187 Tompkins St · Cortland, NY 13045

$168,000

4 bd · 2.5 ba · 1,792 sqft · SingleFamily public records · 28 Days on market

Built 1909 0.52 ac lot $94/sqft · 17% below area Est $202k · 17% 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 +26.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +8.9/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 2 story home located in the City of Cortland. Walking distance to Cortland State Universality. Home offers 4 bedrooms 2 full baths, hardwood floors through out, and a nice size eat-in kitchen. There is a main floor primary bedroom with full bath. This could be also be used used as a in-law bedroom suite. It has a private entrance with ramp. Nice deep lot and beautiful perennials flowers. Please note the lot size is incorrect on the tax site. The correct lot size is . 70 acres

Key facts

• Open modern layout
• Accessible bathroom
• New hot water heater

Tags

• WHEELCHAIR ACCESSIBLE ENTRANCE
• ACCESSIBLE BATHROOM
• REFRESHED FLOORING
• OPEN MODERN LAYOUT
• DEEP BACKYARD
• NEW HOT WATER HEATER

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking: No garage; Shared driveway
• Security:
• Utilities: Electricity connected; High-speed internet available; Public water connected; Sewer connected
• Home design: 2-story existing home; Stone foundation; Shingle roof; Aluminum siding
• Construction: Built previously (existing); Aluminum siding construction; Stone foundation; Shingle roof
• Exterior features: Blacktop, concrete, and gravel driveways; Deck; Covered porch; Porch; Shed(s) and storage; Near public transit; Irregular lot; Main thoroughfare frontage

Interior

• Kitchen: Gas oven and gas range; Dishwasher; Refrigerator; Eat-in kitchen
• Bedrooms: Total of 9 rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Hardwood; Laminate; Varies
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Accessible approach with ramp, accessible doors, and accessible entrance; Ceiling fan(s); Separate/formal dining room; Entrance foyer; Eat-in kitchen; Separate/formal living room; Natural woodwork; Has full basement
• Laundry & utility: Washer and dryer located in basement; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $168k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $165k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 6.2% in Cortland — 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 (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, employment D.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• This rent runs 40% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $47k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $14k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,480 (1.5% below list)

Questions for the listing agent

1. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.31%
• DSCR: 1.50
• GRM: 6.0

CMA / ARV

• ARV (median comp): $202,418
• List price: $168,000
• Delta: -8.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Pearl St	0.07mi	4/2.0	1,569 (-12%)	7mo	$180,000	$115	68
135 Tompkins St	0.23mi	4/2.0	1,928 (+8%)	18mo	$158,000	$82	59
10 Levydale Park	0.29mi	3/2.0 (-1)	1,532 (-14%)	1mo	$219,000	$143	55
16 Park St	0.31mi	4/1.5	1,688 (-6%)	22mo	$45,000	$27	54
1296 Starr Rd	0.52mi	3/2.0 (-1)	1,884 (+5%)	9mo	$265,000	$141	53
1224 Louise Dr	0.35mi	3/2.0 (-1)	1,566 (-13%)	4mo	$240,500	$154	52
12 Ellwood Ave	0.69mi	3/1.5 (-1)	1,740 (-3%)	7mo	$221,325	$127	48
27 James St	0.56mi	3/2.0 (-1)	1,687 (-6%)	14mo	$212,000	$126	46
2 Bellrose Ave	0.73mi	3/2.0 (-1)	1,746 (-3%)	12mo	$190,000	$109	44
1103 Halstead Rd	0.62mi	3/2.5 (-1)	1,559 (-13%)	3mo	$353,000	$226	42
21 Atkins Ave	0.64mi	4/1.5	1,680 (-6%)	18mo	$179,000	$107	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.29×
• Total profit: $13,525
• Equity at exit: $25,049

10-year hold

• IRR: 20.7%
• Equity multiple: 3.23×
• Total profit: $104,976
• Equity at exit: $14,526

Cash invested: $47,040 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,332 medium
• Mortgage (P&I): −$881
• Tax from tax record: −$448 /mo · $5,375/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $443

Break-even live

Break-even rent $1,771

Max offer price $168,000

Occupancy floor 76%

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31 James St Cortland, NY	3.0	1.5	1319	$3,600	$2.73	44d	1	0.58mi
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	44d	1	1.39mi

Listing history 30 events

1. 2026-06-19
   days on market $168,000 Active 28 DOM
2. 2026-06-18
   days on market $168,000 Active 27 DOM
3. 2026-06-17
   days on market $168,000 Active 26 DOM
4. 2026-06-17
   price $168,000 Active 25 DOM
5. 2026-06-16
   days on market $182,000 Active 25 DOM
6. 2026-06-15
   days on market $182,000 Active 24 DOM
7. 2026-06-14
   days on market $182,000 Active 22 DOM
8. 2026-06-12
   days on market $182,000 Active 21 DOM
9. 2026-06-09
   days on market $182,000 Active 18 DOM
10. 2026-06-08
    days on market $182,000 Active 17 DOM
11. 2026-06-07
    days on market $182,000 Active 16 DOM
12. 2026-06-05
    days on market $182,000 Active 13 DOM
13. 2026-06-03
    days on market $182,000 Active 12 DOM
14. 2026-06-02
    days on market $182,000 Active 11 DOM
15. 2026-06-01
    days on market $182,000 Active 10 DOM
16. 2026-05-31
    days on market $182,000 Active 9 DOM
17. 2026-05-30
    days on market $182,000 Active 8 DOM
18. 2026-05-18
    historical
19. 2026-03-20
    listed $185,000 Active
20. 2024-01-10
    soldstatus $150,000
21. 2024-01-05
    soldstatus $150,000 Closed 485-char remark

    Show marketing remark (485 chars)

    Nice 2 story home located in the City of Cortland. Walking distance to Cortland State Universality. Home offers 4 bedrooms 2 full baths, hardwood floors through out, and a nice size eat-in kitchen. There is a main floor primary bedroom with full bath. This could be also be used used as a in-law bedroom suite. It has a private entrance with ramp. Nice deep lot and beautiful perennials flowers. Please note the lot size is incorrect on the tax site. The correct lot size is . 70 acres

22. 2023-11-10
    status Pending Sale 485-char remark

    Show marketing remark (485 chars)

    Nice 2 story home located in the City of Cortland. Walking distance to Cortland State Universality. Home offers 4 bedrooms 2 full baths, hardwood floors through out, and a nice size eat-in kitchen. There is a main floor primary bedroom with full bath. This could be also be used used as a in-law bedroom suite. It has a private entrance with ramp. Nice deep lot and beautiful perennials flowers. Please note the lot size is incorrect on the tax site. The correct lot size is . 70 acres

23. 2023-10-27
    historical Continue to Show- Under Contract 485-char remark

    Show marketing remark (485 chars)

    Nice 2 story home located in the City of Cortland. Walking distance to Cortland State Universality. Home offers 4 bedrooms 2 full baths, hardwood floors through out, and a nice size eat-in kitchen. There is a main floor primary bedroom with full bath. This could be also be used used as a in-law bedroom suite. It has a private entrance with ramp. Nice deep lot and beautiful perennials flowers. Please note the lot size is incorrect on the tax site. The correct lot size is . 70 acres

24. 2023-09-25
    price $155,000 485-char remark

    Show marketing remark (485 chars)

    Nice 2 story home located in the City of Cortland. Walking distance to Cortland State Universality. Home offers 4 bedrooms 2 full baths, hardwood floors through out, and a nice size eat-in kitchen. There is a main floor primary bedroom with full bath. This could be also be used used as a in-law bedroom suite. It has a private entrance with ramp. Nice deep lot and beautiful perennials flowers. Please note the lot size is incorrect on the tax site. The correct lot size is . 70 acres

25. 2023-09-01
    listed $170,000 Active 485-char remark

    Show marketing remark (485 chars)

    Nice 2 story home located in the City of Cortland. Walking distance to Cortland State Universality. Home offers 4 bedrooms 2 full baths, hardwood floors through out, and a nice size eat-in kitchen. There is a main floor primary bedroom with full bath. This could be also be used used as a in-law bedroom suite. It has a private entrance with ramp. Nice deep lot and beautiful perennials flowers. Please note the lot size is incorrect on the tax site. The correct lot size is . 70 acres

26. 2019-04-18
    soldstatus $108,000
27. 2019-04-18
    soldstatus $108,000
28. 2019-02-19
    listed $105,900
29. 2003-08-13
    soldstatus $73,600
30. 1997-11-17
    soldstatus $55,000

ⓘ 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: $5,375 · $448/mo
• Projected year-2 tax: $5,375 · $448/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥92°F today · 17 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: $27,986
• − Mortgage interest: −$9,411
• − Property taxes: −$5,375
• − Insurance: −$840
• − Repairs & maintenance: −$2,239
• − Management: −$2,239
• − Depreciation: −$4,887
• Taxable income: $2,995
• Est. tax owed @ 24.0%: −$719
• After-tax cash flow: $4,602/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: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

Population outlook (Cortland County) Hauer SSP2

• Today (2025): 47,543 people
• By 2030: 46,107 · -3.0%
• By 2040: 43,122 · -9.3%
• By 2050: 40,216 · -15.4%
• By 2075: 34,717 · -27.0%
• By 2100: 28,953 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Cortland

• 2024 margin: Lean R (+6.4) · D 46.8% · R 53.2%
• 2008→2024 swing: -16.4pp toward R · 2008: 10.0pp · 2024: -6.4pp
• All cycles: 2024: R+6.4 2020: R+1.9 2016: R+6.7 2012: D+8.8 2008: D+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, 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

+205.5% since first listed

15 events — show timeline

• 2026-06-16 Price Changed $168,000 CNYIS
• 2026-05-22 Listed $182,000 CNYIS
• 2026-05-18 Listing Removed — CNYIS
• 2026-03-20 Listed $185,000 CNYIS
• 2024-01-10 Sold (Public Records) $150,000 Public Records
• 2024-01-05 Sold (MLS) $150,000 CNYIS
• 2023-11-10 Pending — CNYIS
• 2023-10-27 Contingent — CNYIS
• 2023-09-25 Price Changed $155,000 CNYIS
• 2023-09-01 Listed $170,000 CNYIS
• 2019-04-18 Sold (Public Records) $108,000 Public Records
• 2019-04-18 Sold (MLS) $108,000 CNYIS
• 2019-02-19 Listed $105,900 CNYIS
• 2003-08-13 Sold (Public Records) $73,600 Public Records
• 1997-11-17 Sold (Public Records) $55,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $5,375 · +6.0% YoY. Source: county tax records.