415 Second St · Ithaca, NY 14850

$299,000

2 bd · 1.0 ba · 1,068 sqft · SingleFamily public records · 86 Days on market

Built 1910 5,227 sqft lot $280/sqft · 23% below area Est $388k · 23% under ↓ 5% since listing

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Why this score? — see what drove the C 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 +17.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• Schools +5.4/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable downtown living in this classic 1068 square ft. , two bedroom one bath home with a perfect layout. Relax in the eat-in kitchen under a skylight that lets the sun stream in, or stroll out the back door to the deck overlooking the large, level, private backyard! A front porch for Porch Fest! Formal dining room, cozy living room, washer and dryer upstairs. Hardwood floors and a stained glass window detail on the staircase. NEW UPDATES: Brand new Rinnai hot water heater; NEW sump pump installed by Ecospect; NEW kitchen flooring installed by Osbornes, NEW refrigerator. Really fantastic location - on a tucked-away residential street only half a block to Hakacha ramen shop, two blocks from Wide Awake Bakery, Red Feet Wine, Aldi, and down the street to the Farmer's Market! You actually don't need gas for that car. In need of coffee? Only 5 blocks from Ithaca Coffee Company AND Gimme Coffee. This is that sweet starter home so many dream of. Off street parking in the driveway. You can afford it. Come and take a look.

Key facts

• Formal dining room
• Eat-in kitchen
• Back deck

Tags

• EAT-IN KITCHEN
• BACK DECK
• LARGE PRIVATE BACKYARD
• FORMAL DINING ROOM
• WASHER AND DRYER UPSTAIRS
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $298k (0.5% below list).
• Recommended offer: $281k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $2,976/mo this rent would consume 50% 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.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $281,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.00% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.35%
• DSCR: 1.15
• GRM: 8.4

CMA / ARV

• ARV (median comp): $387,735
• List price: $299,000
• Delta: -22.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 Hancock St	0.11mi	2/1.5	1,044 (-2%)	16mo	$127,680	$122	76
107 E Falls St	0.43mi	3/2.0 (+1)	1,086 (+2%)	9mo	$365,000	$336	60
117 Park Pl	0.40mi	2/2.0	972 (-9%)	8mo	$230,000	$237	55
419 Hector St	0.65mi	2/1.0	1,106 (+4%)	13mo	$300,000	$271	53
836-838 N Aurora St	0.44mi	3/1.0 (+1)	1,184 (+11%)	11mo	$402,500	$340	47
215 Second St	0.15mi	1/1.5 (-1)	1,226 (+15%)	21mo	$400,000	$326	44
310 E Falls St	0.58mi	3/1.0 (+1)	920 (-14%)	8mo	$295,000	$321	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: -9.6%
• Equity multiple: 0.64×
• Total profit: $-30,185
• Equity at exit: $44,582

10-year hold

• IRR: 2.7%
• Equity multiple: 1.21×
• Total profit: $17,970
• 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.

Methodology + full state rankings →

ZIP-level market 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,976 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$424 /mo · $5,093/yr
• Insurance: −$125
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $178

Break-even live

Break-even rent $2,750

Max offer price $299,000

Occupancy floor 89%

Sensitivity live

Price	-10% $348	-5% $263	+0% $178	+5% $94	+10% $9
Rent	-10% $-57	-5% $61	+0% $178	+5% $296	+10% $413
Rate	-1.0pp $329	-0.5pp $254	base $178	+0.5pp $101	+1.0pp $22

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: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 W State St Ithaca, NY	2.0	1.0–2.0	727	$3,410	$4.69	44d	34	0.58mi
323 Taughannock Blvd Ithaca, NY	2.0	1.0–2.5	1167	$6,402	$5.48	44d	6	0.58mi
139 Chestnut St Ithaca, NY	1.0–3.0	1.0	850	$1,745	$2.05	44d	1	0.83mi
320 Hillview Pl Ithaca, NY	2.0–3.0	1.0	800	$1,675	$2.09	44d	4	1.00mi
127 College Ave Ithaca, NY	3.0	1.0	958	$2,885	$3.01	44d	1	1.16mi
211 Linden Ave Ithaca, NY	3.0	1.5	760	$3,218	$4.23	44d	4	1.17mi
324 Spencer Rd Ithaca, NY	2.0	1.0	850	$2,545	$2.99	44d	8	1.29mi
815 S Aurora St Ithaca, NY	2.0–4.0	1.0	936	$950	$1.01	44d	1	1.30mi
1 Candlewyck Dr Ithaca, NY	1.0–2.0	1.0	755	$1,699	$2.25	44d	4	1.47mi

Listing history 18 events

1. 2026-06-19
   days on market $299,000 Active 86 DOM
2. 2026-06-18
   days on market $299,000 Active 85 DOM
3. 2026-06-17
   days on market $299,000 Active 84 DOM
4. 2026-06-16
   days on market $299,000 Active 83 DOM
5. 2026-06-15
   days on market $299,000 Active 82 DOM
6. 2026-06-14
   days on market $299,000 Active 80 DOM
7. 2026-06-13
   days on market $299,000 Active 79 DOM
8. 2026-06-10
   days on market $299,000 Active 77 DOM
9. 2026-06-09
   days on market $299,000 Active 76 DOM
10. 2026-06-08
    days on market $299,000 Active 75 DOM
11. 2026-06-07
    days on market $299,000 Active 74 DOM
12. 2026-06-05
    days on market $299,000 Active 71 DOM
13. 2026-06-02
    days on market $299,000 Active 69 DOM
14. 2026-06-01
    days on market $299,000 Active 68 DOM
15. 2026-05-31
    days on market $299,000 Active 67 DOM
16. 2026-05-30
    days on market $299,000 Active 66 DOM
17. 2026-04-23
    price $310,000 1033-char remark

    Show marketing remark (1033 chars)

    Affordable downtown living in this classic 1068 square ft. , two bedroom one bath home with a perfect layout. Relax in the eat-in kitchen under a skylight that lets the sun stream in, or stroll out the back door to the deck overlooking the large, level, private backyard! A front porch for Porch Fest! Formal dining room, cozy living room, washer and dryer upstairs. Hardwood floors and a stained glass window detail on the staircase. NEW UPDATES: Brand new Rinnai hot water heater; NEW sump pump installed by Ecospect; NEW kitchen flooring installed by Osbornes, NEW refrigerator. Really fantastic location - on a tucked-away residential street only half a block to Hakacha ramen shop, two blocks from Wide Awake Bakery, Red Feet Wine, Aldi, and down the street to the Farmer's Market! You actually don't need gas for that car. In need of coffee? Only 5 blocks from Ithaca Coffee Company AND Gimme Coffee. This is that sweet starter home so many dream of. Off street parking in the driveway. You can afford it. Come and take a look.

18. 2026-03-25
    listed $325,000 Active 1033-char remark

    Show marketing remark (1033 chars)

    Affordable downtown living in this classic 1068 square ft. , two bedroom one bath home with a perfect layout. Relax in the eat-in kitchen under a skylight that lets the sun stream in, or stroll out the back door to the deck overlooking the large, level, private backyard! A front porch for Porch Fest! Formal dining room, cozy living room, washer and dryer upstairs. Hardwood floors and a stained glass window detail on the staircase. NEW UPDATES: Brand new Rinnai hot water heater; NEW sump pump installed by Ecospect; NEW kitchen flooring installed by Osbornes, NEW refrigerator. Really fantastic location - on a tucked-away residential street only half a block to Hakacha ramen shop, two blocks from Wide Awake Bakery, Red Feet Wine, Aldi, and down the street to the Farmer's Market! You actually don't need gas for that car. In need of coffee? Only 5 blocks from Ithaca Coffee Company AND Gimme Coffee. This is that sweet starter home so many dream of. Off street parking in the driveway. You can afford it. Come and take a look.

ⓘ 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: $5,093 · $424/mo
• Projected year-2 tax: $5,093 · $424/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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥94°F today · 17 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: $35,710
• − Mortgage interest: −$16,749
• − Property taxes: −$5,093
• − Insurance: −$2,162
• − Repairs & maintenance: −$2,857
• − Management: −$2,857
• − Depreciation: −$8,698
• Taxable loss: −$2,705
• Est. tax savings @ 24.0%: +$649
• After-tax cash flow: $2,790/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

-4.6% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $310,000 IBRMLS
• 2026-03-25 Listed $325,000 IBRMLS

Property tax history

-0.8%/yr

Latest (2025): $5,093 · +2.3% YoY. Source: county tax records.