1229 State Route 392 · Virgil, NY 13045

$149,900

6 bd · 2.0 ba · 2,416 sqft · SingleFamily public records · 43 Days on market

Built 1885 2.70 ac lot $62/sqft · 66% below area

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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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a Fannie Mae HomePath property! Nice two story home that is situated on a spacious lot! Large barn provides ample room for extra storage. Home offers a nice open floor plan with gleaming hardwood floors! Located near your needed amenities!

Key facts

• Laminate flooring
• Barn roof replaced
• Hot water heater

Tags

• 3 STORY BARN
• BARN ROOF REPLACED
• LAMINATE FLOORING
• UPDATED PLUMBING
• HOT WATER HEATER
• HARDWOODS IN LIVING ROOM

Property features AI

Finance

• Other: 3.16-acre rural, irregular lot (approx. 408 x 307)

Exterior

• Parking: Detached garage; One garage space
• Utilities: Electric service with circuit breakers; Private well; Septic tank
• Home design: Two-story home; Existing construction
• Construction: Shingle roof; Vinyl siding; Stone foundation; Attic/crawl hatchway(s) insulated
• Exterior features: Dirt driveway; Barn(s) on property; Outbuilding

Interior

• Kitchen: Gas range; Gas oven; Refrigerator
• Flooring: Hardwood flooring; Laminate flooring; Varied flooring
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Gas heating with forced air; Ductless heating; Ductless cooling
• Interior features: Separate/formal dining room; Separate/formal living room; Country kitchen; Full dirt-floor basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#963 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: health & safety D, crime F, amenities F.
• 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.
• Zoned schools: Cortland High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 596 students, 42% FRL) — zoned schools at 42% FRL track the district average.
• Zoned-school proficiency averages 92% at this address vs 52% district-wide (+40 pts) — the actual schools serving this property are materially stronger than the Cortland City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($145k) 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 $43k; list at $150k implies a 249% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; flood insurance adds $56/mo; built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1885 — 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.42% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.42%
• DSCR: 1.64
• GRM: 5.9

CMA / ARV

• ARV (median comp): $445,613
• List price: $149,900
• Delta: -66.36%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.37×
• Total profit: $15,725
• Equity at exit: $22,351

10-year hold

• IRR: 22.4%
• Equity multiple: 3.44×
• Total profit: $102,481
• Equity at exit: $12,961

Cash invested: $41,972 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,135 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$334 /mo · $4,009/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $449

Break-even live

Break-even rent $1,567

Max offer price $149,900

Occupancy floor 74%

Sensitivity live

Price	-10% $534	-5% $491	+0% $449	+5% $406	+10% $364
Rent	-10% $280	-5% $364	+0% $449	+5% $533	+10% $617
Rate	-1.0pp $524	-0.5pp $487	base $449	+0.5pp $410	+1.0pp $370

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $149,900 Active 43 DOM
2. 2026-06-19
   days on market $149,900 Active 41 DOM
3. 2026-06-18
   days on market $149,900 Active 40 DOM
4. 2026-06-17
   days on market $149,900 Active 39 DOM
5. 2026-06-16
   days on market $149,900 Active 38 DOM
6. 2026-06-15
   days on market $149,900 Active 37 DOM
7. 2026-06-14
   days on market $149,900 Active 35 DOM
8. 2026-06-12
   days on market $149,900 Active 34 DOM
9. 2026-06-09
   days on market $149,900 Active 31 DOM
10. 2026-06-08
    days on market $149,900 Active 30 DOM
11. 2026-06-07
    days on market $149,900 Active 29 DOM
12. 2026-06-05
    days on market $149,900 Active 26 DOM
13. 2026-06-03
    days on market $149,900 Active 25 DOM
14. 2026-06-02
    days on market $149,900 Active 24 DOM
15. 2026-06-01
    days on market $149,900 Active 23 DOM
16. 2026-05-31
    days on market $149,900 Active 22 DOM
17. 2026-05-30
    days on market $149,900 Active 21 DOM
18. 2026-05-09
    listed $149,900 Active 484-char remark
19. 2026-04-29
    historical
20. 2026-04-07
    price $155,000
21. 2025-11-01
    listed $170,000 Active
22. 2017-06-14
    soldstatus $43,000

    Show marketing remark (247 chars)

    This is a Fannie Mae HomePath property! Nice two story home that is situated on a spacious lot! Large barn provides ample room for extra storage. Home offers a nice open floor plan with gleaming hardwood floors! Located near your needed amenities!

23. 2016-10-21
    listed $42,900

    Show marketing remark (247 chars)

    This is a Fannie Mae HomePath property! Nice two story home that is situated on a spacious lot! Large barn provides ample room for extra storage. Home offers a nice open floor plan with gleaming hardwood floors! Located near your needed amenities!

24. 2002-10-10
    soldstatus $50,000

ⓘ 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: $4,009 · $334/mo
• Projected year-2 tax: $4,009 · $334/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 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 16 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: $25,622
• − Mortgage interest: −$8,397
• − Property taxes: −$4,009
• − Insurance: −$1,416
• − Repairs & maintenance: −$2,050
• − Management: −$2,050
• − Depreciation: −$4,361
• Taxable income: $3,341
• Est. tax owed @ 24.0%: −$802
• After-tax cash flow: $4,582/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 — Virgil

• Score: 60/100
• State rank: #963
• US rank: #18876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virgil, NY
• County: Cortland County · 28,361 people
• 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

+199.8% since first listed

7 events — show timeline

• 2026-05-09 Listed $149,900 CNYIS
• 2026-04-29 Listing Removed — CNYIS
• 2026-04-07 Price Changed $155,000 CNYIS
• 2025-11-01 Listed $170,000 CNYIS
• 2017-06-14 Sold (MLS) $43,000 CNYIS
• 2016-10-21 Listed $42,900 CNYIS
• 2002-10-10 Sold (Public Records) $50,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $4,009 · +36.0% YoY. Source: county tax records.