205 W Buffalo St · Ithaca, NY 14850

$488,800

4 bd · 2.0 ba · 1,931 sqft · MultiFamily public records · 47 Days on market

Built 1910 2,185 sqft lot Est $350k · 40% over

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Why this score? — see what drove the F 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).

• Schools +5.4/10.0
• Cash flow +4.2/30.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0
• 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

Now is you chance to own a two unit property in a great location in downtown Ithaca. Fully rented, the first floor features a 1 bedroom 1 bath apartment with a stunning new kitchen, large living and dining rooms, bedroom, and bath. There's a full-length enclosed porch. Upstairs, find a 3 bedroom apartment with living and dining rooms. Lead Based Paint abatement has been done, there's spray foam insulation, and lots of basement storage! Replacement windows, tasteful landscaping, and a great rental history complete this home! Fully rented, too. All offers will be reviewed on 03/29/19

Key facts

• Three stories
• Craftsman style home
• Front porch

Tags

• CRAFTSMAN STYLE HOME
• TWO SEPARATE LIVING SPACES
• ORIGINAL WOOD DETAILS
• HARDWOOD FLOORS
• THREE STORIES
• FRONT PORCH

Property features AI

Finance

• Financial info: Unit rents: one unit at $2,400; one unit at $2,100

Exterior

• Parking: Off-site parking; On-street parking
• Utilities: Public water; Sewer connected; Circuit breaker electric; Water connected
• Home design: Residential multi-family property; 2 stories
• Construction: Frame construction; Blown-in and foam insulation; Stone foundation; Asphalt roof; Built as multi-family
• Exterior features: Patio; Porch; Rectangular lot

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: One unit with 3 bedrooms; One unit with 1 bedroom
• Flooring: Hardwood; Laminate; Tile; Varies
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Baseboard heating; Natural gas heating
• Interior features: Storage; Natural woodwork; Full basement
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $489k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (47.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (46.7% below list).
• Recommended offer: $255k (47.8% below list) — sets the bar for cash-flow.
• Cap rate 3.0% vs local median 5.3% in Ithaca — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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) — zoned schools average 58% FRL vs 30% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 64% district-wide (-39 pts) — the specific schools serving this property underperform the Ithaca City School District average; the district grade overstates school quality for this exact location.
• 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).

Forward outlook

• 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.
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($474k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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 $262k; list at $489k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $255,083 (47.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.53% ✗
• Cap rate: 3.04%
• Cash-on-cash: -11.60%
• DSCR: 0.48
• GRM: 15.6

CMA / ARV

• ARV (on-the-fly): $349,511
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
517 W Buffalo St	0.31mi	4/2.0	1,864 (-4%)	5mo	$342,200	$184	75
406 W Court St	0.19mi	4/2.0	1,800 (-7%)	7mo	$255,000	$142	74
121 Cleveland Ave	0.32mi	4/2.0	2,082 (+8%)	3mo	$313,650	$151	69
122-24 Linn St	0.38mi	4/2.0	1,792 (-7%)	4mo	$320,000	$179	67
328 W Seneca St	0.13mi	4/2.0	2,190 (+13%)	6mo	$389,000	$178	67
217-219 1st St	0.37mi	4/2.0	1,800 (-7%)	10mo	$325,000	$181	63
402 S Plain St	0.34mi	5/2.5 (+1)	2,140 (+11%)	1mo	$430,000	$201	58
202 Utica St	0.39mi	4/2.0	1,832 (-5%)	19mo	$359,000	$196	57
207 Auburn St	0.54mi	5/3.0 (+1)	1,774 (-8%)	23mo	$350,000	$197	33

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: -35.2%
• Equity multiple: -0.15×
• Total profit: $-157,478
• Equity at exit: $72,882

10-year hold

• IRR: -34.7%
• Equity multiple: -0.61×
• Total profit: $-219,907
• Equity at exit: $42,262

Cash invested: $136,864 (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: 15.6×

Monthly cashflow live

• Estimated rent: $2,606 medium
• Mortgage (P&I): −$2,563
• Tax from tax record: −$615 /mo · $7,382/yr
• Insurance: −$204
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $-1,323

Break-even live

Break-even rent $4,281

Max offer price $255,083

Occupancy floor —

Sensitivity live

Price	-10% $-1,046	-5% $-1,185	+0% $-1,323	+5% $-1,461	+10% $-1,600
Rent	-10% $-1,529	-5% $-1,426	+0% $-1,323	+5% $-1,220	+10% $-1,117
Rate	-1.0pp $-1,077	-0.5pp $-1,199	base $-1,323	+0.5pp $-1,450	+1.0pp $-1,579

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: $122,200
• Closing costs: $14,664
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-10
   status Pending
2. 2026-03-31
   historical Active Under Contract
3. 2026-03-24
   listed $488,800 Active
4. 2025-10-13
   status Active
5. 2025-08-06
   listed $488,800 Active
6. 2019-08-14
   soldstatus $261,500 591-char remark

   Show marketing remark (591 chars)

   Now is you chance to own a two unit property in a great location in downtown Ithaca. Fully rented, the first floor features a 1 bedroom 1 bath apartment with a stunning new kitchen, large living and dining rooms, bedroom, and bath. There's a full-length enclosed porch. Upstairs, find a 3 bedroom apartment with living and dining rooms. Lead Based Paint abatement has been done, there's spray foam insulation, and lots of basement storage! Replacement windows, tasteful landscaping, and a great rental history complete this home! Fully rented, too. All offers will be reviewed on 03/29/19

7. 2019-08-14
   soldstatus $261,500

   Show marketing remark (591 chars)

   Now is you chance to own a two unit property in a great location in downtown Ithaca. Fully rented, the first floor features a 1 bedroom 1 bath apartment with a stunning new kitchen, large living and dining rooms, bedroom, and bath. There's a full-length enclosed porch. Upstairs, find a 3 bedroom apartment with living and dining rooms. Lead Based Paint abatement has been done, there's spray foam insulation, and lots of basement storage! Replacement windows, tasteful landscaping, and a great rental history complete this home! Fully rented, too. All offers will be reviewed on 03/29/19

8. 2019-08-14
   soldstatus $253,655

   Show marketing remark (591 chars)

   Now is you chance to own a two unit property in a great location in downtown Ithaca. Fully rented, the first floor features a 1 bedroom 1 bath apartment with a stunning new kitchen, large living and dining rooms, bedroom, and bath. There's a full-length enclosed porch. Upstairs, find a 3 bedroom apartment with living and dining rooms. Lead Based Paint abatement has been done, there's spray foam insulation, and lots of basement storage! Replacement windows, tasteful landscaping, and a great rental history complete this home! Fully rented, too. All offers will be reviewed on 03/29/19

9. 2019-03-15
   listed $230,000 591-char remark

   Show marketing remark (591 chars)

   Now is you chance to own a two unit property in a great location in downtown Ithaca. Fully rented, the first floor features a 1 bedroom 1 bath apartment with a stunning new kitchen, large living and dining rooms, bedroom, and bath. There's a full-length enclosed porch. Upstairs, find a 3 bedroom apartment with living and dining rooms. Lead Based Paint abatement has been done, there's spray foam insulation, and lots of basement storage! Replacement windows, tasteful landscaping, and a great rental history complete this home! Fully rented, too. All offers will be reviewed on 03/29/19

10. 2019-03-15
    listed $229,900

    Show marketing remark (591 chars)

    Now is you chance to own a two unit property in a great location in downtown Ithaca. Fully rented, the first floor features a 1 bedroom 1 bath apartment with a stunning new kitchen, large living and dining rooms, bedroom, and bath. There's a full-length enclosed porch. Upstairs, find a 3 bedroom apartment with living and dining rooms. Lead Based Paint abatement has been done, there's spray foam insulation, and lots of basement storage! Replacement windows, tasteful landscaping, and a great rental history complete this home! Fully rented, too. All offers will be reviewed on 03/29/19

11. 2006-06-02
    soldstatus $185,000
12. 2002-08-19
    soldstatus $125,000

ⓘ 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: $7,382 · $615/mo
• Projected year-2 tax: $7,821 · $652/mo
• Expected delta: +$440/yr (+$37/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 · 65% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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: $31,278
• − Mortgage interest: −$27,380
• − Property taxes: −$7,382
• − Insurance: −$2,444
• − Repairs & maintenance: −$2,502
• − Management: −$2,502
• − Depreciation: −$14,220
• Taxable loss: −$25,153
• Est. tax savings @ 24.0%: +$6,037
• After-tax cash flow: $-9,840/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

+291.0% since first listed

12 events — show timeline

• 2026-05-10 Pending — IBRMLS
• 2026-03-31 Contingent — IBRMLS
• 2026-03-24 Listed $488,800 IBRMLS
• 2025-10-13 Relisted — IBRMLS
• 2025-08-06 Listed $488,800 IBRMLS
• 2019-08-14 Sold (Public Records) $253,655 Public Records
• 2019-08-14 Sold (MLS) $261,500 IBRMLS
• 2019-08-14 Sold (MLS) $261,500 CNYIS
• 2019-03-15 Listed $229,900 IBRMLS
• 2019-03-15 Listed $230,000 CNYIS
• 2006-06-02 Sold (Public Records) $185,000 Public Records
• 2002-08-19 Sold (Public Records) $125,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $7,382 · +2.3% YoY. Source: county tax records.