54 W Main St · Cortland, NY 13045

$180,000

3 bd · 1.0 ba · 1,518 sqft · SingleFamily public records · 40 Days on market

Built 1890 7,838 sqft lot $119/sqft · 11% below area Est $202k · 11% under ↓ 5% since listing

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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 +23.9/30.0
• ARV discount +12.5/15.0
• DSCR +7.7/10.0
• 1% rule +7.0/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover your dream home nestled in the heart of Cortland! This inviting 1,500 sq. ft. residence features three cozy bedrooms and a well-appointed bathroom, perfect for families or those seeking extra space. The property boasts gorgeous landscaping and a private backyard, ideal for relaxation or entertaining. A large barn with a one-car garage provides ample storage and project space, while being conveniently located close to all the essentials in town. With a little love and creativity, this home can truly shine. Don’t miss out on this rare opportunity—schedule a viewing today and make it yours!

Key facts

• One-car garage
• Private backyard
• Large barn

Tags

• PRIVATE BACKYARD
• LARGE BARN
• ONE-CAR GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 6.2% in Cortland — 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 (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, employment D.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• This rent runs 37% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $50k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.20% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.35%
• DSCR: 1.37
• GRM: 7.0

CMA / ARV

• ARV (median comp): $202,310
• List price: $180,000
• Delta: -11.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Fifth Ave	0.06mi	3/2.0	1,438 (-5%)	9mo	$170,000	$118	77
71 W Main St	0.12mi	3/1.0	1,327 (-13%)	2mo	$172,500	$130	72
39 Evergreen St	0.13mi	4/1.5 (+1)	1,660 (+9%)	3mo	$205,000	$123	69
169 171 Groton Ave	0.58mi	3/1.5	1,504 (-1%)	11mo	$225,000	$150	60
41 Evergreen St	0.12mi	3/1.5	1,296 (-15%)	10mo	$150,000	$116	60
10 Otter Creek Pl	0.55mi	4/2.0 (+1)	1,520 (+0%)	8mo	$90,000	$59	59
31 Hamlin St	0.34mi	2/1.5 (-1)	1,434 (-6%)	11mo	$200,000	$139	59
31 Arthur Ave	0.41mi	3/1.5	1,351 (-11%)	4mo	$118,000	$87	57
148 Groton Ave	0.51mi	4/1.5 (+1)	1,556 (+2%)	11mo	$179,000	$115	56
4269 West Rd	0.33mi	4/2.0 (+1)	1,312 (-14%)	1mo	$275,500	$210	52
208 Groton Ave	0.69mi	3/1.5	1,592 (+5%)	10mo	$236,000	$148	49
12 Ellwood Ave	0.69mi	3/1.5	1,740 (+15%)	7mo	$221,325	$127	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $4,643
• Equity at exit: $26,839

10-year hold

• IRR: 16.5%
• Equity multiple: 2.69×
• Total profit: $85,010
• Equity at exit: $15,563

Cash invested: $50,400 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,154 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$332 /mo · $3,989/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $351

Break-even live

Break-even rent $1,711

Max offer price $180,000

Occupancy floor 79%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31 James St Cortland, NY	3.0	1.5	1319	$3,600	$2.73	43d	1	0.88mi
109 Main St Unit 2 and 4 Cortland, NY	3.0	1.0	1200	$1,775	$1.48	43d	1	0.93mi
88 Clinton Ave Cortland, NY	3.0	1.0	1100	$1,600	$1.45	43d	1	0.99mi
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	43d	1	1.04mi

Listing history 4 events

1. 2026-05-16
   status Pending 615-char remark

   Show marketing remark (615 chars)

   Discover your dream home nestled in the heart of Cortland! This inviting 1,500 sq. ft. residence features three cozy bedrooms and a well-appointed bathroom, perfect for families or those seeking extra space. The property boasts gorgeous landscaping and a private backyard, ideal for relaxation or entertaining. A large barn with a one-car garage provides ample storage and project space, while being conveniently located close to all the essentials in town. With a little love and creativity, this home can truly shine. Don’t miss out on this rare opportunity—schedule a viewing today and make it yours!

2. 2026-05-06
   historical Active Under Contract 615-char remark

   Show marketing remark (615 chars)

   Discover your dream home nestled in the heart of Cortland! This inviting 1,500 sq. ft. residence features three cozy bedrooms and a well-appointed bathroom, perfect for families or those seeking extra space. The property boasts gorgeous landscaping and a private backyard, ideal for relaxation or entertaining. A large barn with a one-car garage provides ample storage and project space, while being conveniently located close to all the essentials in town. With a little love and creativity, this home can truly shine. Don’t miss out on this rare opportunity—schedule a viewing today and make it yours!

3. 2026-04-10
   price $180,000 615-char remark

   Show marketing remark (615 chars)

   Discover your dream home nestled in the heart of Cortland! This inviting 1,500 sq. ft. residence features three cozy bedrooms and a well-appointed bathroom, perfect for families or those seeking extra space. The property boasts gorgeous landscaping and a private backyard, ideal for relaxation or entertaining. A large barn with a one-car garage provides ample storage and project space, while being conveniently located close to all the essentials in town. With a little love and creativity, this home can truly shine. Don’t miss out on this rare opportunity—schedule a viewing today and make it yours!

4. 2026-04-06
   listed $190,000 Active 615-char remark

   Show marketing remark (615 chars)

   Discover your dream home nestled in the heart of Cortland! This inviting 1,500 sq. ft. residence features three cozy bedrooms and a well-appointed bathroom, perfect for families or those seeking extra space. The property boasts gorgeous landscaping and a private backyard, ideal for relaxation or entertaining. A large barn with a one-car garage provides ample storage and project space, while being conveniently located close to all the essentials in town. With a little love and creativity, this home can truly shine. Don’t miss out on this rare opportunity—schedule a viewing today and make it yours!

ⓘ 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: $3,989 · $332/mo
• Projected year-2 tax: $3,989 · $332/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 3/10 Moderate 7 d/yr ≥92°F today · 16 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: $25,851
• − Mortgage interest: −$10,083
• − Property taxes: −$3,989
• − Insurance: −$900
• − Repairs & maintenance: −$2,068
• − Management: −$2,068
• − Depreciation: −$5,236
• Taxable income: $1,507
• Est. tax owed @ 24.0%: −$362
• After-tax cash flow: $3,845/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: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% 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: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, 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

-5.3% since first listed

4 events — show timeline

• 2026-05-16 Pending — CNYIS
• 2026-05-06 Contingent — CNYIS
• 2026-04-10 Price Changed $180,000 CNYIS
• 2026-04-06 Listed $190,000 CNYIS

Property tax history

+2.1%/yr

Latest (2025): $3,989 · +0.6% YoY. Source: county tax records.