524 Hayts Rd · Ithaca, NY 14850

$355,000

3 bd · 2.0 ba · 1,560 sqft · MultiFamily public records · 111 Days on market

Built 1990 Fair condition 7.00 ac lot $228/sqft · 11% below area Est $685k · 48% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Are you looking for a move in ready ranch house with a parklike yard, in a great location? Look no further. Immaculately cared for 3 bed 2 bath, Ranch home on 7 acres. Numerous updates inside including a newer furnace, new carpets and fresh paint. And outside, the house boasts a newer roof and vinyl siding that should be serviceable for years to come. Store all you toys is the gigantic 4+ detached car garage with office area that would be perfect for your home business. Relax in the backyard on the deck and have fun gathering with friends by the fire pit! The horseshoe driveway has been recently regraded with fresh​​‌​​​​‌​‌​​​​‌​​‌​​​​‌‌ stone.

Key facts

• Three-unit property
• Studio
• Circular driveway

Tags

• INCOME-PRODUCING OPPORTUNITY
• THREE-UNIT PROPERTY
• CONVERTED THREE-BAY GARAGE
• ONE-BEDROOM APARTMENT
• STUDIO
• CIRCULAR DRIVEWAY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $355k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $5k ($64k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $355k).
• Recommended offer: $323k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.3% 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: Enfield School (math 10% / reading 30%, grade F, #1,945 of 2,108 statewide, top 94%, 164 students, 65% 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).
• At $10,071/mo this rent would consume 169% of the median local household income ($71k/yr) — 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 $11k 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 $99k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($323k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $186k; list at $355k implies a 91% gain — meaningful room to come down on a strong offer.

Recommended offer $323,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
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: 2.84% ✓
• Cap rate: 24.26%
• Cash-on-cash: 64.18%
• DSCR: 3.86
• GRM: 2.9

CMA / ARV

• ARV (median comp): $685,064
• List price: $355,000
• Delta: -48.18%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 Hayts Rd	0.58mi	3/2.0	1,528 (-2%)	12mo	$305,000	$200	59
1887 Mecklenburg Rd	1.32mi	3/2.0	1,554 (-0%)	11mo	$310,000	$199	55
459 Sheffield Rd	1.36mi	3/1.5	1,472 (-6%)	1mo	$359,000	$244	53
257 Iradell Rd	1.01mi	4/1.0 (+1)	1,530 (-2%)	9mo	$225,000	$147	46
290 Hayts Rd	1.33mi	3/1.5	1,516 (-3%)	18mo	$275,000	$181	44
381 N Applegate Rd	1.24mi	3/2.0	1,721 (+10%)	5mo	$187,000	$109	43
271 N Applegate Rd	0.95mi	3/1.5	1,614 (+4%)	19mo	$299,000	$185	42
247 N Applegate Rd	0.88mi	4/2.5 (+1)	1,456 (-7%)	9mo	$376,500	$259	39
1684 N Mecklenburg Rd	1.03mi	3/2.5	1,848 (+18%)	2mo	$385,000	$208	36
143 Sage Rd	0.82mi	3/2.0	1,772 (+14%)	18mo	$73,000	$41	28
386 N Applegate Rd	1.32mi	3/1.0	1,196 (-23%)	19mo	$155,500	$130	20
6080 Iradell Rd	1.49mi	2/1.0 (-1)	1,232 (-21%)	21mo	$230,000	$187	13

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: 65.9%
• Equity multiple: 4.06×
• Total profit: $304,321
• Equity at exit: $52,932

10-year hold

• IRR: 70.9%
• Equity multiple: 9.06×
• Total profit: $800,805
• Equity at exit: $30,694

Cash invested: $99,400 (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 14850

• Rents YoY: 5.2%
• Active inventory: 492
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $10,071 medium
• Mortgage (P&I): −$1,862
• Tax from tax record: −$630 /mo · $7,565/yr
• Insurance: −$148
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,115
• Net cashflow: $5,316

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	4	$10,071
Total (3 units)			$10,071

Break-even live

Break-even rent $3,342

Max offer price $355,000

Occupancy floor 42%

Sensitivity live

Price	-10% $5,517	-5% $5,417	+0% $5,316	+5% $5,216	+10% $5,115
Rent	-10% $4,521	-5% $4,918	+0% $5,316	+5% $5,714	+10% $6,112
Rate	-1.0pp $5,495	-0.5pp $5,406	base $5,316	+0.5pp $5,224	+1.0pp $5,131

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: $88,750
• Closing costs: $10,650
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Exterior

• Parking: Gravel parking
• Security: Owned security system
• Utilities: Well waterSeptic tankElectricity connected with circuit breakersPropane availableHVAC efficiency features
• Home design: Residential multi-family propertyOne level / single-story
• Construction: Vinyl and wood sidingAttic/crawl hatchway(s) insulatedBlown-in insulationAsphalt roofBuilt with other materials
• Exterior features: Private yardDeckRectangular lotPublic maintained road frontage on a city streetSatellite dish

Interior

• Flooring: CarpetLaminateVinylVaries
• Bathrooms: Four full bathrooms
• Heating & cooling: Heat pumpCentral airWindow unitsElectric heatingPropane heatingForced air
• Interior features: Natural woodworkSkylight(s)Water softener (owned)Electric water heaterSee remarks / other
• Laundry & utility: Washer hookupCrawl space with sump pump

Listing history 50 events

1. 2026-09-22
   days on market $355,000 Active 111 DOM
2. 2026-09-20
   days on market $355,000 Active 109 DOM
3. 2026-09-18
   days on market $355,000 Active 107 DOM
4. 2026-09-17
   days on market $355,000 Active 106 DOM
5. 2026-09-16
   days on market $355,000 Active 105 DOM
6. 2026-09-15
   days on market $355,000 Active 104 DOM
7. 2026-09-14
   days on market $355,000 Active 103 DOM
8. 2026-09-13
   days on market $355,000 Active 102 DOM
9. 2026-09-12
   days on market $355,000 Active 101 DOM
10. 2026-09-11
    days on market $355,000 Active 100 DOM
11. 2026-09-05
    days on market $355,000 Active 94 DOM
12. 2026-09-04
    days on market $355,000 Active 93 DOM
13. 2026-09-03
    days on market $355,000 Active 92 DOM
14. 2026-09-02
    days on market $355,000 Active 91 DOM
15. 2026-08-30
    days on market $355,000 Active 88 DOM
16. 2026-08-29
    days on market $355,000 Active 87 DOM
17. 2026-08-28
    days on market $355,000 Active 86 DOM
18. 2026-08-27
    days on market $355,000 Active 85 DOM
19. 2026-08-25
    days on market $355,000 Active 83 DOM
20. 2026-08-24
    days on market $355,000 Active 82 DOM
21. 2026-08-23
    days on market $355,000 Active 81 DOM
22. 2026-08-22
    days on market $355,000 Active 80 DOM
23. 2026-08-21
    days on market $355,000 Active 79 DOM
24. 2026-08-20
    days on market $355,000 Active 78 DOM
25. 2026-08-19
    days on market $355,000 Active 77 DOM
26. 2026-08-18
    days on market $355,000 Active 76 DOM
27. 2026-08-17
    days on market $355,000 Active 75 DOM
28. 2026-08-16
    days on market $355,000 Active 74 DOM
29. 2026-08-15
    days on market $355,000 Active 73 DOM
30. 2026-08-14
    days on market $355,000 Active 72 DOM
31. 2026-08-13
    days on market $355,000 Active 71 DOM
32. 2026-08-12
    days on market $355,000 Active 70 DOM
33. 2026-08-11
    days on market $355,000 Active 69 DOM
34. 2026-08-10
    days on market $355,000 Active 68 DOM
35. 2026-08-09
    days on market $355,000 Active 67 DOM
36. 2026-08-08
    days on market $355,000 Active 66 DOM
37. 2026-08-07
    days on market $355,000 Active 65 DOM
38. 2026-08-06
    days on market $355,000 Active 64 DOM
39. 2026-08-05
    days on market $355,000 Active 63 DOM
40. 2026-08-04
    days on market $355,000 Active 62 DOM
41. 2026-08-03
    days on market $355,000 Active 61 DOM
42. 2026-07-31
    days on market $355,000 Active 58 DOM
43. 2026-07-29
    days on market $355,000 Active 56 DOM
44. 2026-07-27
    days on market $355,000 Active 54 DOM
45. 2026-07-25
    days on market $355,000 Active 52 DOM
46. 2026-07-23
    days on market $355,000 Active 50 DOM
47. 2026-07-22
    days on market $355,000 Active 49 DOM
48. 2026-07-21
    days on market $355,000 Active 48 DOM
49. 2026-07-18
    days on market $355,000 Active 45 DOM
50. 2026-07-16
    days on market $355,000 Active 43 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: $7,565 · $630/mo
• Projected year-2 tax: $7,565 · $630/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 ≥93°F today · 14 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: $120,852
• − Mortgage interest: −$19,886
• − Property taxes: −$7,565
• − Insurance: −$1,775
• − Repairs & maintenance: −$9,668
• − Management: −$9,668
• − Depreciation: −$10,327
• Taxable income: $61,963
• Est. tax owed @ 24.0%: −$14,871
• After-tax cash flow: $48,922/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $39,000–$70,200 screening

This property requires extensive repairs and maintenance to improve its condition and increase its resale or rental value.

Deferred maintenance Est. $70,000–$210,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Hvac (hvac) — The HVAC unit is visibly rusted and appears to be old, indicating a need for replacement.
• Major Windows (windows) — The windows appear to be old and may not be energy-efficient, suggesting a need for replacement.
• Major Electrical (electrical) — The electrical panel may be outdated and require an upgrade to meet current safety standards.
• Major Plumbing (plumbing) — The plumbing system may be old and prone to leaks or other issues, necessitating an inspection and potential replacement.
• Major Exterior (exterior) — The exterior siding appears to be peeling and may need repainting or replacement.
• Major Other — The overall condition of the house suggests significant deferred maintenance across multiple systems.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible damage and potential leaks.
• Major exterior siding — The siding and paint are in poor condition, with peeling paint and visible wear.
• Major flooring — The flooring in the interior appears to be in poor condition, with visible wear and tear.
• Major interior walls — The interior walls appear to be in poor condition, with visible cracks and discoloration.
• Major HVAC units — The HVAC units appear to be in poor condition, with visible rust and wear.

Value-add opportunities

• Both repair roof — Repairing the roof will improve the overall condition of the property and make it more attractive to potential buyers or renters. ↑
• Both repair exterior siding and paint — Repairing the exterior siding and repainting will improve the curb appeal and make the property more attractive to potential buyers or renters. ↑
• Both replace flooring — Replacing the flooring will improve the overall condition of the property and make it more attractive to potential buyers or renters. ↑
• Both repair interior walls — Repairing the interior walls will improve the overall condition of the property and make it more attractive to potential buyers or renters. ↑
• Both service HVAC units — Servicing the HVAC units will ensure the property is comfortable and energy-efficient, which will make it more attractive to potential buyers or renters. ↑

ⓘ Rehab cost is a screening estimate — Moderate 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.

D Composite school gradezoned avg 55/100

Zoned Schools

Elementary Enfield School F NY #1,945/2,108 Nat'l #33,283/41,679 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

• 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

Exterior

• Parking: Gravel parking
• Security: Owned security system
• Utilities: Well waterSeptic tankElectricity connected with circuit breakersPropane availableHVAC efficiency features
• Home design: Residential multi-family propertyOne level / single-story
• Construction: Vinyl and wood sidingAttic/crawl hatchway(s) insulatedBlown-in insulationAsphalt roofBuilt with other materials
• Exterior features: Private yardDeckRectangular lotPublic maintained road frontage on a city streetSatellite dish

Interior

• Flooring: CarpetLaminateVinylVaries
• Bathrooms: Four full bathrooms
• Heating & cooling: Heat pumpCentral airWindow unitsElectric heatingPropane heatingForced air
• Interior features: Natural woodworkSkylight(s)Water softener (owned)Electric water heaterSee remarks / other
• Laundry & utility: Washer hookupCrawl space with sump pump

Price history

+245.1% since first listed

9 events — show timeline

• 2026-05-22 Listed $355,000 IBRMLS
• 2026-04-07 Price Changed $380,000 IBRMLS
• 2026-02-23 Price Changed $395,000 IBRMLS
• 2026-01-30 Listed $420,000 IBRMLS
• 2020-01-14 Sold (Public Records) $188,000 Public Records
• 2020-01-14 Sold (MLS) $186,000 IBRMLS
• 2019-08-27 Listed $197,000 IBRMLS
• 2007-01-26 Sold (Public Records) $86,000 Public Records
• 2006-12-06 Sold (Public Records) $102,863 Public Records

Property tax history

+5.7%/yr

Latest (2025): $7,565 · +2.4% YoY. Source: county tax records.