19 Water St · Cortland, NY 13045

$314,900

11 bd · 3.0 ba · 2,370 sqft · MultiFamily public records · 42 Days on market

Built 1880 4,942 sqft lot $133/sqft · 11% above area Est $283k · 11% over

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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 +24.0/30.0
• DSCR +7.7/10.0
• 1% rule +7.6/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• ARV discount +2.4/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

This property features two units- Downstairs has 6 bedrooms and 2 full baths - Upstairs is 3/4 bedrooms and 1 bath - for a total of 10 bedrooms and 3 full bathrooms. Currently vacant for the 2025-2026 school year, but the downstairs, all 6 bedrooms are pre-rented for both semesters of 2026-2027 at $3,800 per student per semester. Excellent turnkey investment opportunity with immediate cash flow. Lockbox is located on the left of the back porch. See Showing Time for code. After 15 years of ownership, the sellers are beginning to sell off their well-maintained student housing portfolio. Each property offers an excellent location close to SUNY Cortland and has a strong, consistent rental histo

Key facts

• High demand market
• 4,942 sq ft lot
• 2 parking spots

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• HIGH DEMAND MARKET

Property features AI

Finance

• Other: Owner pays all utilities; rent includes all utilities; Operating expenses listed to include rent and utilities (see remarks)
• Financial info: Property set up as 2-unit building with separate gas and electric meters for each unit; Units currently show total/actual rent values reported at $3,800 (per unit entries)

Exterior

• Parking: Gravel parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multiunit property; Resale condition
• Construction: Vinyl siding; Attic/crawl hatchway(s) insulated; Existing construction
• Exterior features: Corner, rectangular lot (approx. 57 x 86); Lot size about 0.1135 acres

Interior

• Kitchen: Eat-in kitchens in units
• Bedrooms: One unit with 3 bedrooms; One unit with 6 bedrooms
• Flooring: Tile; Vinyl; Varies by area
• Bathrooms: Three full bathrooms total (unit breakdown: one unit has 1 full bath; the other unit has 2 full baths)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Tile, vinyl, and varied flooring
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $619 ($7k/yr) — positive. Per door: $309/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Recommended offer: $305k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• At $3,979/mo this rent would consume 68% of the median local household income ($70k/yr) (locally 1488% 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 $2k of loan paydown is wiped out by about $9k 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 $88k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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 $124k; list at $315k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $305,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.26% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.42%
• DSCR: 1.37
• GRM: 6.6

CMA / ARV

• ARV (median comp): $282,740
• List price: $314,900
• Delta: 11.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.11×
• Total profit: $9,683
• Equity at exit: $46,953

10-year hold

• IRR: 17.0%
• Equity multiple: 2.77×
• Total profit: $155,997
• Equity at exit: $27,227

Cash invested: $88,172 (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: 13.2×

Monthly cashflow live

• Estimated rent: $3,979 high
• Mortgage (P&I): −$1,651
• Tax from tax record: −$742 /mo · $8,905/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$836
• Net cashflow: $619

Break-even live

Break-even rent $3,196

Max offer price $314,900

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$3,980
Total (2 units)			$3,979

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: $78,725
• Closing costs: $9,447
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-19
   days on market $314,900 Active 42 DOM
2. 2026-06-18
   days on market $314,900 Active 41 DOM
3. 2026-06-17
   days on market $314,900 Active 40 DOM
4. 2026-06-16
   days on market $314,900 Active 39 DOM
5. 2026-06-15
   days on market $314,900 Active 38 DOM
6. 2026-06-14
   days on market $314,900 Active 36 DOM
7. 2026-06-12
   days on market $314,900 Active 35 DOM
8. 2026-06-09
   days on market $314,900 Active 32 DOM
9. 2026-06-08
   days on market $314,900 Active 31 DOM
10. 2026-06-07
    days on market $314,900 Active 30 DOM
11. 2026-06-05
    days on market $314,900 Active 27 DOM
12. 2026-06-03
    days on market $314,900 Active 26 DOM
13. 2026-06-02
    days on market $314,900 Active 25 DOM
14. 2026-06-01
    days on market $314,900 Active 24 DOM
15. 2026-05-31
    days on market $314,900 Active 23 DOM
16. 2026-05-30
    days on market $314,900 Active 22 DOM
17. 2026-05-07
    listed $314,900 Active 895-char remark
18. 2026-03-31
    historical
19. 2026-03-11
    price $314,900
20. 2025-08-05
    price $332,900
21. 2025-06-18
    listed $359,900 Active
22. 2024-01-20
    historical $3,000
23. 2024-01-17
    listed $3,000
24. 2023-09-22
    historical
25. 2023-08-30
    listed
26. 2023-08-22
    historical
27. 2023-07-28
    listed
28. 2023-07-21
    historical
29. 2023-06-08
    historical
30. 2023-02-02
    listed $1,334,000 Active
31. 1999-04-14
    soldstatus $124,000

ⓘ 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: $8,905 · $742/mo
• Projected year-2 tax: $8,905 · $742/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 3/10 Moderate
• 🌡 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: $47,748
• − Mortgage interest: −$17,639
• − Property taxes: −$8,905
• − Insurance: −$1,574
• − Repairs & maintenance: −$3,820
• − Management: −$3,820
• − Depreciation: −$9,161
• Taxable income: $2,829
• Est. tax owed @ 24.0%: −$679
• After-tax cash flow: $6,746/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

+154.0% since first listed

15 events — show timeline

• 2026-05-07 Listed $314,900 CNYIS
• 2026-03-31 Listing Removed — CNYIS
• 2026-03-11 Price Changed $314,900 CNYIS
• 2025-08-05 Price Changed $332,900 CNYIS
• 2025-06-18 Listed $359,900 CNYIS
• 2024-01-20 Rental Removed $3,000 LEASESTAR
• 2024-01-17 Listed for Rent $3,000 LEASESTAR
• 2023-09-22 Rental Removed — LEASESTAR
• 2023-08-30 Listed for Rent — LEASESTAR
• 2023-08-22 Rental Removed — LEASESTAR
• 2023-07-28 Listed for Rent — LEASESTAR
• 2023-07-21 Rental Removed — LEASESTAR
• 2023-06-08 Listing Removed — CNYIS
• 2023-02-02 Listed $1,334,000 CNYIS
• 1999-04-14 Sold (Public Records) $124,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $8,905 · +7.1% YoY. Source: county tax records.