2177 Clute Rd Unit 523 AL · Virgil, NY 13045

$20,000

1 bd · 2.0 ba · 603 sqft · Condo · 585 Days on market

Built 2009 $33/sqft · 84% below area $1538/mo HOA · 125% of rent ↓ 33% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unit #523 is on the Top floor of Hope Lake Lodge and is Deeded Fractional Quarter-Ownership. These owners own all 4 quarters which remain 4 quarters, by deed, buyer would have the whole unit. Maximum occupancy of 6 but sleeps 4 privately(Queen in the loft, Queen Murphy bed and Queen sleeper sofa in the living area) The hotel has three elevators, 2 restaurants, spa, salon, an activity center for kids, fitness center, Starbucks Coffee Shop, & is located at Greek Peak Mtn Resort. Granite countertops in Baths and Kitchen. This unit has a view of the valley and the pool. The lodge offers 24 hour Front Desk and Property Management on site. This unit has fireplace and full kitchen. There is a shuttle bus that runs continuously during the ski season when area is open. LEED Certified & provides Healthy Atmosphere. Buyers must receive a USB port of offering time of signing Purchase Contract. After closing, buyer must meet with Homeowner Services Manager for more information. Agent must obtain an offering plan for Hope lake Hotel Condominiums for buyer from listing agent. Buyer must sign a Quality Assurance Statement.

Key facts

• Full kitchen
• View of the valley
• Granite countertops

Tags

• GRANITE COUNTERTOPS
• VIEW OF THE VALLEY
• FIREPLACE
• FULL KITCHEN
• LEED CERTIFIED

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $20k.

Deal economics

• At list price, monthly cash flow is $-706 ($-8k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#963 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: schools C-, health & safety D, crime 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.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 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.

Negotiation context

• It's been on market 585 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $10k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 125% of rent.

Recommended offer $17,600 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 585 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F 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?
8. 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?
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: 6.14% ✓
• Cap rate: -36.06%
• Cash-on-cash: -151.26%
• DSCR: -5.73
• GRM: 1.4

CMA / ARV

• ARV (median comp): $126,363
• List price: $20,000
• Delta: -84.17%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -6.28×
• Total profit: $-40,743
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: -9.70×
• Total profit: $-59,910
• Equity at exit: $1,729

Cash invested: $5,600 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,228 medium
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$1,538
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-706

Break-even live

Break-even rent $2,122

Max offer price —

Occupancy floor —

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,538 · $18,456/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-19
   days on market $20,000 Active 585 DOM
2. 2026-06-18
   days on market $20,000 Active 584 DOM
3. 2026-06-17
   days on market $20,000 Active 583 DOM
4. 2026-06-16
   days on market $20,000 Active 582 DOM
5. 2026-06-15
   days on market $20,000 Active 581 DOM
6. 2026-06-14
   days on market $20,000 Active 579 DOM
7. 2026-06-12
   days on market $20,000 Active 578 DOM
8. 2026-06-09
   days on market $20,000 Active 575 DOM
9. 2026-06-08
   days on market $20,000 Active 574 DOM
10. 2026-06-07
    days on market $20,000 Active 573 DOM
11. 2026-06-05
    days on market $20,000 Active 570 DOM
12. 2026-06-03
    days on market $20,000 Active 569 DOM
13. 2026-06-02
    days on market $20,000 Active 568 DOM
14. 2026-06-01
    days on market $20,000 Active 567 DOM
15. 2026-05-31
    days on market $20,000 Active 566 DOM
16. 2026-05-30
    days on market $20,000 Active 565 DOM
17. 2026-03-03
    price $20,000 1135-char remark

    Show marketing remark (1135 chars)

    Unit #523 is on the Top floor of Hope Lake Lodge and is Deeded Fractional Quarter-Ownership. These owners own all 4 quarters which remain 4 quarters, by deed, buyer would have the whole unit. Maximum occupancy of 6 but sleeps 4 privately(Queen in the loft, Queen Murphy bed and Queen sleeper sofa in the living area) The hotel has three elevators, 2 restaurants, spa, salon, an activity center for kids, fitness center, Starbucks Coffee Shop, & is located at Greek Peak Mtn Resort. Granite countertops in Baths and Kitchen. This unit has a view of the valley and the pool. The lodge offers 24 hour Front Desk and Property Management on site. This unit has fireplace and full kitchen. There is a shuttle bus that runs continuously during the ski season when area is open. LEED Certified & provides Healthy Atmosphere. Buyers must receive a USB port of offering time of signing Purchase Contract. After closing, buyer must meet with Homeowner Services Manager for more information. Agent must obtain an offering plan for Hope lake Hotel Condominiums for buyer from listing agent. Buyer must sign a Quality Assurance Statement.

18. 2025-07-11
    status Active 1135-char remark

    Show marketing remark (1135 chars)

    Unit #523 is on the Top floor of Hope Lake Lodge and is Deeded Fractional Quarter-Ownership. These owners own all 4 quarters which remain 4 quarters, by deed, buyer would have the whole unit. Maximum occupancy of 6 but sleeps 4 privately(Queen in the loft, Queen Murphy bed and Queen sleeper sofa in the living area) The hotel has three elevators, 2 restaurants, spa, salon, an activity center for kids, fitness center, Starbucks Coffee Shop, & is located at Greek Peak Mtn Resort. Granite countertops in Baths and Kitchen. This unit has a view of the valley and the pool. The lodge offers 24 hour Front Desk and Property Management on site. This unit has fireplace and full kitchen. There is a shuttle bus that runs continuously during the ski season when area is open. LEED Certified & provides Healthy Atmosphere. Buyers must receive a USB port of offering time of signing Purchase Contract. After closing, buyer must meet with Homeowner Services Manager for more information. Agent must obtain an offering plan for Hope lake Hotel Condominiums for buyer from listing agent. Buyer must sign a Quality Assurance Statement.

19. 2025-07-08
    historical 1135-char remark

    Show marketing remark (1135 chars)

    Unit #523 is on the Top floor of Hope Lake Lodge and is Deeded Fractional Quarter-Ownership. These owners own all 4 quarters which remain 4 quarters, by deed, buyer would have the whole unit. Maximum occupancy of 6 but sleeps 4 privately(Queen in the loft, Queen Murphy bed and Queen sleeper sofa in the living area) The hotel has three elevators, 2 restaurants, spa, salon, an activity center for kids, fitness center, Starbucks Coffee Shop, & is located at Greek Peak Mtn Resort. Granite countertops in Baths and Kitchen. This unit has a view of the valley and the pool. The lodge offers 24 hour Front Desk and Property Management on site. This unit has fireplace and full kitchen. There is a shuttle bus that runs continuously during the ski season when area is open. LEED Certified & provides Healthy Atmosphere. Buyers must receive a USB port of offering time of signing Purchase Contract. After closing, buyer must meet with Homeowner Services Manager for more information. Agent must obtain an offering plan for Hope lake Hotel Condominiums for buyer from listing agent. Buyer must sign a Quality Assurance Statement.

20. 2025-02-02
    price $25,000 1135-char remark

    Show marketing remark (1135 chars)

    Unit #523 is on the Top floor of Hope Lake Lodge and is Deeded Fractional Quarter-Ownership. These owners own all 4 quarters which remain 4 quarters, by deed, buyer would have the whole unit. Maximum occupancy of 6 but sleeps 4 privately(Queen in the loft, Queen Murphy bed and Queen sleeper sofa in the living area) The hotel has three elevators, 2 restaurants, spa, salon, an activity center for kids, fitness center, Starbucks Coffee Shop, & is located at Greek Peak Mtn Resort. Granite countertops in Baths and Kitchen. This unit has a view of the valley and the pool. The lodge offers 24 hour Front Desk and Property Management on site. This unit has fireplace and full kitchen. There is a shuttle bus that runs continuously during the ski season when area is open. LEED Certified & provides Healthy Atmosphere. Buyers must receive a USB port of offering time of signing Purchase Contract. After closing, buyer must meet with Homeowner Services Manager for more information. Agent must obtain an offering plan for Hope lake Hotel Condominiums for buyer from listing agent. Buyer must sign a Quality Assurance Statement.

21. 2024-11-08
    listed $29,900 Active 1135-char remark

    Show marketing remark (1135 chars)

    Unit #523 is on the Top floor of Hope Lake Lodge and is Deeded Fractional Quarter-Ownership. These owners own all 4 quarters which remain 4 quarters, by deed, buyer would have the whole unit. Maximum occupancy of 6 but sleeps 4 privately(Queen in the loft, Queen Murphy bed and Queen sleeper sofa in the living area) The hotel has three elevators, 2 restaurants, spa, salon, an activity center for kids, fitness center, Starbucks Coffee Shop, & is located at Greek Peak Mtn Resort. Granite countertops in Baths and Kitchen. This unit has a view of the valley and the pool. The lodge offers 24 hour Front Desk and Property Management on site. This unit has fireplace and full kitchen. There is a shuttle bus that runs continuously during the ski season when area is open. LEED Certified & provides Healthy Atmosphere. Buyers must receive a USB port of offering time of signing Purchase Contract. After closing, buyer must meet with Homeowner Services Manager for more information. Agent must obtain an offering plan for Hope lake Hotel Condominiums for buyer from listing agent. Buyer must sign a Quality Assurance Statement.

22. 2022-04-04
    soldstatus $25,000 Closed Sale or Rented
23. 2022-03-07
    status Pending Sale
24. 2022-02-06
    status Under Contract- Do Not Show
25. 2021-08-24
    price $27,500
26. 2021-08-23
    listed $27,500
27. 2021-07-14
    listed $29,900 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥90°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: $14,739
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − HOA: −$18,456
• − Depreciation: −$582
• Taxable loss: −$8,177
• Est. tax savings @ 24.0%: +$1,962
• After-tax cash flow: $-6,508/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 — Virgil

• Score: 60/100
• State rank: #963
• US rank: #18876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cortland County · 28,361 people
• 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

-33.1% since first listed

11 events — show timeline

• 2026-03-03 Price Changed $20,000 CNYIS
• 2025-07-11 Relisted — CNYIS
• 2025-07-08 Listing Removed — CNYIS
• 2025-02-02 Price Changed $25,000 CNYIS
• 2024-11-08 Listed $29,900 CNYIS
• 2022-04-04 Sold (MLS) $25,000 CNYIS
• 2022-03-07 Pending — CNYIS
• 2022-02-06 Pending — CNYIS
• 2021-08-24 Price Changed $27,500 CNYIS
• 2021-08-23 Listed $27,500 IBRMLS
• 2021-07-14 Listed $29,900 CNYIS