638 Spencer Rd · Ithaca, NY 14850

$325,000

6 bd · 6.0 ba · 2,500 sqft · MultiFamily public records · 98 Days on market

Built 2009 Good condition 6,534 sqft lot $130/sqft · 37% below area Est $409k · 21% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Schools +7.0/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-maintained duplex offering a fantastic investment or owner-occupant opportunity in the City of Ithaca. This newer-construction property features updated heating systems and hot water heaters, providing low-maintenance ownership and peace of mind. Each unit offers three floors of living space with flexible layouts that can accommodate a variety of living arrangements, home office needs, or recreational spaces. Ample off-street parking adds convenience for residents and guests alike. Ideally located close to shopping, parks, restaurants, and everyday amenities, this property combines strong rental appeal with a desirable location.

Key facts

• Hot water heaters
• Desirable location
• Flexible layouts

Tags

• UPDATED HEATING SYSTEMS
• HOT WATER HEATERS
• THREE FLOORS OF LIVING SPACE
• FLEXIBLE LAYOUTS
• AMPLE OFF-STREET PARKING
• DESIRABLE LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $325k. Condition is rated good.
• This rent per unit runs 39% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $627/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $296k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 3.9% 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.
• Zoned schools: South Hill School (math 57% / reading 72%, grade B, #591 of 2,108 statewide, top 31%, 380 students, 0% FRL); Boynton Middle School (math 36% / reading 64%, grade C, #261 of 729 statewide, top 36%, 526 students, 36% FRL); Ithaca Senior High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 1,341 students, 31% FRL).
• Market conditions: Rents rising fast (+5.2%/yr); 492 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 $91k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($296k) is reasonable based on typical stale-listing flexibility.

Recommended offer $295,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 1.44% ✓
• Cap rate: 10.93%
• Cash-on-cash: 16.55%
• DSCR: 1.74
• GRM: 5.8

CMA / ARV

• ARV (median comp): $409,456
• List price: $325,000
• Delta: -20.63%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 Grandview Ave	1.26mi	6/3.0	2,548 (+2%)	6mo	$360,000	$141	45
104, 110, 116 Buttermilk Falls Rd E	0.43mi	5/4.0 (-1)	3,000 (+20%)	3mo	$1,315,000	$438	40
3 Hudson Pl	1.34mi	5/3.0 (-1)	2,460 (-2%)	15mo	$440,000	$179	33
563 Spencer Rd	0.26mi	5/3.0 (-1)	1,911 (-24%)	16mo	$274,000	$143	32
517 S Aurora St	1.46mi	6/2.0	2,457 (-2%)	17mo	$405,000	$165	32
321 - 321.5 Hillview Pl	1.41mi	6/2.5	2,240 (-10%)	7mo	$350,000	$156	28
314 Turner Pl	1.40mi	5/2.5 (-1)	2,328 (-7%)	13mo	$485,000	$208	24
310-312 Turner Pl	1.41mi	5/4.0 (-1)	3,080 (+23%)	7mo	$505,000	$164	21
131 Birdseye View Dr	1.00mi	5/3.5 (-1)	2,880 (+15%)	7mo	$475,000	$165	19
402 S Plain St	1.22mi	5/2.5 (-1)	2,140 (-14%)	4mo	$430,000	$201	19
403 S Cayuga St	1.30mi	5/3.0 (-1)	2,804 (+12%)	18mo	$380,000	$136	13
519 S Plain St	1.12mi	5/2.0 (-1)	2,097 (-16%)	13mo	$405,000	$193	9

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: 10.3%
• Equity multiple: 1.42×
• Total profit: $38,185
• Equity at exit: $48,459

10-year hold

• IRR: 21.3%
• Equity multiple: 3.01×
• Total profit: $183,023
• Equity at exit: $28,100

Cash invested: $91,000 (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 →

Active competition Active MLS

• For sale now: 6 active
• Median asking: $424,500 ($173/sqft)
• Median days on market: 24 d
• This list price: 17% of active listings are priced below it
• ARV vs active asking: -5.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14850

• Rents YoY: 5.2%
• Active inventory: 492
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $4,696 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$615 /mo · $7,382/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$986
• Net cashflow: $1,255

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$4,696
Total (2 units)			$4,696

Break-even live

Break-even rent $3,107

Max offer price $325,000

Occupancy floor 68%

Sensitivity live

Price	-10% $1,439	-5% $1,347	+0% $1,255	+5% $1,163	+10% $1,071
Rent	-10% $884	-5% $1,069	+0% $1,255	+5% $1,440	+10% $1,626
Rate	-1.0pp $1,419	-0.5pp $1,338	base $1,255	+0.5pp $1,171	+1.0pp $1,085

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: $81,250
• Closing costs: $9,750
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
654 Spencer Rd Apt 1W Ithaca, NY	3.0	1.0	5496	$2,300	$0.42	6d	1	0.08mi
324 Spencer Rd Ithaca, NY	2.0	1.0	850	$1,700	$2.00	6d	1	0.83mi
918 Danby Rd Ithaca, NY	3.0	1.0	1100	$16,000	$14.55	2d	1	0.91mi
122 Birdseye View Dr Ithaca, NY	4.0	2.0	1500	$2,400	$1.60	6d	1	0.93mi
815 S Aurora St Ithaca, NY	2.0–4.0	1.0	936	$2,125	$2.27	2d	1	1.19mi
220-222 W Spencer St #5 Ithaca, NY	2.0	1.0	534	$1,400	$2.62	6d	1	1.21mi
105 Grandview Ave Ithaca, NY	3.0	1.0	1500	$1,875	$1.25	6d	1	1.26mi
403 S Cayuga St Unit 2 Ithaca, NY	3.0	1.0	—	$1,950	—	6d	1	1.31mi
648 Hudson St Unit 648 Downstairs Ithaca, NY	3.0	1.0	—	$2,250	—	6d	1	1.36mi
602 W Seneca St Unit A2 Ithaca, NY	2.0	1.0	—	$1,500	—	6d	1	1.38mi
430 W State St Ithaca, NY	2.0	1.0–2.0	741	$3,725	$5.03	2d	9	1.40mi
209 N Meadow St Apt B Ithaca, NY	3.0	1.0	—	$2,100	—	6d	1	1.41mi
209 N Meadow St Apt A Ithaca, NY	2.0	1.0	—	$1,700	—	6d	1	1.41mi
320 Hillview Pl Ithaca, NY	2.0–3.0	1.0	810	$2,100	$2.59	2d	4	1.42mi
139 Chestnut St Ithaca, NY	1.0–3.0	1.0	850	$1,895	$2.23	2d	1	1.43mi
123 Columbia St #2 Ithaca, NY	2.0	1.0	—	$1,775	—	6d	1	1.46mi
123 Columbia St Unit 1 Ithaca, NY	3.0	1.0	—	$2,050	—	6d	1	1.46mi
517 S Aurora St Unit 2 Ithaca, NY	3.0	1.0	1400	$2,150	$1.54	6d	1	1.47mi
513 S Aurora St Ithaca, NY	3.0	1.0	1000	$2,100	$2.10	6d	1	1.47mi
502 S Aurora St Unit 1 Ithaca, NY	2.0	1.0	800	$1,600	$2.00	6d	1	1.48mi
323 Taughannock Blvd Ithaca, NY	2.0	2.5	1542	$3,152	$2.04	2d	3	1.48mi

Property features AI

Finance

• Other: Zoned for two residential units
• Financial info: Property configured as two income units with listed rents: one unit rented at $1,874 and the other at $1,914

Exterior

• Parking: Gravel parking
• Utilities: Public waterSewer connectedWater connectedCircuit breaker electrical serviceCable available
• Home design: Multi-family residential propertyTwo-story buildingBelow-grade finished area (basement) present
• Construction: Frame construction with vinyl sidingAsphalt roof
• Exterior features: Rectangular lotPublic maintained road accessCity street frontage

Interior

• Kitchen: Oven/rangeRefrigeratorEat-in kitchen (in one unit)Formal dining room (in one unit)
• Bedrooms: Two separate 3-bedroom units
• Flooring: CarpetLaminateVinylVaries
• Bathrooms: One unit with 2 bathroomsOne unit with 3 bathroomsTotal building: 2 full bathrooms and 3 half bathrooms
• Heating & cooling: Baseboard heatingHot water heatingNatural gas
• Interior features: Electric water heaterFull, partially finished basement
• Laundry & utility: Electric water heater (listed under appliances)

Listing history 50 events

1. 2026-09-24
   days on market $325,000 Active 98 DOM
2. 2026-09-24
   days on market $325,000 Active 97 DOM
3. 2026-09-22
   days on market $325,000 Active 96 DOM
4. 2026-09-20
   days on market $325,000 Active 94 DOM
5. 2026-09-18
   days on market $325,000 Active 92 DOM
6. 2026-09-17
   days on market $325,000 Active 91 DOM
7. 2026-09-16
   days on market $325,000 Active 90 DOM
8. 2026-09-15
   days on market $325,000 Active 89 DOM
9. 2026-09-14
   days on market $325,000 Active 88 DOM
10. 2026-09-13
    days on market $325,000 Active 87 DOM
11. 2026-09-12
    days on market $325,000 Active 86 DOM
12. 2026-09-11
    days on market $325,000 Active 85 DOM
13. 2026-09-05
    days on market $325,000 Active 79 DOM
14. 2026-09-04
    days on market $325,000 Active 78 DOM
15. 2026-09-03
    days on market $325,000 Active 77 DOM
16. 2026-09-02
    days on market $325,000 Active 76 DOM
17. 2026-08-30
    days on market $325,000 Active 73 DOM
18. 2026-08-29
    days on market $325,000 Active 72 DOM
19. 2026-08-28
    days on market $325,000 Active 71 DOM
20. 2026-08-27
    days on market $325,000 Active 70 DOM
21. 2026-08-25
    days on market $325,000 Active 68 DOM
22. 2026-08-24
    days on market $325,000 Active 67 DOM
23. 2026-08-23
    days on market $325,000 Active 66 DOM
24. 2026-08-22
    days on market $325,000 Active 65 DOM
25. 2026-08-21
    days on market $325,000 Active 64 DOM
26. 2026-08-20
    days on market $325,000 Active 63 DOM
27. 2026-08-19
    days on market $325,000 Active 62 DOM
28. 2026-08-18
    days on market $325,000 Active 61 DOM
29. 2026-08-17
    days on market $325,000 Active 60 DOM
30. 2026-08-16
    days on market $325,000 Active 59 DOM
31. 2026-08-15
    days on market $325,000 Active 58 DOM
32. 2026-08-14
    days on market $325,000 Active 57 DOM
33. 2026-08-13
    days on market $325,000 Active 56 DOM
34. 2026-08-12
    days on market $325,000 Active 55 DOM
35. 2026-08-11
    days on market $325,000 Active 54 DOM
36. 2026-08-10
    days on market $325,000 Active 53 DOM
37. 2026-08-09
    days on market $325,000 Active 52 DOM
38. 2026-08-08
    days on market $325,000 Active 51 DOM
39. 2026-08-07
    days on market $325,000 Active 50 DOM
40. 2026-08-06
    days on market $325,000 Active 49 DOM
41. 2026-08-05
    days on market $325,000 Active 48 DOM
42. 2026-08-04
    days on market $325,000 Active 47 DOM
43. 2026-08-03
    days on market $325,000 Active 46 DOM
44. 2026-07-31
    days on market $325,000 Active 43 DOM
45. 2026-07-29
    days on market $325,000 Active 41 DOM
46. 2026-07-27
    days on market $325,000 Active 39 DOM
47. 2026-07-25
    pricedays on market $325,000 Active 37 DOM
48. 2026-07-23
    days on market $350,000 Active 35 DOM
49. 2026-07-22
    days on market $350,000 Active 34 DOM
50. 2026-07-21
    days on market $350,000 Active 33 DOM

ⓘ 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: $7,382 · $615/mo
• Projected year-2 tax: $7,382 · $615/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 3/10 Moderate 8 d/yr ≥93°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: $56,352
• − Mortgage interest: −$18,205
• − Property taxes: −$7,382
• − Insurance: −$1,625
• − Repairs & maintenance: −$4,508
• − Management: −$4,508
• − Depreciation: −$9,455
• Taxable income: $10,669
• Est. tax owed @ 24.0%: −$2,561
• After-tax cash flow: $12,499/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 · 3 photos

Good 75/100 Cosmetic rehab Est. rehab $12,500–$37,500 screening

This well-maintained and updated multi-family property in Ithaca, NY, offers a fantastic investment or owner-occupant opportunity. With updated heating systems and hot water heaters, ample off-street parking, and a desirable location, it is ready for a new owner to enhance further with cosmetic updates.

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Landscaping improvements — A well-maintained landscape can improve the property's curb appeal and add value to both resale and rental markets. ↑
• Both HVAC maintenance — Regular HVAC maintenance ensures the system operates efficiently, which is important for both comfort and energy efficiency, appealing to both buyers and renters. ↑
• Both Interior updates — Fresh paint, new hardware, and minor updates can make the interior more inviting and modern, enhancing both resale and rental value. ↑
• Both Landscaping improvements — A well-maintained landscape can improve the property's curb appeal and add value to both resale and rental markets. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 70/100

Zoned Schools

Elementary South Hill School B NY #591/2,108 Nat'l #5,189/41,679 Middle Boynton Middle School C NY #261/729 Nat'l #3,460/14,009 High Ithaca Senior High School A+ NY #83/1,100 Nat'l #116/17,239

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

B Composite livability gradescore 77/100

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 · 113,958 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: 13% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Zoned for two residential units
• Financial info: Property configured as two income units with listed rents: one unit rented at $1,874 and the other at $1,914

Exterior

• Parking: Gravel parking
• Utilities: Public waterSewer connectedWater connectedCircuit breaker electrical serviceCable available
• Home design: Multi-family residential propertyTwo-story buildingBelow-grade finished area (basement) present
• Construction: Frame construction with vinyl sidingAsphalt roof
• Exterior features: Rectangular lotPublic maintained road accessCity street frontage

Interior

• Kitchen: Oven/rangeRefrigeratorEat-in kitchen (in one unit)Formal dining room (in one unit)
• Bedrooms: Two separate 3-bedroom units
• Flooring: CarpetLaminateVinylVaries
• Bathrooms: One unit with 2 bathroomsOne unit with 3 bathroomsTotal building: 2 full bathrooms and 3 half bathrooms
• Heating & cooling: Baseboard heatingHot water heatingNatural gas
• Interior features: Electric water heaterFull, partially finished basement
• Laundry & utility: Electric water heater (listed under appliances)

Price history

+900.0% since first listed

3 events — show timeline

• 2026-06-18 Listed $350,000 IBRMLS
• 2015-07-01 Sold (Public Records) $471,000 Public Records
• 2009-07-27 Sold (Public Records) $35,000 Public Records

Property tax history

-0.4%/yr

Latest (2025): $7,382 · +2.3% YoY. Source: county tax records.