104 Mclean Cortland Rd · Groton, NY 13073

$55,000

3 bd · 1.0 ba · 2,098 sqft · SingleFamily · 53 Days on market

Built 1870 Poor condition 1.26 ac lot ↓ 15% since listing

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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 +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Located on McLean Road in Cortland, this property offers a great opportunity for buyers ready to take on a renovation project. The home features good square footage, a functional layout, and a spacious lot with room to improve and add value. Property needs repairs and cosmetic updates and is being sold as-is. Ideal for investors, flippers, or buyers looking to build equity through improvements.

Key facts

• Spacious lot
• Cosmetic updates
• 1.26 acre lot

Tags

• SPACIOUS LOT
• COSMETIC UPDATES

Property features AI

Exterior

• Parking: No garage
• Utilities: Well water; Septic tank
• Home design: Single-story existing home; Stone foundation; Block and concrete construction
• Construction: Built (existing); Block and concrete exterior construction; Stone foundation
• Exterior features: Dirt driveway; Leased propane tank; Rectangular lot; Main thoroughfare frontage

Interior

• Kitchen: See remarks (additional details not provided)
• Bedrooms: One main-level bedroom
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Wood heating
• Interior features: Dining area; Den; Separate/formal living room; Bedroom on main level; Partial basement; One fireplace
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.2% vs local median 3.2% in Groton — 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 71/100 on livability (#418 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools D+, amenities F, commute F.
• Groton Central School District (rural): math 53% / reading 46% proficiency, ranked #381 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 36 active listings in the ZIP; 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 $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 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 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.66% ✓
• Cap rate: 23.22%
• Cash-on-cash: 60.46%
• DSCR: 3.69
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $266,446
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
183 Cayuga St	0.28mi	3/1.0	1,950 (-7%)	8mo	$195,000	$100	68
139 Church St	0.25mi	4/2.0 (+1)	2,224 (+6%)	12mo	$282,000	$127	60
309 Elm St	0.36mi	3/1.5	1,900 (-9%)	13mo	$169,900	$89	55
107 Hillcrest Dr	0.56mi	4/2.0 (+1)	1,853 (-12%)	2mo	$275,000	$148	43

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: 18.3%
• Equity multiple: 1.75×
• Total profit: $11,488
• Equity at exit: $8,201

10-year hold

• IRR: 27.0%
• Equity multiple: 3.41×
• Total profit: $37,118
• Equity at exit: $4,755

Cash invested: $15,400 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,463 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $316

Break-even live

Break-even rent $1,064

Max offer price $55,000

Occupancy floor 73%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-02
   statusdays on market $55,000 Pending 53 DOM
2. 2026-06-01
   days on market $55,000 Active 52 DOM
3. 2026-05-31
   days on market $55,000 Active 51 DOM
4. 2026-05-30
   days on market $55,000 Active 50 DOM
5. 2026-05-18
   status Active
6. 2026-03-31
   status Pending
7. 2026-03-27
   price $55,000
8. 2026-02-21
   listed $65,000 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 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: $17,560
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$5,800
• − Repairs & maintenance: −$1,405
• − Management: −$1,405
• − Depreciation: −$1,600
• Taxable income: $3,444
• Est. tax owed @ 24.0%: −$827
• After-tax cash flow: $2,960/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 · 10 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates, including a complete roof replacement and interior repairs. It presents a significant opportunity for investors to improve and increase its value.

Repairs flagged

• Major Exposed wiring — Safety hazard
• Major Damaged ceiling — Structural damage
• Major Exposed insulation — Structural damage
• Major Damaged siding — Structural damage
• Major Exposed subfloor — Structural damage
• Major Debris — Safety hazard

Value-add opportunities

• Both Complete roof replacement — Fixes structural issues and improves curb appeal
• Both Interior drywall and ceiling repairs — Improves safety and appearance
• Both HVAC system replacement — Fixes safety and comfort issues
• Both Landscaping and curb appeal improvements — Enhances curb appeal and safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed wiring · Safety hazard	Major	$15,000–50,000
Damaged ceiling · Structural damage	Major	$15,000–50,000
Exposed insulation · Structural damage	Major	$15,000–50,000
Damaged siding · Structural damage	Major	$15,000–50,000
Exposed subfloor · Structural damage	Major	$15,000–50,000
Debris · Safety hazard	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Complete roof replacement — Fixes structural issues and improves curb appeal ↑
• Both Interior drywall and ceiling repairs — Improves safety and appearance ↑
• Both HVAC system replacement — Fixes safety and comfort issues ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and safety ↑

ⓘ 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: Groton Central School District
• NCES district ID: 3613020
• Math proficiency: 53% ▲ 11.00%
• Reading proficiency: 46% ▲ 10.00%
• Median HH income: $54,573
• Composite: 42.84/100
• National rank: #3133
• State rank: #381 of 590 in NY

Livability — Groton

• Score: 71/100
• State rank: #418
• US rank: #7246

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

• Census place: Groton, NY
• 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

-15.4% since first listed

4 events — show timeline

• 2026-05-18 Relisted — CNYIS
• 2026-03-31 Pending — CNYIS
• 2026-03-27 Price Changed $55,000 CNYIS
• 2026-02-21 Listed $65,000 CNYIS