20 E Main St · Cortland, NY 13045

$159,900

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 305 Days on market

Built 1920 6,000 sqft lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +6.0/30.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• DSCR +0.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Great Investor Opportunity! Welcome to 20 E Main Street in Cortland! This well-maintained two-family home features over 1500 sq ft of living space with separate utilities including 2 newer hot water heaters, 2 electric meters, and 2 gas meters. The 1st-floor unit is fully furnished with a newer gas forced air furnace. The 2nd-floor unit offers an updated kitchen and bathroom extension to include standup shower and potential for 2nd bedroom. Additional features include blown-in insulation in sidewalls and attic, public water and sewer, off-street parking on a Tarvia driveway, and a shed for extra storage. Well-paying tenants and convenient location, give this a solid return on investment!!

Key facts

• Separate utilities
• Two-family home
• Updated kitchen

Tags

• TWO-FAMILY HOME
• SEPARATE UTILITIES
• NEWER HOT WATER HEATERS
• NEWER GAS FORCED AIR FURNACE
• UPDATED KITCHEN
• UPDATED BATHROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-308 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (34.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (17.9% below list).
• Recommended offer: $106k (34.0% below list) — sets the bar for cash-flow.
• Cap rate 4.0% vs local median 6.2% in Cortland — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 77/100 on livability (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, employment D.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 305 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $129k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,554 (34.0% 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 305 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.82% ✗
• Cap rate: 3.98%
• Cash-on-cash: -8.25%
• DSCR: 0.63
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -23.9%
• Equity multiple: 0.14×
• Total profit: $-38,404
• Equity at exit: $23,842

10-year hold

• IRR: -7.4%
• Equity multiple: 0.41×
• Total profit: $-26,434
• Equity at exit: $13,825

Cash invested: $44,772 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,312 high
• Mortgage (P&I): −$839
• Tax from tax record: −$439 /mo · $5,268/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-308

Break-even live

Break-even rent $1,702

Max offer price $105,554

Occupancy floor —

Sensitivity live

Price	-10% $-217	-5% $-262	+0% $-308	+5% $-353	+10% $-398
Rent	-10% $-411	-5% $-359	+0% $-308	+5% $-256	+10% $-204
Rate	-1.0pp $-227	-0.5pp $-267	base $-308	+0.5pp $-349	+1.0pp $-391

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 Rickard St Unit 2 Cortland, NY	2.0	1.0	800	$1,400	$1.75	45d	1	0.30mi
88 Clinton Ave Cortland, NY	3.0	1.0	1100	$1,600	$1.45	45d	1	0.34mi
11 Clinton Ave Apt 4 Cortland, NY	2.0	1.0	675	$1,295	$1.92	45d	1	0.41mi
11 Clinton Ave Apt 1 Cortland, NY	3.0	1.5	750	$1,495	$1.99	45d	1	0.41mi
58 E Court St Unit 2 Cortland, NY	1.0	1.0	800	$850	$1.06	45d	1	0.63mi
30 Randall St Cortland, NY	2.0	1.0	943	$1,500	$1.59	45d	1	0.83mi
24 Kellogg Rd Cortland, NY	1.0–3.0	1.0–1.5	1070	$1,200	$1.12	45d	1	1.23mi

Listing history 10 events

1. 2026-05-01
   status Pending
2. 2026-04-24
   historical Active Under Contract
3. 2026-04-17
   price $159,900
4. 2025-11-26
   price $184,900
5. 2025-10-06
   price $199,900
6. 2025-06-30
   listed $215,000 Active
7. 2021-03-09
   soldstatus $128,750
8. 2011-08-25
   soldstatus $96,460
9. 2006-06-02
   soldstatus $90,000
10. 1996-05-09
    soldstatus $48,500

ⓘ 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: $5,268 · $439/mo
• Projected year-2 tax: $5,268 · $439/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 17 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: $15,745
• − Mortgage interest: −$8,957
• − Property taxes: −$5,268
• − Insurance: −$800
• − Repairs & maintenance: −$1,260
• − Management: −$1,260
• − Depreciation: −$4,652
• Taxable loss: −$6,451
• Est. tax savings @ 24.0%: +$1,548
• After-tax cash flow: $-2,144/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: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Indo-European 1%

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: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, 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

+229.7% since first listed

10 events — show timeline

• 2026-05-01 Pending — CNYIS
• 2026-04-24 Contingent — CNYIS
• 2026-04-17 Price Changed $159,900 CNYIS
• 2025-11-26 Price Changed $184,900 CNYIS
• 2025-10-06 Price Changed $199,900 CNYIS
• 2025-06-30 Listed $215,000 CNYIS
• 2021-03-09 Sold (Public Records) $128,750 Public Records
• 2011-08-25 Sold (Public Records) $96,460 Public Records
• 2006-06-02 Sold (Public Records) $90,000 Public Records
• 1996-05-09 Sold (Public Records) $48,500 Public Records

Property tax history

+2.2%/yr

Latest (2025): $5,268 · +2.9% YoY. Source: county tax records.