209 N Meadow St · Ithaca, NY 14850

$460,000

5 bd · 2.0 ba · 1,764 sqft · MultiFamily public records · 157 Days on market

Built 2022 Good condition 3,049 sqft lot $261/sqft · at area comps Est $479k · at est.

---

Why this score? — see what drove the D- 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 +9.2/15.0
• Cash flow +7.4/30.0
• Schools +5.7/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.5/10.0
• 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

Newer Duplex (2022) - 1,764 SF - with 2-bedrooms; full eat-in kitchen; living area & full bathroom in each unit. On site parking. Can be purchased individually or as part of package of adjacent properties at 526 & 528 W. Seneca. See separate listings for each of those properties + accompanying Sales Flyer.

Key facts

• 3,049 sq ft lot
• Built 2022
• Listed 156 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $460k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-600 ($-7k/yr) — negative. Per door: $-300/mo.
• To cash-flow at today's rent, offer at most $354k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $340k (26.1% below list).
• Recommended offer: $340k (26.1% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 3.9% in Ithaca — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 492 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 (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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 157 days — a 12% lower offer ($405k) is reasonable based on typical stale-listing flexibility.

Recommended offer $340,000 (26.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.74% ✗
• Cap rate: 4.73%
• Cash-on-cash: -5.59%
• DSCR: 0.75
• GRM: 11.3

CMA / ARV

• ARV (median comp): $478,562
• List price: $460,000
• Delta: -3.88%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
517 W Buffalo St	0.05mi	4/2.0 (-1)	1,864 (+6%)	8mo	$342,200	$184	76
406 W Court St	0.24mi	4/2.0 (-1)	1,800 (+2%)	10mo	$255,000	$142	72
205 W Buffalo St	0.35mi	4/2.0 (-1)	1,931 (+10%)	3mo	$488,800	$253	60
217-219 1st St	0.51mi	4/2.0 (-1)	1,800 (+2%)	13mo	$325,000	$181	57
122-24 Linn St	0.72mi	4/2.0 (-1)	1,792 (+2%)	7mo	$320,000	$179	54
202 Utica St	0.63mi	4/2.0 (-1)	1,832 (+4%)	22mo	$359,000	$196	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -25.8%
• Equity multiple: 0.13×
• Total profit: $-112,628
• Equity at exit: $68,587

10-year hold

• IRR: -22.3%
• Equity multiple: -0.14×
• Total profit: $-146,795
• Equity at exit: $39,772

Cash invested: $128,800 (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 →

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

Active competition Active MLS

• For sale now: 7 active · 3 under contract
• Months of supply: 14.0 mo (7%/mo absorbed)
• Median asking: $370,000 ($187/sqft)
• Median days on market: 83 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +45.1% 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

• Active inventory: 492
• Price-to-rent: 22.5×

Monthly cashflow live

• Estimated rent: $3,400 high
• Mortgage (P&I): −$2,412
• Tax from tax record: −$682 /mo · $8,183/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$714
• Net cashflow: $-600

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,400
Total (2 units)			$3,400

Break-even live

Break-even rent $4,159

Max offer price $354,031

Occupancy floor —

Sensitivity live

Price	-10% $-339	-5% $-470	+0% $-600	+5% $-730	+10% $-860
Rent	-10% $-868	-5% $-734	+0% $-600	+5% $-466	+10% $-331
Rate	-1.0pp $-368	-0.5pp $-483	base $-600	+0.5pp $-719	+1.0pp $-840

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: $115,000
• Closing costs: $13,800
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
209 N Meadow St Apt B Ithaca, NY	3.0	1.0	—	$2,100	—	6d	1	0.03mi
209 N Meadow St Apt A Ithaca, NY	2.0	1.0	—	$1,700	—	6d	1	0.03mi
602 W Seneca St Unit A2 Ithaca, NY	2.0	1.0	—	$1,500	—	6d	1	0.07mi
430 W State St Ithaca, NY	2.0	1.0–2.0	741	$3,725	$5.03	2d	9	0.16mi
322 N Plain St Ithaca, NY	2.0	1.0	—	$1,850	—	6d	1	0.20mi
323 Taughannock Blvd Ithaca, NY	2.0	2.5	1542	$3,152	$2.04	2d	3	0.23mi
108 5th St Unit 1/2 Ithaca, NY	1.0	1.0	—	$1,500	—	6d	1	0.27mi
407 Cascadilla St Unit 1-DN Ithaca, NY	1.0	1.0	—	$1,250	—	6d	1	0.28mi
407 Cascadilla St Unit 2-UP Ithaca, NY	1.0	1.0	—	$1,150	—	6d	1	0.28mi
510 N Albany St Apt 1 Ithaca, NY	2.0	1.0	800	$1,750	$2.19	6d	1	0.35mi
206 3rd St Unit A Ithaca, NY	3.0	1.0	1300	$950	$0.73	6d	1	0.36mi
108 2nd St Apt 4 Ithaca, NY	1.0	1.0	—	$1,600	—	5d	1	0.38mi
108 2nd St Apt 2 Ithaca, NY	1.0	1.0	—	$1,600	—	6d	1	0.38mi
324 Center St Unit 2 Ithaca, NY	1.0	1.0	800	$1,250	$1.56	6d	1	0.40mi
201 Cayuga Park Ln Unit 2BR Ithaca, NY	2.0	2.0	1143	$3,420	$2.99	6d	1	0.43mi
201 Cayuga Park Ln Unit 3BR Ithaca, NY	3.0	2.0	1325	$4,040	$3.05	6d	1	0.43mi
201 Cayuga Park Ln Unit 1BR Ithaca, NY	1.0	1.0	527	$2,385	$4.53	6d	1	0.43mi
105 W Court St Ithaca, NY	1.0	1.0	595	$2,500	$4.20	6d	1	0.44mi
109 N Cayuga St Unit G Ithaca, NY	1.0	1.0	—	$1,250	—	6d	1	0.48mi
139 Chestnut St Ithaca, NY	1.0–3.0	1.0	850	$1,745	$2.05	2d	1	0.50mi
427 N Cayuga St Unit 6 Ithaca, NY	2.0	1.0	—	$1,495	—	6d	1	0.51mi
125 E State St Ithaca, NY	1.0–2.0	1.0–2.0	1000	$3,800	$3.80	6d	5	0.53mi
171 E State St Apt 343 Ithaca, NY	1.0	1.0	798	$1,845	$2.31	6d	1	0.58mi
171 E State St Apt 362 Ithaca, NY	2.0	1.0	682	$1,900	$2.79	6d	1	0.58mi
220 E State St Unit 4 Ithaca, NY	2.0	1.0	1000	$1,400	$1.40	6d	1	0.62mi
210 E Green St Ithaca, NY	2.0	1.0–2.0	700	$3,699	$5.28	2d	23	0.62mi
224 E State St Ithaca, NY	1.0	1.0	12090	$2,500	$0.21	6d	1	0.63mi
445 N Tioga St Unit 2 Ithaca, NY	3.0	1.0	1117	$700	$0.63	6d	1	0.63mi
403 S Cayuga St Unit 2 Ithaca, NY	3.0	1.0	—	$1,950	—	6d	1	0.64mi
220-222 W Spencer St #5 Ithaca, NY	2.0	1.0	534	$1,400	$2.62	6d	1	0.65mi
224 W Spencer St Apt 1 Ithaca, NY	1.0	1.0	750	$1,290	$1.72	6d	1	0.66mi
312 Turner Pl Ithaca, NY	1.0	1.0	—	$1,550	—	6d	1	0.66mi
318 E Seneca St Unit 7 Ithaca, NY	2.0	1.0	—	$1,800	—	6d	1	0.68mi
119 Prospect St Ithaca, NY	3.0	1.0	1296	$675	$0.52	3d	2	0.68mi
107 Hudson St #2 Ithaca, NY	2.0	1.0	—	$1,450	—	6d	1	0.72mi
112 Hudson St Ithaca, NY	1.0–2.0	1.0–2.0	—	$1,750	—	2d	2	0.73mi
410 S Aurora St #2 Ithaca, NY	3.0	1.0	—	$1,775	—	6d	1	0.75mi
123 Columbia St Unit 1 Ithaca, NY	3.0	1.0	—	$2,050	—	6d	1	0.75mi
123 Columbia St #2 Ithaca, NY	2.0	1.0	—	$1,775	—	6d	1	0.75mi
414 E Marshall St Ithaca, NY	1.0	1.5	—	$850	—	6d	1	0.76mi

Property features AI

Finance

• Other: Zoning: Commercial
• Financial info: Unit 1 rent: $2,050Unit 2 rent: $1,850

Exterior

• Utilities: Public waterSewer connectedWater connected
• Home design: Duplex residential propertyTwo-story
• Construction: Asphalt roof
• Exterior features: Rectangular lotCross street: Seneca

Interior

• Kitchen: Eat-in kitchen (both units)
• Bedrooms: Two-bedroom unit (Unit 1)Two-bedroom unit (Unit 2)
• Flooring: Ceramic tileLaminateMixed/varied tile
• Bathrooms: Unit 1: 2 bathroomsUnit 2: 1 bathroomThree full bathrooms total
• Heating & cooling: Electric forced-air heating
• Interior features: Gas water heaterDen/Family roomEat-in kitchen

Listing history 50 events

1. 2026-09-24
   days on market $460,000 Active 157 DOM
2. 2026-09-24
   days on market $460,000 Active 156 DOM
3. 2026-09-22
   days on market $460,000 Active 155 DOM
4. 2026-09-20
   days on market $460,000 Active 153 DOM
5. 2026-09-18
   days on market $460,000 Active 151 DOM
6. 2026-09-17
   days on market $460,000 Active 150 DOM
7. 2026-09-16
   days on market $460,000 Active 149 DOM
8. 2026-09-15
   days on market $460,000 Active 148 DOM
9. 2026-09-14
   days on market $460,000 Active 147 DOM
10. 2026-09-13
    days on market $460,000 Active 146 DOM
11. 2026-09-12
    days on market $460,000 Active 145 DOM
12. 2026-09-11
    days on market $460,000 Active 144 DOM
13. 2026-09-05
    days on market $460,000 Active 138 DOM
14. 2026-09-04
    days on market $460,000 Active 137 DOM
15. 2026-09-03
    days on market $460,000 Active 136 DOM
16. 2026-09-02
    days on market $460,000 Active 135 DOM
17. 2026-08-30
    days on market $460,000 Active 132 DOM
18. 2026-08-29
    days on market $460,000 Active 131 DOM
19. 2026-08-28
    days on market $460,000 Active 130 DOM
20. 2026-08-27
    days on market $460,000 Active 129 DOM
21. 2026-08-25
    days on market $460,000 Active 127 DOM
22. 2026-08-24
    days on market $460,000 Active 126 DOM
23. 2026-08-23
    days on market $460,000 Active 125 DOM
24. 2026-08-22
    days on market $460,000 Active 124 DOM
25. 2026-08-21
    days on market $460,000 Active 123 DOM
26. 2026-08-20
    days on market $460,000 Active 122 DOM
27. 2026-08-19
    days on market $460,000 Active 121 DOM
28. 2026-08-18
    days on market $460,000 Active 120 DOM
29. 2026-08-17
    days on market $460,000 Active 119 DOM
30. 2026-08-16
    days on market $460,000 Active 118 DOM
31. 2026-08-15
    days on market $460,000 Active 117 DOM
32. 2026-08-14
    days on market $460,000 Active 116 DOM
33. 2026-08-13
    days on market $460,000 Active 115 DOM
34. 2026-08-12
    days on market $460,000 Active 114 DOM
35. 2026-08-11
    days on market $460,000 Active 113 DOM
36. 2026-08-10
    days on market $460,000 Active 112 DOM
37. 2026-08-09
    days on market $460,000 Active 111 DOM
38. 2026-08-08
    days on market $460,000 Active 110 DOM
39. 2026-08-07
    days on market $460,000 Active 109 DOM
40. 2026-08-06
    days on market $460,000 Active 108 DOM
41. 2026-08-05
    days on market $460,000 Active 107 DOM
42. 2026-08-04
    days on market $460,000 Active 106 DOM
43. 2026-08-03
    days on market $460,000 Active 105 DOM
44. 2026-07-31
    days on market $460,000 Active 102 DOM
45. 2026-07-29
    days on market $460,000 Active 100 DOM
46. 2026-07-27
    days on market $460,000 Active 98 DOM
47. 2026-07-25
    days on market $460,000 Active 96 DOM
48. 2026-07-23
    days on market $460,000 Active 94 DOM
49. 2026-07-22
    days on market $460,000 Active 93 DOM
50. 2026-07-21
    days on market $460,000 Active 92 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: $8,183 · $682/mo
• Projected year-2 tax: $8,183 · $682/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $40,800
• − Mortgage interest: −$25,767
• − Property taxes: −$8,183
• − Insurance: −$2,300
• − Repairs & maintenance: −$3,264
• − Management: −$3,264
• − Depreciation: −$13,382
• Taxable loss: −$15,360
• Est. tax savings @ 24.0%: +$3,686
• After-tax cash flow: $-3,512/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.

Condition & rehab AI · 7 photos

Good 80/100 Cosmetic rehab Est. rehab $8,820–$26,460 screening

This well-maintained, modern two-unit property is ready for immediate occupancy and can be easily enhanced with minor cosmetic updates to boost its resale and rental value.

Components & finishes AI

Roof asphalt shingle · good Flooring hardwood Counters granite Appliances stainless steel HVAC central · new lt5

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Landscaping improvements — A well-maintained lawn and landscaping can increase curb appeal and property value ↑
• Both HVAC maintenance — Regular maintenance ensures the system runs efficiently and can prevent costly repairs ↑

ⓘ Rehab cost is a screening estimate — Cosmetic 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

---

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: —
• 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

Property features AI

Finance

• Other: Zoning: Commercial
• Financial info: Unit 1 rent: $2,050Unit 2 rent: $1,850

Exterior

• Utilities: Public waterSewer connectedWater connected
• Home design: Duplex residential propertyTwo-story
• Construction: Asphalt roof
• Exterior features: Rectangular lotCross street: Seneca

Interior

• Kitchen: Eat-in kitchen (both units)
• Bedrooms: Two-bedroom unit (Unit 1)Two-bedroom unit (Unit 2)
• Flooring: Ceramic tileLaminateMixed/varied tile
• Bathrooms: Unit 1: 2 bathroomsUnit 2: 1 bathroomThree full bathrooms total
• Heating & cooling: Electric forced-air heating
• Interior features: Gas water heaterDen/Family roomEat-in kitchen

Price history

+829.3% since first listed

3 events — show timeline

• 2026-04-20 Listed $460,000 IBRMLS
• 2019-05-30 Sold (Public Records) $425,000 Public Records
• 2015-09-04 Sold (Public Records) $49,500 Public Records

Property tax history

+7.4%/yr

Latest (2025): $8,183 · +2.3% YoY. Source: county tax records.