810 State Route 222 · Cortland West, NY 13045

$184,900

3 bd · 2.0 ba · 1,764 sqft · Other public records · 39 Days on market

Built 1900 2.24 ac lot $105/sqft · 24% below area

---

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).

• Cash flow +11.4/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• Schools +4.7/10.0
• Rent growth +4.6/5.0
• DSCR +3.4/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment Opportunity with Immediate Income! This well-maintained 3-unit property offers strong rental potential with long-term tenants already in place. The property features two separate structures: two-story single-family home with 2 bedrooms and 1.5 baths, complete with a back deck. Duplex building offering: upstairs unit: 2 bedrooms, 1 bath, downstairs unit: 1 bedroom, 1 bath. Each unit has separate utilities, making management straightforward and efficient. The property also includes ample off-street parking for all units, plus a 1-car garage assigned to one of the units. Situated on 2.24 acres, this property offers added space, privacy, and flexibility. Ideal for investors seeking immediate cash flow or buyers looking to owner-occupy while offsetting expenses. Conveniently located near the Cortland County Airport, with an easy commute to Cortland, Groton, and Ithaca. Don’t miss this versatile, income-producing property in a convenient location!

Key facts

• Separate utilities
• Back deck
• 2.24 acre lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL POTENTIAL
• TWO SEPARATE STRUCTURES
• BACK DECK
• SEPARATE UTILITIES
• AMPLE OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $185k.

Deal economics

• At list price, monthly cash flow is $-63 ($-752/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (1.5% below list).
• Recommended offer: $174k (6.0% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 68/100 on livability (#558 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D+, health & safety D, amenities 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: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• This rent runs 31% of the median local income ($70k/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 $1k of loan paydown is wiped out by about $6k 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 39 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $62k; list at $185k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,829 (6.0% 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 39 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — 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. 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: 0.99% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.45%
• DSCR: 0.94
• GRM: 8.5

CMA / ARV

• ARV (median comp): $372,369
• List price: $184,900
• Delta: -50.34%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.2%
• Equity multiple: 0.53×
• Total profit: $-24,160
• Equity at exit: $27,569

10-year hold

• IRR: 3.9%
• Equity multiple: 1.35×
• Total profit: $18,316
• Equity at exit: $15,987

Cash invested: $51,772 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,822 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$455 /mo · $5,464/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-63

Break-even live

Break-even rent $1,901

Max offer price $173,829

Occupancy floor 98%

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-12
   listed $184,900 Active 972-char remark

   Show marketing remark (972 chars)

   Investment Opportunity with Immediate Income! This well-maintained 3-unit property offers strong rental potential with long-term tenants already in place. The property features two separate structures: two-story single-family home with 2 bedrooms and 1.5 baths, complete with a back deck. Duplex building offering: upstairs unit: 2 bedrooms, 1 bath, downstairs unit: 1 bedroom, 1 bath. Each unit has separate utilities, making management straightforward and efficient. The property also includes ample off-street parking for all units, plus a 1-car garage assigned to one of the units. Situated on 2.24 acres, this property offers added space, privacy, and flexibility. Ideal for investors seeking immediate cash flow or buyers looking to owner-occupy while offsetting expenses. Conveniently located near the Cortland County Airport, with an easy commute to Cortland, Groton, and Ithaca. Don’t miss this versatile, income-producing property in a convenient location!

2. 2000-10-04
   soldstatus $62,000

ⓘ 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: $5,464 · $455/mo
• Projected year-2 tax: $5,464 · $455/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 2/10 Low 7 d/yr ≥92°F today · 16 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: $21,863
• − Mortgage interest: −$10,357
• − Property taxes: −$5,464
• − Insurance: −$924
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − Depreciation: −$5,379
• Taxable loss: −$3,759
• Est. tax savings @ 24.0%: +$902
• After-tax cash flow: $150/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 — Cortland West

• Score: 68/100
• State rank: #558
• US rank: #10041

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland West, NY
• County: Cortland County · 28,361 people
• 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

+198.2% since first listed

2 events — show timeline

• 2026-04-12 Listed $184,900 CNYIS
• 2000-10-04 Sold (Public Records) $62,000 Public Records

Property tax history

-3.2%/yr

Latest (2025): $5,464 · +1.8% YoY. Source: county tax records.