328 Mclean Cortland Rd · Cortland West, NY 13073

$110,000

4 bd · 1.0 ba · 1,530 sqft · SingleFamily · 57 Days on market

Built 1860 Fair condition 1.08 ac lot

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Why this score? — see what drove the B- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This 4-bedroom, 1-bath home offers a great opportunity for buyers looking to build equity and make a property their own. Situated on a main road for convenient access, the home includes a desirable 2-car attached garage and is set on approximately 1.08 acres, to be subdivided from a larger parcel. There is also additional land available for those seeking expanded space or future potential. Inside, the home reflects its age and is ready for updates, which is thoughtfully reflected in the pricing—making it an excellent option for investors, renovators, or owner-occupants with vision. With solid fundamentals, a functional layout, and a generous lot, this property presents a chance to cre

Key facts

• Generous lot
• 1.08 acres
• Functional layout

Tags

• 2-CAR ATTACHED GARAGE
• 1.08 ACRES
• ADDITIONAL LAND AVAILABLE
• FUNCTIONAL LAYOUT
• GENEROUS LOT

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $110k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $662 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#558 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D+, health & safety D, amenities F.
• Dryden Central School District (rural): math 38% / reading 53% proficiency, ranked #443 of 590 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 36 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.64% ✓
• Cap rate: 13.51%
• Cash-on-cash: 25.78%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 19.5%
• Equity multiple: 1.79×
• Total profit: $24,354
• Equity at exit: $16,401

10-year hold

• IRR: 27.8%
• Equity multiple: 3.45×
• Total profit: $75,594
• Equity at exit: $9,511

Cash invested: $30,800 (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 13073

• Home prices YoY: -17.8%
• Active inventory: 36
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $662

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 58%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3225 Gracie Rd Cortland, NY	3.0	2.0	1296	$1,800	$1.39	43d	1	1.00mi

Listing history 2 events

1. 2026-04-22
   historical Active Under Contract
2. 2026-04-01
   listed $110,000 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 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: $21,600
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$3,200
• Taxable income: $6,582
• Est. tax owed @ 24.0%: −$1,580
• After-tax cash flow: $6,362/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This 4-bedroom, 1-bath home requires moderate renovations to improve its condition and increase its value. Key areas for improvement include painting, siding replacement, flooring, kitchen, and bathroom updates.

Repairs flagged

• Major Paint — Painted walls need fresh coats
• Major Siding — Weathered and in need of replacement
• Major Flooring — Carpeted floors need replacement
• Major Kitchen cabinets — Old cabinets need replacement
• Major Bathroom fixtures — Old-fashioned fixtures need updating

Value-add opportunities

• Both Painting and repainting — Fresh paint can improve curb appeal and interior aesthetics
• Both Siding replacement — New siding can significantly improve the home's appearance and increase its value
• Both Flooring replacement — New flooring can improve the home's appearance and increase its value
• Both Kitchen renovation — A new kitchen can increase the home's value and appeal to potential buyers
• Both Bathroom renovation — A new bathroom can increase the home's value and appeal to potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Painted walls need fresh coats	Major	$15,000–50,000
Siding · Weathered and in need of replacement	Major	$15,000–50,000
Flooring · Carpeted floors need replacement	Major	$15,000–50,000
Kitchen cabinets · Old cabinets need replacement	Major	$15,000–50,000
Bathroom fixtures · Old-fashioned fixtures need updating	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Painting and repainting — Fresh paint can improve curb appeal and interior aesthetics ↑
• Both Siding replacement — New siding can significantly improve the home's appearance and increase its value ↑
• Both Flooring replacement — New flooring can improve the home's appearance and increase its value ↑
• Both Kitchen renovation — A new kitchen can increase the home's value and appeal to potential buyers ↑
• Both Bathroom renovation — A new bathroom can increase the home's value and appeal to potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Dryden Central School District
• NCES district ID: 3609330
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 53% ▲ 13.00%
• Median HH income: $56,766
• Composite: 39.65/100
• National rank: #3914
• State rank: #443 of 590 in NY

Livability — Cortland West

• Score: 68/100
• State rank: #558
• US rank: #10041

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,246

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 (88%)
• Race & ethnicity: White 88% Two or more races 9% Hispanic / Latino 3% Black 2%
• Common ancestry: Romanian 5% Lithuanian 5% Italian 2%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 94% English-only · Spanish 2% Arabic 2% Korean 1%

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: ▼ -41.49%
• Current HPI: 191.5334
• 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

2 events — show timeline

• 2026-04-22 Contingent — CNYIS
• 2026-04-01 Listed $110,000 CNYIS