2 S Fulton St #2 · Homer, NY 13077

$279,000

5 bd · 2.0 ba · 2,478 sqft · MultiFamily · 82 Days on market

Built 1900 Good condition 0.56 ac lot $113/sqft · 12% above area Est $249k · 12% 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
• Appreciation +8.4/10.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• ARV discount +2.1/15.0

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

A wonderful two-story home centrally located in the Village of Homer, with an accessory apartment for a relative to live or rent out for extra income and even has separate utilities. This home boosts a large sst floor main bedroom as well as a bathroom along with many generous sized rooms for everyone to enjoy along with central air and newer heating. As you enter the home the inviting entry also has a nice 3-season room facing the south sunshine that can be used as you wish. Updates in this include all new paint, flooring, appliances, 3yrs old roof, siding, new barn siding, some light fixtures and more. The cool thing is that you can remove a small wall and this home becomes a single family with 5-6 bedrooms, sweet. With the home central to the village you can walk to parks, schools, and main street to enjoy many shops, restaurants, groceries, banking, library, Center for the Arts, village green, and a dozen events every year from parades to Holiday in Homer, Winterfest, Brockway Trucks. .. .in other words a fantastic quaint village to become a part of whole heartedly. Summer can be enjoyed with the large yard and private inground pool that has patio room for gathering and a speaker system set up as well. And, don't get me started on the garage and 2-story barn, so much storage and shop space with 4 overhead doors to store your vehicles. Looking for Village of Homer living then you will want to schedule your appointment for this home. Refer to listing S1666426 for 2-unit listing.

Key facts

• Separate utilities
• New barn siding
• Patio room

Tags

• ACCESSORY APARTMENT
• SEPARATE UTILITIES
• 3-SEASON ROOM
• NEW BARN SIDING
• PRIVATE INGROUND POOL
• PATIO ROOM

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $279k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $279k).
• Recommended offer: $262k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.4% in Homer — 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 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 $21k of equity ($2k loan paydown + $19k 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.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $225k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $262,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.12% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.33%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (median comp): $249,000
• List price: $279,000
• Delta: 12.05%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33 Cortland St	0.23mi	5/3.0	2,640 (+6%)	9mo	$250,000	$95	67

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: 24.1%
• Equity multiple: 2.66×
• Total profit: $129,535
• Equity at exit: $190,710

10-year hold

• IRR: 22.3%
• Equity multiple: 5.49×
• Total profit: $351,041
• Equity at exit: $359,906

Cash invested: $78,120 (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: 22.3×

Monthly cashflow live

• Estimated rent: $3,127 medium
• Mortgage (P&I): −$1,463
• Tax est. 1.5%: −$349 /mo · $4,185/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$657
• Net cashflow: $542

Break-even live

Break-even rent $2,441

Max offer price $279,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,126
Total (3 units)			$3,127

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-02
   days on market $279,000 Active 82 DOM
2. 2026-06-01
   days on market $279,000 Active 81 DOM
3. 2026-05-31
   days on market $279,000 Active 80 DOM
4. 2026-05-30
   days on market $279,000 Active 79 DOM
5. 2026-03-12
   listed $279,000 Active 1505-char remark

   Show marketing remark (1717 chars)

   A wonderful two-story home centrally located in the Village of Homer, with an accessory apartment for a relative to live or rent out for extra income and even has separate utilities. This home boosts a large sst floor main bedroom as well as a bathroom along with many generous sized rooms for everyone to enjoy along with central air and newer heating. As you enter the home the inviting entry also has a nice 3-season room facing the south sunshine that can be used as you wish. Updates in this include all new paint, flooring, appliances, 3yrs old roof, siding, new barn siding, some light fixtures and more. The cool thing is that you can remove a small wall and this home becomes a single family with 5-6 bedrooms, sweet. As you enter the home the inviting entry also has a nice 3-season room facing the south sunshine that can be used as you wish. Updates in this include all new paint, flooring, appliances, 3yrs old roof, siding, new barn siding, some light fixtures and more. With the home central to the village you can walk to parks, schools, and main street to enjoy many shops, restaurants, groceries, banking, library, Center for the Arts, village green, and a dozen events every year from parades to Holiday in Homer, Winterfest, Brockway Trucks. .. .in other words a fantastic quaint village to become a part of whole heartedly. Summer can be enjoyed with the large yard and private inground pool that has patio room for gathering and a speaker system set up as well. And, don't get me started on the garage and 2-story barn, so much storage and shop space with 4 overhead doors to store your vehicles. Looking for Village of Homer living then you will want to schedule your appointment for this home.

6. 2026-03-12
   listed $279,000 Active 1717-char remark

   Show marketing remark (1717 chars)

   A wonderful two-story home centrally located in the Village of Homer, with an accessory apartment for a relative to live or rent out for extra income and even has separate utilities. This home boosts a large sst floor main bedroom as well as a bathroom along with many generous sized rooms for everyone to enjoy along with central air and newer heating. As you enter the home the inviting entry also has a nice 3-season room facing the south sunshine that can be used as you wish. Updates in this include all new paint, flooring, appliances, 3yrs old roof, siding, new barn siding, some light fixtures and more. The cool thing is that you can remove a small wall and this home becomes a single family with 5-6 bedrooms, sweet. As you enter the home the inviting entry also has a nice 3-season room facing the south sunshine that can be used as you wish. Updates in this include all new paint, flooring, appliances, 3yrs old roof, siding, new barn siding, some light fixtures and more. With the home central to the village you can walk to parks, schools, and main street to enjoy many shops, restaurants, groceries, banking, library, Center for the Arts, village green, and a dozen events every year from parades to Holiday in Homer, Winterfest, Brockway Trucks. .. .in other words a fantastic quaint village to become a part of whole heartedly. Summer can be enjoyed with the large yard and private inground pool that has patio room for gathering and a speaker system set up as well. And, don't get me started on the garage and 2-story barn, so much storage and shop space with 4 overhead doors to store your vehicles. Looking for Village of Homer living then you will want to schedule your appointment for this home.

7. 2025-09-10
   historical
8. 2025-09-09
   soldstatus $224,900 Closed
9. 2025-07-23
   status Pending
10. 2025-07-23
    status Pending
11. 2025-07-20
    historical Active Under Contract
12. 2025-07-20
    historical Active Under Contract
13. 2025-07-19
    listed $224,900 Active
14. 2025-07-19
    listed $224,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 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: $37,524
• − Mortgage interest: −$15,628
• − Property taxes: −$4,185
• − Insurance: −$1,395
• − Repairs & maintenance: −$3,002
• − Management: −$3,002
• − Depreciation: −$8,116
• Taxable income: $2,195
• Est. tax owed @ 24.0%: −$527
• After-tax cash flow: $5,980/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This two-story multi-family home is in good condition with recent updates, making it a solid investment opportunity.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value ↑
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• Census place: Homer, NY
• 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

+24.1% since first listed

10 events — show timeline

• 2026-03-12 Listed $279,000 CNYIS
• 2026-03-12 Listed $279,000 CNYIS
• 2025-09-10 Listing Removed — CNYIS
• 2025-09-09 Sold (MLS) $224,900 CNYIS
• 2025-07-23 Pending — CNYIS
• 2025-07-23 Pending — CNYIS
• 2025-07-20 Contingent — CNYIS
• 2025-07-20 Contingent — CNYIS
• 2025-07-19 Listed $224,900 CNYIS
• 2025-07-19 Listed $224,900 CNYIS