2360 Bear Swamp Rd · Homer, NY 13118

$289,900

5 bd · 1.0 ba · 1,788 sqft · SingleFamily public records · 6 Days on market

Built 1900 5.18 ac lot

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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 +20.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.2/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Big Country home on 5 acre lot! 4 bedrooms 1.5 baths with potential 5th bedroom downstairs!! Big front porch!! Large rooms with hardwood floors and tall ceilings!! Gorgeous private backyard includes an open area perfect for ball games, a stream and plenty of trees!! Home needs some TLC . ! 5 acre lot to be divided off larger lot. Taxes and assessment are based on larger parcel. House is conveying "as is". Survey is in the works. Call today to set up your showing appointment!!

Key facts

• Open-concept kitchen
• Restored farmhouse
• 5.18 acre lot

Tags

• RESTORED FARMHOUSE
• PARTIALLY WOODED ACRES
• HIGH-EFFICIENCY FURNACE
• WATER FILTRATION SYSTEM
• OPEN-CONCEPT KITCHEN
• BUTCHER BLOCK COUNTERTOPS

Property features AI

Finance

• Other: Lot approximately 5.18 acres (irregular shape, dimensions 589 x 370)

Exterior

• Parking: No garage
• Utilities: Electricity connected; High-speed internet available; Septic tank; Well water
• Home design: 2-story frame house; Metal roof; Entry level information not specified; Property listed as resale
• Construction: Wood siding; Spray foam insulation; Stone foundation; Existing (year built details)
• Exterior features: Gravel driveway; Private yard; Covered and open porch; Porch; Shed(s) and storage; Leased propane tank; See remarks

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Microwave; Refrigerator
• Bedrooms: Total rooms: 8; Room types include laundry, living room, den
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: 1 full bathroom; Main level bathroom
• Heating & cooling: Propane forced air heating
• Interior features: Ceiling fans; Den; Eat-in kitchen; Separate/formal living room; Kitchen open to family room; Natural woodwork
• Laundry & utility: Washer and dryer on main level; Propane water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $397 ($5k/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 $266k (8.3% below list).
• Recommended offer: $266k (8.3% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 3.4% in Homer — 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 76/100 on livability (#229 in NY, #3,609 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Moravia Central School District (rural): math 42% / reading 56% proficiency, ranked #391 of 590 in NY (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Millard Fillmore Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 387 students, 51% FRL); Moravia Junior-Senior High School (math 42% / reading 62%, grade D+, #946 of 1,100 statewide, top 88%, 476 students, 46% FRL).
• Market conditions: 30 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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 $52k; list at $290k implies a 458% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,725 (8.3% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 7.94%
• Cash-on-cash: 5.87%
• DSCR: 1.26
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.5%
• Equity multiple: 3.25×
• Total profit: $183,042
• Equity at exit: $261,165

10-year hold

• IRR: 24.8%
• Equity multiple: 7.39×
• Total profit: $518,843
• Equity at exit: $563,212

Cash invested: $81,172 (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 13118

• Home prices YoY: 29.3%
• Active inventory: 30
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,657 medium
• Mortgage (P&I): −$1,520
• Tax from tax record: −$61 /mo · $731/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $397

Break-even live

Break-even rent $2,154

Max offer price $289,900

Occupancy floor 80%

Sensitivity live

Price	-10% $561	-5% $479	+0% $397	+5% $315	+10% $233
Rent	-10% $187	-5% $292	+0% $397	+5% $502	+10% $607
Rate	-1.0pp $543	-0.5pp $471	base $397	+0.5pp $322	+1.0pp $246

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-21
   days on market $289,900 Active 6 DOM
2. 2026-06-19
   days on market $289,900 Active 4 DOM
3. 2026-06-18
   days on market $289,900 Active 3 DOM
4. 2026-06-17
   days on market $289,900 Active 2 DOM
5. 2026-06-16
   remarks 699-char remark
6. 2026-06-16
   listed $289,900 Active 1 DOM

ⓘ 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: $731 · $61/mo
• Projected year-2 tax: $2,815 · $235/mo
• Expected delta: +$2,084/yr (+$174/mo · 285.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $31,887
• − Mortgage interest: −$16,239
• − Property taxes: −$731
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,551
• − Management: −$2,551
• − Depreciation: −$8,433
• Taxable loss: −$68
• Est. tax savings @ 24.0%: +$16
• After-tax cash flow: $4,783/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: Moravia Central School District
• NCES district ID: 3619800
• Math proficiency: 42% ▼ -2.00%
• Reading proficiency: 56% ▲ 9.00%
• Median HH income: $55,991
• Composite: 42.47/100
• National rank: #3215
• State rank: #391 of 590 in NY

Livability — Homer

• Score: 76/100
• State rank: #229
• US rank: #3609

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,514

Population outlook (Cayuga County) Hauer SSP2

• Today (2025): 74,820 people
• By 2030: 72,402 · -3.2%
• By 2040: 66,917 · -10.6%
• By 2050: 61,007 · -18.5%
• By 2075: 48,047 · -35.8%
• By 2100: 34,512 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Black 6% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Iranian 3% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Cayuga

• 2024 margin: R (+13.0) · D 43.5% · R 56.5%
• 2008→2024 swing: -21.5pp toward R · 2008: 8.5pp · 2024: -13.0pp
• All cycles: 2024: R+13.0 2020: R+9.2 2016: R+13.2 2012: D+10.8 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 82.97%
• Current HPI: 366.5746
• Rent YoY: —
• Metro: —
• 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

+346.7% since first listed

8 events — show timeline

• 2026-06-15 Listed $289,900 UNYREIS
• 2020-03-19 Sold (Public Records) $52,000 Public Records
• 2020-03-19 Sold (MLS) $52,000 UNYREIS
• 2019-12-18 Pending — UNYREIS
• 2019-10-21 Pending — UNYREIS
• 2019-08-04 Price Changed $64,900 UNYREIS
• 2018-10-22 Listed $69,900 UNYREIS
• 2018-10-22 Listed $64,900 IBRMLS

Property tax history

-11.8%/yr

Latest (2021): $731 · -56.5% YoY. Source: county tax records.