58 Cortland St · Homer, NY 13077

$160,000

3 bd · 1.0 ba · 1,606 sqft · SingleFamily public records · 1 Days on market

Built 1947 $100/sqft · 22% below area Est $206k · 22% under

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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).

• ARV discount +15.0/15.0
• Appreciation +8.4/10.0
• Cash flow +7.8/30.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0

Listing remarks MLS

New price Sept 1st. At this price it would make a great income property!! Looks are deceiving. .it has 1606 in sf. One owner built in 1947. This 3 BRs, including one large master and possible space to convert for a 4th BR. Kitchen has breakfast area and dining area. Double LR and a family room. Addition room could be office, craft room or that additional BR or family could also be converted for a 4th BR. Lot is 218 feet deep fully fenced with a couple of outbuildings for storage or a workshop. Hot water baseboard heat. Some vinyl thermal replacements. On the exterior there are metal awnings which are removal and are reinstalled for the spring-fall seasons.

Key facts

• Office
• Double lr
• Craft room

Tags

• BREAKFAST AREA
• DINING AREA
• DOUBLE LR
• FAMILY ROOM
• OFFICE
• CRAFT ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-179 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (19.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (13.7% below list).
• Recommended offer: $128k (19.8% below list) — sets the bar for cash-flow.
• Cap rate 5.0% vs local median 3.4% in Homer — 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 76/100 on livability (#229 in NY, #3,609 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Homer Central School District (town): math 49% / reading 59% proficiency, ranked #306 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (6.9% local appreciation)).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 14y 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 $80k; list at $160k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,394 (19.8% 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. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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 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: 0.86% ✗
• Cap rate: 4.95%
• Cash-on-cash: -4.79%
• DSCR: 0.79
• GRM: 9.7

CMA / ARV

• ARV (median comp): $206,016
• List price: $160,000
• Delta: -36.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
57 River St	0.43mi	3/1.0	1,530 (-5%)	6mo	$147,000	$96	67
4 Copeland Ave	0.16mi	4/1.5 (+1)	1,584 (-1%)	24mo	$201,500	$127	64
94 Cayuga St	0.40mi	3/1.0	1,378 (-14%)	4mo	$188,000	$136	54
44 Cortland St	0.09mi	2/2.0 (-1)	1,728 (+8%)	24mo	$215,144	$125	54
11 Grove St	0.47mi	3/1.5	1,526 (-5%)	22mo	$150,000	$98	50
52 Center St	0.38mi	4/2.0 (+1)	1,710 (+6%)	20mo	$195,000	$114	45
28 Warren St	0.73mi	3/2.0	1,628 (+1%)	23mo	$179,220	$110	40
7 S William St	0.39mi	4/1.5 (+1)	1,840 (+15%)	21mo	$165,000	$90	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.7%
• Equity multiple: 1.96×
• Total profit: $43,180
• Equity at exit: $109,368

10-year hold

• IRR: 13.9%
• Equity multiple: 4.00×
• Total profit: $134,439
• Equity at exit: $206,397

Cash invested: $44,800 (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 13077

• Home prices YoY: 2.4%
• Active inventory: 39
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,382 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$365 /mo · $4,375/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $-179

Break-even live

Break-even rent $1,608

Max offer price $128,394

Occupancy floor —

Sensitivity live

Price	-10% $-88	-5% $-134	+0% $-179	+5% $-224	+10% $-269
Rent	-10% $-288	-5% $-233	+0% $-179	+5% $-124	+10% $-70
Rate	-1.0pp $-98	-0.5pp $-138	base $-179	+0.5pp $-220	+1.0pp $-263

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-19
   pricestatusdays on marketlisting id $160,000 Active 1 DOM
2. 2026-05-19
   historical
3. 2026-04-13
   price $129,888
4. 2026-03-13
   price $139,888
5. 2026-03-13
   price $159,888
6. 2026-01-29
   listed $169,888 Active
7. 2019-12-30
   soldstatus $80,000
8. 2019-12-27
   soldstatus $80,000 664-char remark

   Show marketing remark (664 chars)

   New price Sept 1st. At this price it would make a great income property!! Looks are deceiving. .it has 1606 in sf. One owner built in 1947. This 3 BRs, including one large master and possible space to convert for a 4th BR. Kitchen has breakfast area and dining area. Double LR and a family room. Addition room could be office, craft room or that additional BR or family could also be converted for a 4th BR. Lot is 218 feet deep fully fenced with a couple of outbuildings for storage or a workshop. Hot water baseboard heat. Some vinyl thermal replacements. On the exterior there are metal awnings which are removal and are reinstalled for the spring-fall seasons.

9. 2019-12-27
   soldstatus $73,000

   Show marketing remark (664 chars)

   New price Sept 1st. At this price it would make a great income property!! Looks are deceiving. .it has 1606 in sf. One owner built in 1947. This 3 BRs, including one large master and possible space to convert for a 4th BR. Kitchen has breakfast area and dining area. Double LR and a family room. Addition room could be office, craft room or that additional BR or family could also be converted for a 4th BR. Lot is 218 feet deep fully fenced with a couple of outbuildings for storage or a workshop. Hot water baseboard heat. Some vinyl thermal replacements. On the exterior there are metal awnings which are removal and are reinstalled for the spring-fall seasons.

10. 2019-03-01
    listed $79,900 664-char remark

    Show marketing remark (664 chars)

    New price Sept 1st. At this price it would make a great income property!! Looks are deceiving. .it has 1606 in sf. One owner built in 1947. This 3 BRs, including one large master and possible space to convert for a 4th BR. Kitchen has breakfast area and dining area. Double LR and a family room. Addition room could be office, craft room or that additional BR or family could also be converted for a 4th BR. Lot is 218 feet deep fully fenced with a couple of outbuildings for storage or a workshop. Hot water baseboard heat. Some vinyl thermal replacements. On the exterior there are metal awnings which are removal and are reinstalled for the spring-fall seasons.

11. 2019-02-27
    listed $79,900
12. 2012-03-15
    historical
13. 2012-02-24
    listed $89,900

ⓘ 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: $4,375 · $365/mo
• Projected year-2 tax: $4,375 · $365/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 15 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: $16,578
• − Mortgage interest: −$8,962
• − Property taxes: −$4,375
• − Insurance: −$800
• − Repairs & maintenance: −$1,326
• − Management: −$1,326
• − Depreciation: −$4,655
• Taxable loss: −$4,866
• Est. tax savings @ 24.0%: +$1,168
• After-tax cash flow: $-979/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: Homer Central School District
• NCES district ID: 3614640
• Math proficiency: 49% ▼ -1.00%
• Reading proficiency: 59% ▲ 9.00%
• Median HH income: $60,122
• Composite: 47.03/100
• National rank: #2342
• State rank: #306 of 590 in NY

Livability — Homer

• Score: 76/100
• State rank: #229
• US rank: #3609

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homer, NY
• Population (ZIP): 6,567

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Asian 2%
• Common ancestry: Romanian 3% Slovak 3% Serbian 2%
• Foreign-born: 2% · China
• Languages at home: 94% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Chinese 2%

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: ▲ 6.86%
• Current HPI: 298.7707
• Rent YoY: —
• Metro: —
• 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

+78.0% since first listed

13 events — show timeline

• 2026-06-19 Listed $160,000 FSBO.com
• 2026-05-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-04-13 Price Changed $129,888 OneKey® MLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $139,888 OneKey® MLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $159,888 OneKey® MLS as Distributed by MLS Grid
• 2026-01-29 Listed $169,888 OneKey® MLS as Distributed by MLS Grid
• 2019-12-30 Sold (Public Records) $80,000 Public Records
• 2019-12-27 Sold (MLS) $73,000 IBRMLS
• 2019-12-27 Sold (MLS) $80,000 CNYIS
• 2019-03-01 Listed $79,900 CNYIS
• 2019-02-27 Listed $79,900 IBRMLS
• 2012-03-15 Listing Removed — CNYIS
• 2012-02-24 Listed $89,900 CNYIS

Property tax history

+5.0%/yr

Latest (2025): $4,375 · +5.4% YoY. Source: county tax records.