111 Strawberry Hill Cir #2 · East Ithaca, NY 14850

$226,000

2 bd · 1.0 ba · 1,080 sqft · SingleFamily public records · 94 Days on market

Built 1974 436 sqft lot $209/sqft · 21% below area Est $286k · 21% under $655/mo HOA · 26% of rent

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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
• 1% rule +6.0/10.0
• Cash flow +5.6/30.0
• Schools +5.4/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to easy, low-maintenance living in this ground-level two-bedroom condo in desirable Eastwood Commons! This move-in ready home features fresh paint, professionally cleaned carpets, and brand-new flooring in the living and dining areas. You’ll also appreciate the updated lighting and new bathroom fixtures that give the space a modern, refreshed feel. Enjoy the convenience of central air conditioning and an attached garage that leads into the kitchen—perfect for effortless grocery drop-off. The kitchen also offers a conveniently located laundry area. A new hot water heater installed in 2024 adds peace of mind. Living here means more time for what matters most. The HOA takes care of lawn mowing, snow removal, landscaping, and exterior building maintenance. Monthly fees also cover water, sewer, and trash removal, simplifying your budget and responsibilities. AND . .. .. Seller will pay the fist year of HOA fees for you!! Eastwood Commons offers an ideal location—just a short walk to the dog-friendly, multi-purpose East Ithaca Recreation Way, and only minutes from Cornell University, shopping at East Hill Plaza, and vibrant downtown Ithaca. Comfort, convenience, and carefree living—this condo has it all! Some staged photos to assist visualization of possibilities.

Key facts

• Attached garage
• New hot water heater
• Ground-level condo

Tags

• GROUND-LEVEL CONDO
• UPDATED LIGHTING
• NEW BATHROOM FIXTURES
• CENTRAL AIR CONDITIONING
• ATTACHED GARAGE
• NEW HOT WATER HEATER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $226k.

Deal economics

• At list price, monthly cash flow is $-470 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (36.8% below list).
• Meets the 1% rule at list price ($2k rent vs $226k).
• Recommended offer: $143k (36.8% below list) — sets the bar for cash-flow.
• Cap rate 3.8% vs local median 3.1% in East Ithaca — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 79/100 on livability (#138 in NY, #2,169 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: cost of living C-, health & safety D, amenities F.
• 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.
• Zoned schools: Northeast School (math 77% / reading 67%, grade A-, #378 of 2,108 statewide, top 20%, 385 students, 30% FRL); Boynton Middle School (math 36% / reading 64%, grade C, #261 of 729 statewide, top 36%, 526 students, 36% FRL); Ithaca Senior High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 1,341 students, 31% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 328 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• This rent runs 42% of the median local income ($71k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $166k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; HOA is 26% of rent.

Recommended offer $142,912 (36.8% 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 94 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.10% ✓
• Cap rate: 3.80%
• Cash-on-cash: -8.92%
• DSCR: 0.60
• GRM: 7.6

CMA / ARV

• ARV (median comp): $286,362
• List price: $226,000
• Delta: -21.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
88 Penny Ln	0.43mi	1/1.0 (-1)	1,050 (-3%)	3mo	$295,000	$281	68
40 Penny Ln	0.55mi	2/1.0	1,152 (+7%)	23mo	$239,900	$208	44

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -27.5%
• Equity multiple: 0.05×
• Total profit: $-60,345
• Equity at exit: $33,697

10-year hold

• IRR: -15.5%
• Equity multiple: -0.02×
• Total profit: $-64,487
• Equity at exit: $19,540

Cash invested: $63,280 (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 14850

• Rents YoY: 5.2%
• Active inventory: 328
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,480 medium
• Mortgage (P&I): −$1,185
• Tax from tax record: −$495 /mo · $5,943/yr
• Insurance: −$94
• HOA: −$655
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $-470

Break-even live

Break-even rent $3,075

Max offer price $142,912

Occupancy floor —

Sensitivity live

Price	-10% $-342	-5% $-406	+0% $-470	+5% $-534	+10% $-598
Rent	-10% $-666	-5% $-568	+0% $-470	+5% $-372	+10% $-274
Rate	-1.0pp $-357	-0.5pp $-413	base $-470	+0.5pp $-529	+1.0pp $-588

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: $56,500
• Closing costs: $6,780
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 Linden Ave Ithaca, NY	3.0	1.5	760	$3,218	$4.23	45d	4	0.94mi
127 College Ave Ithaca, NY	3.0	1.0	958	$2,885	$3.01	45d	1	0.94mi
320 Hillview Pl Ithaca, NY	2.0–3.0	1.0	800	$1,675	$2.09	45d	4	1.33mi
815 S Aurora St Ithaca, NY	2.0–4.0	1.0	936	$950	$1.01	45d	1	1.34mi

HOA detail

• Monthly dues: $655 · $7,860/yr
• Likely covers: watersewertrashlandscapingsnow removal

Listing history 21 events

1. 2026-06-22
   days on market $226,000 Active 94 DOM
2. 2026-06-19
   days on market $226,000 Active 91 DOM
3. 2026-06-18
   days on market $226,000 Active 90 DOM
4. 2026-06-17
   days on market $226,000 Active 89 DOM
5. 2026-06-16
   days on market $226,000 Active 88 DOM
6. 2026-06-15
   days on market $226,000 Active 87 DOM
7. 2026-06-14
   days on market $226,000 Active 85 DOM
8. 2026-06-13
   days on market $226,000 Active 84 DOM
9. 2026-06-10
   pricedays on market $226,000 Active 82 DOM
10. 2026-06-09
    days on market $238,000 Active 81 DOM
11. 2026-06-08
    days on market $238,000 Active 80 DOM
12. 2026-06-07
    days on market $238,000 Active 79 DOM
13. 2026-06-05
    days on market $238,000 Active 76 DOM
14. 2026-06-02
    days on market $238,000 Active 74 DOM
15. 2026-06-01
    days on market $238,000 Active 73 DOM
16. 2026-05-31
    days on market $238,000 Active 72 DOM
17. 2026-05-30
    days on market $238,000 Active 71 DOM
18. 2026-03-20
    listed $238,000 Active 1311-char remark

    Show marketing remark (1311 chars)

    Welcome to easy, low-maintenance living in this ground-level two-bedroom condo in desirable Eastwood Commons! This move-in ready home features fresh paint, professionally cleaned carpets, and brand-new flooring in the living and dining areas. You’ll also appreciate the updated lighting and new bathroom fixtures that give the space a modern, refreshed feel. Enjoy the convenience of central air conditioning and an attached garage that leads into the kitchen—perfect for effortless grocery drop-off. The kitchen also offers a conveniently located laundry area. A new hot water heater installed in 2024 adds peace of mind. Living here means more time for what matters most. The HOA takes care of lawn mowing, snow removal, landscaping, and exterior building maintenance. Monthly fees also cover water, sewer, and trash removal, simplifying your budget and responsibilities. AND . .. .. Seller will pay the fist year of HOA fees for you!! Eastwood Commons offers an ideal location—just a short walk to the dog-friendly, multi-purpose East Ithaca Recreation Way, and only minutes from Cornell University, shopping at East Hill Plaza, and vibrant downtown Ithaca. Comfort, convenience, and carefree living—this condo has it all! Some staged photos to assist visualization of possibilities.

19. 2008-11-04
    soldstatus $166,000
20. 2005-09-13
    soldstatus $135,000
21. 2001-05-07
    soldstatus $82,500

ⓘ 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: $5,943 · $495/mo
• Projected year-2 tax: $5,943 · $495/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 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: $29,761
• − Mortgage interest: −$12,660
• − Property taxes: −$5,943
• − Insurance: −$1,130
• − Repairs & maintenance: −$2,381
• − Management: −$2,381
• − HOA: −$7,860
• − Depreciation: −$6,575
• Taxable loss: −$9,168
• Est. tax savings @ 24.0%: +$2,200
• After-tax cash flow: $-3,444/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: Ithaca City School District
• NCES district ID: 3615570
• Math proficiency: 57% ▼ -5.00%
• Reading proficiency: 71% ▲ 11.00%
• Median HH income: $46,528
• Composite: 54.01/100
• National rank: #1397
• State rank: #195 of 590 in NY

Livability — East Ithaca

• Score: 79/100
• State rank: #138
• US rank: #2169

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Ithaca, NY
• County: Tompkins County · 68,610 people
• Metro: Ithaca, NY
• Population (ZIP): 68,610
• Household income: $71,445
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 5169.0

Population outlook (Tompkins County) Hauer SSP2

• Today (2025): 113,958 people
• By 2030: 118,774 · +4.2%
• By 2040: 125,927 · +10.5%
• By 2050: 133,599 · +17.2%
• By 2075: 156,759 · +37.6%
• By 2100: 169,896 · +49.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 13% Hispanic / Latino 8% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 79% English-only · Chinese 5% Spanish 4% Other Indo-European 4%

Political lean MEDSL · Tompkins

• 2024 margin: Solid D (+50.6) · D 75.3% · R 24.7%
• 2008→2024 swing: +8.6pp toward D · 2008: 42.1pp · 2024: 50.6pp
• All cycles: 2024: D+50.6 2020: D+49.2 2016: D+42.1 2012: D+39.8 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.59%
• Current HPI: 389.7215
• Rent YoY: ▲ 5.22%
• Metro: Ithaca, 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

+188.5% since first listed

4 events — show timeline

• 2026-03-20 Listed $238,000 IBRMLS
• 2008-11-04 Sold (Public Records) $166,000 Public Records
• 2005-09-13 Sold (Public Records) $135,000 Public Records
• 2001-05-07 Sold (Public Records) $82,500 Public Records

Property tax history

-2.9%/yr

Latest (2025): $5,943 · +2.7% YoY. Source: county tax records.