78 Owasco St · Auburn, NY 13021

$39,900

6 bd · 2.0 ba · 3,012 sqft · MultiFamily public records · 40 Days on market

Built 1900 5,295 sqft lot ↓ 47% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 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: 2 units. confirmed

Listing remarks

Amazing opportunity to purchase an enormous two unit with separate utilities in the heart of Auburn. With a little sweat equity this property will return to its rightful status as a total cash cow! Spacious 4 bedroom units with amazing potential for HUD market rent of over $3100 total a month, all at an amazingly low price!

Key facts

• 5,295 sq ft lot
• Parking
• Built 1900

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 84.5% 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; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $3,641/mo this rent would consume 72% 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 $276 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 10y 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 9.13% ✓
• Cap rate: 84.51%
• Cash-on-cash: 279.34%
• DSCR: 13.43
• GRM: 0.9

CMA / ARV

• ARV (on-the-fly): $228,912
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
42 Elizabeth St	0.29mi	6/2.5	2,804 (-7%)	10mo	$205,000	$73	65
125-127 S Seward Ave	0.53mi	6/2.0	2,891 (-4%)	10mo	$220,500	$76	60
11 Elizabeth St	0.41mi	6/3.0	2,708 (-10%)	10mo	$210,000	$78	51
171-173 E Genesee St	0.66mi	6/3.0	3,304 (+10%)	15mo	$206,000	$62	36

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: 15.25×
• Total profit: $159,226
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 32.52×
• Total profit: $352,158
• Equity at exit: $3,450

Cash invested: $11,172 (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: 1.8×

Monthly cashflow live

• Estimated rent: $3,641 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$765
• Net cashflow: $2,601

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 24%

Sensitivity live

Price	-10% $2,628	-5% $2,614	+0% $2,601	+5% $2,587	+10% $2,573
Rent	-10% $2,313	-5% $2,457	+0% $2,601	+5% $2,744	+10% $2,888
Rate	-1.0pp $2,621	-0.5pp $2,611	base $2,601	+0.5pp $2,590	+1.0pp $2,580

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$3,640
Total (2 units)			$3,641

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2025-12-04
   status Pending
2. 2025-10-24
   listed $39,900 Active
3. 2025-10-22
   historical
4. 2025-09-30
   listed $59,900 Active
5. 2025-09-02
   status Active
6. 2025-09-02
   price $69,900
7. 2025-08-28
   historical
8. 2025-06-12
   status Pending
9. 2025-05-13
   price $74,900
10. 2025-05-09
    price $79,900
11. 2025-04-28
    listed $84,900 Active
12. 2022-03-01
    soldstatus $115,000
13. 2022-02-09
    soldstatus $115,000 Closed Sale or Rented
14. 2021-10-26
    status Under Contract- Do Not Show
15. 2021-09-28
    historical Continue to Show- Under Contract
16. 2021-08-27
    listed $119,900 Active
17. 2018-08-30
    soldstatus $37,000 Closed Sale or Rented
18. 2018-08-30
    soldstatus $37,000
19. 2018-06-16
    status Pending Sale
20. 2018-06-14
    status Active
21. 2018-06-04
    historical Continue to Show- Under Contract
22. 2018-05-30
    listed $42,900 Active
23. 2018-03-13
    historical
24. 2017-11-07
    price $49,900
25. 2017-10-20
    listed $55,000 Active
26. 2017-08-22
    historical
27. 2017-07-09
    price $59,900
28. 2017-02-15
    price $63,900
29. 2017-02-14
    listed $59,900 Active
30. 2017-01-27
    historical
31. 2016-10-26
    price $64,900
32. 2016-10-07
    price $69,900
33. 2016-09-17
    listed $74,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥95°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: $43,692
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$3,495
• − Management: −$3,495
• − Depreciation: −$1,161
• Taxable income: $32,508
• Est. tax owed @ 24.0%: −$7,802
• After-tax cash flow: $23,406/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

-46.7% since first listed

33 events — show timeline

• 2025-12-04 Pending — CNYIS
• 2025-10-24 Listed $39,900 CNYIS
• 2025-10-22 Listing Removed — CNYIS
• 2025-09-30 Listed $59,900 CNYIS
• 2025-09-02 Relisted — CNYIS
• 2025-09-02 Price Changed $69,900 CNYIS
• 2025-08-28 Listing Removed — CNYIS
• 2025-06-12 Pending — CNYIS
• 2025-05-13 Price Changed $74,900 CNYIS
• 2025-05-09 Price Changed $79,900 CNYIS
• 2025-04-28 Listed $84,900 CNYIS
• 2022-03-01 Sold (Public Records) $115,000 Public Records
• 2022-02-09 Sold (MLS) $115,000 CNYIS
• 2021-10-26 Pending — CNYIS
• 2021-09-28 Contingent — CNYIS
• 2021-08-27 Listed $119,900 CNYIS
• 2018-08-30 Sold (Public Records) $37,000 Public Records
• 2018-08-30 Sold (MLS) $37,000 CNYIS
• 2018-06-16 Pending — CNYIS
• 2018-06-14 Relisted — CNYIS
• 2018-06-04 Contingent — CNYIS
• 2018-05-30 Listed $42,900 CNYIS
• 2018-03-13 Listing Removed — CNYIS
• 2017-11-07 Price Changed $49,900 CNYIS
• 2017-10-20 Listed $55,000 CNYIS
• 2017-08-22 Listing Removed — CNYIS
• 2017-07-09 Price Changed $59,900 CNYIS
• 2017-02-15 Price Changed $63,900 CNYIS
• 2017-02-14 Listed $59,900 CNYIS
• 2017-01-27 Listing Removed — CNYIS
• 2016-10-26 Price Changed $64,900 CNYIS
• 2016-10-07 Price Changed $69,900 CNYIS
• 2016-09-17 Listed $74,900 CNYIS

Property tax history

+5.0%/yr

Latest (2025): $2,908 · +10.8% YoY. Source: county tax records.