31 Arterial W · Auburn, NY 13021

$69,900

3 bd · 2.0 ba · 1,776 sqft · MultiFamily public records · 23 Days on market

Built 1900 4,792 sqft lot Est $139k · 50% 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).

• Cash flow +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

2 Unit Home with separate utilities. Apartment 1: 3 Bedrooms. Apartment 2: 1 Bedroom. Walking distance to downtown Auburn. 24 Notice to show. Monday-Friday showings after 2:30pm.

Key facts

• Strong potential
• Full renovation
• Convenient location

Tags

• FULL RENOVATION
• STRONG POTENTIAL
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $70k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 36.5% vs local median 7.6% in Auburn — 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 74/100 on livability (#298 in NY, #4,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities D-, commute F.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 3 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; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $2,940/mo this rent would consume 58% of the median local household income ($61k/yr) (locally 1449% 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 $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 4.21% ✓
• Cap rate: 36.51%
• Cash-on-cash: 107.93%
• DSCR: 5.80
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $138,528
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22-24 N Fulton St	0.10mi	3/2.0	1,836 (+3%)	7mo	$95,000	$52	84
18 Lincoln St	0.35mi	4/2.0 (+1)	1,782 (+0%)	2mo	$145,000	$81	77
5 Liberty St	0.26mi	4/2.0 (+1)	1,716 (-3%)	3mo	$152,000	$89	75
23-25 Hoffman St	0.31mi	4/2.0 (+1)	1,756 (-1%)	8mo	$130,000	$74	72
47 Arterial W	0.12mi	4/2.0 (+1)	1,832 (+3%)	22mo	$96,000	$52	66
37 Nelson St	0.25mi	4/2.0 (+1)	1,960 (+10%)	9mo	$157,000	$80	59
52 Grant Ave	0.38mi	3/3.0	1,796 (+1%)	22mo	$139,900	$78	58
96 N Fulton St	0.35mi	4/2.0 (+1)	1,984 (+12%)	4mo	$155,000	$78	56
12 Logan St	0.56mi	3/2.0	1,920 (+8%)	10mo	$160,000	$83	51
49 Frances St	0.64mi	3/3.0	1,688 (-5%)	8mo	$120,000	$71	51
78-80 Van Anden St	0.62mi	4/2.0 (+1)	1,772 (-0%)	20mo	$155,000	$87	49
99 Owasco St	0.60mi	3/2.0	1,956 (+10%)	22mo	$145,000	$74	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.15×
• Total profit: $100,883
• Equity at exit: $10,422

10-year hold

• IRR: —
• Equity multiple: 12.88×
• Total profit: $232,594
• Equity at exit: $6,044

Cash invested: $19,572 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,940 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$167 /mo · $1,999/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$617
• Net cashflow: $1,760

Break-even live

Break-even rent $712

Max offer price $69,900

Occupancy floor 35%

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,663
1× unit	1	1.5	$1,277
Total (2 units)			$2,940

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Sheridan St Auburn, NY	4.0	2.0	1788	$1,995	$1.12	43d	1	0.45mi
173 E Genesee St Unit 171 Auburn, NY	3.0	1.5	2000	$2,000	$1.00	43d	1	0.78mi
78 Chedell Pl Auburn, NY	2.0	1.0	2096	$1,100	$0.52	43d	1	0.81mi

Listing history 12 events

1. 2026-03-31
   status Pending
2. 2026-03-08
   listed $69,900 Active
3. 2023-10-12
   soldstatus $73,000 Closed Sale or Rented 178-char remark

   Show marketing remark (178 chars)

   2 Unit Home with separate utilities. Apartment 1: 3 Bedrooms. Apartment 2: 1 Bedroom. Walking distance to downtown Auburn. 24 Notice to show. Monday-Friday showings after 2:30pm.

4. 2023-06-09
   status Under Contract- Do Not Show 178-char remark

   Show marketing remark (178 chars)

   2 Unit Home with separate utilities. Apartment 1: 3 Bedrooms. Apartment 2: 1 Bedroom. Walking distance to downtown Auburn. 24 Notice to show. Monday-Friday showings after 2:30pm.

5. 2023-05-19
   listed $79,900 Active 178-char remark

   Show marketing remark (178 chars)

   2 Unit Home with separate utilities. Apartment 1: 3 Bedrooms. Apartment 2: 1 Bedroom. Walking distance to downtown Auburn. 24 Notice to show. Monday-Friday showings after 2:30pm.

6. 2022-11-17
   historical
7. 2021-08-05
   price $87,900
8. 2021-06-17
   listed $89,900 Active
9. 2019-03-28
   soldstatus $63,000 Closed Sale or Rented
10. 2018-12-20
    status Under Contract- Do Not Show
11. 2018-12-10
    historical Continue to Show- Under Contract
12. 2018-12-02
    listed $64,900 Active

ⓘ 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: $1,999 · $167/mo
• Projected year-2 tax: $1,999 · $167/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 ≥96°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: $35,280
• − Mortgage interest: −$3,915
• − Property taxes: −$1,999
• − Insurance: −$350
• − Repairs & maintenance: −$2,822
• − Management: −$2,822
• − Depreciation: −$2,033
• Taxable income: $21,338
• Est. tax owed @ 24.0%: −$5,121
• After-tax cash flow: $16,003/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: Auburn City School District
• NCES district ID: 3603480
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $43,567
• Composite: 29.71/100
• National rank: #6452
• State rank: #558 of 590 in NY

Livability — Auburn

• Score: 74/100
• State rank: #298
• US rank: #4814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, NY
• County: Cayuga County · 37,247 people
• City population: 37,247
• Metro: Auburn, NY
• Population (ZIP): 37,247
• Household income: $60,712
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1449.0

Population outlook (Cayuga County) Hauer SSP2

• Today (2025): 74,820 people
• By 2030: 72,402 · -3.2%
• By 2040: 66,917 · -10.6%
• By 2050: 61,007 · -18.5%
• By 2075: 48,047 · -35.8%
• By 2100: 34,512 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Subsaharan African 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Cayuga

• 2024 margin: R (+13.0) · D 43.5% · R 56.5%
• 2008→2024 swing: -21.5pp toward R · 2008: 8.5pp · 2024: -13.0pp
• All cycles: 2024: R+13.0 2020: R+9.2 2016: R+13.2 2012: D+10.8 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.53%
• Current HPI: 338.5537
• Rent YoY: —
• Metro: Auburn, 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

+7.7% since first listed

12 events — show timeline

• 2026-03-31 Pending — CNYIS
• 2026-03-08 Listed $69,900 CNYIS
• 2023-10-12 Sold (MLS) $73,000 UNYREIS
• 2023-06-09 Pending — UNYREIS
• 2023-05-19 Listed $79,900 UNYREIS
• 2022-11-17 Listing Removed — UNYREIS
• 2021-08-05 Price Changed $87,900 UNYREIS
• 2021-06-17 Listed $89,900 UNYREIS
• 2019-03-28 Sold (MLS) $63,000 UNYREIS
• 2018-12-20 Pending — UNYREIS
• 2018-12-10 Contingent — UNYREIS
• 2018-12-02 Listed $64,900 UNYREIS

Property tax history

+4.5%/yr

Latest (2025): $1,999 · +10.8% YoY. Source: county tax records.