316 W Seneca St

Ithaca, NY 14850

$469,900B+

4 bd · 4.0 ba · 2,747 sqft · Built 1860 · MultiFamily · Active · 397 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,926/mo
• Mortgage (P&I): −$2,464
• Tax + insurance: −$868
• HOA: −$0
• Vac / Maint / Mgmt: −$1,244
• Net cashflow: $1,349/mo
• Annual: $16,191/yr
• Cap rate: 9.74%
• Cash-on-cash: 12.31%
• DSCR: 1.55
• 1% rule: 1.26%
• Cash to close: $131,572

Investor read

• This is a 2×1bd/1ba + 1×3bd/1ba units multifamily listed at $470k. Condition is rated fair.
• 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).
• It's been on market 397 days — a 12% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $414k (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $100k; list at $470k implies a 370% gain — meaningful room to come down on a strong offer.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1860 — 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?

Repairs flagged (vision-AI assessment)

• 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.