20 Scammell St · Cortland, NY 13045

$224,900

5 bd · 2.0 ba · 1,938 sqft · MultiFamily public records · 41 Days on market

Built 1925 5,480 sqft lot $116/sqft · 24% below area Est $295k · 24% 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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +7.7/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 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

Check out this Unique 2-Unit on a quiet neighborhood street. Income Potential for a owner occupied in the front unit that features a large eat in kitchen with open stair case 3 Bed 1.5 bath all beautifully updated. . Separated by a entry breezeway back unit features 2 bed 1 bath all open concept. Both have basements with tons of Storage! New pavement for the parking area located in the rear.

Key facts

• Private entrance
• Original woodwork
• Three-season sunroom

Tags

• MULTI-FAMILY PROPERTY
• PRIVATE ENTRANCE
• THREE-SEASON SUNROOM
• ORIGINAL WOODWORK
• REMODELED BATHROOMS
• PEACEFUL STREET

Property features AI

Finance

• Financial info: Two total units; Gross income reported: $10,800; Unit rents: one unit at $900/month, the other at $1,600/month; Owner pays grounds care, snow removal, trash collection, and water; Operating expenses include water/sewer

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected; High-speed internet available
• Home design: 2-story building; Existing construction
• Construction: Vinyl siding; Shingle roof; Stone foundation; Copper and PEX plumbing
• Exterior features: Enclosed porch; Porch; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Unit 1: Eat-in kitchen with range/oven and refrigerator; Unit 2: Kitchen with range/oven, refrigerator, dishwasher, and microwave
• Bedrooms: One unit with 2 bedrooms; One unit with 3 bedrooms
• Flooring: Carpet; Laminate; Varies
• Bathrooms: Two full bathrooms and one half bathroom total across units; Unit 1: 1 full bathroom; Unit 2: 1 full bathroom and 1 half bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Ceiling fan(s)
• Laundry & utility: Unit 1: Washer and dryer included; Unit 2: Laundry in unit; dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $480 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• At $2,852/mo this rent would consume 49% 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 $2k of loan paydown is wiped out by about $7k 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 $63k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y 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 $150k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $218,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.27% ✓
• Cap rate: 8.85%
• Cash-on-cash: 9.14%
• DSCR: 1.41
• GRM: 6.6

CMA / ARV

• ARV (median comp): $294,671
• List price: $224,900
• Delta: -23.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 South Ave	0.19mi	5/2.0	1,940 (+0%)	4mo	$124,000	$64	88
22 Frank St	0.37mi	5/2.0	1,762 (-9%)	1mo	$165,000	$94	66
172 Tompkins St	0.54mi	4/2.0 (-1)	1,934 (-0%)	19mo	$170,000	$88	54

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: 3.6%
• Equity multiple: 1.15×
• Total profit: $9,347
• Equity at exit: $33,533

10-year hold

• IRR: 17.8%
• Equity multiple: 2.85×
• Total profit: $116,786
• Equity at exit: $19,445

Cash invested: $62,972 (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: 12.6×

Monthly cashflow live

• Estimated rent: $2,852 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$500 /mo · $6,006/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$599
• Net cashflow: $480

Break-even live

Break-even rent $2,245

Max offer price $224,900

Occupancy floor 78%

Sensitivity live

Price	-10% $607	-5% $543	+0% $480	+5% $416	+10% $352
Rent	-10% $254	-5% $367	+0% $480	+5% $592	+10% $705
Rate	-1.0pp $593	-0.5pp $537	base $480	+0.5pp $421	+1.0pp $362

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,491
1× unit	2	1	$1,361
Total (2 units)			$2,852

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-21
   days on market $224,900 Active 41 DOM
2. 2026-06-19
   days on market $224,900 Active 39 DOM
3. 2026-06-18
   days on market $224,900 Active 38 DOM
4. 2026-06-17
   days on market $224,900 Active 37 DOM
5. 2026-06-16
   days on market $224,900 Active 36 DOM
6. 2026-06-15
   days on market $224,900 Active 35 DOM
7. 2026-06-14
   days on market $224,900 Active 33 DOM
8. 2026-06-12
   days on market $224,900 Active 32 DOM
9. 2026-06-09
   pricedays on market $224,900 Active 29 DOM
10. 2026-06-08
    days on market $229,500 Active 28 DOM
11. 2026-06-07
    days on market $229,500 Active 27 DOM
12. 2026-06-05
    days on market $229,500 Active 24 DOM
13. 2026-06-03
    days on market $229,500 Active 23 DOM
14. 2026-06-02
    days on market $229,500 Active 22 DOM
15. 2026-06-01
    days on market $229,500 Active 21 DOM
16. 2026-05-31
    days on market $229,500 Active 20 DOM
17. 2026-05-30
    days on market $229,500 Active 19 DOM
18. 2026-05-11
    listed $229,500 Active 735-char remark
19. 2022-08-03
    soldstatus $150,000
20. 2022-08-01
    soldstatus $149,900 Closed Sale or Rented 395-char remark

    Show marketing remark (395 chars)

    Check out this Unique 2-Unit on a quiet neighborhood street. Income Potential for a owner occupied in the front unit that features a large eat in kitchen with open stair case 3 Bed 1.5 bath all beautifully updated. . Separated by a entry breezeway back unit features 2 bed 1 bath all open concept. Both have basements with tons of Storage! New pavement for the parking area located in the rear.

21. 2022-08-01
    soldstatus $149,900 Closed Sale or Rented

    Show marketing remark (395 chars)

    Check out this Unique 2-Unit on a quiet neighborhood street. Income Potential for a owner occupied in the front unit that features a large eat in kitchen with open stair case 3 Bed 1.5 bath all beautifully updated. . Separated by a entry breezeway back unit features 2 bed 1 bath all open concept. Both have basements with tons of Storage! New pavement for the parking area located in the rear.

22. 2022-06-20
    status Under Contract- Do Not Show 395-char remark

    Show marketing remark (395 chars)

    Check out this Unique 2-Unit on a quiet neighborhood street. Income Potential for a owner occupied in the front unit that features a large eat in kitchen with open stair case 3 Bed 1.5 bath all beautifully updated. . Separated by a entry breezeway back unit features 2 bed 1 bath all open concept. Both have basements with tons of Storage! New pavement for the parking area located in the rear.

23. 2022-06-20
    status Under Contract- Do Not Show

    Show marketing remark (395 chars)

    Check out this Unique 2-Unit on a quiet neighborhood street. Income Potential for a owner occupied in the front unit that features a large eat in kitchen with open stair case 3 Bed 1.5 bath all beautifully updated. . Separated by a entry breezeway back unit features 2 bed 1 bath all open concept. Both have basements with tons of Storage! New pavement for the parking area located in the rear.

24. 2022-06-18
    listed $149,900 Active 395-char remark

    Show marketing remark (395 chars)

    Check out this Unique 2-Unit on a quiet neighborhood street. Income Potential for a owner occupied in the front unit that features a large eat in kitchen with open stair case 3 Bed 1.5 bath all beautifully updated. . Separated by a entry breezeway back unit features 2 bed 1 bath all open concept. Both have basements with tons of Storage! New pavement for the parking area located in the rear.

25. 2022-06-18
    listed $149,900 Active

    Show marketing remark (395 chars)

    Check out this Unique 2-Unit on a quiet neighborhood street. Income Potential for a owner occupied in the front unit that features a large eat in kitchen with open stair case 3 Bed 1.5 bath all beautifully updated. . Separated by a entry breezeway back unit features 2 bed 1 bath all open concept. Both have basements with tons of Storage! New pavement for the parking area located in the rear.

26. 2012-05-16
    soldstatus $84,900
27. 2012-05-15
    soldstatus $84,900
28. 2011-12-12
    listed $89,900
29. 2002-09-17
    soldstatus $60,000
30. 1996-03-05
    soldstatus $56,500
31. 1993-10-20
    soldstatus $67,500

ⓘ 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: $6,006 · $500/mo
• Projected year-2 tax: $6,006 · $500/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $34,224
• − Mortgage interest: −$12,598
• − Property taxes: −$6,006
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,738
• − Management: −$2,738
• − Depreciation: −$6,543
• Taxable income: $2,478
• Est. tax owed @ 24.0%: −$595
• After-tax cash flow: $5,159/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

+233.2% since first listed

15 events — show timeline

• 2026-06-09 Price Changed $224,900 CNYIS
• 2026-05-11 Listed $229,500 CNYIS
• 2022-08-03 Sold (Public Records) $150,000 Public Records
• 2022-08-01 Sold (MLS) $149,900 CNYIS
• 2022-08-01 Sold (MLS) $149,900 CNYIS
• 2022-06-20 Pending — CNYIS
• 2022-06-20 Pending — CNYIS
• 2022-06-18 Listed $149,900 CNYIS
• 2022-06-18 Listed $149,900 CNYIS
• 2012-05-16 Sold (Public Records) $84,900 Public Records
• 2012-05-15 Sold (MLS) $84,900 CNYIS
• 2011-12-12 Listed $89,900 CNYIS
• 2002-09-17 Sold (Public Records) $60,000 Public Records
• 1996-03-05 Sold (Public Records) $56,500 Public Records
• 1993-10-20 Sold (Public Records) $67,500 Public Records

Property tax history

+6.2%/yr

Latest (2025): $6,006 · +4.5% YoY. Source: county tax records.