118 Cottage St · Auburn, NY 13021

$164,500

6 bd · 2.0 ba · 2,023 sqft · MultiFamily public records · 16 Days on market

Built 1900 10,073 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-Maintained Two-Family Home with Large Yard & Garage Excellent investment opportunity! This well-maintained two-family home features a spacious yard and a one-car garage, offering plenty of outdoor space and convenience. The first-floor apartment offers 3 bedrooms, a large living room, an eat-in kitchen, first-floor laundry, and central air conditioning for added comfort. The second-floor apartment features 2 bedrooms, a living room, a dining room, and a large enclosed porch—perfect for relaxing or additional living space. A walk-up attic provides abundant storage options. Both units have separate utilities (except for water), making management easy and efficient. Conveni

Key facts

• One car garage
• Walk up attic
• First floor laundry

Tags

• LARGE YARD
• ONE CAR GARAGE
• FIRST FLOOR LAUNDRY
• CENTRAL AIR CONDITIONING
• LARGE ENCLOSED PORCH
• WALK UP ATTIC

Property features AI

Finance

• Financial info: Two total units with separate gas and electric meters; Both units currently month-to-month; Operating expenses include maintenance and water; Owner pays water; rent includes water

Exterior

• Parking: Detached or attached garage (1 car); Paved parking
• Utilities: Public water connected; Sewer connected; Circuit breaker electrical; Cable available
• Home design: 2-story multifamily property; Resale condition
• Construction: Aluminum siding and stone exterior; Asphalt roof; Stone foundation; Copper and PEX plumbing
• Exterior features: Enclosed porch; Open porch; Fence (partial)

Interior

• Kitchen: Oven/Range; Refrigerator; Dining area / Formal dining room
• Bedrooms: Two 2-bedroom units; One 3-bedroom unit
• Flooring: Carpet; Laminate; Luxury vinyl; Varied flooring types
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas heating with forced air; Central air conditioning
• Interior features: Thermal windows; Natural woodwork
• Laundry & utility: Unit with in-unit laundry; Accessible utilities or laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $164k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $575/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $164k).
• Recommended offer: $162k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 7.6% in Auburn — 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 74/100 on livability (#298 in NY, #4,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities D-, commute F.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $2,869/mo this rent would consume 57% of the median local household income ($61k/yr) (locally 1449% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,032 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.74% ✓
• Cap rate: 14.68%
• Cash-on-cash: 29.97%
• DSCR: 2.33
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $105,196
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Chase St	0.35mi	5/2.5 (-1)	1,900 (-6%)	1mo	$185,000	$97	66
81 Orchard St	0.67mi	6/2.0	2,102 (+4%)	2mo	$110,000	$52	60
11 Barber St	0.32mi	5/2.0 (-1)	2,147 (+6%)	21mo	$98,300	$46	52
47 West St	0.41mi	5/2.0 (-1)	2,304 (+14%)	2mo	$80,000	$35	50

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.01×
• Total profit: $46,633
• Equity at exit: $24,527

10-year hold

• IRR: 32.4%
• Equity multiple: 3.93×
• Total profit: $135,065
• Equity at exit: $14,223

Cash invested: $46,060 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,869 medium
• Mortgage (P&I): −$863
• Tax from tax record: −$185 /mo · $2,221/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $1,150

Break-even live

Break-even rent $1,413

Max offer price $164,500

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,870
Total (2 units)			$2,869

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: $41,125
• Closing costs: $4,935
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $164,500 Active 16 DOM
2. 2026-06-18
   days on market $164,500 Active 15 DOM
3. 2026-06-17
   days on market $164,500 Active 14 DOM
4. 2026-06-16
   days on market $164,500 Active 13 DOM
5. 2026-06-15
   days on market $164,500 Active 12 DOM
6. 2026-06-14
   days on market $164,500 Active 10 DOM
7. 2026-06-12
   days on market $164,500 Active 9 DOM
8. 2026-06-09
   days on market $164,500 Active 6 DOM
9. 2026-06-08
   days on market $164,500 Active 5 DOM
10. 2026-06-07
    days on market $164,500 Active 4 DOM
11. 2026-06-05
    remarks 689-char remark
12. 2026-06-05
    listed $164,500 Active 1 DOM

ⓘ 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: $2,221 · $185/mo
• Projected year-2 tax: $2,501 · $208/mo
• Expected delta: +$280/yr (+$23/mo · 12.6%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $34,428
• − Mortgage interest: −$9,215
• − Property taxes: −$2,221
• − Insurance: −$822
• − Repairs & maintenance: −$2,754
• − Management: −$2,754
• − Depreciation: −$4,785
• Taxable income: $11,876
• Est. tax owed @ 24.0%: −$2,850
• After-tax cash flow: $10,953/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: Auburn City School District
• NCES district ID: 3603480
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $43,567
• Composite: 29.71/100
• National rank: #6452
• State rank: #558 of 590 in NY

Livability — Auburn

• Score: 74/100
• State rank: #298
• US rank: #4814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, NY
• County: Cayuga County · 37,247 people
• City population: 37,247
• Metro: Auburn, NY
• Population (ZIP): 37,247
• Household income: $60,712
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1449.0

Population outlook (Cayuga County) Hauer SSP2

• Today (2025): 74,820 people
• By 2030: 72,402 · -3.2%
• By 2040: 66,917 · -10.6%
• By 2050: 61,007 · -18.5%
• By 2075: 48,047 · -35.8%
• By 2100: 34,512 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Subsaharan African 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Cayuga

• 2024 margin: R (+13.0) · D 43.5% · R 56.5%
• 2008→2024 swing: -21.5pp toward R · 2008: 8.5pp · 2024: -13.0pp
• All cycles: 2024: R+13.0 2020: R+9.2 2016: R+13.2 2012: D+10.8 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.53%
• Current HPI: 338.5537
• Rent YoY: —
• Metro: Auburn, 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

1 event — show timeline

• 2026-06-03 Listed $164,500 UNYREIS

Property tax history

-2.0%/yr

Latest (2025): $2,221 · +10.8% YoY. Source: county tax records.