37 Perrine St · Auburn, NY 13021

$224,900

3 bd · 3.0 ba · 2,744 sqft · MultiFamily public records · 25 Days on market

Built 1890 6,930 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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

This three unit is a great opportunity to add a money maker to your portfolio. The yearly gross rent here is $30,600.

Key facts

• Separate utilities
• New plumbing
• New flooring

Tags

• MULTI-FAMILY PROPERTY
• SEPARATE UTILITIES
• NEW ELECTRICAL SERVICE
• NEW PLUMBING
• NEW FLOORING
• NEW APPLIANCES

Property features AI

Finance

• Financial info: Owner pays water; Rent includes water; Operating expenses include insurance, structure maintenance, and water/sewer

Exterior

• Parking: Common parking available
• Utilities: High-speed internet available; Public water connected; Sewer connected
• Home design: Two-story building; Existing (previously built) property
• Construction: Vinyl siding; Wood siding; Asphalt roof
• Exterior features: Covered porch; Patio/porch; Awning(s); Near public transit; Rectangular residential lot; City street frontage; Lot dimensions approximately 49 x 140

Interior

• Kitchen: Electric water heater
• Bedrooms: Multi-unit property with a total of 3 residential units
• Flooring: Ceramic tile; Laminate; Vinyl; Varied flooring throughout
• Bathrooms: Three full bathrooms
• Heating & cooling: Gas heating; Baseboard heating; Hot water heating
• Interior features: Full walk-out basement; Awning(s) on exterior (visible from interior features); Resale condition
• Laundry & utility: Separate electric meters for each unit (3); Single gas meter serving the property (1)

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 7.6% in Auburn — 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 74/100 on livability (#298 in NY, #4,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F, employment D-.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Casey Park Elementary School (math 13% / reading 25%, grade F, #2,000 of 2,108 statewide, top 95%, 392 students, 78% FRL); Auburn Junior High School (math 16% / reading 26%, grade F, #661 of 729 statewide, top 91%, 598 students, 81% FRL); Auburn High School (math 88% / reading 84%, grade A, #347 of 1,100 statewide, top 32%, 1,183 students, 51% FRL) — zoned schools average 70% FRL vs 42% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 221 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $4,191/mo this rent would consume 83% of the median local household income ($61k/yr) (locally 1449% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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 $65k; list at $225k implies a 246% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,526 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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 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?
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: 1.86% ✓
• Cap rate: 16.22%
• Cash-on-cash: 35.46%
• DSCR: 2.58
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 2.30×
• Total profit: $82,076
• Equity at exit: $33,533

10-year hold

• IRR: 38.2%
• Equity multiple: 4.56×
• Total profit: $224,081
• Equity at exit: $19,445

Cash invested: $62,972 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $4,191 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$177 /mo · $2,123/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$880
• Net cashflow: $1,861

Break-even live

Break-even rent $1,835

Max offer price $224,900

Occupancy floor 51%

Sensitivity live

Price	-10% $1,988	-5% $1,925	+0% $1,861	+5% $1,797	+10% $1,734
Rent	-10% $1,530	-5% $1,695	+0% $1,861	+5% $2,026	+10% $2,192
Rate	-1.0pp $1,974	-0.5pp $1,918	base $1,861	+0.5pp $1,803	+1.0pp $1,743

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,191
Total (3 units)			$4,191

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
78 Chedell Pl Auburn, NY	2.0	1.0	2096	$1,100	$0.52	45d	1	1.01mi
5 Sheridan St Auburn, NY	4.0	2.0	1788	$1,995	$1.12	45d	1	1.05mi
173 E Genesee St Unit 171 Auburn, NY	3.0	1.5	2000	$2,000	$1.00	45d	1	1.35mi

Listing history 22 events

1. 2026-06-19
   days on market $224,900 Active 25 DOM
2. 2026-06-18
   days on market $224,900 Active 24 DOM
3. 2026-06-17
   days on market $224,900 Active 23 DOM
4. 2026-06-16
   days on market $224,900 Active 22 DOM
5. 2026-06-15
   days on market $224,900 Active 21 DOM
6. 2026-06-14
   days on market $224,900 Active 19 DOM
7. 2026-06-12
   days on market $224,900 Active 18 DOM
8. 2026-06-09
   days on market $224,900 Active 15 DOM
9. 2026-06-08
   days on market $224,900 Active 14 DOM
10. 2026-06-07
    days on market $224,900 Active 13 DOM
11. 2026-06-05
    days on market $224,900 Active 10 DOM
12. 2026-06-03
    days on market $224,900 Active 9 DOM
13. 2026-06-02
    days on market $224,900 Active 8 DOM
14. 2026-06-01
    days on market $224,900 Active 7 DOM
15. 2026-05-31
    days on market $224,900 Active 6 DOM
16. 2026-05-30
    days on market $224,900 Active 5 DOM
17. 2026-05-25
    listed $224,900 Active
18. 2024-03-25
    soldstatus $65,000 Closed 117-char remark

    Show marketing remark (117 chars)

    This three unit is a great opportunity to add a money maker to your portfolio. The yearly gross rent here is $30,600.

19. 2024-01-12
    status Pending 117-char remark

    Show marketing remark (117 chars)

    This three unit is a great opportunity to add a money maker to your portfolio. The yearly gross rent here is $30,600.

20. 2023-11-03
    price $90,000 117-char remark

    Show marketing remark (117 chars)

    This three unit is a great opportunity to add a money maker to your portfolio. The yearly gross rent here is $30,600.

21. 2023-10-07
    price $105,000 117-char remark

    Show marketing remark (117 chars)

    This three unit is a great opportunity to add a money maker to your portfolio. The yearly gross rent here is $30,600.

22. 2023-09-13
    listed $125,000 Active 117-char remark

    Show marketing remark (117 chars)

    This three unit is a great opportunity to add a money maker to your portfolio. The yearly gross rent here is $30,600.

ⓘ 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: $2,123 · $177/mo
• Projected year-2 tax: $2,962 · $247/mo
• Expected delta: +$839/yr (+$70/mo · 39.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $50,292
• − Mortgage interest: −$12,598
• − Property taxes: −$2,123
• − Insurance: −$1,124
• − Repairs & maintenance: −$4,023
• − Management: −$4,023
• − Depreciation: −$6,543
• Taxable income: $19,857
• Est. tax owed @ 24.0%: −$4,766
• After-tax cash flow: $17,565/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: Auburn City School District
• NCES district ID: 3603480
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $43,567
• Composite: 29.71/100
• National rank: #6452
• State rank: #558 of 590 in NY

Livability — Auburn

• Score: 74/100
• State rank: #298
• US rank: #4814

Category grades

Amenities D- Commute F Cost of living A+ Crime B Employment D- Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, NY
• County: Cayuga County · 37,247 people
• City population: 37,247
• Metro: Auburn, NY
• Population (ZIP): 37,247
• Household income: $60,712
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1449.0

Population outlook (Cayuga County) Hauer SSP2

• Today (2025): 74,820 people
• By 2030: 72,402 · -3.2%
• By 2040: 66,917 · -10.6%
• By 2050: 61,007 · -18.5%
• By 2075: 48,047 · -35.8%
• By 2100: 34,512 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Subsaharan African 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Cayuga

• 2024 margin: R (+13.0) · D 43.5% · R 56.5%
• 2008→2024 swing: -21.5pp toward R · 2008: 8.5pp · 2024: -13.0pp
• All cycles: 2024: R+13.0 2020: R+9.2 2016: R+13.2 2012: D+10.8 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.53%
• Current HPI: 338.5537
• Rent YoY: —
• Metro: Auburn, 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

+79.9% since first listed

6 events — show timeline

• 2026-05-25 Listed $224,900 CNYIS
• 2024-03-25 Sold (MLS) $65,000 CNYIS
• 2024-01-12 Pending — CNYIS
• 2023-11-03 Price Changed $90,000 CNYIS
• 2023-10-07 Price Changed $105,000 CNYIS
• 2023-09-13 Listed $125,000 CNYIS

Property tax history

-1.1%/yr

Latest (2025): $2,123 · +10.8% YoY. Source: county tax records.