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506-508 W Clinton St Duplex
A- Composite 82.03
Why this score? — see what drove the A- 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
  • ARV discount +15.0/15.0
  • 1% rule +10.0/10.0
  • DSCR +10.0/10.0
  • Schools +7.1/10.0
  • Livability +3.9/5.0
  • Rent growth +3.8/5.0
  • Condition / age +2.2/5.0
  • Appreciation +0.0/10.0

$299,000

506-508 W Clinton St · Ithaca, NY 14850
6 bd · 2.0 ba · 1,976 sqft · MultiFamily public records · 119 Days on market
Built 1910 Fair condition 3,108 sqft lot $151/sqft · 34% below area Est $453k · 34% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Opportunity to own income property, side by side duplex. Separate gas and electric meters. Some new appliances. Contact your agent for a showing.

Key facts

  • Side by side duplex
  • New appliances
  • 3,108 sq ft lot

Tags

SIDE BY SIDE DUPLEXNEW APPLIANCES

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2 × 3-bed/1.0-bath units multifamily listed at $299k. Condition is rated fair.
  • This rent per unit runs 41% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

  • At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $820/mo.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($5k rent vs $299k).
  • Recommended offer: $272k (9.0% below list) — sets the bar for market timing.
  • Cap rate 12.9% vs local median 3.9% 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: Belle Sherman School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 307 students, 34% 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) — zoned schools at 34% FRL track the district average.
  • Market conditions: Rents rising fast (+5.2%/yr); 492 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 $2k of loan paydown is wiped out by about $9k 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 $84k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

  • It's been on market 119 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
  • Current owner paid $180k; list at $299k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

  • Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
Recommended offer $272,090 (9.0% below list)

Questions for the listing agent

  1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
  2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
  3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
  4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
  5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  8. 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?
  9. 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.
  10. 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.
  11. 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
1.64%
Cap rate
12.87%
Cash-on-cash
23.50%
DSCR
2.05
GRM
5.1

CMA / ARV

ARV (median comp)
$452,743
List price
$299,000
Delta
-33.96%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 6 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
402 S Plain St 0.02mi 5/2.5 (-1) 2,140 (+8%) 4mo $430,000 $201 75
319 Hillview Pl 0.48mi 6/2.0 2,082 (+5%) 18mo $289,900 $139 54
321 - 321.5 Hillview Pl 0.48mi 6/2.5 2,240 (+13%) 7mo $350,000 $156 48
215 - 217 Prospect St 0.55mi 6/3.0 1,864 (-6%) 18mo $465,000 $249 46
750 S Aurora St 0.54mi 6/2.0 1,792 (-9%) 17mo $357,500 $199 45
445 N Tioga St 0.67mi 6/2.0 2,234 (+13%) 3mo $497,500 $223 44

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
19.2%
Equity multiple
1.80×
Total profit
$67,316
Equity at exit
$44,582
10-year hold
IRR
29.1%
Equity multiple
3.89×
Total profit
$241,819
Equity at exit
$25,852

Cash invested: $83,720 (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.
Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
8 active · 2 under contract
Months of supply
24.0 mo (4%/mo absorbed)
Median asking
$372,500 ($181/sqft)
Median days on market
65 d
This list price
12% of active listings are priced below it
ARV vs active asking
+26.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14850

Rents YoY
5.2%
Active inventory
492
Price-to-rent
10.2×

Monthly cashflow live

Estimated rent
$4,901 high interval (Pro) →
Mortgage (P&I)
$1,568
Tax from tax record
$540 /mo · $6,480/yr
Insurance
$125
HOA
$0
Vacancy / Maint / Mgmt
$1,029
Net cashflow
$1,639

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

UnitsBedsBathsEst. rent
Total (2 units) $4,901

Break-even live

Break-even rent $2,826
Max offer price $299,000
Occupancy floor 62%

Sensitivity live

Price -10% $1,808 -5% $1,724 +0% $1,639 +5% $1,555 +10% $1,470
Rent -10% $1,252 -5% $1,446 +0% $1,639 +5% $1,833 +10% $2,026
Rate -1.0pp $1,790 -0.5pp $1,715 base $1,639 +0.5pp $1,562 +1.0pp $1,483

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
$74,750
Closing costs
$8,970
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
430 W State St Ithaca, NY 2.0 1.0–2.0 741 $3,725 $5.03 2d 9 0.20mi
220-222 W Spencer St #5 Ithaca, NY 2.0 1.0 534 $1,400 $2.62 6d 1 0.31mi
403 S Cayuga St Unit 2 Ithaca, NY 3.0 1.0 $1,950 6d 1 0.32mi
209 N Meadow St Apt B Ithaca, NY 3.0 1.0 $2,100 6d 1 0.32mi
209 N Meadow St Apt A Ithaca, NY 2.0 1.0 $1,700 6d 1 0.32mi
602 W Seneca St Unit A2 Ithaca, NY 2.0 1.0 $1,500 6d 1 0.34mi
322 N Plain St Ithaca, NY 2.0 1.0 $1,850 6d 1 0.35mi
125 E State St Ithaca, NY 1.0–2.0 1.0–2.0 1000 $3,800 $3.80 6d 5 0.35mi
171 E State St Apt 362 Ithaca, NY 2.0 1.0 682 $1,900 $2.79 6d 1 0.40mi
210 E Green St Ithaca, NY 2.0 1.0–2.0 700 $3,699 $5.28 2d 23 0.42mi
119 Prospect St Ithaca, NY 3.0 1.0 1296 $675 $0.52 3d 2 0.43mi
220 E State St Unit 4 Ithaca, NY 2.0 1.0 1000 $1,400 $1.40 6d 1 0.45mi
123 Columbia St Unit 1 Ithaca, NY 3.0 1.0 $2,050 6d 1 0.45mi
123 Columbia St #2 Ithaca, NY 2.0 1.0 $1,775 6d 1 0.45mi
312 S Aurora St Ithaca, NY 4.0 2.0 1200 $1,688 $1.41 2d 2 0.45mi
320 Hillview Pl Ithaca, NY 2.0–3.0 1.0 810 $2,100 $2.59 2d 4 0.46mi
410 S Aurora St #2 Ithaca, NY 3.0 1.0 $1,775 6d 1 0.47mi
502 S Aurora St Unit 1 Ithaca, NY 2.0 1.0 800 $1,600 $2.00 6d 1 0.47mi
510 N Albany St Apt 1 Ithaca, NY 2.0 1.0 800 $1,750 $2.19 6d 1 0.48mi
409 S Aurora St Ithaca, NY 4.0 2.0 1247 $3,200 $2.57 6d 1 0.49mi
407 S Aurora St Ithaca, NY 4.0 2.0 1247 $3,200 $2.57 6d 1 0.49mi
413 S Aurora St Unit 1 Ithaca, NY 4.0 2.0 $2,800 6d 1 0.49mi
107 Hudson St #2 Ithaca, NY 2.0 1.0 $1,450 6d 1 0.50mi
112 Hudson St Ithaca, NY 1.0–2.0 1.0–2.0 $1,750 2d 2 0.51mi
513 S Aurora St Ithaca, NY 3.0 1.0 1000 $2,100 $2.10 6d 1 0.51mi
517 S Aurora St Unit 2 Ithaca, NY 3.0 1.0 1400 $2,150 $1.54 6d 1 0.51mi
324 Spencer Rd Ithaca, NY 2.0 1.0 850 $1,700 $2.00 6d 1 0.54mi
318 E Seneca St Unit 7 Ithaca, NY 2.0 1.0 $1,800 6d 1 0.54mi
323 Taughannock Blvd Ithaca, NY 2.0 2.5 1542 $3,152 $2.04 2d 3 0.56mi
401 E State St Ithaca, NY 1.0–2.0 1.0–1.5 915 $3,750 $4.10 6d 18 0.56mi
427 N Cayuga St Unit 6 Ithaca, NY 2.0 1.0 $1,495 6d 1 0.57mi
208 Hudson St #2 Ithaca, NY 2.0 1.0 $1,500 6d 1 0.57mi
105 Grandview Ave Ithaca, NY 3.0 1.0 1500 $1,875 $1.25 6d 1 0.59mi
206 3rd St Unit A Ithaca, NY 3.0 1.0 1300 $950 $0.73 6d 1 0.60mi
815 S Aurora St Ithaca, NY 2.0–4.0 1.0 936 $2,125 $2.27 2d 1 0.62mi
445 N Tioga St Unit 2 Ithaca, NY 3.0 1.0 1117 $700 $0.63 6d 1 0.65mi
115 James St Ithaca, NY 2.0 1.5 $1,950 2d 1 0.67mi
648 Hudson St Unit 648 Downstairs Ithaca, NY 3.0 1.0 $2,250 6d 1 0.72mi
201 Cayuga Park Ln Unit 2BR Ithaca, NY 2.0 2.0 1143 $3,420 $2.99 6d 1 0.75mi
201 Cayuga Park Ln Unit 3BR Ithaca, NY 3.0 2.0 1325 $4,040 $3.05 6d 1 0.75mi

Property features AI

Exterior

Utilities
Public waterSewer connectedWater connectedCable available
Home design
Multi-family residential propertyAttached propertyTwo stories
Construction
Frame constructionVinyl sidingAsphalt shingle roof
Exterior features
DeckRectangular lotCity street frontagePublicly maintained road

Interior

Flooring
CarpetVinylVaried flooring
Bathrooms
2 full bathrooms
Heating & cooling
Forced air heatingNatural gas heating
Interior features
Gas water heater

Listing history 50 events

  1. 2026-09-24
    days on market $299,000 Active 119 DOM
  2. 2026-09-24
    days on market $299,000 Active 118 DOM
  3. 2026-09-22
    days on market $299,000 Active 117 DOM
  4. 2026-09-20
    days on market $299,000 Active 115 DOM
  5. 2026-09-18
    days on market $299,000 Active 113 DOM
  6. 2026-09-17
    days on market $299,000 Active 112 DOM
  7. 2026-09-16
    days on market $299,000 Active 111 DOM
  8. 2026-09-15
    days on market $299,000 Active 110 DOM
  9. 2026-09-14
    days on market $299,000 Active 109 DOM
  10. 2026-09-13
    days on market $299,000 Active 108 DOM
  11. 2026-09-12
    days on market $299,000 Active 107 DOM
  12. 2026-09-11
    days on market $299,000 Active 106 DOM
  13. 2026-09-05
    days on market $299,000 Active 100 DOM
  14. 2026-09-04
    days on market $299,000 Active 99 DOM
  15. 2026-09-03
    days on market $299,000 Active 98 DOM
  16. 2026-09-02
    days on market $299,000 Active 97 DOM
  17. 2026-08-30
    days on market $299,000 Active 94 DOM
  18. 2026-08-29
    days on market $299,000 Active 93 DOM
  19. 2026-08-28
    days on market $299,000 Active 92 DOM
  20. 2026-08-27
    days on market $299,000 Active 91 DOM
  21. 2026-08-25
    days on market $299,000 Active 89 DOM
  22. 2026-08-24
    days on market $299,000 Active 88 DOM
  23. 2026-08-23
    days on market $299,000 Active 87 DOM
  24. 2026-08-22
    days on market $299,000 Active 86 DOM
  25. 2026-08-21
    days on market $299,000 Active 85 DOM
  26. 2026-08-20
    days on market $299,000 Active 84 DOM
  27. 2026-08-19
    days on market $299,000 Active 83 DOM
  28. 2026-08-18
    days on market $299,000 Active 82 DOM
  29. 2026-08-17
    days on market $299,000 Active 81 DOM
  30. 2026-08-16
    days on market $299,000 Active 80 DOM
  31. 2026-08-15
    days on market $299,000 Active 79 DOM
  32. 2026-08-14
    days on market $299,000 Active 78 DOM
  33. 2026-08-13
    days on market $299,000 Active 77 DOM
  34. 2026-08-12
    days on market $299,000 Active 76 DOM
  35. 2026-08-11
    days on market $299,000 Active 75 DOM
  36. 2026-08-10
    days on market $299,000 Active 74 DOM
  37. 2026-08-09
    days on market $299,000 Active 73 DOM
  38. 2026-08-08
    days on market $299,000 Active 72 DOM
  39. 2026-08-07
    days on market $299,000 Active 71 DOM
  40. 2026-08-06
    days on market $299,000 Active 70 DOM
  41. 2026-08-05
    days on market $299,000 Active 69 DOM
  42. 2026-08-04
    days on market $299,000 Active 68 DOM
  43. 2026-08-03
    days on market $299,000 Active 67 DOM
  44. 2026-07-31
    days on market $299,000 Active 64 DOM
  45. 2026-07-29
    days on market $299,000 Active 62 DOM
  46. 2026-07-27
    days on market $299,000 Active 60 DOM
  47. 2026-07-25
    days on market $299,000 Active 58 DOM
  48. 2026-07-23
    days on market $299,000 Active 56 DOM
  49. 2026-07-22
    days on market $299,000 Active 55 DOM
  50. 2026-07-21
    days on market $299,000 Active 54 DOM

ⓘ 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
$6,480 · $540/mo
Projected year-2 tax
$6,480 · $540/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 (shaded) · 0% 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$58,812
− Mortgage interest
−$16,749
− Property taxes
−$6,480
− Insurance
−$1,495
− Repairs & maintenance
−$4,705
− Management
−$4,705
− Depreciation
−$8,698
Taxable income
$15,980
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$3,835
After-tax cash flow
$15,835/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab Est. rehab $49,400–$88,920 screening

This multi-family property requires moderate renovations, including kitchen and bathroom updates, exterior painting, and landscaping. It presents an opportunity for an investor to improve its value through targeted renovations.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet Counters laminate Appliances black HVAC central · new lt5

Repairs flagged

  • Major Kitchen appliances — Older appliances may need replacement or repair.
  • Major Bathroom fixtures — Older fixtures may need replacement or repair.
  • Moderate Exterior siding — Weathered appearance suggests potential need for repainting or replacement.

Value-add opportunities

  • Resale New kitchen appliances — Modern appliances can significantly enhance the appeal of a home for buyers.
  • Resale Bathroom updates — Fresh fixtures and possibly new tile can greatly improve the home's appeal.
  • Both Exterior painting — Fresh paint can improve curb appeal and the home's overall condition.

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 71/100

Zoned Schools

Elementary Belle Sherman School B- NY #745/2,108 Nat'l #7,252/41,679 Middle Dewitt Middle School B NY #161/729 Nat'l #1,836/14,009 High Ithaca Senior High School A+ NY #83/1,100 Nat'l #116/17,239

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
B Composite livability gradescore 77/100

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 · 113,958 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
13% of renters

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

Price history

+368.2% since first listed
5 events — show timeline
  • 2026-06-17 Price Changed $309,000 IBRMLS
  • 2026-05-28 Listed $329,000 IBRMLS
  • 2015-07-21 Sold (Public Records) $180,000 Public Records
  • 2009-04-03 Sold (Public Records) $79,700 Public Records
  • 2004-02-11 Sold (Public Records) $66,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $6,480 · +2.3% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…