4339 May Rd · McGraw, NY 13040

$179,900

1 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 176 Days on market

Built 1974 8.13 ac lot

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Why this score? — see what drove the D- 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.1/30.0
• Schools +4.8/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.8/10.0
• DSCR +0.0/10.0

Listing remarks

Welcome to this 3 bedroom, 1 bath ranch home nestled on 8.13 acres of country living. Large eat in kitchen, you can enjoy the back views while doing dishes. Laundry on the first floor, 3 bedrooms, one currently is a craft/workshop. Owners worked with stained glass. Large full bathroom, large cozy living room, and all this sits on a full foundation basement with poured walls, plenty of storage, and attached under the house 2 car garage. The shed on the property does convey. There are Front & back decks and small porch into the utility room, partial fenced in back yard. Make your appt. today to check out this home with serenity.

Key facts

• Eat in kitchen
• Poured walls
• Front and back decks

Tags

• EAT IN KITCHEN
• FULL FOUNDATION BASEMENT
• POURED WALLS
• PARTIAL FENCED IN BACK YARD
• FRONT AND BACK DECKS
• SMALL PORCH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-413 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (40.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (41.8% below list).
• Recommended offer: $105k (41.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#411 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, health & safety D, amenities F.
• Cincinnatus Central School District (rural): math 52% / reading 62% proficiency, ranked #287 of 590 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 21 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 $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,760 (41.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.58% ✗
• Cap rate: 3.54%
• Cash-on-cash: -9.83%
• DSCR: 0.56
• GRM: 14.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.4%
• Equity multiple: 2.42×
• Total profit: $71,719
• Equity at exit: $162,068

10-year hold

• IRR: 16.4%
• Equity multiple: 5.60×
• Total profit: $231,889
• Equity at exit: $349,506

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 13040

• Home prices YoY: 3.8%
• Active inventory: 21
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $1,048 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$222 /mo · $2,661/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $-413

Break-even live

Break-even rent $1,570

Max offer price $107,028

Occupancy floor —

Sensitivity live

Price	-10% $-311	-5% $-362	+0% $-413	+5% $-463	+10% $-514
Rent	-10% $-495	-5% $-454	+0% $-413	+5% $-371	+10% $-330
Rate	-1.0pp $-322	-0.5pp $-367	base $-413	+0.5pp $-459	+1.0pp $-507

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 3 events

1. 2026-04-25
   status Pending
2. 2025-11-05
   historical Active Under Contract
3. 2025-10-31
   listed $179,900 Active

ⓘ 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: $2,661 · $222/mo
• Projected year-2 tax: $2,851 · $238/mo
• Expected delta: +$190/yr (+$16/mo · 7.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 55% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 15 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: $12,571
• − Mortgage interest: −$10,077
• − Property taxes: −$2,661
• − Insurance: −$900
• − Repairs & maintenance: −$1,006
• − Management: −$1,006
• − Depreciation: −$5,233
• Taxable loss: −$8,311
• Est. tax savings @ 24.0%: +$1,995
• After-tax cash flow: $-2,955/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: Cincinnatus Central School District
• NCES district ID: 3607560
• Math proficiency: 52% ▲ 9.00%
• Reading proficiency: 62% ▲ 21.00%
• Median HH income: $45,988
• Composite: 48.17/100
• National rank: #2173
• State rank: #287 of 590 in NY

Livability — McGraw

• Score: 71/100
• State rank: #411
• US rank: #7091

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,683

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Iranian 4% Romanian 2% Polish 2%
• Foreign-born: 1%
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1% 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: ▲ 11.68%
• Current HPI: 316.2434
• 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

3 events — show timeline

• 2026-04-25 Pending — CNYIS
• 2025-11-05 Contingent — CNYIS
• 2025-10-31 Listed $179,900 CNYIS

Property tax history

+1.1%/yr

Latest (2025): $2,661 · +1.2% YoY. Source: county tax records.