209 N Meadow St · Ithaca, NY 14850

$460,000

5 bd · 2.0 ba · 1,764 sqft · MultiFamily public records · 60 Days on market

Built 2022 3,049 sqft lot $261/sqft · 21% below area Est $584k · 21% under

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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 +28.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• 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 MLS

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 59 days

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $781/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $460k).
• Recommended offer: $446k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 5.3% 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.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $6,137/mo this rent would consume 103% of the median local household income ($71k/yr) (locally 5169% 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 $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.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $129k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($446k) is reasonable based on typical stale-listing flexibility.

Recommended offer $446,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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. 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: 1.33% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.56%
• DSCR: 1.65
• GRM: 6.2

CMA / ARV

• ARV (median comp): $583,868
• List price: $460,000
• Delta: -21.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 W Court St	0.21mi	4/2.0 (-1)	1,800 (+2%)	7mo	$255,000	$142	76
517 W Buffalo St	0.19mi	4/2.0 (-1)	1,864 (+6%)	5mo	$342,200	$184	72
217-219 1st St	0.37mi	4/2.0 (-1)	1,800 (+2%)	10mo	$325,000	$181	66
122-24 Linn St	0.68mi	4/2.0 (-1)	1,792 (+2%)	4mo	$320,000	$179	58
207 Auburn St	0.53mi	5/3.0	1,774 (+1%)	23mo	$350,000	$197	51
202 Utica St	0.53mi	4/2.0 (-1)	1,832 (+4%)	19mo	$359,000	$196	48

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: 7.6%
• Equity multiple: 1.30×
• Total profit: $39,138
• Equity at exit: $68,587

10-year hold

• IRR: 18.8%
• Equity multiple: 2.73×
• Total profit: $223,025
• 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 →

ZIP-level market 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $6,137 high
• Mortgage (P&I): −$2,412
• Tax from tax record: −$682 /mo · $8,183/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,289
• Net cashflow: $1,562

Break-even live

Break-even rent $4,159

Max offer price $460,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,138
Total (2 units)			$6,137

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
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
126 College Ave Ithaca, NY	6.0	2.0	1658	$4,400	$2.65	44d	5	1.21mi

Listing history 19 events

1. 2026-06-19
   days on market $460,000 Active 60 DOM
2. 2026-06-18
   days on market $460,000 Active 59 DOM
3. 2026-06-17
   days on market $460,000 Active 58 DOM
4. 2026-06-16
   days on market $460,000 Active 57 DOM
5. 2026-06-15
   days on market $460,000 Active 56 DOM
6. 2026-06-14
   days on market $460,000 Active 54 DOM
7. 2026-06-13
   days on market $460,000 Active 53 DOM
8. 2026-06-10
   days on market $460,000 Active 51 DOM
9. 2026-06-09
   days on market $460,000 Active 50 DOM
10. 2026-06-08
    days on market $460,000 Active 49 DOM
11. 2026-06-07
    days on market $460,000 Active 48 DOM
12. 2026-06-05
    days on market $460,000 Active 45 DOM
13. 2026-06-02
    days on market $460,000 Active 43 DOM
14. 2026-06-01
    days on market $460,000 Active 42 DOM
15. 2026-05-31
    days on market $460,000 Active 41 DOM
16. 2026-05-30
    days on market $460,000 Active 40 DOM
17. 2026-04-20
    listed $460,000 Active 319-char remark

    Show marketing remark (319 chars)

    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.

18. 2019-05-30
    soldstatus $425,000
19. 2015-09-04
    soldstatus $49,500

ⓘ 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: $73,644
• − Mortgage interest: −$25,767
• − Property taxes: −$8,183
• − Insurance: −$2,300
• − Repairs & maintenance: −$5,892
• − Management: −$5,892
• − Depreciation: −$13,382
• Taxable income: $12,229
• Est. tax owed @ 24.0%: −$2,935
• After-tax cash flow: $15,813/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: 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

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 · 68,610 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: 5169.0

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: ▲ 5.22%
• Metro: Ithaca, 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

+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.