133 Linden Ave · Ithaca, NY 14850

$1,100,000

2 bd · None ba · 3,488 sqft · MultiFamily public records · 182 Days on market

Built 1975 4,714 sqft lot $315/sqft · 24% below area Est $1045k · 5% over ↓ 58% since listing

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Why this score? — see what drove the C+ 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 +27.5/30.0
• DSCR +9.7/10.0
• 1% rule +7.0/10.0
• Schools +5.4/10.0
• ARV discount +5.1/15.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Positioned within walking distance to the vibrant center of Cornell University’s Collegetown, this fully leased 8-bedroom rental property offers a rare investment opportunity with remarkable income potential. With proximity to one of the nation’s most prestigious institutions, the property is ideally situated to attract consistent demand from students and faculty alike. Currently generating steady rental income and fully occupied through the 2025 school year, this property delivers immediate cash flow. But it doesn’t stop there—the potential for value-add improvements makes this a prime opportunity for savvy investors to increase returns. Adjacent property at 129 Linden Ave is also for sale. Both properties benefit from flexible CR3 zoning allowing for 3 stories of construction for future redevelopment.

Key facts

• 4,714 sq ft lot
• Built 1975
• Listed 181 days

What this means for you Summary

Snapshot

• This is a 2-bed/?-bath multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.10M).
• Recommended offer: $968k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 5.3% 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.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $13,254/mo this rent would consume 223% of the median local household income ($71k/yr) (locally 5169% 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 $8k of loan paydown is wiped out by about $33k 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 $308k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($968k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Recommended offer $968,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.20% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.71%
• DSCR: 1.57
• GRM: 6.9

CMA / ARV

• ARV (median comp): $1,045,208
• List price: $1,100,000
• Delta: 5.24%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.19×
• Total profit: $59,693
• Equity at exit: $164,014

10-year hold

• IRR: 16.2%
• Equity multiple: 2.46×
• Total profit: $449,233
• Equity at exit: $95,108

Cash invested: $308,000 (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 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 55.3×

Monthly cashflow live

• Estimated rent: $13,254 medium
• Mortgage (P&I): −$5,769
• Tax from tax record: −$982 /mo · $11,789/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,783
• Net cashflow: $3,261

Break-even live

Break-even rent $9,126

Max offer price $1,100,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$13,256
Total (8 units)			$13,254

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $1,100,000 Active 182 DOM
2. 2026-06-18
   days on market $1,100,000 Active 181 DOM
3. 2026-06-17
   days on market $1,100,000 Active 180 DOM
4. 2026-06-16
   days on market $1,100,000 Active 179 DOM
5. 2026-06-15
   days on market $1,100,000 Active 178 DOM
6. 2026-06-14
   days on market $1,100,000 Active 176 DOM
7. 2026-06-13
   days on market $1,100,000 Active 175 DOM
8. 2026-06-10
   days on market $1,100,000 Active 173 DOM
9. 2026-06-09
   days on market $1,100,000 Active 172 DOM
10. 2026-06-08
    days on market $1,100,000 Active 171 DOM
11. 2026-06-07
    days on market $1,100,000 Active 170 DOM
12. 2026-06-05
    days on market $1,100,000 Active 167 DOM
13. 2026-06-02
    days on market $1,100,000 Active 165 DOM
14. 2026-06-01
    days on market $1,100,000 Active 164 DOM
15. 2026-05-31
    days on market $1,100,000 Active 163 DOM
16. 2026-05-30
    days on market $1,100,000 Active 162 DOM
17. 2025-12-19
    listed $1,100,000 Active 838-char remark

    Show marketing remark (838 chars)

    Positioned within walking distance to the vibrant center of Cornell University’s Collegetown, this fully leased 8-bedroom rental property offers a rare investment opportunity with remarkable income potential. With proximity to one of the nation’s most prestigious institutions, the property is ideally situated to attract consistent demand from students and faculty alike. Currently generating steady rental income and fully occupied through the 2025 school year, this property delivers immediate cash flow. But it doesn’t stop there—the potential for value-add improvements makes this a prime opportunity for savvy investors to increase returns. Adjacent property at 129 Linden Ave is also for sale. Both properties benefit from flexible CR3 zoning allowing for 3 stories of construction for future redevelopment.

18. 2025-10-27
    status Active
19. 2025-09-19
    historical
20. 2025-01-09
    listed $1,100,000 Active
21. 2024-04-16
    listed $2,650,000 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: $11,789 · $982/mo
• Projected year-2 tax: $15,189 · $1,266/mo
• Expected delta: +$3,401/yr (+$283/mo · 28.8%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 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: $159,048
• − Mortgage interest: −$61,617
• − Property taxes: −$11,789
• − Insurance: −$5,500
• − Repairs & maintenance: −$12,724
• − Management: −$12,724
• − Depreciation: −$32,000
• Taxable income: $22,695
• Est. tax owed @ 24.0%: −$5,447
• After-tax cash flow: $33,690/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: 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

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 · 68,610 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: 5169.0

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%

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%

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

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

-58.5% since first listed

5 events — show timeline

• 2025-12-19 Listed $1,100,000 IBRMLS
• 2025-10-27 Relisted — IBRMLS
• 2025-09-19 Delisted — IBRMLS
• 2025-01-09 Listed $1,100,000 IBRMLS
• 2024-04-16 Listed $2,650,000 IBRMLS

Property tax history

-2.4%/yr

Latest (2025): $11,789 · +2.3% YoY. Source: county tax records.