5591 Us Route 11 · Homer, NY 13077

$249,900

3 bd · 1.5 ba · 1,946 sqft · SingleFamily public records · 51 Days on market

Built 1964 0.32 ac lot $128/sqft · 18% below area Est $304k · 18% under

---

Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Appreciation +8.4/10.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Cash flow +3.3/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.7/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Location, location, location. Just outside the Village of Homer and minutes to I 81 access. Short drive to Syracuse or Ithaca. Near to State Land, golf courses, ski areas, restaurants, and entertainment. Updates include new gas furnace , refinished hardwood floors , carpet, refrigerator, and fresh paint. Wood stove and a fenced in back yard help complete this country home. Possible 4th bdrm or office on main floor or in the basement. Oversized garage for cars and toys.

Key facts

• 0.32 acre lot
• 2 garage spots
• Built 1964

Property features AI

Exterior

• Parking: Attached garage with 2 spaces; Garage with electricity, workshop area, and garage door opener
• Utilities: Cable available; Circuit breaker electrical service; Septic tank sewer; Well water
• Home design: Two-story house; Existing/Resale property
• Construction: Vinyl siding; Copper plumbing; Asphalt roof; Block foundation; Built previously (existing)
• Exterior features: Partial fencing; Gravel driveway; Rectangular lot; Main thoroughfare frontage

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Refrigerator; Eat-in kitchen
• Bedrooms: Total rooms include bedrooms within the 10-room layout
• Flooring: Carpet; Ceramic tile; Hardwood; Varied flooring
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Gas heating; Baseboard heat; Hot water heat
• Interior features: Separate formal dining room; Eat-in kitchen; Separate formal living room; Storage; Sunroom / Florida room; Recreation room
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-778 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (52.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (42.8% below list).
• Recommended offer: $118k (52.8% below list) — sets the bar for cash-flow.
• Cap rate 2.6% vs local median 3.4% in Homer — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 76/100 on livability (#229 in NY, #3,609 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Homer Central School District (town): math 49% / reading 59% proficiency, ranked #306 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($2k loan paydown + $17k appreciation (6.9% local appreciation)).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $143k; list at $250k implies a 75% gain — meaningful room to come down on a strong offer.

Recommended offer $118,059 (52.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 53% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — 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 B-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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.57% ✗
• Cap rate: 2.56%
• Cash-on-cash: -13.35%
• DSCR: 0.41
• GRM: 14.6

CMA / ARV

• ARV (median comp): $304,222
• List price: $249,900
• Delta: -17.86%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5754 State Route 281	0.67mi	4/1.5 (+1)	2,235 (+15%)	22mo	$277,000	$124	20

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.1%
• Equity multiple: 1.51×
• Total profit: $35,621
• Equity at exit: $170,819

10-year hold

• IRR: 9.0%
• Equity multiple: 3.02×
• Total profit: $141,129
• Equity at exit: $322,367

Cash invested: $69,972 (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 13077

• Home prices YoY: 2.4%
• Active inventory: 39
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $1,428 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$492 /mo · $5,903/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $-778

Break-even live

Break-even rent $2,413

Max offer price $118,059

Occupancy floor —

Sensitivity live

Price	-10% $-637	-5% $-707	+0% $-778	+5% $-849	+10% $-920
Rent	-10% $-891	-5% $-835	+0% $-778	+5% $-722	+10% $-665
Rate	-1.0pp $-652	-0.5pp $-715	base $-778	+0.5pp $-843	+1.0pp $-909

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $249,900 Active 51 DOM
2. 2026-06-18
   days on market $249,900 Active 50 DOM
3. 2026-06-18
   price $249,900 Active 49 DOM
4. 2026-06-17
   days on market $249,500 Active 49 DOM
5. 2026-06-16
   days on market $249,500 Active 48 DOM
6. 2026-06-15
   days on market $249,500 Active 47 DOM
7. 2026-06-14
   days on market $249,500 Active 45 DOM
8. 2026-06-12
   days on market $249,500 Active 44 DOM
9. 2026-06-09
   days on market $249,500 Active 41 DOM
10. 2026-06-08
    days on market $249,500 Active 40 DOM
11. 2026-06-07
    days on market $249,500 Active 39 DOM
12. 2026-06-02
    days on market $249,500 Active 34 DOM
13. 2026-06-01
    days on market $249,500 Active 33 DOM
14. 2026-05-31
    days on market $249,500 Active 32 DOM
15. 2026-05-30
    days on market $249,500 Active 31 DOM
16. 2026-04-29
    listed $249,500 Active 1033-char remark
17. 2026-01-29
    price $249,900
18. 2026-01-12
    listed $259,000 Active
19. 2017-06-02
    soldstatus $142,800
20. 2017-06-01
    soldstatus $142,800

    Show marketing remark (475 chars)

    Location, location, location. Just outside the Village of Homer and minutes to I 81 access. Short drive to Syracuse or Ithaca. Near to State Land, golf courses, ski areas, restaurants, and entertainment. Updates include new gas furnace , refinished hardwood floors , carpet, refrigerator, and fresh paint. Wood stove and a fenced in back yard help complete this country home. Possible 4th bdrm or office on main floor or in the basement. Oversized garage for cars and toys.

21. 2016-07-15
    listed $139,400

    Show marketing remark (475 chars)

    Location, location, location. Just outside the Village of Homer and minutes to I 81 access. Short drive to Syracuse or Ithaca. Near to State Land, golf courses, ski areas, restaurants, and entertainment. Updates include new gas furnace , refinished hardwood floors , carpet, refrigerator, and fresh paint. Wood stove and a fenced in back yard help complete this country home. Possible 4th bdrm or office on main floor or in the basement. Oversized garage for cars and toys.

22. 2006-07-27
    soldstatus $130,380
23. 2000-05-31
    soldstatus $87,500

ⓘ 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: $5,903 · $492/mo
• Projected year-2 tax: $5,903 · $492/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 ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $17,140
• − Mortgage interest: −$13,998
• − Property taxes: −$5,903
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,371
• − Management: −$1,371
• − Depreciation: −$7,270
• Taxable loss: −$14,023
• Est. tax savings @ 24.0%: +$3,365
• After-tax cash flow: $-5,972/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: Homer Central School District
• NCES district ID: 3614640
• Math proficiency: 49% ▼ -1.00%
• Reading proficiency: 59% ▲ 9.00%
• Median HH income: $60,122
• Composite: 47.03/100
• National rank: #2342
• State rank: #306 of 590 in NY

Livability — Homer

• Score: 76/100
• State rank: #229
• US rank: #3609

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,567

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Asian 2%
• Common ancestry: Romanian 3% Slovak 3% Serbian 2%
• Foreign-born: 2% · China
• Languages at home: 94% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Chinese 2%

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: ▲ 6.86%
• Current HPI: 298.7707
• 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

+185.6% since first listed

9 events — show timeline

• 2026-06-18 Price Changed $249,900 CNYIS
• 2026-04-29 Listed $249,500 CNYIS
• 2026-01-29 Price Changed $249,900 CNYIS
• 2026-01-12 Listed $259,000 CNYIS
• 2017-06-02 Sold (Public Records) $142,800 Public Records
• 2017-06-01 Sold (MLS) $142,800 CNYIS
• 2016-07-15 Listed $139,400 CNYIS
• 2006-07-27 Sold (Public Records) $130,380 Public Records
• 2000-05-31 Sold (Public Records) $87,500 Public Records

Property tax history

-2.0%/yr

Latest (2025): $5,903 · +5.8% YoY. Source: county tax records.