19 N West St · Homer, NY 13077

$130,000

5 bd · 2.0 ba · 1,734 sqft · MultiFamily public records · 7 Days on market

Built 1860 0.27 ac lot

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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 +23.3/30.0
• Appreciation +8.4/10.0
• 1% rule +7.6/10.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Rent growth +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: 1 unit. estimate disagrees with records

Listing remarks MLS

MORE PHOTOS TO COME OF THIS TWO-UNIT MULTI-FAMILY IN THE HEART OF HOMER! THIS CHARMING UPSTAIRS/DOWNSTAIRS PROPERTY OFFERS FANTASTIC INVESTMENT POTENTIAL! THE UPDATED UPPER UNIT FEATURES 3 BEDROOMS, MODERN LAMINATE FLOORING, AND A PRIVATE DECK OVERLOOKING THE SPACIOUS BACKYARD — PERFECT FOR RELAXING OR ENTERTAINING!! THE LOWER UNIT OFFERS 2 BEDROOMS WITH A COMFORTABLE LIVING SPACE. ENJOY A LARGE YARD, DETACHED OVERSIZED GARAGE, AND PLENTY OF OFF-STREET PARKING. CONVENIENTLY LOCATED IN THE VILLAGE OF HOMER, JUST MINUTES FROM LOCAL SHOPS, DINING, AND QUICK ACCESS TO I-81 FOR AN EASY COMMUTE. WHETHER YOU’RE LOOKING TO EXPAND YOUR RENTAL PORTFOLIO OR LIVE IN ONE UNIT WHILE RENTING THE OTHER, THIS PROPERTY IS ONE TO APPRECIATE!!

Key facts

• Private deck
• Spacious backyard
• Quick access to i-81

Tags

• PRIVATE DECK
• SPACIOUS BACKYARD
• DETACHED OVERSIZED GARAGE
• OFF-STREET PARKING
• QUICK ACCESS TO I-81

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 8.5% vs local median 3.4% in Homer — 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 76/100 on livability (#229 in NY, #3,609 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Homer Central School District (town): math 49% / reading 59% proficiency, ranked #306 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($899 loan paydown + $9k appreciation (6.9% local appreciation)).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,000

Questions for the listing agent

1. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
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 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: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.63×
• Total profit: $59,478
• Equity at exit: $88,861

10-year hold

• IRR: 22.0%
• Equity multiple: 5.45×
• Total profit: $161,948
• Equity at exit: $167,698

Cash invested: $36,400 (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 13077

• Home prices YoY: 2.4%
• Active inventory: 39
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,638 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$321 /mo · $3,847/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $237

Break-even live

Break-even rent $1,337

Max offer price $130,000

Occupancy floor 81%

Sensitivity live

Price	-10% $311	-5% $274	+0% $237	+5% $200	+10% $164
Rent	-10% $108	-5% $173	+0% $237	+5% $302	+10% $367
Rate	-1.0pp $303	-0.5pp $270	base $237	+0.5pp $204	+1.0pp $169

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2025-08-18
   status Pending 745-char remark

   Show marketing remark (745 chars)

   MORE PHOTOS TO COME OF THIS TWO-UNIT MULTI-FAMILY IN THE HEART OF HOMER! THIS CHARMING UPSTAIRS/DOWNSTAIRS PROPERTY OFFERS FANTASTIC INVESTMENT POTENTIAL! THE UPDATED UPPER UNIT FEATURES 3 BEDROOMS, MODERN LAMINATE FLOORING, AND A PRIVATE DECK OVERLOOKING THE SPACIOUS BACKYARD — PERFECT FOR RELAXING OR ENTERTAINING!! THE LOWER UNIT OFFERS 2 BEDROOMS WITH A COMFORTABLE LIVING SPACE. ENJOY A LARGE YARD, DETACHED OVERSIZED GARAGE, AND PLENTY OF OFF-STREET PARKING. CONVENIENTLY LOCATED IN THE VILLAGE OF HOMER, JUST MINUTES FROM LOCAL SHOPS, DINING, AND QUICK ACCESS TO I-81 FOR AN EASY COMMUTE. WHETHER YOU’RE LOOKING TO EXPAND YOUR RENTAL PORTFOLIO OR LIVE IN ONE UNIT WHILE RENTING THE OTHER, THIS PROPERTY IS ONE TO APPRECIATE!!

2. 2025-08-18
   status Pending

   Show marketing remark (745 chars)

   MORE PHOTOS TO COME OF THIS TWO-UNIT MULTI-FAMILY IN THE HEART OF HOMER! THIS CHARMING UPSTAIRS/DOWNSTAIRS PROPERTY OFFERS FANTASTIC INVESTMENT POTENTIAL! THE UPDATED UPPER UNIT FEATURES 3 BEDROOMS, MODERN LAMINATE FLOORING, AND A PRIVATE DECK OVERLOOKING THE SPACIOUS BACKYARD — PERFECT FOR RELAXING OR ENTERTAINING!! THE LOWER UNIT OFFERS 2 BEDROOMS WITH A COMFORTABLE LIVING SPACE. ENJOY A LARGE YARD, DETACHED OVERSIZED GARAGE, AND PLENTY OF OFF-STREET PARKING. CONVENIENTLY LOCATED IN THE VILLAGE OF HOMER, JUST MINUTES FROM LOCAL SHOPS, DINING, AND QUICK ACCESS TO I-81 FOR AN EASY COMMUTE. WHETHER YOU’RE LOOKING TO EXPAND YOUR RENTAL PORTFOLIO OR LIVE IN ONE UNIT WHILE RENTING THE OTHER, THIS PROPERTY IS ONE TO APPRECIATE!!

3. 2025-08-11
   listed $130,000 Active 745-char remark

   Show marketing remark (745 chars)

   MORE PHOTOS TO COME OF THIS TWO-UNIT MULTI-FAMILY IN THE HEART OF HOMER! THIS CHARMING UPSTAIRS/DOWNSTAIRS PROPERTY OFFERS FANTASTIC INVESTMENT POTENTIAL! THE UPDATED UPPER UNIT FEATURES 3 BEDROOMS, MODERN LAMINATE FLOORING, AND A PRIVATE DECK OVERLOOKING THE SPACIOUS BACKYARD — PERFECT FOR RELAXING OR ENTERTAINING!! THE LOWER UNIT OFFERS 2 BEDROOMS WITH A COMFORTABLE LIVING SPACE. ENJOY A LARGE YARD, DETACHED OVERSIZED GARAGE, AND PLENTY OF OFF-STREET PARKING. CONVENIENTLY LOCATED IN THE VILLAGE OF HOMER, JUST MINUTES FROM LOCAL SHOPS, DINING, AND QUICK ACCESS TO I-81 FOR AN EASY COMMUTE. WHETHER YOU’RE LOOKING TO EXPAND YOUR RENTAL PORTFOLIO OR LIVE IN ONE UNIT WHILE RENTING THE OTHER, THIS PROPERTY IS ONE TO APPRECIATE!!

4. 2025-08-11
   listed $130,000 Active

   Show marketing remark (745 chars)

   MORE PHOTOS TO COME OF THIS TWO-UNIT MULTI-FAMILY IN THE HEART OF HOMER! THIS CHARMING UPSTAIRS/DOWNSTAIRS PROPERTY OFFERS FANTASTIC INVESTMENT POTENTIAL! THE UPDATED UPPER UNIT FEATURES 3 BEDROOMS, MODERN LAMINATE FLOORING, AND A PRIVATE DECK OVERLOOKING THE SPACIOUS BACKYARD — PERFECT FOR RELAXING OR ENTERTAINING!! THE LOWER UNIT OFFERS 2 BEDROOMS WITH A COMFORTABLE LIVING SPACE. ENJOY A LARGE YARD, DETACHED OVERSIZED GARAGE, AND PLENTY OF OFF-STREET PARKING. CONVENIENTLY LOCATED IN THE VILLAGE OF HOMER, JUST MINUTES FROM LOCAL SHOPS, DINING, AND QUICK ACCESS TO I-81 FOR AN EASY COMMUTE. WHETHER YOU’RE LOOKING TO EXPAND YOUR RENTAL PORTFOLIO OR LIVE IN ONE UNIT WHILE RENTING THE OTHER, THIS PROPERTY IS ONE TO APPRECIATE!!

ⓘ 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: $3,847 · $321/mo
• Projected year-2 tax: $3,847 · $321/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 2/10 Low 7 d/yr ≥95°F today · 15 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: $19,652
• − Mortgage interest: −$7,282
• − Property taxes: −$3,847
• − Insurance: −$650
• − Repairs & maintenance: −$1,572
• − Management: −$1,572
• − Depreciation: −$3,782
• Taxable income: $947
• Est. tax owed @ 24.0%: −$227
• After-tax cash flow: $2,620/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: Homer Central School District
• NCES district ID: 3614640
• Math proficiency: 49% ▼ -1.00%
• Reading proficiency: 59% ▲ 9.00%
• Median HH income: $60,122
• Composite: 47.03/100
• National rank: #2342
• State rank: #306 of 590 in NY

Livability — Homer

• Score: 76/100
• State rank: #229
• US rank: #3609

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homer, NY
• Population (ZIP): 6,567

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Asian 2%
• Common ancestry: Romanian 3% Slovak 3% Serbian 2%
• Foreign-born: 2% · China
• Languages at home: 94% English-only · Other Indo-European 2% French/Haitian/Cajun 2% Chinese 2%

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: ▲ 6.86%
• Current HPI: 298.7707
• 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

+0.0% since first listed

4 events — show timeline

• 2025-08-18 Pending — CNYIS
• 2025-08-18 Pending — CNYIS
• 2025-08-11 Listed $130,000 CNYIS
• 2025-08-11 Listed $130,000 CNYIS

Property tax history

-3.8%/yr

Latest (2025): $3,847 · +5.4% YoY. Source: county tax records.