21-23 Derby Ave · Auburn, NY 13021

$137,400

6 bd · 2.0 ba · 2,452 sqft · MultiFamily public records · 324 Days on market

Built 1890 5,227 sqft lot $56/sqft · 9% below area Est $150k · 9% under

---

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
• ARV discount +11.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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

Located on a quiet private street, this solidly built two-family side-by-side home offers a fantastic opportunity for owner-occupants or investors alike. Each spacious unit features 3 bedrooms and 1 full bathroom as well as providing comfortable living with thoughtful updates and enduring quality. Recent improvements include updated hall and bathroom flooring, a refreshed front porch, a new suspended ceiling, and fresh paint both inside and out. The home's well-crafted construction and durable metal roof are standout features that ensure long-term value. Whether you're looking to live in one unit and rent the other, or expand your investment portfolio, this property offers flexibility, functionality, and peace of mind in a quiet, desirable setting. New certificate of occupancy issued Nune 2025

Key facts

• Private street
• Fresh paint inside
• 5,227 sq ft lot

Tags

• PRIVATE STREET
• UPDATED HALL FLOORING
• UPDATED BATHROOM FLOORING
• REFRESHED FRONT PORCH
• NEW SUSPENDED CEILING
• FRESH PAINT INSIDE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $137k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $966/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $137k).
• Recommended offer: $121k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.2% vs local median 7.6% in Auburn — 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 74/100 on livability (#298 in NY, #4,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities D-, commute F.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $3,621/mo this rent would consume 72% of the median local household income ($61k/yr) (locally 1449% 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 $950 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 324 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 324 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 2.64% ✓
• Cap rate: 23.17%
• Cash-on-cash: 60.27%
• DSCR: 3.68
• GRM: 3.2

CMA / ARV

• ARV (median comp): $150,349
• List price: $137,400
• Delta: -8.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9-11 Aurelius Ave	0.24mi	6/2.0	2,336 (-5%)	1mo	$60,000	$26	80
47 West St	0.10mi	5/2.0 (-1)	2,304 (-6%)	2mo	$80,000	$35	78
7 Barber St	0.21mi	6/2.0	2,560 (+4%)	7mo	$24,010	$9	77
110 Cottage St	0.48mi	6/2.0	2,374 (-3%)	8mo	$90,000	$38	65
110 Wall St	0.11mi	5/2.5 (-1)	2,586 (+6%)	20mo	$100,000	$39	62
31 Washington St	0.41mi	5/3.0 (-1)	2,518 (+3%)	10mo	$132,500	$53	60
81 Orchard St	0.32mi	6/2.0	2,102 (-14%)	2mo	$110,000	$52	59
100-102 N Division St	0.42mi	6/2.0	2,648 (+8%)	14mo	$156,000	$59	56
101 Cottage St #99	0.51mi	6/2.0	2,602 (+6%)	17mo	$149,900	$58	52
15 Garrow St	0.72mi	5/2.0 (-1)	2,497 (+2%)	12mo	$148,000	$59	48
11 Barber St	0.21mi	5/2.0 (-1)	2,147 (-12%)	21mo	$98,300	$46	47
144 Cottage St	0.35mi	5/3.5 (-1)	2,604 (+6%)	19mo	$142,500	$55	47

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 59.0%
• Equity multiple: 3.62×
• Total profit: $100,850
• Equity at exit: $20,487

10-year hold

• IRR: 63.8%
• Equity multiple: 7.41×
• Total profit: $246,464
• Equity at exit: $11,880

Cash invested: $38,472 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,621 medium
• Mortgage (P&I): −$721
• Tax from tax record: −$150 /mo · $1,805/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$760
• Net cashflow: $1,932

Break-even live

Break-even rent $1,175

Max offer price $137,400

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,620
Total (2 units)			$3,621

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: $34,350
• Closing costs: $4,122
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $137,400 Active 324 DOM
2. 2026-06-18
   days on market $137,400 Active 323 DOM
3. 2026-06-17
   days on market $137,400 Active 322 DOM
4. 2026-06-16
   days on market $137,400 Active 321 DOM
5. 2026-06-15
   days on market $137,400 Active 320 DOM
6. 2026-06-14
   days on market $137,400 Active 318 DOM
7. 2026-06-12
   days on market $137,400 Active 317 DOM
8. 2026-06-09
   days on market $137,400 Active 314 DOM
9. 2026-06-08
   days on market $137,400 Active 313 DOM
10. 2026-06-07
    days on market $137,400 Active 312 DOM
11. 2026-06-05
    days on market $137,400 Active 309 DOM
12. 2026-06-03
    days on market $137,400 Active 308 DOM
13. 2026-06-02
    days on market $137,400 Active 307 DOM
14. 2026-06-01
    days on market $137,400 Active 306 DOM
15. 2026-05-31
    days on market $137,400 Active 305 DOM
16. 2026-05-30
    days on market $137,400 Active 304 DOM
17. 2025-10-29
    price $137,400 804-char remark

    Show marketing remark (804 chars)

    Located on a quiet private street, this solidly built two-family side-by-side home offers a fantastic opportunity for owner-occupants or investors alike. Each spacious unit features 3 bedrooms and 1 full bathroom as well as providing comfortable living with thoughtful updates and enduring quality. Recent improvements include updated hall and bathroom flooring, a refreshed front porch, a new suspended ceiling, and fresh paint both inside and out. The home's well-crafted construction and durable metal roof are standout features that ensure long-term value. Whether you're looking to live in one unit and rent the other, or expand your investment portfolio, this property offers flexibility, functionality, and peace of mind in a quiet, desirable setting. New certificate of occupancy issued Nune 2025

18. 2025-07-30
    listed $139,900 Active 804-char remark

    Show marketing remark (804 chars)

    Located on a quiet private street, this solidly built two-family side-by-side home offers a fantastic opportunity for owner-occupants or investors alike. Each spacious unit features 3 bedrooms and 1 full bathroom as well as providing comfortable living with thoughtful updates and enduring quality. Recent improvements include updated hall and bathroom flooring, a refreshed front porch, a new suspended ceiling, and fresh paint both inside and out. The home's well-crafted construction and durable metal roof are standout features that ensure long-term value. Whether you're looking to live in one unit and rent the other, or expand your investment portfolio, this property offers flexibility, functionality, and peace of mind in a quiet, desirable setting. New certificate of occupancy issued Nune 2025

19. 2024-01-26
    historical
20. 2023-11-30
    price $97,000
21. 2023-09-15
    status Active
22. 2023-08-02
    status Under Contract- Do Not Show
23. 2023-07-26
    listed $98,000 Active
24. 2005-04-29
    soldstatus $125,100
25. 2002-10-03
    soldstatus $57,725
26. 2002-07-24
    soldstatus $57,725

ⓘ 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: $1,805 · $150/mo
• Projected year-2 tax: $2,064 · $172/mo
• Expected delta: +$258/yr (+$22/mo · 14.3%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $43,452
• − Mortgage interest: −$7,697
• − Property taxes: −$1,805
• − Insurance: −$687
• − Repairs & maintenance: −$3,476
• − Management: −$3,476
• − Depreciation: −$3,997
• Taxable income: $22,314
• Est. tax owed @ 24.0%: −$5,355
• After-tax cash flow: $17,833/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: Auburn City School District
• NCES district ID: 3603480
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $43,567
• Composite: 29.71/100
• National rank: #6452
• State rank: #558 of 590 in NY

Livability — Auburn

• Score: 74/100
• State rank: #298
• US rank: #4814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, NY
• County: Cayuga County · 37,247 people
• City population: 37,247
• Metro: Auburn, NY
• Population (ZIP): 37,247
• Household income: $60,712
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1449.0

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% Two or more races 7% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Subsaharan African 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 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: ▼ -97.53%
• Current HPI: 338.5537
• Rent YoY: —
• Metro: Auburn, 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

+138.0% since first listed

10 events — show timeline

• 2025-10-29 Price Changed $137,400 CNYIS
• 2025-07-30 Listed $139,900 CNYIS
• 2024-01-26 Listing Removed — CNYIS
• 2023-11-30 Price Changed $97,000 CNYIS
• 2023-09-15 Relisted — CNYIS
• 2023-08-02 Pending — CNYIS
• 2023-07-26 Listed $98,000 CNYIS
• 2005-04-29 Sold (Public Records) $125,100 Public Records
• 2002-10-03 Sold (Public Records) $57,725 Public Records
• 2002-07-24 Sold (Public Records) $57,725 Public Records

Property tax history

-2.3%/yr

Latest (2025): $1,805 · +10.8% YoY. Source: county tax records.