51 Shelter Valley Rd · Newfield, NY 14867

$235,000

5 bd · 2.0 ba · 2,056 sqft · MultiFamily public records · 70 Days on market

Built 1976 7,405 sqft lot $114/sqft · 37% below area Est $372k · 37% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.8/30.0
• 1% rule +5.1/10.0
• DSCR +4.5/10.0
• Appreciation +3.6/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Solid investment opportunity or owner-occupied with income—just 5 miles from Downtown Ithaca. This well-maintained up/down duplex offers both flexibility and strong rental appeal in a highly desirable location. The lower level features a spacious three-bedroom, one-and-a-half-bath apartment, highlighted by a comfortable primary suite with a private half bath and direct access to the expansive, level backyard. The open-concept living and dining area creates an inviting atmosphere, seamlessly connecting to a recently renovated kitchen with modern finishes. The upper unit offers a bright and airy two-bedroom, one-bath layout with an open kitchen, living, and dining space designed for easy living. A private back deck overlooks the lush yard, providing a peaceful outdoor retreat and an ideal spot to relax or entertain. Each unit is thoughtfully equipped with its own stacked laundry and separate driveway, enhancing convenience and privacy for occupants. Additional attached storage spaces provide practical solutions for both tenants and owners, with designated areas for recycling, garbage, and equipment. The generous backyard adds exceptional value, offering ample room for outdoor enjoyment, gardening, or recreation, and further enhancing the property’s overall appeal.

Key facts

• 7,405 sq ft lot
• Built 1976
• Listed 69 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.8-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $66 ($793/yr) — positive. Per door: $33/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $235k).
• Recommended offer: $221k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.2% in Newfield — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Newfield Central School District (rural): math 32% / reading 48% proficiency, ranked #517 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 29 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.7%/yr); year-one equity from $2k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $203k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $220,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% 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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.01% ✓
• Cap rate: 6.63%
• Cash-on-cash: 1.21%
• DSCR: 1.05
• GRM: 8.2

CMA / ARV

• ARV (median comp): $372,078
• List price: $235,000
• Delta: -36.84%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-2.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.53×
• Total profit: $-31,009
• Equity at exit: $37,926

10-year hold

• IRR: -4.1%
• Equity multiple: 0.72×
• Total profit: $-18,644
• Equity at exit: $25,311

Cash invested: $65,800 (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 14867

• Home prices YoY: -1.0%
• Active inventory: 29
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $2,374 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$479 /mo · $5,749/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $66

Break-even live

Break-even rent $2,290

Max offer price $235,000

Occupancy floor 92%

Sensitivity live

Price	-10% $199	-5% $133	+0% $66	+5% $0	+10% $-67
Rent	-10% $-121	-5% $-28	+0% $66	+5% $160	+10% $254
Rate	-1.0pp $184	-0.5pp $126	base $66	+0.5pp $5	+1.0pp $-57

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.8	$2,374
Total (2 units)			$2,374

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $235,000 Active 70 DOM
2. 2026-06-18
   days on market $235,000 Active 69 DOM
3. 2026-06-17
   days on market $235,000 Active 68 DOM
4. 2026-06-16
   days on market $235,000 Active 67 DOM
5. 2026-06-15
   days on market $235,000 Active 66 DOM
6. 2026-06-14
   days on market $235,000 Active 64 DOM
7. 2026-06-13
   days on market $235,000 Active 63 DOM
8. 2026-06-10
   days on market $235,000 Active 61 DOM
9. 2026-06-09
   days on market $235,000 Active 60 DOM
10. 2026-06-09
    price $235,000 Active 59 DOM
11. 2026-06-08
    days on market $250,000 Active 59 DOM
12. 2026-06-07
    days on market $250,000 Active 58 DOM
13. 2026-06-02
    days on market $250,000 Active 53 DOM
14. 2026-06-01
    days on market $250,000 Active 52 DOM
15. 2026-05-31
    days on market $250,000 Active 51 DOM
16. 2026-05-30
    days on market $250,000 Active 50 DOM
17. 2026-04-10
    listed $250,000 Active 1294-char remark

    Show marketing remark (1294 chars)

    Solid investment opportunity or owner-occupied with income—just 5 miles from Downtown Ithaca. This well-maintained up/down duplex offers both flexibility and strong rental appeal in a highly desirable location. The lower level features a spacious three-bedroom, one-and-a-half-bath apartment, highlighted by a comfortable primary suite with a private half bath and direct access to the expansive, level backyard. The open-concept living and dining area creates an inviting atmosphere, seamlessly connecting to a recently renovated kitchen with modern finishes. The upper unit offers a bright and airy two-bedroom, one-bath layout with an open kitchen, living, and dining space designed for easy living. A private back deck overlooks the lush yard, providing a peaceful outdoor retreat and an ideal spot to relax or entertain. Each unit is thoughtfully equipped with its own stacked laundry and separate driveway, enhancing convenience and privacy for occupants. Additional attached storage spaces provide practical solutions for both tenants and owners, with designated areas for recycling, garbage, and equipment. The generous backyard adds exceptional value, offering ample room for outdoor enjoyment, gardening, or recreation, and further enhancing the property’s overall appeal.

18. 2021-12-30
    soldstatus $203,000 698-char remark

    Show marketing remark (698 chars)

    Solid investment opportunity or Owner occupied with income - JUST 5 miles to Downtown Ithaca, close to Cornell and Ithaca College. Well maintain up/down duplex. Lower level is a 3 bed, 1.5 bath apartment, primary suite with half bath and access to backyard, open dining/living area and recently renovated kitchen. Upper level is a 2 bed, 1 bath with open kitchen/living/dining and back deck overlooking level backyard. Each unit has its own stacked laundry and driveway. Attached storage units, front currently used by tenants for recycling and garbage storage, back for landlords equipment. Roof, windows and siding around 10-12 YO, gutters new and much more. CALL YOUR AGENT TODAY TO TAKE A LOOK!

19. 2021-12-30
    soldstatus $203,000

    Show marketing remark (698 chars)

    Solid investment opportunity or Owner occupied with income - JUST 5 miles to Downtown Ithaca, close to Cornell and Ithaca College. Well maintain up/down duplex. Lower level is a 3 bed, 1.5 bath apartment, primary suite with half bath and access to backyard, open dining/living area and recently renovated kitchen. Upper level is a 2 bed, 1 bath with open kitchen/living/dining and back deck overlooking level backyard. Each unit has its own stacked laundry and driveway. Attached storage units, front currently used by tenants for recycling and garbage storage, back for landlords equipment. Roof, windows and siding around 10-12 YO, gutters new and much more. CALL YOUR AGENT TODAY TO TAKE A LOOK!

20. 2021-09-14
    listed $189,900 698-char remark

    Show marketing remark (698 chars)

    Solid investment opportunity or Owner occupied with income - JUST 5 miles to Downtown Ithaca, close to Cornell and Ithaca College. Well maintain up/down duplex. Lower level is a 3 bed, 1.5 bath apartment, primary suite with half bath and access to backyard, open dining/living area and recently renovated kitchen. Upper level is a 2 bed, 1 bath with open kitchen/living/dining and back deck overlooking level backyard. Each unit has its own stacked laundry and driveway. Attached storage units, front currently used by tenants for recycling and garbage storage, back for landlords equipment. Roof, windows and siding around 10-12 YO, gutters new and much more. CALL YOUR AGENT TODAY TO TAKE A LOOK!

21. 2021-09-14
    listed $189,900

    Show marketing remark (698 chars)

    Solid investment opportunity or Owner occupied with income - JUST 5 miles to Downtown Ithaca, close to Cornell and Ithaca College. Well maintain up/down duplex. Lower level is a 3 bed, 1.5 bath apartment, primary suite with half bath and access to backyard, open dining/living area and recently renovated kitchen. Upper level is a 2 bed, 1 bath with open kitchen/living/dining and back deck overlooking level backyard. Each unit has its own stacked laundry and driveway. Attached storage units, front currently used by tenants for recycling and garbage storage, back for landlords equipment. Roof, windows and siding around 10-12 YO, gutters new and much more. CALL YOUR AGENT TODAY TO TAKE A LOOK!

22. 2021-09-14
    listed $189,900

    Show marketing remark (698 chars)

    Solid investment opportunity or Owner occupied with income - JUST 5 miles to Downtown Ithaca, close to Cornell and Ithaca College. Well maintain up/down duplex. Lower level is a 3 bed, 1.5 bath apartment, primary suite with half bath and access to backyard, open dining/living area and recently renovated kitchen. Upper level is a 2 bed, 1 bath with open kitchen/living/dining and back deck overlooking level backyard. Each unit has its own stacked laundry and driveway. Attached storage units, front currently used by tenants for recycling and garbage storage, back for landlords equipment. Roof, windows and siding around 10-12 YO, gutters new and much more. CALL YOUR AGENT TODAY TO TAKE A LOOK!

23. 2004-12-08
    soldstatus $61,200

ⓘ 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: $5,749 · $479/mo
• Projected year-2 tax: $5,749 · $479/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 6/10 Major FEMA zone X · 74% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,488
• − Mortgage interest: −$13,164
• − Property taxes: −$5,749
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,279
• − Management: −$2,279
• − Depreciation: −$6,836
• Taxable loss: −$2,994
• Est. tax savings @ 24.0%: +$719
• After-tax cash flow: $1,512/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: Newfield Central School District
• NCES district ID: 3620790
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 48% ▲ 10.00%
• Median HH income: $50,430
• Composite: 34.47/100
• National rank: #5188
• State rank: #517 of 590 in NY

Livability — Newfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 5,188

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 (94%)
• Race & ethnicity: White 94% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Iranian 15% Lithuanian 4% Romanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% Russian/Polish/Slavic 1%

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: ▼ -2.72%
• Current HPI: 278.2047
• 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

+308.5% since first listed

7 events — show timeline

• 2026-04-10 Listed $250,000 IBRMLS
• 2021-12-30 Sold (MLS) $203,000 IBRMLS
• 2021-12-30 Sold (MLS) $203,000 IBRMLS
• 2021-09-14 Listed $189,900 IBRMLS
• 2021-09-14 Listed $189,900 IBRMLS
• 2021-09-14 Listed $189,900 IBRMLS
• 2004-12-08 Sold (Public Records) $61,200 Public Records

Property tax history

+5.5%/yr

Latest (2025): $5,749 · +0.7% YoY. Source: county tax records.