322 Nelson Rd · South Hill, NY 14850

$545,000

4 bd · 3.0 ba · 2,047 sqft · MultiFamily public records · 120 Days on market

Built 1980 1.68 ac lot $266/sqft · 20% above area Est $454k · 20% over

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Why this score? — see what drove the D- 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 +15.7/30.0
• Schools +5.4/10.0
• DSCR +4.9/10.0
• 1% rule +4.1/10.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to this versatile South Hill property offering 2,047 sq ft of well-designed living space set on 1.68 acres of peaceful, private land. Combining comfortable first-floor living with built-in income potential, this property is ideal for owner-occupants, multigenerational living, or investors alike. The main residence features 3 bedrooms and 2 full baths on the first floor, providing convenient single-level living with a functional layout and inviting living spaces filled with natural light. In addition, the property includes a separate 1 bedroom, 1 full bath apartment, creating an excellent income-producing opportunity or private guest suite. The apartment also includes a spacious bonus room—perfect for a home office, gym, media room, or additional flex space to fit your needs. Enjoy the best of both privacy and convenience in the desirable South Hill neighborhood, located just 8 minutes to Ithaca’s Downtown Commons, 5 minutes to Ithaca College, and 9 minutes to Cornell’s campus—making commuting, dining, and entertainment easily accessible. With acreage, flexibility, and prime proximity to Ithaca’s key destinations, this property offers exceptional value and opportunity.

Key facts

• Private land
• Income potential
• Separate apartment

Tags

• PRIVATE LAND
• FIRST FLOOR LIVING
• INCOME POTENTIAL
• SEPARATE APARTMENT
• INCOME PRODUCING OPPORTUNITY
• BONUS ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $545k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $496k (9.0% below list).
• Recommended offer: $496k (9.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#471 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: schools C-, crime 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 $4,958/mo this rent would consume 83% 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 $4k of loan paydown is wiped out by about $16k 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.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($496k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $350k; list at $545k implies a 56% gain — meaningful room to come down on a strong offer.

Recommended offer $495,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.91% ✗
• Cap rate: 6.83%
• Cash-on-cash: 1.92%
• DSCR: 1.09
• GRM: 9.2

CMA / ARV

• ARV (median comp): $453,794
• List price: $545,000
• Delta: 20.10%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.60×
• Total profit: $-61,443
• Equity at exit: $81,261

10-year hold

• IRR: 1.3%
• Equity multiple: 1.10×
• Total profit: $15,180
• Equity at exit: $47,122

Cash invested: $152,600 (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: 22.2×

Monthly cashflow live

• Estimated rent: $4,958 medium
• Mortgage (P&I): −$2,858
• Tax from tax record: −$588 /mo · $7,054/yr
• Insurance: −$227
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,041
• Net cashflow: $244

Break-even live

Break-even rent $4,649

Max offer price $545,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$2,044
1× unit	1	1	$1,531
1× unit	0	0	$1,382
Total (3 units)			$4,958

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: $136,250
• Closing costs: $16,350
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $545,000 Active 120 DOM
2. 2026-06-18
   days on market $545,000 Active 119 DOM
3. 2026-06-17
   days on market $545,000 Active 118 DOM
4. 2026-06-16
   days on market $545,000 Active 117 DOM
5. 2026-06-15
   days on market $545,000 Active 116 DOM
6. 2026-06-14
   days on market $545,000 Active 114 DOM
7. 2026-06-13
   days on market $545,000 Active 113 DOM
8. 2026-06-10
   days on market $545,000 Active 111 DOM
9. 2026-06-09
   days on market $545,000 Active 110 DOM
10. 2026-06-08
    days on market $545,000 Active 109 DOM
11. 2026-06-07
    days on market $545,000 Active 108 DOM
12. 2026-06-05
    days on market $545,000 Active 105 DOM
13. 2026-06-02
    days on market $545,000 Active 103 DOM
14. 2026-06-01
    days on market $545,000 Active 102 DOM
15. 2026-05-31
    days on market $545,000 Active 101 DOM
16. 2026-05-30
    days on market $545,000 Active 100 DOM
17. 2026-02-19
    listed $545,000 Active 1224-char remark

    Show marketing remark (1224 chars)

    Welcome to this versatile South Hill property offering 2,047 sq ft of well-designed living space set on 1.68 acres of peaceful, private land. Combining comfortable first-floor living with built-in income potential, this property is ideal for owner-occupants, multigenerational living, or investors alike. The main residence features 3 bedrooms and 2 full baths on the first floor, providing convenient single-level living with a functional layout and inviting living spaces filled with natural light. In addition, the property includes a separate 1 bedroom, 1 full bath apartment, creating an excellent income-producing opportunity or private guest suite. The apartment also includes a spacious bonus room—perfect for a home office, gym, media room, or additional flex space to fit your needs. Enjoy the best of both privacy and convenience in the desirable South Hill neighborhood, located just 8 minutes to Ithaca’s Downtown Commons, 5 minutes to Ithaca College, and 9 minutes to Cornell’s campus—making commuting, dining, and entertainment easily accessible. With acreage, flexibility, and prime proximity to Ithaca’s key destinations, this property offers exceptional value and opportunity.

18. 2022-05-12
    price $2,200
19. 2020-08-05
    soldstatus $350,000
20. 2016-03-23
    listed $229,000
21. 2015-08-10
    listed $239,000
22. 2014-07-11
    soldstatus $135,000

ⓘ 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: $7,054 · $588/mo
• Projected year-2 tax: $8,132 · $678/mo
• Expected delta: +$1,078/yr (+$90/mo · 15.3%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 14 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: $59,496
• − Mortgage interest: −$30,528
• − Property taxes: −$7,054
• − Insurance: −$2,725
• − Repairs & maintenance: −$4,760
• − Management: −$4,760
• − Depreciation: −$15,855
• Taxable loss: −$6,185
• Est. tax savings @ 24.0%: +$1,484
• After-tax cash flow: $4,411/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 — South Hill

• Score: 69/100
• State rank: #471
• US rank: #8329

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• 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

+303.7% since first listed

6 events — show timeline

• 2026-02-19 Listed $545,000 IBRMLS
• 2022-05-12 Price Changed $2,200 RENT.
• 2020-08-05 Sold (Public Records) $350,000 Public Records
• 2016-03-23 Listed $229,000 IBRMLS
• 2015-08-10 Listed $239,000 IBRMLS
• 2014-07-11 Sold (Public Records) $135,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $7,054 · +1.6% YoY. Source: county tax records.