316 W Seneca St · Ithaca, NY 14850

$469,900

4 bd · 4.0 ba · 2,747 sqft · MultiFamily public records · 397 Days on market

Built 1860 Fair condition 7,275 sqft lot $171/sqft · 23% below area Est $614k · 23% under

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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 +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +7.6/10.0
• Schools +7.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This dynamic triplex in the heart of downtown Ithaca is a short walk from restaurants, boutiques and Cornell University on one side and Wegmans and retail shopping galore on the other. This 3-unit features an occupied studio downstairs, an occupied 1BR downstairs, and an occupied 3 BR upstairs, making this an ideal investment property, as all rooms are generating income and rented through July 31. Best of all, the certificate of occupancy is good until Sept 2026 and one tenant has been there seven years, so you have the security of a long term renter. New boiler 3 years ago and a new hot water heater last year. Utilities except phone/cable/internet included. The main roof was replaced/redone in April 2014. In the 3-bedroom apt upstairs, window air conditioning unit is provided for each bedroom and living room. Porch roofs are 2 years old. 3 bedroom and studio come furnished. Net operating income is over $36,000! Gross income is $55,920! All leases end 7/31/26 with option to renew.

Key facts

• Main roof replaced
• 7,275 sq ft lot
• Garage

Tags

• SHORT WALK FROM RESTAURANTS
• SHORT WALK FROM BOUTIQUES
• SHORT WALK FROM WEGMANS
• MAIN ROOF REPLACED
• PORCH ROOFS 2 YEARS OLD
• TWO OFF STREET PARKING SPOTS

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 1×3bd/1ba units multifamily listed at $470k. Condition is rated fair.
• This rent per unit runs 33% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $450/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $470k).
• Recommended offer: $414k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 3.6% in Ithaca — 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 (#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.
• 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: 551 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $132k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 397 days — a 12% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $470k implies a 370% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $413,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 397 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
9. 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.
10. 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.
11. 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: 1.26% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.31%
• DSCR: 1.55
• GRM: 6.6

CMA / ARV

• ARV (median comp): $614,042
• List price: $469,900
• Delta: -23.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 2nd St	0.30mi	4/4.0	2,448 (-11%)	7mo	$285,000	$116	62
403 S Cayuga St	0.45mi	5/3.0 (+1)	2,804 (+2%)	19mo	$380,000	$136	50
614-618 E State St	0.75mi	5/— (+1)	2,869 (+4%)	5mo	$600,000	$209	49
402 University Ave	0.70mi	5/3.0 (+1)	2,661 (-3%)	6mo	$445,000	$167	48
312 2nd St	0.41mi	4/3.0	3,157 (+15%)	5mo	$400,000	$127	48
310-312 Turner Pl	0.44mi	5/4.0 (+1)	3,080 (+12%)	8mo	$505,000	$164	48
523 S Albany St	0.51mi	4/2.0	2,408 (-12%)	15mo	$310,000	$129	35
142 Giles St	0.61mi	4/2.5	2,466 (-10%)	24mo	$265,000	$107	29
842 N Aurora St	0.75mi	5/2.0 (+1)	2,408 (-12%)	13mo	$465,000	$193	20

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $9,932
• Equity at exit: $70,064

10-year hold

• IRR: 11.6%
• Equity multiple: 1.91×
• Total profit: $119,877
• Equity at exit: $40,628

Cash invested: $131,572 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 4 active · 2 under contract
• Months of supply: 8.0 mo (12%/mo absorbed)
• Median asking: $487,450 ($181/sqft)
• Median days on market: 33 d
• This list price: 25% of active listings are priced below it
• ARV vs active asking: +23.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14850

• Active inventory: 551
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $5,926 high
• Mortgage (P&I): −$2,464
• Tax from tax record: −$672 /mo · $8,068/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,244
• Net cashflow: $1,349

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,444
1× unit	3	1	$2,481
Total (3 units)			$5,926

Break-even live

Break-even rent $4,218

Max offer price $469,900

Occupancy floor 72%

Sensitivity live

Price	-10% $1,615	-5% $1,482	+0% $1,349	+5% $1,216	+10% $1,083
Rent	-10% $881	-5% $1,115	+0% $1,349	+5% $1,583	+10% $1,817
Rate	-1.0pp $1,586	-0.5pp $1,469	base $1,349	+0.5pp $1,227	+1.0pp $1,104

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: $117,475
• Closing costs: $14,097
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
308 W Seneca St Apt 3 Ithaca, NY	—	1.0	350	$1,475	$4.21	10d	1	0.04mi
139 Chestnut St Ithaca, NY	1.0–3.0	1.0	425	$1,595	$3.75	0d	1	0.76mi

Listing history 50 events

1. 2026-10-18
   days on market $469,900 Active 397 DOM
2. 2026-10-17
   days on market $469,900 Active 396 DOM
3. 2026-10-16
   days on market $469,900 Active 395 DOM
4. 2026-10-15
   days on market $469,900 Active 394 DOM
5. 2026-10-14
   days on market $469,900 Active 393 DOM
6. 2026-10-13
   days on market $469,900 Active 392 DOM
7. 2026-10-12
   days on market $469,900 Active 391 DOM
8. 2026-10-11
   days on market $469,900 Active 390 DOM
9. 2026-10-10
   days on market $469,900 Active 389 DOM
10. 2026-10-09
    days on market $469,900 Active 388 DOM
11. 2026-10-08
    days on market $469,900 Active 387 DOM
12. 2026-10-07
    days on market $469,900 Active 386 DOM
13. 2026-10-06
    days on market $469,900 Active 385 DOM
14. 2026-10-05
    days on market $469,900 Active 384 DOM
15. 2026-10-04
    days on market $469,900 Active 383 DOM
16. 2026-10-04
    days on market $469,900 Active 382 DOM
17. 2026-10-02
    days on market $469,900 Active 381 DOM
18. 2026-10-01
    days on market $469,900 Active 380 DOM
19. 2026-09-30
    days on market $469,900 Active 379 DOM
20. 2026-09-29
    days on market $469,900 Active 378 DOM
21. 2026-09-28
    days on market $469,900 Active 377 DOM
22. 2026-09-27
    days on market $469,900 Active 376 DOM
23. 2026-09-26
    days on market $469,900 Active 375 DOM
24. 2026-09-25
    days on market $469,900 Active 374 DOM
25. 2026-09-24
    days on market $469,900 Active 373 DOM
26. 2026-09-24
    days on market $469,900 Active 372 DOM
27. 2026-09-22
    days on market $469,900 Active 371 DOM
28. 2026-09-20
    days on market $469,900 Active 369 DOM
29. 2026-09-18
    days on market $469,900 Active 367 DOM
30. 2026-09-17
    days on market $469,900 Active 366 DOM
31. 2026-09-16
    days on market $469,900 Active 365 DOM
32. 2026-09-15
    days on market $469,900 Active 364 DOM
33. 2026-09-14
    days on market $469,900 Active 363 DOM
34. 2026-09-13
    days on market $469,900 Active 362 DOM
35. 2026-09-12
    days on market $469,900 Active 361 DOM
36. 2026-09-11
    days on market $469,900 Active 360 DOM
37. 2026-09-05
    days on market $469,900 Active 355 DOM
38. 2026-09-04
    days on market $469,900 Active 354 DOM
39. 2026-09-03
    days on market $469,900 Active 353 DOM
40. 2026-09-02
    days on market $469,900 Active 352 DOM
41. 2026-08-30
    days on market $469,900 Active 349 DOM
42. 2026-08-29
    days on market $469,900 Active 348 DOM
43. 2026-08-28
    days on market $469,900 Active 347 DOM
44. 2026-08-27
    days on market $469,900 Active 346 DOM
45. 2026-08-25
    days on market $469,900 Active 344 DOM
46. 2026-08-24
    days on market $469,900 Active 343 DOM
47. 2026-08-23
    days on market $469,900 Active 342 DOM
48. 2026-08-22
    days on market $469,900 Active 341 DOM
49. 2026-08-21
    days on market $469,900 Active 340 DOM
50. 2026-08-20
    days on market $469,900 Active 339 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: $8,068 · $672/mo
• Projected year-2 tax: $8,068 · $672/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 4/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $71,112
• − Mortgage interest: −$26,322
• − Property taxes: −$8,068
• − Insurance: −$2,350
• − Repairs & maintenance: −$5,689
• − Management: −$5,689
• − Depreciation: −$13,670
• Taxable income: $9,325
• Est. tax owed @ 24.0%: −$2,238
• After-tax cash flow: $13,953/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab Est. rehab $68,675–$123,615 screening

This triplex in Ithaca, NY is in fair condition with significant repairs and maintenance needed. The roof, exterior, and landscaping are in poor condition, and the property could benefit from a thorough renovation to increase its value.

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — The windows seem to be old and possibly in need of replacement.
• Major Electrical (electrical) — The electrical panel appears to be outdated and may need to be replaced.
• Major Exterior (exterior) — The exterior of the house shows significant wear and tear, with peeling paint and possible structural issues.

Repairs flagged

• Major roof — The satellite image shows significant damage to the roof.
• Major exterior siding — The siding is visibly worn and needs repainting.
• Major exterior paint — The paint is faded and peeling, indicating a need for repainting.
• Major landscaping — The landscaping is overgrown and requires trimming and maintenance.
• Major windows — No windows are visible in the photos, but they likely need cleaning and maintenance.
• Major HVAC/mechanicals — No systems are visible in the photos, but they likely need maintenance and possibly replacement.
• Major interior walls — No interior walls or paint are visible in the photos, but they likely need repainting and maintenance.
• Major flooring — No flooring is visible in the photos, but it likely needs replacement or repair.
• Major foundation/structure — No foundation or structure is visible in the photos, but it likely needs inspection and repair if any issues are present.

Value-add opportunities

• Both roof replacement — Replacing the roof would improve the overall condition of the property and increase its resale and rental value. ↑
• Both exterior painting — Repainting the exterior would improve the curb appeal and increase the property's resale and rental value. ↑
• Both landscaping maintenance — Maintaining the landscaping would improve the curb appeal and increase the property's resale and rental value. ↑
• Rental HVAC maintenance — Maintaining the HVAC system would ensure the property is comfortable and energy-efficient, increasing rental value. ↑
• Both interior wall maintenance — Maintaining the interior walls would improve the property's condition and increase its resale and rental value. ↑
• Both flooring maintenance — Maintaining the flooring would improve the property's condition and increase its resale and rental value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 71/100

Zoned Schools

Elementary Belle Sherman School B- NY #745/2,108 Nat'l #7,252/41,679 Middle Dewitt Middle School B NY #161/729 Nat'l #1,836/14,009 High Ithaca Senior High School A+ NY #83/1,100 Nat'l #116/17,239

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

B Composite livability gradescore 77/100

Livability — Ithaca

• Score: 77/100
• State rank: #210
• US rank: #3240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ithaca, NY
• County: Tompkins County · 113,958 people
• City population: 68,610
• Metro: Ithaca, NY
• Population (ZIP): 68,610
• Household income: $71,445
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 13% of renters

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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%

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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%
• Languages at home: 79% English-only · Chinese 5% Spanish 4% Other Indo-European 4%

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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: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

+429.9% since first listed

6 events — show timeline

• 2026-03-31 Price Changed $529,900 IBRMLS
• 2026-02-16 Price Changed $549,900 IBRMLS
• 2026-01-16 Price Changed $554,900 IBRMLS
• 2025-10-31 Price Changed $559,900 IBRMLS
• 2025-09-15 Listed $569,900 IBRMLS
• 1997-10-31 Sold (Public Records) $100,000 Public Records

Property tax history

+1.3%/yr

Latest (2025): $8,068 · +2.3% YoY. Source: county tax records.