45 Cayuga St · Homer, NY 13077

$179,000

3 bd · 1.0 ba · 2,290 sqft · SingleFamily public records · 66 Days on market

Built 1880 0.31 ac lot Est $256k · 30% under ↓ 17% since listing

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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 +15.0/15.0
• Appreciation +8.4/10.0
• Cash flow +7.8/30.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0

Listing remarks

Discover the incredible potential of this super spacious 3-bedroom, 1.5-bath home, perfectly situated in the Village of Homer. With 2,290 square feet of living space and plenty of bonus rooms, there’s ample opportunity to create your dream layout—imagine designing a beautiful butler’s kitchen with a walk-in pantry just off the main kitchen! The generous private backyard offers so much. Ideal for open-minded buyers ready to personalize and update, this home invites you to add your unique touch and truly make it your own. Don’t miss out on this rare chance to craft the perfect home!

Key facts

• Private backyard
• Bonus rooms
• Butler's kitchen

Tags

• BUTLER'S KITCHEN
• WALK-IN PANTRY
• PRIVATE BACKYARD
• BONUS ROOMS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $-199 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (16.9% below list).
• Recommended offer: $144k (19.6% below list) — sets the bar for cash-flow.
• Cap rate 5.0% 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 $14k of equity ($1k loan paydown + $12k 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.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $143,895 (19.6% 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 66 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.76%
• DSCR: 0.79
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $256,480
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
45 Cayuga St	0.00mi	3/1.5	2,290 (0%)	1mo	$165,000	$72	97
23 Cayuga St	0.14mi	4/2.5 (+1)	2,443 (+7%)	12mo	$375,000	$153	62
19 Elm Ave	0.32mi	3/2.0	2,011 (-12%)	11mo	$120,000	$60	52
16 Elm Ave	0.31mi	4/2.0 (+1)	2,012 (-12%)	20mo	$225,000	$112	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 13.7%
• Equity multiple: 1.97×
• Total profit: $48,370
• Equity at exit: $122,355

10-year hold

• IRR: 14.0%
• Equity multiple: 4.00×
• Total profit: $150,454
• Equity at exit: $230,907

Cash invested: $50,120 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,488 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$361 /mo · $4,328/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $-199

Break-even live

Break-even rent $1,739

Max offer price $143,895

Occupancy floor —

Sensitivity live

Price	-10% $-97	-5% $-148	+0% $-199	+5% $-249	+10% $-300
Rent	-10% $-316	-5% $-257	+0% $-199	+5% $-140	+10% $-81
Rate	-1.0pp $-109	-0.5pp $-153	base $-199	+0.5pp $-245	+1.0pp $-292

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-03-20
   status Pending
2. 2026-03-09
   price $179,000
3. 2026-01-29
   price $199,900
4. 2026-01-13
   listed $215,000 Active

ⓘ 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: $4,328 · $361/mo
• Projected year-2 tax: $4,328 · $361/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: $17,851
• − Mortgage interest: −$10,027
• − Property taxes: −$4,328
• − Insurance: −$895
• − Repairs & maintenance: −$1,428
• − Management: −$1,428
• − Depreciation: −$5,207
• Taxable loss: −$5,462
• Est. tax savings @ 24.0%: +$1,311
• After-tax cash flow: $-1,074/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

-16.7% since first listed

4 events — show timeline

• 2026-03-20 Pending — CNYIS
• 2026-03-09 Price Changed $179,000 CNYIS
• 2026-01-29 Price Changed $199,900 CNYIS
• 2026-01-13 Listed $215,000 CNYIS

Property tax history

+0.9%/yr

Latest (2025): $4,328 · +6.8% YoY. Source: county tax records.