112 Osborne St · Auburn, NY 13021

$179,900

8 bd · 3.0 ba · 1,984 sqft · MultiFamily public records · 155 Days on market

Built 1930 8,276 sqft lot $91/sqft · 18% below area Est $219k · 18% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Presenting a well-maintained three-family property offering strong rental performance and versatility for both investors and owner-occupants alike. The building features a 1-bedroom, 2-bedroom and a 3-bedroom, each with separate utilities, ensuring easy management and cleaner operating expenses. This home is situated on the Owasco Outlet affording the opportunity for canoeing, kayaking, fishing and swimming. Current annual net operating income stands at $19,837, providing an attractive turnkey investment opportunity with room for future upside through market rent adjustments or continued portfolio scaling. A smart and stable addition to any investor’s holdings—modernized interiors, strong rental performance, and a configuration that appeals to today’s tenants make this one a standout. This home may be purchased in a bundle deal along with 73 Arterial West, MLS #S1657399, offering a combined yearly NOI of $37,140 at a reduced price of $338,900.

Key facts

• Separate utilities
• Modernized interiors
• 8,276 sq ft lot

Tags

• STRONG RENTAL PERFORMANCE
• SEPARATE UTILITIES
• MODERNIZED INTERIORS

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $553/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 7.6% in Auburn — 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 74/100 on livability (#298 in NY, #4,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities D-, commute F.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $3,709/mo this rent would consume 73% of the median local household income ($61k/yr) (locally 1449% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $108k; list at $180k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $158,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 2.06% ✓
• Cap rate: 17.35%
• Cash-on-cash: 39.49%
• DSCR: 2.76
• GRM: 4.0

CMA / ARV

• ARV (median comp): $219,493
• List price: $179,900
• Delta: -18.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 35.8%
• Equity multiple: 2.52×
• Total profit: $76,508
• Equity at exit: $26,824

10-year hold

• IRR: 42.5%
• Equity multiple: 5.03×
• Total profit: $202,880
• Equity at exit: $15,554

Cash invested: $50,372 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $3,709 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$254 /mo · $3,047/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $1,658

Break-even live

Break-even rent $1,611

Max offer price $179,900

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,181
▸ 2× units	2	1	$2,528
Total (3 units)			$3,709

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $179,900 Active 155 DOM
2. 2026-06-18
   days on market $179,900 Active 154 DOM
3. 2026-06-17
   days on market $179,900 Active 153 DOM
4. 2026-06-16
   days on market $179,900 Active 152 DOM
5. 2026-06-15
   days on market $179,900 Active 151 DOM
6. 2026-06-14
   days on market $179,900 Active 149 DOM
7. 2026-06-12
   days on market $179,900 Active 148 DOM
8. 2026-06-09
   days on market $179,900 Active 145 DOM
9. 2026-06-08
   days on market $179,900 Active 144 DOM
10. 2026-06-07
    days on market $179,900 Active 143 DOM
11. 2026-06-05
    days on market $179,900 Active 140 DOM
12. 2026-06-03
    days on market $179,900 Active 139 DOM
13. 2026-06-02
    days on market $179,900 Active 138 DOM
14. 2026-06-01
    days on market $179,900 Active 137 DOM
15. 2026-05-31
    days on market $179,900 Active 136 DOM
16. 2026-05-30
    days on market $179,900 Active 135 DOM
17. 2026-04-06
    price $179,900 975-char remark

    Show marketing remark (975 chars)

    Presenting a well-maintained three-family property offering strong rental performance and versatility for both investors and owner-occupants alike. The building features a 1-bedroom, 2-bedroom and a 3-bedroom, each with separate utilities, ensuring easy management and cleaner operating expenses. This home is situated on the Owasco Outlet affording the opportunity for canoeing, kayaking, fishing and swimming. Current annual net operating income stands at $19,837, providing an attractive turnkey investment opportunity with room for future upside through market rent adjustments or continued portfolio scaling. A smart and stable addition to any investor’s holdings—modernized interiors, strong rental performance, and a configuration that appeals to today’s tenants make this one a standout. This home may be purchased in a bundle deal along with 73 Arterial West, MLS #S1657399, offering a combined yearly NOI of $37,140 at a reduced price of $338,900.

18. 2026-01-15
    listed $189,900 Active 975-char remark

    Show marketing remark (975 chars)

    Presenting a well-maintained three-family property offering strong rental performance and versatility for both investors and owner-occupants alike. The building features a 1-bedroom, 2-bedroom and a 3-bedroom, each with separate utilities, ensuring easy management and cleaner operating expenses. This home is situated on the Owasco Outlet affording the opportunity for canoeing, kayaking, fishing and swimming. Current annual net operating income stands at $19,837, providing an attractive turnkey investment opportunity with room for future upside through market rent adjustments or continued portfolio scaling. A smart and stable addition to any investor’s holdings—modernized interiors, strong rental performance, and a configuration that appeals to today’s tenants make this one a standout. This home may be purchased in a bundle deal along with 73 Arterial West, MLS #S1657399, offering a combined yearly NOI of $37,140 at a reduced price of $338,900.

19. 2010-12-30
    soldstatus $107,500 322-char remark

    Show marketing remark (322 chars)

    Newly remodeled 3-unit home in excellent condition. Everything has been redone. All new flooring, electric, plumbing, walls, bathrooms and kitchens. Rear deck is shared by all tenants and overlooks the Owasco Outlet. Central location, great income. Newer windows and roof, mechanicals, etc. Start making money immediately!

20. 2010-12-29
    soldstatus $107,500
21. 2010-09-08
    listed $119,500 322-char remark

    Show marketing remark (322 chars)

    Newly remodeled 3-unit home in excellent condition. Everything has been redone. All new flooring, electric, plumbing, walls, bathrooms and kitchens. Rear deck is shared by all tenants and overlooks the Owasco Outlet. Central location, great income. Newer windows and roof, mechanicals, etc. Start making money immediately!

22. 2007-06-15
    soldstatus $66,000
23. 2007-02-26
    soldstatus $35,000
24. 2004-03-10
    soldstatus $35,000

ⓘ 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: $3,047 · $254/mo
• Projected year-2 tax: $3,047 · $254/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 ≥95°F today · 15 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: $44,508
• − Mortgage interest: −$10,077
• − Property taxes: −$3,047
• − Insurance: −$900
• − Repairs & maintenance: −$3,561
• − Management: −$3,561
• − Depreciation: −$5,233
• Taxable income: $18,129
• Est. tax owed @ 24.0%: −$4,351
• After-tax cash flow: $15,542/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: Auburn City School District
• NCES district ID: 3603480
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $43,567
• Composite: 29.71/100
• National rank: #6452
• State rank: #558 of 590 in NY

Livability — Auburn

• Score: 74/100
• State rank: #298
• US rank: #4814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, NY
• County: Cayuga County · 37,247 people
• City population: 37,247
• Metro: Auburn, NY
• Population (ZIP): 37,247
• Household income: $60,712
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1449.0

Population outlook (Cayuga County) Hauer SSP2

• Today (2025): 74,820 people
• By 2030: 72,402 · -3.2%
• By 2040: 66,917 · -10.6%
• By 2050: 61,007 · -18.5%
• By 2075: 48,047 · -35.8%
• By 2100: 34,512 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Subsaharan African 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Cayuga

• 2024 margin: R (+13.0) · D 43.5% · R 56.5%
• 2008→2024 swing: -21.5pp toward R · 2008: 8.5pp · 2024: -13.0pp
• All cycles: 2024: R+13.0 2020: R+9.2 2016: R+13.2 2012: D+10.8 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.53%
• Current HPI: 338.5537
• Rent YoY: —
• Metro: Auburn, 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

+414.0% since first listed

8 events — show timeline

• 2026-04-06 Price Changed $179,900 CNYIS
• 2026-01-15 Listed $189,900 CNYIS
• 2010-12-30 Sold (MLS) $107,500 CNYIS
• 2010-12-29 Sold (Public Records) $107,500 Public Records
• 2010-09-08 Listed $119,500 CNYIS
• 2007-06-15 Sold (Public Records) $66,000 Public Records
• 2007-02-26 Sold (Public Records) $35,000 Public Records
• 2004-03-10 Sold (Public Records) $35,000 Public Records

Property tax history

-1.4%/yr

Latest (2025): $3,047 · +10.8% YoY. Source: county tax records.