7 Jake St · Ithaca, NY 14850

$37,800

3 bd · 1.5 ba · 840 sqft · Manufactured · 21 Days on market

Est $40k · 6% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +10.3/15.0
• Schools +5.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Single-wide with a double-wide feel! Enjoy single floor living in this 3 bed, 1 & half bath ranch style manufactured home. Located in the gorgeous and VERY convenient Nate's Floral Estate. This 55+ community is walking distance to Wegmans, restaurants and many great retail stores. Don't worry about traffic as the park is wonderfully located just the other side of the canal off of Six Mile Creek. You will also be located close to several major walking & hiking trails to enjoy the quieter parts of Ithaca. Even better, TCAT picks up right at the entrance to the park so you can avoid most of the snow and cold weather when you travel in the winter. The home itself boasts a number of

Key facts

• Enclosed sunroom
• Own carport
• Single floor living

Tags

• SINGLE FLOOR LIVING
• WALKING DISTANCE TO WEGMANS
• CLOSE TO MAJOR WALKING TRAILS
• LIVING ROOM ADDITION
• ENCLOSED SUNROOM
• OWN CARPORT

Property features AI

Finance

• HOA & community: Land is leased ($550 monthly)

Exterior

• Parking: Has garage (1 space); Carport; Driveway; Gravel parking
• Utilities: Public water; Sewer connected; Water connected; Cable available
• Home design: Manufactured single-wide home; One level / single-story; Fleetwood model
• Construction: Aluminum siding; Spray foam insulation; Metal roof; Slab/other foundation
• Exterior features: Deck; Sliding doors; Shed(s) and storage; Canal access waterfront; Waterfront view; Cul-de-sac lot; Rectangular lot

Interior

• Kitchen: Gas cooktop; Gas oven; Gas range; Range hood; Microwave; Refrigerator; Exhaust fan
• Bedrooms: 3 bedrooms on the main level; Accessible bedroom
• Flooring: Carpet; Laminate; Varies
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 main-level bathrooms
• Heating & cooling: Forced air heating; Wall furnace; Natural gas heating
• Interior features: Eat-in kitchen; Storm windows; 7 total rooms; Crawl space basement
• Laundry & utility: Washer; Dryer; Laundry room on the main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $38k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $38k).
• Recommended offer: $37k (1.5% below list) — sets the bar for market timing.
• Cap rate 71.3% 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.
• Zoned schools: Cayuga Heights Elementary School (math 57% / reading 67%, grade B, #675 of 2,108 statewide, top 35%, 303 students, 33% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).
• At $2,924/mo this rent would consume 49% 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 $261 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($37k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $37,233 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
7. 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.
8. 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.
9. 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: 7.74% ✓
• Cap rate: 71.34%
• Cash-on-cash: 232.32%
• DSCR: 11.34
• GRM: 1.1

CMA / ARV

• ARV (on-the-fly): $40,320
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Jake St	0.04mi	2/1.0 (-1)	900 (+7%)	13mo	$43,500	$48	69

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: —
• Equity multiple: 12.99×
• Total profit: $126,911
• Equity at exit: $5,636

10-year hold

• IRR: —
• Equity multiple: 29.55×
• Total profit: $302,127
• Equity at exit: $3,268

Cash invested: $10,584 (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: 1.1×

Monthly cashflow live

• Estimated rent: $2,924 high
• Mortgage (P&I): −$198
• Tax est. 1.5%: −$47 /mo · $567/yr
• Insurance: −$16
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$614
• Net cashflow: $1,983

Break-even live

Break-even rent $415

Max offer price $37,800

Occupancy floor 27%

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: $9,450
• Closing costs: $1,134
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 W State St Ithaca, NY	2.0	1.0–2.0	727	$3,410	$4.69	43d	34	0.47mi
323 Taughannock Blvd Ithaca, NY	2.0	1.0–2.5	1167	$6,402	$5.48	43d	6	0.50mi
139 Chestnut St Ithaca, NY	1.0–3.0	1.0	850	$1,895	$2.23	43d	1	0.54mi
324 Spencer Rd Ithaca, NY	2.0	1.0	850	$2,545	$2.99	43d	8	0.56mi
320 Hillview Pl Ithaca, NY	2.0–3.0	1.0	800	$2,100	$2.62	43d	4	0.85mi
815 S Aurora St Ithaca, NY	2.0–4.0	1.0	936	$2,125	$2.27	43d	1	0.87mi
127 College Ave Ithaca, NY	3.0	1.0	958	$2,885	$3.01	43d	1	1.42mi
211 Linden Ave Ithaca, NY	3.0	1.5	760	$3,218	$4.23	43d	4	1.47mi

Listing history 16 events

1. 2026-06-19
   days on market $37,800 Active 21 DOM
2. 2026-06-18
   days on market $37,800 Active 20 DOM
3. 2026-06-17
   days on market $37,800 Active 19 DOM
4. 2026-06-16
   days on market $37,800 Active 18 DOM
5. 2026-06-15
   days on market $37,800 Active 17 DOM
6. 2026-06-14
   days on market $37,800 Active 15 DOM
7. 2026-06-13
   days on market $37,800 Active 14 DOM
8. 2026-06-10
   days on market $37,800 Active 12 DOM
9. 2026-06-09
   days on market $37,800 Active 11 DOM
10. 2026-06-08
    days on market $37,800 Active 10 DOM
11. 2026-06-07
    days on market $37,800 Active 9 DOM
12. 2026-06-05
    days on market $37,800 Active 6 DOM
13. 2026-06-02
    days on market $37,800 Active 4 DOM
14. 2026-06-01
    days on market $37,800 Active 3 DOM
15. 2026-05-31
    days on market $37,800 Active 2 DOM
16. 2026-05-28
    listed $37,800 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 77% 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: $35,093
• − Mortgage interest: −$2,117
• − Property taxes: −$567
• − Insurance: −$986
• − Repairs & maintenance: −$2,807
• − Management: −$2,807
• − Depreciation: −$1,100
• Taxable income: $24,708
• Est. tax owed @ 24.0%: −$5,930
• After-tax cash flow: $17,862/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

1 event — show timeline

• 2026-05-28 Listed $37,800 IBRMLS