned rooms. NO FLOOD INSURANCE REQUIRED. Owner retains one apt for her use & leases out the larger unit. Market value of main level apt proj. at $2k/mo includ. utils. Up tenants cooking gas & elec. separately metered. No leases in place. The property is special enough to consider converting into an extraordinary single family home. The spacious main level is a 1-2 br apt w/ mid-century charm, with direct access to a private laundry, a large enclosed porch, modern 2-car detached garage & a fenced garden. In the foyer is a winding staircase that leads to a spacious & bright 1 br apt. w/ large windows and galley kitchen. Hardwood floors downstairs & wide plank floors (in need of refinishing) under upstairs carpet. Both units are fully furnished & the owner might be willing to sell some furnishings. Survey, deed, annotated structural inspection (all good news!), floorplans & C of C are available from your Realtor.

7. 2004-08-13
   soldstatus $147,000
8. 1999-07-09
   soldstatus $85,000

ⓘ 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: $5,722 · $477/mo
• Projected year-2 tax: $6,063 · $505/mo
• Expected delta: +$342/yr (+$28/mo · 6.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 39% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $57,120
• − Mortgage interest: −$21,230
• − Property taxes: −$5,722
• − Insurance: −$1,895
• − Repairs & maintenance: −$4,570
• − Management: −$4,570
• − Depreciation: −$11,025
• Taxable income: $8,109
• Est. tax owed @ 24.0%: −$1,946
• After-tax cash flow: $11,712/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: 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

+345.9% since first listed

8 events — show timeline

• 2026-05-12 Pending — IBRMLS
• 2026-05-12 Pending — IBRMLS
• 2026-04-25 Contingent — IBRMLS
• 2026-04-25 Contingent — IBRMLS
• 2026-04-16 Listed $379,000 IBRMLS
• 2026-04-16 Listed $379,000 IBRMLS
• 2004-08-13 Sold (Public Records) $147,000 Public Records
• 1999-07-09 Sold (Public Records) $85,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $5,722 · +3.2% YoY. Source: county tax records.