303-305 Wyckoff Ave

Ithaca, NY 14850

$675,000F

8 bd · 3.0 ba · 4,656 sqft · Built 1915 · MultiFamily · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,243/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,547
• HOA: −$0
• Vac / Maint / Mgmt: −$1,101
• Net cashflow: $-945/mo
• Annual: $-11,343/yr
• Cap rate: 4.61%
• Cash-on-cash: -6.00%
• DSCR: 0.73
• 1% rule: 0.78%
• Cash to close: $189,000

Investor read

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $675k.
• At list price, monthly cash flow is $-945 ($-11k/yr) — negative. Per door: $-473/mo.
• To cash-flow at today's rent, offer at most $508k (24.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $524k (22.3% below list).
• It's been on market 108 days — a 9% lower offer ($614k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $508k (24.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $315k; list at $675k implies a 114% gain — meaningful room to come down on a strong offer.
• At $5,243/mo this rent would consume 88% 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.

Questions for listing agent

• 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?
• It's been on market 108 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?