8385 Geneva St · Interlaken, NY 14847

$595,000

6 bd · None ba · 7,512 sqft · MultiFamily public records · 17 Days on market

Built 1950 1.00 ac lot

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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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.4/10.0
• 1% rule +6.5/10.0
• Schools +3.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Don't miss this Unique opportunity to own a clean, well maintained apartment building with great potential for growth! Located in the the heart of The Cayuga Wine Trail where over 1,000,000 tourists visit per year!! Centrally located within The Fingerlakes region with access to a variety of attractions including The Seneca Wine trail, Taughannock Falls State Park, Cayuga Lake State Park, Cornell University with all the amenities of Ithaca and The quaint Village's of Interlaken and Trumansburg!!! Completely remodeled in 2016 this property Currently is set up with six 2 bedroom apartments at very affordable rents where tenants pay all utilities. The apartments feature hardwood floors, in unit

Key facts

• Modern kitchens
• Room for expansion
• Hardwood floors

Tags

• HARDWOOD FLOORS
• IN UNIT WASHER AND DRYER
• MODERN KITCHENS
• ROOM FOR EXPANSION

Property features AI

Finance

• HOA & community: No community features listed

Exterior

• Parking: Gravel driveway; Asphalt access; No garage
• Utilities: Public water; Sewer connected; Water connected; Electricity connected; Cable available; Circuit breaker electric
• Home design: Multi-family residential income property; Two levels / 2 stories
• Construction: Vinyl siding; Metal roof
• Exterior features: Covered porch; Porch; Irregular lot

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Refrigerator
• Flooring: Hardwood; Tile; Varies
• Heating & cooling: Ductless cooling; Ductless heating; Electric heating
• Interior features: Dishwasher; Electric oven; Electric range; Electric water heater; Refrigerator; Has basement (full)
• Laundry & utility: Washer; Dryer; Washer hookup

What this means for you Summary

Snapshot

• This is a 6-bed/?-bath multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $595k).
• Recommended offer: $586k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#930 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• South Seneca Central School District (rural): math 30% / reading 42% proficiency, ranked #552 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($4k loan paydown + $28k appreciation (4.7% local appreciation)).
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $167k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($586k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $100k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $179k; list at $595k implies a 232% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $586,075 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.15% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.03%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 2.25×
• Total profit: $208,017
• Equity at exit: $327,501

10-year hold

• IRR: 20.0%
• Equity multiple: 4.39×
• Total profit: $564,585
• Equity at exit: $557,378

Cash invested: $166,600 (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 14847

• Home prices YoY: 1.6%
• Active inventory: 7
• Price-to-rent: 43.5×

Monthly cashflow live

• Estimated rent: $6,835 medium
• Mortgage (P&I): −$3,120
• Tax from tax record: −$778 /mo · $9,333/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,435
• Net cashflow: $1,254

Break-even live

Break-even rent $5,248

Max offer price $595,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$6,834
Total (6 units)			$6,835

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $595,000 Active 17 DOM
2. 2026-06-17
   days on market $595,000 Active 16 DOM
3. 2026-06-16
   days on market $595,000 Active 15 DOM
4. 2026-06-15
   days on market $595,000 Active 14 DOM
5. 2026-06-13
   days on market $595,000 Active 12 DOM
6. 2026-06-12
   pricedays on market $595,000 Active 11 DOM
7. 2026-06-09
   days on market $695,000 Active 8 DOM
8. 2026-06-08
   days on market $695,000 Active 7 DOM
9. 2026-06-07
   days on market $695,000 Active 6 DOM
10. 2026-06-07
    days on market $695,000 Active 5 DOM
11. 2026-06-04
    days on market $695,000 Active 2 DOM
12. 2026-06-01
    remarks 699-char remark
13. 2026-06-01
    listed $695,000 Active 1 DOM

ⓘ 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: $9,333 · $778/mo
• Projected year-2 tax: $9,694 · $808/mo
• Expected delta: +$361/yr (+$30/mo · 3.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥96°F today · 17 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: $82,020
• − Mortgage interest: −$33,329
• − Property taxes: −$9,333
• − Insurance: −$2,975
• − Repairs & maintenance: −$6,562
• − Management: −$6,562
• − Depreciation: −$17,309
• Taxable income: $5,950
• Est. tax owed @ 24.0%: −$1,428
• After-tax cash flow: $13,617/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: South Seneca Central School District
• NCES district ID: 3622140
• Math proficiency: 30% ▼ -21.00%
• Reading proficiency: 42% ▲ 5.00%
• Median HH income: $45,533
• Composite: 30.71/100
• National rank: #6170
• State rank: #552 of 590 in NY

Livability — Interlaken

• Score: 61/100
• State rank: #930
• US rank: #18108

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Interlaken, NY
• Population (ZIP): 2,385

Population outlook (Seneca County) Hauer SSP2

• Today (2025): 33,457 people
• By 2030: 32,540 · -2.7%
• By 2040: 30,680 · -8.3%
• By 2050: 28,875 · -13.7%
• By 2075: 24,757 · -26.0%
• By 2100: 19,591 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Asian 1%
• Common ancestry: Iranian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 1% · Canada, China, Jamaica
• Languages at home: 86% English-only · German/W. Germanic 12%

Political lean MEDSL · Seneca

• 2024 margin: R (+11.8) · D 44.1% · R 55.9%
• 2008→2024 swing: -14.4pp toward R · 2008: 2.6pp · 2024: -11.8pp
• All cycles: 2024: R+11.8 2020: R+9.1 2016: R+12.1 2012: D+9.2 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.73%
• Current HPI: 293.2564
• Rent YoY: —
• Metro: —
• 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

+1347.9% since first listed

11 events — show timeline

• 2026-05-28 Listed $695,000 IBRMLS
• 2023-08-04 Rental Removed — APPFOLIO
• 2023-05-04 Relisted — IBRMLS
• 2023-01-30 Contingent — IBRMLS
• 2023-01-17 Listed $660,000 IBRMLS
• 2023-01-17 Listed $660,000 IBRMLS
• 2016-04-12 Sold (Public Records) $179,000 Public Records
• 2012-09-17 Sold (Public Records) $115,000 Public Records
• 2010-12-01 Sold (Public Records) $120,000 Public Records
• 2003-09-16 Sold (Public Records) $131,000 Public Records
• 1998-06-01 Sold (Public Records) $48,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $9,333 · -17.5% YoY. Source: county tax records.