68 Groton Ave · Cortland, NY 13045

$154,900

6 bd · 2.0 ba · 1,894 sqft · MultiFamily public records · 122 Days on market

Built 1900 6,534 sqft lot $82/sqft · 43% below area Est $271k · 43% 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
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Well maintained two unit property located on Groton Avenue in the City of Cortland. This property offers an excellent investment opportunity or owner occupant option with each unit featuring 3 bedrooms and 1 full bath. Both apartments include a spacious living room, eat in kitchen, and functional layout ideal for tenants or student housing. Conveniently located within walking distance to SUNY Cortland, downtown shops and restaurants, and in close proximity to Guthrie Cortland Medical Center. Situated at the base of the campus hill, this location is highly desirable for student or long term rental demand. The property offers ample off street parking to comfortably accommodate both units. There is a two car garage that could be repaired for additional covered parking or removed to create even more parking space if desired. Coin operated laundry is available on site for added income potential and tenant convenience. Property may be sold furnished. Strong rental history potential in a prime Cortland location.

Key facts

• Eat in kitchen
• Functional layout
• Two car garage

Tags

• SPACIOUS LIVING ROOM
• EAT IN KITCHEN
• FUNCTIONAL LAYOUT
• AMPLE OFF STREET PARKING
• TWO CAR GARAGE
• PRIME CORTLAND LOCATION

🏷️ Possibly a rental listed for sale. The $154,900 price doesn't fit this home's estimated sale value (~$270,980) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $878 ($11k/yr) — positive. Per door: $439/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 6.2% in Cortland — 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 (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment D, commute F.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cortland High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 596 students, 42% FRL) — zoned schools at 42% FRL track the district average.
• Zoned-school proficiency averages 92% at this address vs 52% district-wide (+40 pts) — the actual schools serving this property are materially stronger than the Cortland City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• At $2,954/mo this rent would consume 51% of the median local household income ($70k/yr) (locally 1488% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $43k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.91% ✓
• Cap rate: 13.09%
• Cash-on-cash: 24.29%
• DSCR: 2.08
• GRM: 4.4

CMA / ARV

• ARV (median comp): $270,980
• List price: $154,900
• Delta: -42.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
66 Lincoln Ave	0.07mi	6/2.0	1,923 (+2%)	1mo	$160,000	$83	93
10 Washington St	0.59mi	5/2.0 (-1)	1,932 (+2%)	7mo	$177,000	$92	58
16 South Ave	0.68mi	5/2.0 (-1)	1,940 (+2%)	4mo	$124,000	$64	56
42 Evergreen St	0.67mi	5/2.0 (-1)	1,933 (+2%)	23mo	$120,200	$62	41
24 Washington St	0.58mi	5/3.0 (-1)	2,086 (+10%)	11mo	$170,000	$81	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 2.08×
• Total profit: $46,708
• Equity at exit: $23,096

10-year hold

• IRR: 35.6%
• Equity multiple: 5.26×
• Total profit: $184,869
• Equity at exit: $13,393

Cash invested: $43,372 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,954 high
• Mortgage (P&I): −$812
• Tax from tax record: −$579 /mo · $6,946/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $878

Break-even live

Break-even rent $1,843

Max offer price $154,900

Occupancy floor 65%

Sensitivity live

Price	-10% $966	-5% $922	+0% $878	+5% $834	+10% $790
Rent	-10% $645	-5% $761	+0% $878	+5% $995	+10% $1,111
Rate	-1.0pp $956	-0.5pp $917	base $878	+0.5pp $838	+1.0pp $797

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,954
Total (2 units)			$2,954

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $154,900 Active 122 DOM
2. 2026-06-19
   days on market $154,900 Active 120 DOM
3. 2026-06-18
   days on market $154,900 Active 119 DOM
4. 2026-06-17
   days on market $154,900 Active 118 DOM
5. 2026-06-16
   days on market $154,900 Active 117 DOM
6. 2026-06-15
   days on market $154,900 Active 116 DOM
7. 2026-06-14
   days on market $154,900 Active 114 DOM
8. 2026-06-12
   days on market $154,900 Active 113 DOM
9. 2026-06-09
   pricedays on market $154,900 Active 110 DOM
10. 2026-06-08
    days on market $159,900 Active 109 DOM
11. 2026-06-07
    days on market $159,900 Active 108 DOM
12. 2026-06-05
    days on market $159,900 Active 105 DOM
13. 2026-06-03
    days on market $159,900 Active 104 DOM
14. 2026-06-02
    days on market $159,900 Active 103 DOM
15. 2026-06-01
    days on market $159,900 Active 102 DOM
16. 2026-05-31
    days on market $159,900 Active 101 DOM
17. 2026-05-30
    days on market $159,900 Active 100 DOM
18. 2026-05-18
    price $159,900 1020-char remark

    Show marketing remark (1020 chars)

    Well maintained two unit property located on Groton Avenue in the City of Cortland. This property offers an excellent investment opportunity or owner occupant option with each unit featuring 3 bedrooms and 1 full bath. Both apartments include a spacious living room, eat in kitchen, and functional layout ideal for tenants or student housing. Conveniently located within walking distance to SUNY Cortland, downtown shops and restaurants, and in close proximity to Guthrie Cortland Medical Center. Situated at the base of the campus hill, this location is highly desirable for student or long term rental demand. The property offers ample off street parking to comfortably accommodate both units. There is a two car garage that could be repaired for additional covered parking or removed to create even more parking space if desired. Coin operated laundry is available on site for added income potential and tenant convenience. Property may be sold furnished. Strong rental history potential in a prime Cortland location.

19. 2026-04-22
    price $164,900 1020-char remark

    Show marketing remark (1020 chars)

    Well maintained two unit property located on Groton Avenue in the City of Cortland. This property offers an excellent investment opportunity or owner occupant option with each unit featuring 3 bedrooms and 1 full bath. Both apartments include a spacious living room, eat in kitchen, and functional layout ideal for tenants or student housing. Conveniently located within walking distance to SUNY Cortland, downtown shops and restaurants, and in close proximity to Guthrie Cortland Medical Center. Situated at the base of the campus hill, this location is highly desirable for student or long term rental demand. The property offers ample off street parking to comfortably accommodate both units. There is a two car garage that could be repaired for additional covered parking or removed to create even more parking space if desired. Coin operated laundry is available on site for added income potential and tenant convenience. Property may be sold furnished. Strong rental history potential in a prime Cortland location.

20. 2026-03-25
    price $169,900 1020-char remark

    Show marketing remark (1020 chars)

    Well maintained two unit property located on Groton Avenue in the City of Cortland. This property offers an excellent investment opportunity or owner occupant option with each unit featuring 3 bedrooms and 1 full bath. Both apartments include a spacious living room, eat in kitchen, and functional layout ideal for tenants or student housing. Conveniently located within walking distance to SUNY Cortland, downtown shops and restaurants, and in close proximity to Guthrie Cortland Medical Center. Situated at the base of the campus hill, this location is highly desirable for student or long term rental demand. The property offers ample off street parking to comfortably accommodate both units. There is a two car garage that could be repaired for additional covered parking or removed to create even more parking space if desired. Coin operated laundry is available on site for added income potential and tenant convenience. Property may be sold furnished. Strong rental history potential in a prime Cortland location.

21. 2026-02-19
    listed $179,900 Active 1020-char remark

    Show marketing remark (1020 chars)

    Well maintained two unit property located on Groton Avenue in the City of Cortland. This property offers an excellent investment opportunity or owner occupant option with each unit featuring 3 bedrooms and 1 full bath. Both apartments include a spacious living room, eat in kitchen, and functional layout ideal for tenants or student housing. Conveniently located within walking distance to SUNY Cortland, downtown shops and restaurants, and in close proximity to Guthrie Cortland Medical Center. Situated at the base of the campus hill, this location is highly desirable for student or long term rental demand. The property offers ample off street parking to comfortably accommodate both units. There is a two car garage that could be repaired for additional covered parking or removed to create even more parking space if desired. Coin operated laundry is available on site for added income potential and tenant convenience. Property may be sold furnished. Strong rental history potential in a prime Cortland location.

22. 2025-10-28
    historical
23. 2025-10-10
    price $184,900
24. 2025-08-25
    price $199,900
25. 2025-08-11
    price $214,900
26. 2025-07-31
    listed $224,900 Active
27. 2017-08-28
    soldstatus $139,500

ⓘ 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: $6,946 · $579/mo
• Projected year-2 tax: $6,946 · $579/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 17 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: $35,448
• − Mortgage interest: −$8,677
• − Property taxes: −$6,946
• − Insurance: −$774
• − Repairs & maintenance: −$2,836
• − Management: −$2,836
• − Depreciation: −$4,506
• Taxable income: $8,872
• Est. tax owed @ 24.0%: −$2,129
• After-tax cash flow: $8,406/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: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

Population outlook (Cortland County) Hauer SSP2

• Today (2025): 47,543 people
• By 2030: 46,107 · -3.0%
• By 2040: 43,122 · -9.3%
• By 2050: 40,216 · -15.4%
• By 2075: 34,717 · -27.0%
• By 2100: 28,953 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Cortland

• 2024 margin: Lean R (+6.4) · D 46.8% · R 53.2%
• 2008→2024 swing: -16.4pp toward R · 2008: 10.0pp · 2024: -6.4pp
• All cycles: 2024: R+6.4 2020: R+1.9 2016: R+6.7 2012: D+8.8 2008: D+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, 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

+14.6% since first listed

10 events — show timeline

• 2026-05-18 Price Changed $159,900 CNYIS
• 2026-04-22 Price Changed $164,900 CNYIS
• 2026-03-25 Price Changed $169,900 CNYIS
• 2026-02-19 Listed $179,900 CNYIS
• 2025-10-28 Listing Removed — CNYIS
• 2025-10-10 Price Changed $184,900 CNYIS
• 2025-08-25 Price Changed $199,900 CNYIS
• 2025-08-11 Price Changed $214,900 CNYIS
• 2025-07-31 Listed $224,900 CNYIS
• 2017-08-28 Sold (Public Records) $139,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $6,946 · +0.4% YoY. Source: county tax records.