2329 Bacon Rd #3 · Blodgett Mills, NY 13101

$250,000

4 bd · 3.0 ba · 3,184 sqft · MultiFamily public records · 276 Days on market

Built 1880 0.83 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Appreciation +7.4/10.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

This 4-unit multi-family home, located just outside of Cortland and close to I-81, offers plenty of potential and flexibility. The first floor features a large 4-bedroom unit with a deck, the second floor includes two 2-bedroom apartments, and the fourth unit is a studio apartment on the first floor. Recent updates include new bathroom flooring in all units. The property also offers a private yard, an additional storage shed and will be delivered vacant at closing, making it an excellent option for an owner-occupant or as a pure investment property with strong rental income potential.

Key facts

• 0.83 acre lot
• Built 1880
• Listed 275 days

What this means for you Summary

Snapshot

• This is a 3×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $300/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#709 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Mcgraw Central School District (rural): math 57% / reading 61% proficiency, ranked #252 of 590 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 13 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($2k loan paydown + $12k appreciation (4.9% local appreciation)).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $72k; list at $250k implies a 247% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 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 1880 — 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 F-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. 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?
9. 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.
10. 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.
11. 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: 12.06%
• Cash-on-cash: 20.59%
• DSCR: 1.92
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.5%
• Equity multiple: 2.89×
• Total profit: $132,107
• Equity at exit: $139,508

10-year hold

• IRR: 29.3%
• Equity multiple: 5.77×
• Total profit: $334,250
• Equity at exit: $239,002

Cash invested: $70,000 (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 →

ZIP-level market 13101

• Home prices YoY: 1.6%
• Active inventory: 13
• Price-to-rent: 22.8×

Monthly cashflow live

• Estimated rent: $3,610 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$235 /mo · $2,825/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$758
• Net cashflow: $1,201

Break-even live

Break-even rent $2,089

Max offer price $250,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,745
1× unit	1	1	$866
Total (4 units)			$3,610

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $250,000 Active 276 DOM
2. 2026-06-18
   days on market $250,000 Active 275 DOM
3. 2026-06-17
   days on market $250,000 Active 274 DOM
4. 2026-06-16
   days on market $250,000 Active 273 DOM
5. 2026-06-15
   days on market $250,000 Active 272 DOM
6. 2026-06-14
   days on market $250,000 Active 270 DOM
7. 2026-06-12
   days on market $250,000 Active 269 DOM
8. 2026-06-09
   days on market $250,000 Active 266 DOM
9. 2026-06-08
   days on market $250,000 Active 265 DOM
10. 2026-06-07
    days on market $250,000 Active 264 DOM
11. 2026-06-05
    days on market $250,000 Active 261 DOM
12. 2026-06-03
    days on market $250,000 Active 260 DOM
13. 2026-06-02
    days on market $250,000 Active 259 DOM
14. 2026-06-01
    days on market $250,000 Active 258 DOM
15. 2026-05-31
    days on market $250,000 Active 257 DOM
16. 2026-05-30
    days on market $250,000 Active 256 DOM
17. 2026-03-16
    status Active 591-char remark

    Show marketing remark (591 chars)

    This 4-unit multi-family home, located just outside of Cortland and close to I-81, offers plenty of potential and flexibility. The first floor features a large 4-bedroom unit with a deck, the second floor includes two 2-bedroom apartments, and the fourth unit is a studio apartment on the first floor. Recent updates include new bathroom flooring in all units. The property also offers a private yard, an additional storage shed and will be delivered vacant at closing, making it an excellent option for an owner-occupant or as a pure investment property with strong rental income potential.

18. 2026-03-05
    historical 591-char remark

    Show marketing remark (591 chars)

    This 4-unit multi-family home, located just outside of Cortland and close to I-81, offers plenty of potential and flexibility. The first floor features a large 4-bedroom unit with a deck, the second floor includes two 2-bedroom apartments, and the fourth unit is a studio apartment on the first floor. Recent updates include new bathroom flooring in all units. The property also offers a private yard, an additional storage shed and will be delivered vacant at closing, making it an excellent option for an owner-occupant or as a pure investment property with strong rental income potential.

19. 2025-09-03
    listed $250,000 Active 591-char remark

    Show marketing remark (591 chars)

    This 4-unit multi-family home, located just outside of Cortland and close to I-81, offers plenty of potential and flexibility. The first floor features a large 4-bedroom unit with a deck, the second floor includes two 2-bedroom apartments, and the fourth unit is a studio apartment on the first floor. Recent updates include new bathroom flooring in all units. The property also offers a private yard, an additional storage shed and will be delivered vacant at closing, making it an excellent option for an owner-occupant or as a pure investment property with strong rental income potential.

20. 2023-01-20
    soldstatus $72,000
21. 2022-07-11
    listed $75,000

ⓘ 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: $2,825 · $235/mo
• Projected year-2 tax: $3,525 · $294/mo
• Expected delta: +$700/yr (+$58/mo · 24.8%)

ⓘ 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 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: $43,320
• − Mortgage interest: −$14,004
• − Property taxes: −$2,825
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,466
• − Management: −$3,466
• − Depreciation: −$7,273
• Taxable income: $11,038
• Est. tax owed @ 24.0%: −$2,649
• After-tax cash flow: $11,767/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: Mcgraw Central School District
• NCES district ID: 3618840
• Math proficiency: 57% ▲ 7.00%
• Reading proficiency: 61% ▲ 11.00%
• Median HH income: $51,404
• Composite: 50.37/100
• National rank: #1875
• State rank: #252 of 590 in NY

Livability — Blodgett Mills

• Score: 65/100
• State rank: #709
• US rank: #13501

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 22
• Population (ZIP): 2,221

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 (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 3% Iranian 3% Serbian 2%
• Foreign-born: 0% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 4.86%
• Current HPI: 305.3272
• Rent YoY: —
• Metro: —
• 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

+233.3% since first listed

5 events — show timeline

• 2026-03-16 Relisted — CNYIS
• 2026-03-05 Listing Removed — CNYIS
• 2025-09-03 Listed $250,000 CNYIS
• 2023-01-20 Sold (Public Records) $72,000 Public Records
• 2022-07-11 Listed $75,000 IBRMLS

Property tax history

-4.9%/yr

Latest (2025): $2,825 · +5.0% YoY. Source: county tax records.