124 Sears St · Ithaca, NY 14850

$375,000

6 bd · 2.5 ba · 2,169 sqft · MultiFamily public records · 57 Days on market

Built 1860 Fair condition 3,984 sqft lot $173/sqft · 36% below area Est $588k · 36% 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 +5.7/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

A rare opportunity to own in Ithaca’s sought-after Fall Creek neighborhood. This well-maintained property offers hardwood floors, strong rental appeal, and a convenient location within walking distance of Gimmee! Coffee, downtown Ithaca, the Commons, Ithaca Falls, and many other local favorites. Situated on a quiet, low-traffic street, the property benefits from the charm and character that make Fall Creek one of Ithaca’s most desirable neighborhoods. Longtime residents, newer homes, and a strong sense of community contribute to the area’s enduring appeal.

Key facts

• Quiet street
• Rare thru traffic
• Hardwood floors

Tags

• HARDWOOD FLOORS
• QUIET STREET
• RARE THRU TRAFFIC

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath multifamily listed at $375k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $375k).
• Recommended offer: $364k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.1% vs local median 3.6% 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: Beverly J Martin Elementary School (math 15% / reading 34%, grade F, #1,825 of 2,108 statewide, top 88%, 274 students, 58% 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); 420 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $9,851/mo this rent would consume 165% 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 $3k 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 $105k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $17k; list at $375k implies a 2106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $363,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.63% ✓
• Cap rate: 22.11%
• Cash-on-cash: 56.51%
• DSCR: 3.51
• GRM: 3.2

CMA / ARV

• ARV (median comp): $587,962
• List price: $375,000
• Delta: -36.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
445 N Tioga St	0.10mi	6/2.0	2,234 (+3%)	2mo	$497,500	$223	87
402 S Plain St	0.58mi	5/2.5 (-1)	2,140 (-1%)	2mo	$430,000	$201	64
607 N Cayuga St	0.20mi	5/4.0 (-1)	2,296 (+6%)	11mo	$495,000	$216	61
321 - 321.5 Hillview Pl	0.65mi	6/2.5	2,240 (+3%)	5mo	$350,000	$156	60
319 Hillview Pl	0.66mi	6/2.0	2,082 (-4%)	16mo	$289,900	$139	47
817-819 N Cayuga St	0.39mi	6/3.0	2,482 (+14%)	12mo	$529,000	$213	46
842 N Aurora St	0.45mi	5/2.0 (-1)	2,408 (+11%)	10mo	$465,000	$193	45
215 - 217 Prospect St	0.50mi	6/3.0	1,864 (-14%)	17mo	$465,000	$249	37

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: 57.5%
• Equity multiple: 3.64×
• Total profit: $276,924
• Equity at exit: $55,914

10-year hold

• IRR: 63.2%
• Equity multiple: 8.09×
• Total profit: $744,425
• Equity at exit: $32,423

Cash invested: $105,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 8 active · 2 under contract
• Months of supply: 9.6 mo (10%/mo absorbed)
• Median asking: $390,000 ($192/sqft)
• Median days on market: 46 d
• This list price: 38% of active listings are priced below it
• ARV vs active asking: +41.1% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14850

• Rents YoY: 5.2%
• Active inventory: 420
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $9,851 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$715 /mo · $8,584/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,069
• Net cashflow: $4,944

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$9,852
Total (3 units)			$9,851

Break-even live

Break-even rent $3,593

Max offer price $375,000

Occupancy floor 45%

Sensitivity live

Price	-10% $5,156	-5% $5,050	+0% $4,944	+5% $4,838	+10% $4,732
Rent	-10% $4,166	-5% $4,555	+0% $4,944	+5% $5,333	+10% $5,722
Rate	-1.0pp $5,133	-0.5pp $5,040	base $4,944	+0.5pp $4,847	+1.0pp $4,748

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: $93,750
• Closing costs: $11,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 W State St Ithaca, NY	2.0	1.0–2.0	727	$3,410	$4.69	93d	34	0.48mi
115 James St Ithaca, NY	2.0–3.0	1.5	—	$1,950	—	93d	2	0.60mi
320 Hillview Pl Ithaca, NY	2.0–3.0	1.0	800	$1,675	$2.09	93d	4	0.64mi
323 Taughannock Blvd Ithaca, NY	2.0	1.0–2.5	1167	$6,402	$5.48	93d	6	0.74mi
127 College Ave Ithaca, NY	3.0	1.0	958	$2,885	$3.01	93d	1	0.76mi
211 Linden Ave Ithaca, NY	3.0	1.5	760	$3,218	$4.23	93d	4	0.77mi
308 Fairmount Ave Ithaca, NY	1.0–2.0	1.0	400	$1,775	$4.44	93d	4	0.92mi
815 S Aurora St Ithaca, NY	2.0–4.0	1.0	936	$950	$1.01	93d	1	0.97mi
139 Chestnut St Ithaca, NY	1.0–3.0	1.0	850	$1,745	$2.05	93d	1	1.02mi
324 Spencer Rd Ithaca, NY	2.0	1.0	850	$2,545	$2.99	93d	8	1.07mi

Property features AI

Finance

• Other: Zoning: Residential 2 Unit
• Financial info: Multi-family with rental income: 1-bedroom unit rents for $950; 5-bedroom unit rents for $3,000
• HOA & community: No HOA details provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public waterSewer connectedElectricity connected (fuses)
• Home design: Residential multi-family propertyTwo-story building
• Construction: Brick, frame, stone and vinyl siding constructionBlock foundationAsphalt roofBuilt as a two-story structure
• Exterior features: Covered porchPorchPartial fencingNear public transitRectangular lotCity street frontagePublic maintained road

Interior

• Kitchen: Gas water heaterAppliances are energy-efficient
• Bedrooms: One 1-bedroom unitOne 5-bedroom unit
• Flooring: CarpetHardwoodVinylVaries
• Bathrooms: Two full bathroomsOne half bathroomEach unit includes bathrooms (1 BR unit: 1 bath; 5 BR unit: 2 baths)
• Heating & cooling: Forced air heatingNatural gas
• Interior features: Natural woodworkAccessible entranceAccessible bedroomSatellite dishFull basement
• Laundry & utility: Gas water heater

Listing history 45 events

1. 2026-08-08
   days on market $375,000 Active 57 DOM
2. 2026-08-07
   days on market $375,000 Active 56 DOM
3. 2026-08-06
   days on market $375,000 Active 55 DOM
4. 2026-08-05
   days on market $375,000 Active 54 DOM
5. 2026-08-04
   days on market $375,000 Active 53 DOM
6. 2026-08-03
   days on market $375,000 Active 52 DOM
7. 2026-07-31
   days on market $375,000 Active 49 DOM
8. 2026-07-29
   days on market $375,000 Active 47 DOM
9. 2026-07-27
   days on market $375,000 Active 45 DOM
10. 2026-07-25
    days on market $375,000 Active 43 DOM
11. 2026-07-23
    days on market $375,000 Active 41 DOM
12. 2026-07-22
    days on market $375,000 Active 40 DOM
13. 2026-07-21
    days on market $375,000 Active 39 DOM
14. 2026-07-18
    days on market $375,000 Active 36 DOM
15. 2026-07-16
    days on market $375,000 Active 34 DOM
16. 2026-07-16
    days on market $375,000 Active 33 DOM
17. 2026-07-14
    days on market $375,000 Active 32 DOM
18. 2026-07-13
    days on market $375,000 Active 31 DOM
19. 2026-07-12
    days on market $375,000 Active 30 DOM
20. 2026-07-11
    days on market $375,000 Active 29 DOM
21. 2026-07-10
    days on market $375,000 Active 28 DOM
22. 2026-07-09
    days on market $375,000 Active 27 DOM
23. 2026-07-08
    days on market $375,000 Active 26 DOM
24. 2026-07-07
    days on market $375,000 Active 25 DOM
25. 2026-07-06
    days on market $375,000 Active 24 DOM
26. 2026-07-05
    days on market $375,000 Active 23 DOM
27. 2026-07-04
    days on market $375,000 Active 22 DOM
28. 2026-07-03
    days on market $375,000 Active 21 DOM
29. 2026-07-02
    days on market $375,000 Active 20 DOM
30. 2026-07-01
    days on market $375,000 Active 19 DOM
31. 2026-06-30
    days on market $375,000 Active 18 DOM
32. 2026-06-29
    days on market $375,000 Active 17 DOM
33. 2026-06-28
    days on market $375,000 Active 16 DOM
34. 2026-06-28
    days on market $375,000 Active 15 DOM
35. 2026-06-27
    days on market $375,000 Active 14 DOM
36. 2026-06-26
    remarks 681-char remark
37. 2026-06-26
    days on market $375,000 Active 13 DOM
38. 2026-06-22
    days on market $375,000 Active 10 DOM
39. 2026-06-19
    days on market $375,000 Active 7 DOM
40. 2026-06-18
    days on market $375,000 Active 6 DOM
41. 2026-06-17
    days on market $375,000 Active 5 DOM
42. 2026-06-16
    days on market $375,000 Active 4 DOM
43. 2026-06-15
    days on market $375,000 Active 3 DOM
44. 2026-06-13
    remarks 672-char remark
45. 2026-06-13
    listed $375,000 Active 1 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: $8,584 · $715/mo
• Projected year-2 tax: $8,584 · $715/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥94°F today · 17 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: $118,212
• − Mortgage interest: −$21,006
• − Property taxes: −$8,584
• − Insurance: −$1,875
• − Repairs & maintenance: −$9,457
• − Management: −$9,457
• − Depreciation: −$10,909
• Taxable income: $56,925
• Est. tax owed @ 24.0%: −$13,662
• After-tax cash flow: $45,669/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 · 1 photo

Fair 45/100 Moderate rehab Est. rehab $54,225–$97,605 screening

This multi-family property in Ithaca's Fall Creek neighborhood requires moderate renovations to improve its curb appeal and interior condition, enhancing both resale and rental value.

Deferred maintenance Est. $30,000–$90,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — The windows show signs of wear and potential rot, indicating a need for replacement.
• Major Exterior (exterior) — The siding is peeling and the overall exterior structure looks aged and in need of repair.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major interior walls — Paint chipping and wear
• Major landscaping — Overgrown yard and unkempt appearance

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both paint interior — Improves living space and rental appeal ↑
• Both landscaping — Enhances curb appeal and rental appeal ↑

ⓘ 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 57/100

Zoned Schools

Elementary Beverly J Martin Elementary School F NY #1,825/2,108 Nat'l #30,036/41,679 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

• Census place: Ithaca, NY
• 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

Finance

• Other: Zoning: Residential 2 Unit
• Financial info: Multi-family with rental income: 1-bedroom unit rents for $950; 5-bedroom unit rents for $3,000
• HOA & community: No HOA details provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public waterSewer connectedElectricity connected (fuses)
• Home design: Residential multi-family propertyTwo-story building
• Construction: Brick, frame, stone and vinyl siding constructionBlock foundationAsphalt roofBuilt as a two-story structure
• Exterior features: Covered porchPorchPartial fencingNear public transitRectangular lotCity street frontagePublic maintained road

Interior

• Kitchen: Gas water heaterAppliances are energy-efficient
• Bedrooms: One 1-bedroom unitOne 5-bedroom unit
• Flooring: CarpetHardwoodVinylVaries
• Bathrooms: Two full bathroomsOne half bathroomEach unit includes bathrooms (1 BR unit: 1 bath; 5 BR unit: 2 baths)
• Heating & cooling: Forced air heatingNatural gas
• Interior features: Natural woodworkAccessible entranceAccessible bedroomSatellite dishFull basement
• Laundry & utility: Gas water heater

Price history

+621.2% since first listed

3 events — show timeline

• 2026-06-12 Listed $375,000 IBRMLS
• 1994-02-03 Sold (Public Records) $17,000 Public Records
• 1993-12-13 Sold (Public Records) $52,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $8,584 · +2.3% YoY. Source: county tax records.