17 Frank St · Cortland, NY 13045

$159,900

4 bd · 2.0 ba · 1,828 sqft · MultiFamily public records · 4 Days on market

Built 1890 5,141 sqft lot Est $161k · at est.

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.8/15.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 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

Nice clean two family home. Live in one three bedroom unit and rent the other! First floor apartment occupied by longtime tenant. No lease, rent is month to month. Second floor apartment is currently vacant. No lease. NO LEASES FOR EITHER UNIT.

Key facts

• 5,141 sq ft lot
• 2 garage spots
• Built 1890

Property features AI

Finance

• Other: Property has separate gas and electric meters (2 each) for the units
• Financial info: Tenant pays all utilities; Operating expense details: See remarks

Exterior

• Parking: Detached or attached 2-car garage; Gravel and paved parking; Two or more parking spaces
• Utilities: Public water (connected); Sewer connected
• Home design: Two-story building; Existing resale property; Composite siding
• Construction: Composite siding construction
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 84 x 60

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two-unit property (2 total units)
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Electric heating; Gas heating; Baseboard heating; Forced air heating
• Interior features: Full basement
• Laundry & utility: Electric water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Cap rate 16.7% vs local median 6.2% in Cortland — 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 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; 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; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• At $3,405/mo this rent would consume 58% of the median local household income ($70k/yr) (locally 1488% 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 $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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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.
• Current owner paid $102k; list at $160k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,900

Questions for the listing agent

1. Built in 1890 — 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: 2.13% ✓
• Cap rate: 16.67%
• Cash-on-cash: 37.05%
• DSCR: 2.65
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $160,864
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 Frank St	0.03mi	5/2.0 (+1)	1,762 (-4%)	1mo	$165,000	$94	86
172 Tompkins St	0.19mi	4/2.0	1,934 (+6%)	18mo	$170,000	$88	66
16 South Ave	0.36mi	5/2.0 (+1)	1,940 (+6%)	4mo	$124,000	$64	65

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 39.0%
• Equity multiple: 2.79×
• Total profit: $80,291
• Equity at exit: $23,842

10-year hold

• IRR: 48.0%
• Equity multiple: 6.94×
• Total profit: $265,886
• 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: 11.7×

Monthly cashflow live

• Estimated rent: $3,405 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$403 /mo · $4,831/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$715
• Net cashflow: $1,382

Break-even live

Break-even rent $1,655

Max offer price $159,900

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,405
Total (3 units)			$3,405

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 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31 James St Cortland, NY	3.0	1.5	1319	$3,600	$2.73	43d	1	0.47mi
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	43d	1	1.24mi
24 Kellogg Rd Cortland, NY	1.0–3.0	1.0–1.5	1070	$1,405	$1.31	43d	1	1.49mi

Listing history 7 events

1. 2026-05-24
   listed $159,900 Active
2. 2026-02-13
   historical $3,450
3. 2026-02-13
   listed $3,450
4. 2021-03-22
   soldstatus $102,000 248-char remark

   Show marketing remark (248 chars)

   Nice clean two family home. Live in one three bedroom unit and rent the other! First floor apartment occupied by longtime tenant. No lease, rent is month to month. Second floor apartment is currently vacant. No lease. NO LEASES FOR EITHER UNIT.

5. 2021-03-19
   soldstatus $102,000
6. 2020-06-23
   listed $109,900 248-char remark

   Show marketing remark (248 chars)

   Nice clean two family home. Live in one three bedroom unit and rent the other! First floor apartment occupied by longtime tenant. No lease, rent is month to month. Second floor apartment is currently vacant. No lease. NO LEASES FOR EITHER UNIT.

7. 2007-08-28
   soldstatus $71,500

ⓘ 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: $4,831 · $403/mo
• Projected year-2 tax: $4,831 · $403/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 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: $40,860
• − Mortgage interest: −$8,957
• − Property taxes: −$4,831
• − Insurance: −$800
• − Repairs & maintenance: −$3,269
• − Management: −$3,269
• − Depreciation: −$4,652
• Taxable income: $15,083
• Est. tax owed @ 24.0%: −$3,620
• After-tax cash flow: $12,966/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

+123.6% since first listed

7 events — show timeline

• 2026-05-24 Listed $159,900 CNYIS
• 2026-02-13 Rental Removed $3,450 CNYIS
• 2026-02-13 Listed for Rent $3,450 CNYIS
• 2021-03-22 Sold (MLS) $102,000 CNYIS
• 2021-03-19 Sold (Public Records) $102,000 Public Records
• 2020-06-23 Listed $109,900 CNYIS
• 2007-08-28 Sold (Public Records) $71,500 Public Records

Property tax history

+2.8%/yr

Latest (2025): $4,831 · +5.6% YoY. Source: county tax records.