316 W Seneca St · Ithaca, NY 14850

$499,900

4 bd · 4.0 ba · 2,747 sqft · MultiFamily public records · 277 Days on market

Built 1860 7,275 sqft lot $182/sqft · 27% below area Est $689k · 27% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• 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: 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

🏷️ Possibly a rental listed for sale. The $499,900 price doesn't fit this home's estimated sale value (~$688,566) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 1×3bd/1ba units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $831/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $500k).
• Recommended offer: $440k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 5.3% 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.
• 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).
• At $7,589/mo this rent would consume 127% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 + 5.2% rent growth), your $140k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 277 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $500k implies a 400% 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 $439,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 277 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. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.52% ✓
• Cap rate: 12.28%
• Cash-on-cash: 21.37%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $688,566
• List price: $499,900
• Delta: -27.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 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%)	2mo	$285,000	$116	66
403 S Cayuga St	0.45mi	5/3.0 (+1)	2,804 (+2%)	15mo	$380,000	$136	54
402 University Ave	0.70mi	5/3.0 (+1)	2,661 (-3%)	2mo	$445,000	$167	52
312 2nd St	0.41mi	4/3.0	3,157 (+15%)	1mo	$400,000	$127	51
310-312 Turner Pl	0.44mi	5/4.0 (+1)	3,080 (+12%)	4mo	$505,000	$164	51
523 S Albany St	0.51mi	4/2.0	2,408 (-12%)	10mo	$310,000	$129	39
142 Giles St	0.61mi	4/2.5	2,466 (-10%)	19mo	$265,000	$107	33
842 N Aurora St	0.75mi	5/2.0 (+1)	2,408 (-12%)	9mo	$465,000	$193	24

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: 16.4%
• Equity multiple: 1.68×
• Total profit: $95,257
• Equity at exit: $74,537

10-year hold

• IRR: 26.6%
• Equity multiple: 3.59×
• Total profit: $362,408
• Equity at exit: $43,222

Cash invested: $139,972 (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: 327
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $7,589 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$672 /mo · $8,068/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,594
• Net cashflow: $2,493

Break-even live

Break-even rent $4,433

Max offer price $499,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$4,596
1× unit	3	1	$2,994
Total (3 units)			$7,589

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $499,900 Active 277 DOM
2. 2026-06-18
   days on market $499,900 Active 276 DOM
3. 2026-06-17
   days on market $499,900 Active 275 DOM
4. 2026-06-16
   days on market $499,900 Active 274 DOM
5. 2026-06-15
   days on market $499,900 Active 273 DOM
6. 2026-06-14
   days on market $499,900 Active 271 DOM
7. 2026-06-13
   days on market $499,900 Active 270 DOM
8. 2026-06-10
   days on market $499,900 Active 268 DOM
9. 2026-06-09
   days on market $499,900 Active 267 DOM
10. 2026-06-09
    price $499,900 Active 266 DOM
11. 2026-06-08
    days on market $529,900 Active 266 DOM
12. 2026-06-07
    days on market $529,900 Active 265 DOM
13. 2026-06-05
    days on market $529,900 Active 262 DOM
14. 2026-06-02
    days on market $529,900 Active 260 DOM
15. 2026-06-01
    days on market $529,900 Active 259 DOM
16. 2026-05-31
    days on market $529,900 Active 258 DOM
17. 2026-05-30
    days on market $529,900 Active 257 DOM
18. 2026-03-31
    price $529,900 1001-char remark

    Show marketing remark (1001 chars)

    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.

19. 2026-02-16
    price $549,900 1001-char remark

    Show marketing remark (1001 chars)

    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.

20. 2026-01-16
    price $554,900 1001-char remark

    Show marketing remark (1001 chars)

    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.

21. 2025-10-31
    price $559,900 1001-char remark

    Show marketing remark (1001 chars)

    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.

22. 2025-09-15
    listed $569,900 Active 1001-char remark

    Show marketing remark (1001 chars)

    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.

23. 1997-10-31
    soldstatus $100,000

ⓘ 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: $8,068 · $672/mo
• Projected year-2 tax: $8,258 · $688/mo
• Expected delta: +$190/yr (+$16/mo · 2.4%)

ⓘ 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: $91,068
• − Mortgage interest: −$28,002
• − Property taxes: −$8,068
• − Insurance: −$2,500
• − Repairs & maintenance: −$7,285
• − Management: −$7,285
• − Depreciation: −$14,543
• Taxable income: $23,385
• Est. tax owed @ 24.0%: −$5,612
• After-tax cash flow: $24,306/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 — 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 · 68,610 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: 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

+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.