159 Washington St · Auburn, NY 13021

$249,900

6 bd · 3.0 ba · 5,119 sqft · MultiFamily · 431 Days on market

Built 1890 0.31 ac lot $49/sqft · 31% below area Est $360k · 31% under ↓ 23% 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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

This multi-purpose property offers huge investment opportunities, whether you want to owner occupy or gain substantial income, this property is everything you have been searching for. First floor unit offers 3 bedrooms, an open floor concept with beautiful hardwood floors throughout, a carpeted living room with a brick accent wall perfect for additional seating. Updated stainless steel appliances, and a large laundry room off the kitchen area. Off the dining room, you have double glass doors leading out to the private deck that overlooks the spacious partially fenced in backyard that offers comfort and privacy. The upper unit which is also a 3 bedroom provides comfort with carpet throughout, and a private entry to the basement. The commercial space features a Salon that has been completely renovated from top to bottom with elegant design, spray foam insulated, in floor heating, four beautician stations, and a customer seating area. Also has a heating and cooling unit installed, as well as washer and dryer that is included in purchase. Let this property be your opportunity to gain financial freedom and give you the unique characteristics that isn't offered anywhere else! Property is also for sale as part of a larger 18 unit package portfolio and can be sold separately.

Key facts

• Private deck
• Brick accent wall
• Spacious backyard

Tags

• OPEN FLOOR CONCEPT
• HARDWOOD FLOORS
• BRICK ACCENT WALL
• LARGE LAUNDRY ROOM
• PRIVATE DECK
• SPACIOUS BACKYARD

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $529 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.

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 $2,856/mo this rent would consume 56% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 431 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $219,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 431 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.14% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.08%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $360,402
• List price: $249,900
• Delta: -30.66%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-6,744
• Equity at exit: $37,261

10-year hold

• IRR: 7.2%
• Equity multiple: 1.54×
• Total profit: $37,706
• Equity at exit: $21,607

Cash invested: $69,972 (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: 14.6×

Monthly cashflow live

• Estimated rent: $2,856 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$600
• Net cashflow: $529

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,856
Total (2 units)			$2,856

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $249,900 Active 431 DOM
2. 2026-06-18
   days on market $249,900 Active 430 DOM
3. 2026-06-17
   days on market $249,900 Active 429 DOM
4. 2026-06-16
   days on market $249,900 Active 428 DOM
5. 2026-06-15
   days on market $249,900 Active 427 DOM
6. 2026-06-14
   days on market $249,900 Active 425 DOM
7. 2026-06-12
   days on market $249,900 Active 424 DOM
8. 2026-06-09
   days on market $249,900 Active 421 DOM
9. 2026-06-08
   days on market $249,900 Active 420 DOM
10. 2026-06-07
    days on market $249,900 Active 419 DOM
11. 2026-06-05
    days on market $249,900 Active 416 DOM
12. 2026-06-03
    days on market $249,900 Active 415 DOM
13. 2026-06-02
    days on market $249,900 Active 414 DOM
14. 2026-06-01
    days on market $249,900 Active 413 DOM
15. 2026-05-31
    days on market $249,900 Active 412 DOM
16. 2026-05-30
    days on market $249,900 Active 411 DOM
17. 2025-07-09
    price $249,900 1288-char remark

    Show marketing remark (1288 chars)

    This multi-purpose property offers huge investment opportunities, whether you want to owner occupy or gain substantial income, this property is everything you have been searching for. First floor unit offers 3 bedrooms, an open floor concept with beautiful hardwood floors throughout, a carpeted living room with a brick accent wall perfect for additional seating. Updated stainless steel appliances, and a large laundry room off the kitchen area. Off the dining room, you have double glass doors leading out to the private deck that overlooks the spacious partially fenced in backyard that offers comfort and privacy. The upper unit which is also a 3 bedroom provides comfort with carpet throughout, and a private entry to the basement. The commercial space features a Salon that has been completely renovated from top to bottom with elegant design, spray foam insulated, in floor heating, four beautician stations, and a customer seating area. Also has a heating and cooling unit installed, as well as washer and dryer that is included in purchase. Let this property be your opportunity to gain financial freedom and give you the unique characteristics that isn't offered anywhere else! Property is also for sale as part of a larger 18 unit package portfolio and can be sold separately.

18. 2025-04-14
    listed $269,900 Active 1288-char remark

    Show marketing remark (1288 chars)

    This multi-purpose property offers huge investment opportunities, whether you want to owner occupy or gain substantial income, this property is everything you have been searching for. First floor unit offers 3 bedrooms, an open floor concept with beautiful hardwood floors throughout, a carpeted living room with a brick accent wall perfect for additional seating. Updated stainless steel appliances, and a large laundry room off the kitchen area. Off the dining room, you have double glass doors leading out to the private deck that overlooks the spacious partially fenced in backyard that offers comfort and privacy. The upper unit which is also a 3 bedroom provides comfort with carpet throughout, and a private entry to the basement. The commercial space features a Salon that has been completely renovated from top to bottom with elegant design, spray foam insulated, in floor heating, four beautician stations, and a customer seating area. Also has a heating and cooling unit installed, as well as washer and dryer that is included in purchase. Let this property be your opportunity to gain financial freedom and give you the unique characteristics that isn't offered anywhere else! Property is also for sale as part of a larger 18 unit package portfolio and can be sold separately.

19. 2025-04-06
    historical
20. 2025-01-06
    listed $269,900 Active
21. 2024-12-31
    historical
22. 2024-12-18
    price $269,900
23. 2024-11-07
    listed $279,900 Active
24. 2024-10-21
    historical
25. 2024-05-31
    price $289,000
26. 2024-04-22
    listed $325,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $34,272
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,742
• − Management: −$2,742
• − Depreciation: −$7,270
• Taxable income: $2,522
• Est. tax owed @ 24.0%: −$605
• After-tax cash flow: $5,745/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

-23.1% since first listed

10 events — show timeline

• 2025-07-09 Price Changed $249,900 UNYREIS
• 2025-04-14 Listed $269,900 UNYREIS
• 2025-04-06 Listing Removed — UNYREIS
• 2025-01-06 Listed $269,900 UNYREIS
• 2024-12-31 Listing Removed — UNYREIS
• 2024-12-18 Price Changed $269,900 UNYREIS
• 2024-11-07 Listed $279,900 UNYREIS
• 2024-10-21 Listing Removed — CNYIS
• 2024-05-31 Price Changed $289,000 CNYIS
• 2024-04-22 Listed $325,000 CNYIS