555 Elm Street Ext · Northwest Ithaca, NY 14850

$349,900

4 bd · 2.0 ba · 1,340 sqft · SingleFamily public records · 95 Days on market

Built 1959 0.81 ac lot $261/sqft · 16% below area Est $417k · 16% under

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Why this score? — see what drove the D- 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 +14.8/15.0
• Cash flow +5.9/30.0
• Schools +5.4/10.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +0.3/10.0
• Appreciation +0.0/10.0

Key facts

• 0.81 acre lot
• 2 garage spots
• Pool

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-686 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (34.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (27.8% below list).
• Recommended offer: $229k (34.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 69/100 on livability (#488 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A, employment A; Watch: schools D-, amenities F, commute F.
• 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; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• This rent runs 42% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 95 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $228,740 (34.6% 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. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.72% ✗
• Cap rate: 3.94%
• Cash-on-cash: -8.40%
• DSCR: 0.63
• GRM: 11.5

CMA / ARV

• ARV (median comp): $417,149
• List price: $349,900
• Delta: -16.12%
• 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
435 Elm St	0.35mi	4/2.0	1,326 (-1%)	9mo	$345,000	$260	75
400 Elm St	0.48mi	3/2.0 (-1)	1,288 (-4%)	16mo	$235,000	$182	52
124 Glenside Rd	0.46mi	3/1.0 (-1)	1,378 (+3%)	21mo	$400,000	$290	47
407 Richard Pl	0.70mi	3/2.0 (-1)	1,400 (+4%)	14mo	$410,000	$293	44
325-27 Warren Pl	0.70mi	4/2.5	1,500 (+12%)	3mo	$380,000	$253	43
295 Hook Pl	0.65mi	3/1.0 (-1)	1,515 (+13%)	22mo	$415,000	$274	20

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: -28.3%
• Equity multiple: 0.04×
• Total profit: $-94,415
• Equity at exit: $52,171

10-year hold

• IRR: -19.6%
• Equity multiple: -0.15×
• Total profit: $-112,890
• Equity at exit: $30,253

Cash invested: $97,972 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,526 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$700 /mo · $8,405/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $-686

Break-even live

Break-even rent $3,394

Max offer price $228,740

Occupancy floor —

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $349,900 Active 95 DOM
2. 2026-06-18
   days on market $349,900 Active 94 DOM
3. 2026-06-17
   days on market $349,900 Active 93 DOM
4. 2026-06-16
   days on market $349,900 Active 92 DOM
5. 2026-06-15
   days on market $349,900 Active 91 DOM
6. 2026-06-14
   days on market $349,900 Active 89 DOM
7. 2026-06-13
   days on market $349,900 Active 88 DOM
8. 2026-06-10
   days on market $349,900 Active 86 DOM
9. 2026-06-09
   days on market $349,900 Active 85 DOM
10. 2026-06-08
    days on market $349,900 Active 84 DOM
11. 2026-06-07
    days on market $349,900 Active 83 DOM
12. 2026-06-05
    days on market $349,900 Active 80 DOM
13. 2026-06-02
    days on market $349,900 Active 78 DOM
14. 2026-06-01
    days on market $349,900 Active 77 DOM
15. 2026-05-31
    days on market $349,900 Active 76 DOM
16. 2026-05-30
    days on market $349,900 Active 75 DOM
17. 2026-05-14
    price $349,900
18. 2026-03-16
    listed $379,900 Active
19. 2026-03-15
    historical
20. 2025-12-12
    price $379,900
21. 2025-12-11
    listed $279,900 Active
22. 2025-12-07
    historical
23. 2025-11-07
    price $389,000
24. 2025-10-10
    price $394,000
25. 2025-09-07
    listed $399,000 Active
26. 2022-01-18
    soldstatus $304,880
27. 2022-01-14
    soldstatus $296,000
28. 2022-01-14
    soldstatus $296,000
29. 2021-07-19
    listed $299,900
30. 2021-07-19
    listed $299,900
31. 2012-11-02
    soldstatus $239,000
32. 2007-08-29
    soldstatus $169,000

ⓘ 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: $8,405 · $700/mo
• Projected year-2 tax: $8,405 · $700/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 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 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: $30,308
• − Mortgage interest: −$19,600
• − Property taxes: −$8,405
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,425
• − Management: −$2,425
• − Depreciation: −$10,179
• Taxable loss: −$14,475
• Est. tax savings @ 24.0%: +$3,474
• After-tax cash flow: $-4,756/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 — Northwest Ithaca

• Score: 69/100
• State rank: #488
• US rank: #8598

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Northwest Ithaca, NY
• County: Tompkins County · 68,610 people
• 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

+107.0% since first listed

16 events — show timeline

• 2026-05-14 Price Changed $349,900 UNYREIS
• 2026-03-16 Listed $379,900 UNYREIS
• 2026-03-15 Listing Removed — UNYREIS
• 2025-12-12 Price Changed $379,900 UNYREIS
• 2025-12-11 Listed $279,900 UNYREIS
• 2025-12-07 Listing Removed — UNYREIS
• 2025-11-07 Price Changed $389,000 UNYREIS
• 2025-10-10 Price Changed $394,000 UNYREIS
• 2025-09-07 Listed $399,000 UNYREIS
• 2022-01-18 Sold (Public Records) $304,880 Public Records
• 2022-01-14 Sold (MLS) $296,000 IBRMLS
• 2022-01-14 Sold (MLS) $296,000 IBRMLS
• 2021-07-19 Listed $299,900 IBRMLS
• 2021-07-19 Listed $299,900 IBRMLS
• 2012-11-02 Sold (Public Records) $239,000 Public Records
• 2007-08-29 Sold (Public Records) $169,000 Public Records

Property tax history

-2.2%/yr

Latest (2025): $8,405 · +2.7% YoY. Source: county tax records.