410 Stewart Ave

Ithaca, NY 14850

$1,200,000B-

15 bd · 4.0 ba · 3,969 sqft · Built 1910 · MultiFamily · Active · 171 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,758/mo
• Mortgage (P&I): −$6,293
• Tax + insurance: −$1,766
• HOA: −$0
• Vac / Maint / Mgmt: −$2,889
• Net cashflow: $2,810/mo
• Annual: $33,716/yr
• Cap rate: 9.10%
• Cash-on-cash: 10.03%
• DSCR: 1.45
• 1% rule: 1.15%
• Cash to close: $336,000

Investor read

• This is a 5 × 3-bed/?-bath units multifamily listed at $1.20M.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $562/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.20M).
• It's been on market 171 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 22y 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 $575k; list at $1.20M implies a 109% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $336k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.1% 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.
• At $13,758/mo this rent would consume 231% 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.

Questions for listing agent

• It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.