419 N Albany St · Ithaca, NY 14850

$499,000

6 bd · 2.0 ba · 2,682 sqft · MultiFamily public records · 66 Days on market

Built 1890 3,960 sqft lot $186/sqft · 11% below area Est $560k · 11% under

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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 +29.7/30.0
• ARV discount +12.4/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• 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

Investment Opportunity! Well-maintained duplex in the heart of downtown Ithaca, offering 2 spacious 3-bedroom units and valuable off-street parking. Entire house was gutted in 1984 and remodeled including all plumbing and electric. Only 1 mile to Cornell, ½ mi to The Commons and the Farmers Market on Cayuga Lake. Both units are currently rented at $2100 and $1900/month (a bit under market). Strong opportunity for future income. Tenants are friendly, reliable, and responsible, allowing a smooth transition for the next owner. Directly across from a beautiful 3-acre city park complete with a public pool and basketball courts. An elementary school and community center are 1 block away, adding to the neighborhood’s appeal. Whether you're looking to expand your rental portfolio or live in one unit while generating income from the other, this duplex is a fantastic opportunity. Owner in the process of getting transferable C of C. Don't miss the virtual tour!

Key facts

• Gutted and remodeled
• 1 mile to cornell
• 3,960 sq ft lot

Tags

• WELL MAINTAINED DUPLEX
• VALUABLE OFF STREET PARKING
• GUTTED AND REMODELED
• 1 MILE TO CORNELL
• 1 BLOCK TO ELEMENTARY SCHOOL
• ACROSS FROM CITY PARK

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $499k).
• Recommended offer: $469k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 5.3% in Ithaca — 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 (#210 in NY, #3,240 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: housing C-, employment D+, cost of living D.
• Ithaca City School District (urban): math 57% / reading 71% proficiency, ranked #195 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $6,849/mo this rent would consume 115% of the median local household income ($71k/yr) (locally 5169% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $140k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($469k) is reasonable based on typical stale-listing flexibility.
• 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 $175k; list at $499k implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $469,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.37% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.64%
• DSCR: 1.70
• GRM: 6.1

CMA / ARV

• ARV (median comp): $559,733
• List price: $499,000
• Delta: -10.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 Third St	0.23mi	6/2.0	2,600 (-3%)	12mo	$415,000	$160	74
203 Prospect St	0.55mi	6/2.0	2,656 (-1%)	5mo	$380,000	$143	68
402 University Ave	0.52mi	5/3.0 (-1)	2,661 (-1%)	2mo	$445,000	$167	64
135 Linn St	0.38mi	7/3.0 (+1)	2,666 (-1%)	10mo	$580,000	$218	64
325-327 Cascadilla St	0.11mi	6/2.0	2,988 (+11%)	20mo	$495,000	$166	59
817-819 N Cayuga St	0.44mi	6/3.0	2,482 (-8%)	10mo	$529,000	$213	54
842 N Aurora St	0.54mi	5/2.0 (-1)	2,408 (-10%)	9mo	$465,000	$193	46
512 University Ave	0.60mi	6/3.0	2,535 (-6%)	17mo	$570,000	$225	44
506-508 S Albany St	0.66mi	6/3.5	2,652 (-1%)	22mo	$580,000	$219	43
403 S Cayuga St	0.60mi	5/3.0 (-1)	2,804 (+4%)	15mo	$380,000	$136	43
607 N Cayuga St	0.26mi	5/4.0 (-1)	2,296 (-14%)	10mo	$495,000	$216	43
310-312 Turner Pl	0.56mi	5/4.0 (-1)	3,080 (+15%)	4mo	$505,000	$164	33

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 8.4%
• Equity multiple: 1.34×
• Total profit: $47,420
• Equity at exit: $74,403

10-year hold

• IRR: 19.5%
• Equity multiple: 2.82×
• Total profit: $254,111
• Equity at exit: $43,144

Cash invested: $139,720 (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 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $6,849 high
• Mortgage (P&I): −$2,617
• Tax from tax record: −$765 /mo · $9,185/yr
• Insurance: −$208
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,438
• Net cashflow: $1,765

Break-even live

Break-even rent $4,615

Max offer price $499,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$6,850
Total (2 units)			$6,849

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $499,000 Active 66 DOM
2. 2026-06-18
   days on market $499,000 Active 65 DOM
3. 2026-06-17
   days on market $499,000 Active 64 DOM
4. 2026-06-16
   days on market $499,000 Active 63 DOM
5. 2026-06-15
   days on market $499,000 Active 62 DOM
6. 2026-06-14
   days on market $499,000 Active 60 DOM
7. 2026-06-13
   days on market $499,000 Active 59 DOM
8. 2026-06-10
   days on market $499,000 Active 57 DOM
9. 2026-06-09
   days on market $499,000 Active 56 DOM
10. 2026-06-08
    days on market $499,000 Active 55 DOM
11. 2026-06-07
    days on market $499,000 Active 54 DOM
12. 2026-06-05
    days on market $499,000 Active 51 DOM
13. 2026-06-02
    days on market $499,000 Active 49 DOM
14. 2026-06-01
    days on market $499,000 Active 48 DOM
15. 2026-05-31
    days on market $499,000 Active 47 DOM
16. 2026-05-30
    days on market $499,000 Active 46 DOM
17. 2026-05-13
    price $499,000 977-char remark

    Show marketing remark (977 chars)

    Investment Opportunity! Well-maintained duplex in the heart of downtown Ithaca, offering 2 spacious 3-bedroom units and valuable off-street parking. Entire house was gutted in 1984 and remodeled including all plumbing and electric. Only 1 mile to Cornell, ½ mi to The Commons and the Farmers Market on Cayuga Lake. Both units are currently rented at $2100 and $1900/month (a bit under market). Strong opportunity for future income. Tenants are friendly, reliable, and responsible, allowing a smooth transition for the next owner. Directly across from a beautiful 3-acre city park complete with a public pool and basketball courts. An elementary school and community center are 1 block away, adding to the neighborhood’s appeal. Whether you're looking to expand your rental portfolio or live in one unit while generating income from the other, this duplex is a fantastic opportunity. Owner in the process of getting transferable C of C. Don't miss the virtual tour!

18. 2026-05-13
    price $499,000 977-char remark

    Show marketing remark (977 chars)

    Investment Opportunity! Well-maintained duplex in the heart of downtown Ithaca, offering 2 spacious 3-bedroom units and valuable off-street parking. Entire house was gutted in 1984 and remodeled including all plumbing and electric. Only 1 mile to Cornell, ½ mi to The Commons and the Farmers Market on Cayuga Lake. Both units are currently rented at $2100 and $1900/month (a bit under market). Strong opportunity for future income. Tenants are friendly, reliable, and responsible, allowing a smooth transition for the next owner. Directly across from a beautiful 3-acre city park complete with a public pool and basketball courts. An elementary school and community center are 1 block away, adding to the neighborhood’s appeal. Whether you're looking to expand your rental portfolio or live in one unit while generating income from the other, this duplex is a fantastic opportunity. Owner in the process of getting transferable C of C. Don't miss the virtual tour!

19. 2026-04-14
    listed $519,000 Active 977-char remark

    Show marketing remark (977 chars)

    Investment Opportunity! Well-maintained duplex in the heart of downtown Ithaca, offering 2 spacious 3-bedroom units and valuable off-street parking. Entire house was gutted in 1984 and remodeled including all plumbing and electric. Only 1 mile to Cornell, ½ mi to The Commons and the Farmers Market on Cayuga Lake. Both units are currently rented at $2100 and $1900/month (a bit under market). Strong opportunity for future income. Tenants are friendly, reliable, and responsible, allowing a smooth transition for the next owner. Directly across from a beautiful 3-acre city park complete with a public pool and basketball courts. An elementary school and community center are 1 block away, adding to the neighborhood’s appeal. Whether you're looking to expand your rental portfolio or live in one unit while generating income from the other, this duplex is a fantastic opportunity. Owner in the process of getting transferable C of C. Don't miss the virtual tour!

20. 2026-04-13
    listed $519,000 Active 977-char remark

    Show marketing remark (977 chars)

    Investment Opportunity! Well-maintained duplex in the heart of downtown Ithaca, offering 2 spacious 3-bedroom units and valuable off-street parking. Entire house was gutted in 1984 and remodeled including all plumbing and electric. Only 1 mile to Cornell, ½ mi to The Commons and the Farmers Market on Cayuga Lake. Both units are currently rented at $2100 and $1900/month (a bit under market). Strong opportunity for future income. Tenants are friendly, reliable, and responsible, allowing a smooth transition for the next owner. Directly across from a beautiful 3-acre city park complete with a public pool and basketball courts. An elementary school and community center are 1 block away, adding to the neighborhood’s appeal. Whether you're looking to expand your rental portfolio or live in one unit while generating income from the other, this duplex is a fantastic opportunity. Owner in the process of getting transferable C of C. Don't miss the virtual tour!

21. 2020-02-25
    listed $369,000
22. 2013-04-01
    soldstatus $175,000
23. 1998-09-21
    soldstatus $80,000

ⓘ 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: $9,185 · $765/mo
• Projected year-2 tax: $9,185 · $765/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 7/10 Severe FEMA zone X · 93% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥94°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: $82,188
• − Mortgage interest: −$27,952
• − Property taxes: −$9,185
• − Insurance: −$3,162
• − Repairs & maintenance: −$6,575
• − Management: −$6,575
• − Depreciation: −$14,516
• Taxable income: $14,224
• Est. tax owed @ 24.0%: −$3,414
• After-tax cash flow: $17,767/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: Ithaca City School District
• NCES district ID: 3615570
• Math proficiency: 57% ▼ -5.00%
• Reading proficiency: 71% ▲ 11.00%
• Median HH income: $46,528
• Composite: 54.01/100
• National rank: #1397
• State rank: #195 of 590 in NY

Livability — Ithaca

• Score: 77/100
• State rank: #210
• US rank: #3240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ithaca, NY
• County: Tompkins County · 68,610 people
• City population: 68,610
• Metro: Ithaca, NY
• Population (ZIP): 68,610
• Household income: $71,445
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 5169.0

Population outlook (Tompkins County) Hauer SSP2

• Today (2025): 113,958 people
• By 2030: 118,774 · +4.2%
• By 2040: 125,927 · +10.5%
• By 2050: 133,599 · +17.2%
• By 2075: 156,759 · +37.6%
• By 2100: 169,896 · +49.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 13% Hispanic / Latino 8% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 79% English-only · Chinese 5% Spanish 4% Other Indo-European 4%

Political lean MEDSL · Tompkins

• 2024 margin: Solid D (+50.6) · D 75.3% · R 24.7%
• 2008→2024 swing: +8.6pp toward D · 2008: 42.1pp · 2024: 50.6pp
• All cycles: 2024: D+50.6 2020: D+49.2 2016: D+42.1 2012: D+39.8 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.59%
• Current HPI: 389.7215
• Rent YoY: ▲ 5.22%
• Metro: Ithaca, 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

+523.8% since first listed

7 events — show timeline

• 2026-05-13 Price Changed $499,000 IBRMLS
• 2026-05-13 Price Changed $499,000 IBRMLS
• 2026-04-14 Listed $519,000 IBRMLS
• 2026-04-13 Listed $519,000 IBRMLS
• 2020-02-25 Listed $369,000 IBRMLS
• 2013-04-01 Sold (Public Records) $175,000 Public Records
• 1998-09-21 Sold (Public Records) $80,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $9,185 · +2.3% YoY. Source: county tax records.