506-508 W Clinton St · Ithaca, NY 14850

$309,000

6 bd · 2.0 ba · 1,976 sqft · MultiFamily public records · 22 Days on market

Built 1910 3,108 sqft lot Est $393k · 21% under

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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 +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: 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 DUPLEX
• NEW APPLIANCES

Property features AI

Exterior

• Utilities: Public water; Sewer connected; Water connected; Cable available
• Home design: Multi-family residential property; Attached property; Two stories
• Construction: Frame construction; Vinyl siding; Asphalt shingle roof
• Exterior features: Deck; Rectangular lot; City street frontage; Publicly maintained road

Interior

• Flooring: Carpet; Vinyl; Varied flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $309k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $309k).
• Recommended offer: $304k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.4% 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: 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).
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $5,867/mo this rent would consume 99% of the median local household income ($71k/yr) (locally 5169% 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 $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 $87k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $180k; list at $309k implies a 72% 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: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $304,365 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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.
7. 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.
8. 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: 1.90% ✓
• Cap rate: 15.40%
• Cash-on-cash: 32.53%
• DSCR: 2.45
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $393,224
• Comps found: 6

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%)	1mo	$430,000	$201	77
319 Hillview Pl	0.48mi	6/2.0	2,082 (+5%)	15mo	$289,900	$139	56
321 - 321.5 Hillview Pl	0.48mi	6/2.5	2,240 (+13%)	4mo	$350,000	$156	50
215 - 217 Prospect St	0.55mi	6/3.0	1,864 (-6%)	15mo	$465,000	$249	48
750 S Aurora St	0.54mi	6/2.0	1,792 (-9%)	14mo	$357,500	$199	48
411 Hillview Pl	0.56mi	6/2.0	1,765 (-11%)	22mo	$205,000	$116	38

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: 30.2%
• Equity multiple: 2.30×
• Total profit: $112,908
• Equity at exit: $46,073

10-year hold

• IRR: 38.8%
• Equity multiple: 5.03×
• Total profit: $348,962
• Equity at exit: $26,717

Cash invested: $86,520 (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: 8.8×

Monthly cashflow live

• Estimated rent: $5,867 high
• Mortgage (P&I): −$1,620
• Tax from tax record: −$540 /mo · $6,480/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,232
• Net cashflow: $2,346

Break-even live

Break-even rent $2,898

Max offer price $309,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,868
Total (2 units)			$5,867

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: $77,250
• Closing costs: $9,270
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
126 College Ave Ithaca, NY	6.0	2.0	1658	$4,400	$2.65	44d	5	0.96mi

Listing history 21 events

1. 2026-06-19
   days on market $309,000 Active 22 DOM
2. 2026-06-18
   days on market $309,000 Active 21 DOM
3. 2026-06-17
   price $309,000 Active 20 DOM
4. 2026-06-17
   days on market $329,000 Active 20 DOM
5. 2026-06-16
   days on market $329,000 Active 19 DOM
6. 2026-06-15
   days on market $329,000 Active 18 DOM
7. 2026-06-14
   days on market $329,000 Active 16 DOM
8. 2026-06-13
   days on market $329,000 Active 15 DOM
9. 2026-06-10
   days on market $329,000 Active 13 DOM
10. 2026-06-09
    days on market $329,000 Active 12 DOM
11. 2026-06-08
    days on market $329,000 Active 11 DOM
12. 2026-06-07
    days on market $329,000 Active 10 DOM
13. 2026-06-05
    days on market $329,000 Active 7 DOM
14. 2026-06-02
    days on market $329,000 Active 5 DOM
15. 2026-06-01
    days on market $329,000 Active 4 DOM
16. 2026-05-31
    days on market $329,000 Active 3 DOM
17. 2026-05-30
    days on market $329,000 Active 2 DOM
18. 2026-05-28
    listed $329,000 Active
19. 2015-07-21
    soldstatus $180,000
20. 2009-04-03
    soldstatus $79,700
21. 2004-02-11
    soldstatus $66,000

ⓘ 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: $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 6/10 Major FEMA zone X · 66% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $70,404
• − Mortgage interest: −$17,309
• − Property taxes: −$6,480
• − Insurance: −$1,545
• − Repairs & maintenance: −$5,632
• − Management: −$5,632
• − Depreciation: −$8,989
• Taxable income: $24,816
• Est. tax owed @ 24.0%: −$5,956
• After-tax cash flow: $22,193/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

+398.5% since first listed

4 events — show timeline

• 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.