3 E Main St · Cortland, NY 13045

$215,000

4 bd · 3.0 ba · 2,553 sqft · SingleFamily public records · 20 Days on market

Built 1880 5,227 sqft lot Est $214k · at est.

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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).

• Cash flow +9.0/30.0
• ARV discount +7.4/15.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Impressive large city home filled with charm, character, and many unique highlights. Previously used as a 5-bedroom home with 3 full bathrooms, this property offers flexibility to fit your needs. The downstairs office was converted into a first-floor bedroom with a large attached full bathroom, making it perfect for guests, in-law space, or convenient first-floor living. This room can easily remain a 5th bedroom or be converted back into office space. Additional highlights include a large living room with plenty of windows for natural light, a formal dining room featuring beautiful stained glass windows, an inviting foyer with coat closet, first-floor laundry, an enclosed front porch, hardw

Key facts

• Formal dining room
• Hardwood floors
• First floor bedroom

Tags

• FIRST FLOOR BEDROOM
• LARGE ATTACHED FULL BATHROOM
• FORMAL DINING ROOM
• STAINED GLASS WINDOWS
• ENCLOSED FRONT PORCH
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-169 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (11.7% below list).
• Recommended offer: $185k (13.9% below list) — sets the bar for cash-flow.

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-, employment D, commute F.
• 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.
• Zoned schools: Fe Smith Intermediate School (math 42% / reading 47%, grade F, #1,277 of 2,108 statewide, top 64%, 271 students, 65% FRL); Cortland High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 596 students, 42% FRL).
• Zoned-school proficiency averages 68% at this address vs 52% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Cortland City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• This rent runs 33% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $78k; list at $215k implies a 176% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,098 (13.9% 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. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.88% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.37%
• DSCR: 0.85
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $214,452
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 W West Court St	0.53mi	4/2.5	2,600 (+2%)	11mo	$312,500	$120	60
13-15 Brown Ave	0.26mi	5/2.0 (+1)	2,702 (+6%)	15mo	$50,900	$19	56
38 W Court St	0.51mi	4/2.5	2,738 (+7%)	13mo	$311,000	$114	51
27 Charles St	0.20mi	4/2.0	2,234 (-12%)	21mo	$144,329	$65	48
26 Miller St	0.36mi	4/1.5	2,264 (-11%)	21mo	$189,900	$84	41
15 Monroe	0.47mi	4/3.0	2,246 (-12%)	23mo	$210,000	$93	39
15 Hamlin St	0.66mi	3/1.5 (-1)	2,256 (-12%)	6mo	$140,000	$62	34
156 Central Ave	0.73mi	4/1.5	2,302 (-10%)	15mo	$182,000	$79	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.41×
• Total profit: $-35,452
• Equity at exit: $32,057

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,459
• Equity at exit: $18,589

Cash invested: $60,200 (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: 9.4×

Monthly cashflow live

• Estimated rent: $1,897 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$451 /mo · $5,414/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-169

Break-even live

Break-even rent $2,112

Max offer price $185,098

Occupancy floor —

Sensitivity live

Price	-10% $-48	-5% $-108	+0% $-169	+5% $-230	+10% $-291
Rent	-10% $-319	-5% $-244	+0% $-169	+5% $-94	+10% $-19
Rate	-1.0pp $-61	-0.5pp $-115	base $-169	+0.5pp $-225	+1.0pp $-282

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	45d	1	0.42mi

Listing history 3 events

1. 2026-04-16
   status Pending
2. 2026-03-27
   listed $215,000 Active
3. 2019-06-10
   soldstatus $78,000

ⓘ 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: $5,414 · $451/mo
• Projected year-2 tax: $5,414 · $451/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: $22,770
• − Mortgage interest: −$12,043
• − Property taxes: −$5,414
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,822
• − Management: −$1,822
• − Depreciation: −$6,255
• Taxable loss: −$5,661
• Est. tax savings @ 24.0%: +$1,359
• After-tax cash flow: $-673/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

+175.6% since first listed

3 events — show timeline

• 2026-04-16 Pending — CNYIS
• 2026-03-27 Listed $215,000 CNYIS
• 2019-06-10 Sold (Public Records) $78,000 Public Records

Property tax history

-1.2%/yr

Latest (2025): $5,414 · +3.9% YoY. Source: county tax records.