121 Osborne St · Auburn, NY 13021

$84,900

3 bd · 2.0 ba · 1,452 sqft · MultiFamily public records · 25 Days on market

Built 1900 7,629 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

Affordable Investment property. 1 -2 Bedroom Lower with Full bath, Kitchen has white cabinets and laminate flooring. Dining room and living room with Hard wood floors and laminate flooring. Some replacement windows & Vinyl siding. 2nd floor is a studio apartment. Large Kitchen with a full bath. Long Term Tenants rents. Property is in need of Cosmetic work. This will be a nice investment property or owner occupy with a little TLC.

Key facts

• Large living areas
• Functional layouts
• 7,629 sq ft lot

Tags

• LOW-MAINTENANCE VINYL SIDING
• SPACIOUS 2 BEDROOM APARTMENT
• LARGE LIVING AREAS
• FUNCTIONAL LAYOUTS
• INCREASED RENTAL INCOME

Property features AI

Finance

• Other: Two-unit property with separate gas and electric meters (2 each)
• Financial info: Owner pays water; Rent includes water; Operating expenses may include insurance, structural maintenance and water/sewer (see remarks)

Exterior

• Parking: Gravel parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Resale property
• Construction: Vinyl siding; Asphalt roof; Block foundation; Built (existing structure)
• Exterior features: Rectangular lot; Near public transit

Interior

• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Awning(s) on exterior
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $903/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 31.8% 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; 1 comparable units currently listed for rent nearby; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $3,082/mo this rent would consume 61% 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 $587 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $83,626 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.63% ✓
• Cap rate: 31.82%
• Cash-on-cash: 91.17%
• DSCR: 5.06
• GRM: 2.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 91.9%
• Equity multiple: 5.26×
• Total profit: $101,347
• Equity at exit: $12,659

10-year hold

• IRR: 94.8%
• Equity multiple: 10.96×
• Total profit: $236,668
• Equity at exit: $7,341

Cash invested: $23,772 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $3,082 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$148 /mo · $1,777/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $1,806

Break-even live

Break-even rent $796

Max offer price $84,900

Occupancy floor 36%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,082
Total (2 units)			$3,082

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Sheridan St Auburn, NY	4.0	2.0	1788	$1,995	$1.12	44d	1	0.46mi

Listing history 26 events

1. 2026-06-19
   days on market $84,900 Active 25 DOM
2. 2026-06-18
   days on market $84,900 Active 24 DOM
3. 2026-06-17
   days on market $84,900 Active 23 DOM
4. 2026-06-16
   days on market $84,900 Active 22 DOM
5. 2026-06-15
   days on market $84,900 Active 21 DOM
6. 2026-06-14
   days on market $84,900 Active 19 DOM
7. 2026-06-12
   days on market $84,900 Active 18 DOM
8. 2026-06-09
   days on market $84,900 Active 15 DOM
9. 2026-06-08
   days on market $84,900 Active 14 DOM
10. 2026-06-07
    days on market $84,900 Active 13 DOM
11. 2026-06-05
    days on market $84,900 Active 10 DOM
12. 2026-06-03
    days on market $84,900 Active 9 DOM
13. 2026-06-02
    days on market $84,900 Active 8 DOM
14. 2026-06-01
    days on market $84,900 Active 7 DOM
15. 2026-05-31
    days on market $84,900 Active 6 DOM
16. 2026-05-30
    days on market $84,900 Active 5 DOM
17. 2026-05-25
    listed $84,900 Active
18. 2024-10-15
    soldstatus $90,000
19. 2022-03-16
    soldstatus $64,900 Closed Sale or Rented 439-char remark

    Show marketing remark (439 chars)

    Affordable Investment property. 1 -2 Bedroom Lower with Full bath, Kitchen has white cabinets and laminate flooring. Dining room and living room with Hard wood floors and laminate flooring. Some replacement windows & Vinyl siding. 2nd floor is a studio apartment. Large Kitchen with a full bath. Long Term Tenants rents. Property is in need of Cosmetic work. This will be a nice investment property or owner occupy with a little TLC.

20. 2022-03-08
    status Pending Sale 439-char remark

    Show marketing remark (439 chars)

    Affordable Investment property. 1 -2 Bedroom Lower with Full bath, Kitchen has white cabinets and laminate flooring. Dining room and living room with Hard wood floors and laminate flooring. Some replacement windows & Vinyl siding. 2nd floor is a studio apartment. Large Kitchen with a full bath. Long Term Tenants rents. Property is in need of Cosmetic work. This will be a nice investment property or owner occupy with a little TLC.

21. 2022-02-15
    historical Continue to Show- Under Contract 439-char remark

    Show marketing remark (439 chars)

    Affordable Investment property. 1 -2 Bedroom Lower with Full bath, Kitchen has white cabinets and laminate flooring. Dining room and living room with Hard wood floors and laminate flooring. Some replacement windows & Vinyl siding. 2nd floor is a studio apartment. Large Kitchen with a full bath. Long Term Tenants rents. Property is in need of Cosmetic work. This will be a nice investment property or owner occupy with a little TLC.

22. 2022-01-25
    listed $74,900 Active 439-char remark

    Show marketing remark (439 chars)

    Affordable Investment property. 1 -2 Bedroom Lower with Full bath, Kitchen has white cabinets and laminate flooring. Dining room and living room with Hard wood floors and laminate flooring. Some replacement windows & Vinyl siding. 2nd floor is a studio apartment. Large Kitchen with a full bath. Long Term Tenants rents. Property is in need of Cosmetic work. This will be a nice investment property or owner occupy with a little TLC.

23. 2021-11-18
    soldstatus $262,000
24. 2019-08-31
    historical
25. 2019-02-19
    listed $69,000 Active
26. 2006-09-08
    soldstatus $60,000

ⓘ 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: $1,777 · $148/mo
• Projected year-2 tax: $1,777 · $148/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 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: $36,984
• − Mortgage interest: −$4,756
• − Property taxes: −$1,777
• − Insurance: −$424
• − Repairs & maintenance: −$2,959
• − Management: −$2,959
• − Depreciation: −$2,470
• Taxable income: $21,640
• Est. tax owed @ 24.0%: −$5,194
• After-tax cash flow: $16,480/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

+41.5% since first listed

10 events — show timeline

• 2026-05-25 Listed $84,900 CNYIS
• 2024-10-15 Sold (Public Records) $90,000 Public Records
• 2022-03-16 Sold (MLS) $64,900 UNYREIS
• 2022-03-08 Pending — UNYREIS
• 2022-02-15 Contingent — UNYREIS
• 2022-01-25 Listed $74,900 UNYREIS
• 2021-11-18 Sold (Public Records) $262,000 Public Records
• 2019-08-31 Listing Removed — UNYREIS
• 2019-02-19 Listed $69,000 UNYREIS
• 2006-09-08 Sold (Public Records) $60,000 Public Records

Property tax history

-1.4%/yr

Latest (2025): $1,777 · +10.8% YoY. Source: county tax records.