6 Monroe St · Cortland, NY 13045

$555,000

15 bd · 3.0 ba · 5,192 sqft · MultiFamily public records · 156 Days on market

Built 1974 9,434 sqft lot $107/sqft · 22% above area

---

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).

• Cash flow +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +6.4/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

3,974 square foot, 3-unit, 15 bedrooms total house (5 bedrooms per unit) currently used for student housing. Within walking distance of both SUNY Cortland and the Cortland City central business district. Rent is $3,600.00 per bedroom, per semester. Owner pays for electric and gas utilities. Large parking lot. The owner is a licensed real estate agent. Note: The garage shown at the rear of the property in aerial photographs has been removed. Also, the Town / County tax shown below includes the City tax.

Key facts

• Large parking lot
• 9,434 sq ft lot
• 2 parking spots

Tags

• LARGE PARKING LOT

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/1.0-bath units multifamily listed at $555k.

Deal economics

• At list price, monthly cash flow is $911 ($11k/yr) — positive. Per door: $304/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $555k).
• Recommended offer: $488k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 6.2% in Cortland — 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 (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, employment D.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• At $6,302/mo this rent would consume 108% of the median local household income ($70k/yr) (locally 1488% 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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $155k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($488k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago 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.
• Current owner paid $405k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $488,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% 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 1974 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.14% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.03%
• DSCR: 1.31
• GRM: 7.3

CMA / ARV

• ARV (median comp): $346,879
• List price: $555,000
• Delta: 60.00%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $1,604
• Equity at exit: $82,752

10-year hold

• IRR: 14.7%
• Equity multiple: 2.47×
• Total profit: $228,625
• Equity at exit: $47,986

Cash invested: $155,400 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $6,302 medium
• Mortgage (P&I): −$2,910
• Tax from tax record: −$926 /mo · $11,115/yr
• Insurance: −$231
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,323
• Net cashflow: $911

Break-even live

Break-even rent $5,149

Max offer price $555,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	1	$6,303
Total (3 units)			$6,302

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: $138,750
• Closing costs: $16,650
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $555,000 Active 156 DOM
2. 2026-06-18
   days on market $555,000 Active 155 DOM
3. 2026-06-17
   days on market $555,000 Active 154 DOM
4. 2026-06-16
   days on market $555,000 Active 153 DOM
5. 2026-06-15
   days on market $555,000 Active 152 DOM
6. 2026-06-14
   days on market $555,000 Active 150 DOM
7. 2026-06-12
   days on market $555,000 Active 149 DOM
8. 2026-06-09
   days on market $555,000 Active 146 DOM
9. 2026-06-08
   days on market $555,000 Active 145 DOM
10. 2026-06-07
    days on market $555,000 Active 144 DOM
11. 2026-06-05
    days on market $555,000 Active 141 DOM
12. 2026-06-03
    days on market $555,000 Active 140 DOM
13. 2026-06-02
    days on market $555,000 Active 139 DOM
14. 2026-06-01
    days on market $555,000 Active 138 DOM
15. 2026-05-31
    days on market $555,000 Active 137 DOM
16. 2026-05-30
    days on market $555,000 Active 136 DOM
17. 2026-01-14
    listed $555,000 Active 509-char remark

    Show marketing remark (509 chars)

    3,974 square foot, 3-unit, 15 bedrooms total house (5 bedrooms per unit) currently used for student housing. Within walking distance of both SUNY Cortland and the Cortland City central business district. Rent is $3,600.00 per bedroom, per semester. Owner pays for electric and gas utilities. Large parking lot. The owner is a licensed real estate agent. Note: The garage shown at the rear of the property in aerial photographs has been removed. Also, the Town / County tax shown below includes the City tax.

18. 2011-12-31
    soldstatus $405,000 113-char remark

    Show marketing remark (113 chars)

    Student Housing. Great House with lots of ammenities for the student lifestyle. Needs TLC to maximize investment.

19. 2011-12-31
    listed $405,000 113-char remark

    Show marketing remark (113 chars)

    Student Housing. Great House with lots of ammenities for the student lifestyle. Needs TLC to maximize investment.

20. 2005-11-23
    soldstatus $410,000
21. 2001-07-02
    soldstatus $260,000

ⓘ 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: $11,115 · $926/mo
• Projected year-2 tax: $11,115 · $926/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 17 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: $75,624
• − Mortgage interest: −$31,089
• − Property taxes: −$11,115
• − Insurance: −$2,775
• − Repairs & maintenance: −$6,050
• − Management: −$6,050
• − Depreciation: −$16,145
• Taxable income: $2,400
• Est. tax owed @ 24.0%: −$576
• After-tax cash flow: $10,351/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: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Indo-European 1%

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: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, 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

+113.5% since first listed

5 events — show timeline

• 2026-01-14 Listed $555,000 CNYIS
• 2011-12-31 Listed $405,000 CNYIS
• 2011-12-31 Sold (MLS) $405,000 CNYIS
• 2005-11-23 Sold (Public Records) $410,000 Public Records
• 2001-07-02 Sold (Public Records) $260,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $11,115 · +4.5% YoY. Source: county tax records.