13 Pleasant St · Cortland, NY 13045

$215,000

4 bd · 2.0 ba · 1,832 sqft · MultiFamily public records · 174 Days on market

Built 1925 3,909 sqft lot Est $158k · 36% over

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Why this score? — see what drove the C- 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 +23.9/30.0
• DSCR +7.7/10.0
• 1% rule +7.6/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Currently set up as a student rental, this well-maintained 5-bedroom home offers excellent income potential or the flexibility to convert back to a two-family home or use as a single-family residence. Many updates have already been completed, including new windows, remodeled kitchen and bathrooms, vinyl siding, and newer furnaces. Each room comes fully furnished including beds, dressers, desks, couches, TVs, and a dining set—everything needed for immediate use. The property also features a coin-operated washer and dryer and a driveway with parking for up to five cars. This is all located in prime student house location with a short walk to SUNY Cortland campus. A great opportunity for

Key facts

• Newer furnaces
• Remodeled kitchen
• Two-family home

Tags

• TWO-FAMILY HOME
• REMODELED KITCHEN
• REMODELED BATHROOMS
• VINYL SIDING
• NEWER FURNACES
• COIN-OPERATED WASHER AND DRYER

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water connected; Sewer connected; Electric water heater
• Home design: Two-story house; Resale property
• Construction: Vinyl siding; Asphalt roof; Block foundation; Existing (year built details)
• Exterior features: Gravel driveway; Rectangular lot (approx. 50 x 78)

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Bedrooms: 1 main-level bedroom
• Flooring: Hardwood; Carpet; Varies
• Bathrooms: 2 full bathrooms total; 1 main-level bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Bedroom on main level; See remarks / other interior features
• Laundry & utility: Washer and dryer in basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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; 4 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 $2,714/mo this rent would consume 47% 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 $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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $60k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $34k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $66k; list at $215k implies a 226% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.33%
• DSCR: 1.37
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $157,552
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
71 Madison St	0.33mi	4/2.0	1,736 (-5%)	12mo	$120,000	$69	66
12 Homer Ave	0.13mi	4/2.0	1,696 (-7%)	20mo	$140,000	$83	65
10 Washington St	0.51mi	5/2.0 (+1)	1,932 (+6%)	7mo	$177,000	$92	56
64 Elm St	0.61mi	4/2.0	1,750 (-4%)	10mo	$179,000	$102	56
16 South Ave	0.57mi	5/2.0 (+1)	1,940 (+6%)	4mo	$124,000	$64	56
22 Frank St	0.75mi	5/2.0 (+1)	1,762 (-4%)	1mo	$165,000	$94	53
31 Jewett Ave	0.24mi	3/2.0 (-1)	1,642 (-10%)	19mo	$146,000	$89	51
57 Hubbard St	0.72mi	4/3.0	1,868 (+2%)	10mo	$188,200	$101	51
39 E Court St	0.47mi	4/2.0	1,680 (-8%)	20mo	$144,000	$86	48
132 Central Ave	0.74mi	5/3.0 (+1)	1,932 (+6%)	0mo	$146,000	$76	47
24 Washington St	0.52mi	5/3.0 (+1)	2,086 (+14%)	11mo	$170,000	$81	34

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $6,318
• Equity at exit: $32,057

10-year hold

• IRR: 16.9%
• Equity multiple: 2.76×
• Total profit: $105,839
• Equity at exit: $18,589

Cash invested: $60,200 (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: 6.6×

Monthly cashflow live

• Estimated rent: $2,714 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$509 /mo · $6,111/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$570
• Net cashflow: $418

Break-even live

Break-even rent $2,185

Max offer price $215,000

Occupancy floor 80%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31 James St Cortland, NY	3.0	1.5	1319	$3,600	$2.73	44d	1	0.27mi
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	44d	1	0.63mi
24 Kellogg Rd Cortland, NY	1.0–3.0	1.0–1.5	1070	$1,405	$1.31	44d	1	1.23mi
3 Morningside Dr Cortland, NY	3.0	1.5	1464	$2,150	$1.47	44d	1	1.48mi

Listing history 9 events

1. 2026-05-12
   status Pending
2. 2026-05-01
   historical Active Under Contract
3. 2026-04-24
   status Active
4. 2026-04-24
   price $215,000
5. 2026-03-19
   status Pending
6. 2026-02-17
   historical Active Under Contract
7. 2025-10-31
   price $235,000
8. 2025-10-14
   listed $249,000 Active
9. 2004-06-07
   soldstatus $65,990

ⓘ 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: $6,111 · $509/mo
• Projected year-2 tax: $6,111 · $509/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: $32,572
• − Mortgage interest: −$12,043
• − Property taxes: −$6,111
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,606
• − Management: −$2,606
• − Depreciation: −$6,255
• Taxable income: $1,877
• Est. tax owed @ 24.0%: −$450
• After-tax cash flow: $4,566/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

+225.8% since first listed

9 events — show timeline

• 2026-05-12 Pending — CNYIS
• 2026-05-01 Contingent — CNYIS
• 2026-04-24 Relisted — CNYIS
• 2026-04-24 Price Changed $215,000 CNYIS
• 2026-03-19 Pending — CNYIS
• 2026-02-17 Contingent — CNYIS
• 2025-10-31 Price Changed $235,000 CNYIS
• 2025-10-14 Listed $249,000 CNYIS
• 2004-06-07 Sold (Public Records) $65,990 Public Records

Property tax history

+0.8%/yr

Latest (2025): $6,111 · +4.4% YoY. Source: county tax records.