311 S Plain St · Ithaca, NY 14850

$380,000

3 bd · 1.5 ba · 1,826 sqft · SingleFamily public records · 50 Days on market

Built 1900 4,425 sqft lot $208/sqft · 8% below area Est $412k · 8% under

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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).

• ARV discount +11.0/15.0
• Cash flow +10.5/30.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Conveniently located this wonderful home on Ithaca's South Side is ready for its new owner. The records show this home was built in 1900, but we believe it to be older. At one time a two-family home, the current owner converted into a single family. A great big entryway welcomes you into the home and the formal living room with a gas fireplace is the perfect place to curl up with a book and stay warm during the cold Ithaca winters. At the rear you'll find a spacious kitchen and a 4 season porch. A half bath on the main level as well. Three bedrooms upstairs, all decently sized, and a large full bathroom with washer and dryer. Recent upgrades include the furnace, on demand hot water heater and the roof.

Key facts

• Spacious back deck
• Office space
• Front porch

Tags

• FRONT PORCH
• BACK DECK
• OFFICE SPACE
• FUNCTIONAL ISLAND
• GAS FIREPLACE
• SPACIOUS BACK DECK

Property features AI

Exterior

• Parking: Driveway; Gravel parking; No garage
• Utilities: Public water; Sewer connected; Electricity connected (circuit breakers); Cable available; Gas water heater
• Home design: Single-family residence; Two stories; Wood siding
• Construction: Stone foundation; Asphalt roof; Built with wood siding
• Exterior features: Covered porch; Deck; Partial fencing; Near public transit; Rectangular lot

Interior

• Kitchen: Dishwasher; Electric cooktop; Gas oven; Gas range; Microwave; Refrigerator
• Bedrooms: Total rooms: 10
• Flooring: Carpet; Ceramic tile; Hardwood; Laminate; Varies; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan cooling
• Interior features: Ceiling fans; Kitchen island; Skylights and window treatments (drapes); Partially furnished; Fireplace (1)
• Laundry & utility: Washer and dryer; Laundry room on upper level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $380k.

Deal economics

• At list price, monthly cash flow is $-196 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $345k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (30.3% below list).
• Recommended offer: $265k (30.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#210 in NY, #3,240 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: housing C-, employment D+, cost of living D.
• Ithaca City School District (urban): math 57% / reading 71% proficiency, ranked #195 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Belle Sherman School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 307 students, 34% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 327 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).
• This rent runs 44% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.
• Current owner paid $259k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $264,794 (30.3% 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 50 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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: 0.70% ✗
• Cap rate: 5.67%
• Cash-on-cash: -2.21%
• DSCR: 0.90
• GRM: 12.0

CMA / ARV

• ARV (median comp): $412,095
• List price: $380,000
• Delta: -7.79%
• 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
510 S Plain St	0.14mi	3/2.5	1,828 (+0%)	11mo	$430,000	$235	80
211 N Corn St	0.28mi	3/1.5	1,728 (-5%)	5mo	$339,000	$196	74
213 Wood St	0.31mi	4/3.0 (+1)	1,834 (+0%)	1mo	$511,000	$279	73
123 Hudson St	0.54mi	3/1.5	1,704 (-7%)	10mo	$395,000	$232	56
522 N Plain St	0.50mi	4/2.5 (+1)	1,705 (-7%)	4mo	$395,000	$232	54
408 Columbia St	0.67mi	3/1.5	1,735 (-5%)	11mo	$585,000	$337	51
108 Esty St	0.46mi	4/2.0 (+1)	1,697 (-7%)	10mo	$275,000	$162	51
315-317 Hillview Pl	0.44mi	4/2.0 (+1)	1,688 (-8%)	11mo	$275,000	$163	51
410 Madison St	0.58mi	4/2.0 (+1)	1,666 (-9%)	2mo	$369,000	$221	49
119 Utica St	0.68mi	3/3.0	1,967 (+8%)	2mo	$600,572	$305	48
107 Second St	0.55mi	3/1.5	1,598 (-12%)	10mo	$350,000	$219	45
112 Farm St	0.62mi	4/2.0 (+1)	1,615 (-12%)	12mo	$317,000	$196	35

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.36×
• Total profit: $-68,201
• Equity at exit: $56,659

10-year hold

• IRR: -6.8%
• Equity multiple: 0.53×
• Total profit: $-50,207
• Equity at exit: $32,855

Cash invested: $106,400 (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 14850

• Rents YoY: 5.2%
• Active inventory: 327
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,648 medium
• Mortgage (P&I): −$1,993
• Tax from tax record: −$137 /mo · $1,645/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $-196

Break-even live

Break-even rent $2,896

Max offer price $345,323

Occupancy floor —

Sensitivity live

Price	-10% $19	-5% $-89	+0% $-196	+5% $-304	+10% $-411
Rent	-10% $-405	-5% $-301	+0% $-196	+5% $-92	+10% $13
Rate	-1.0pp $-5	-0.5pp $-100	base $-196	+0.5pp $-295	+1.0pp $-395

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 Taughannock Blvd Ithaca, NY	2.0	1.0–2.5	1167	$6,402	$5.48	45d	6	0.56mi

Listing history 25 events

1. 2026-06-19
   days on market $380,000 Active 50 DOM
2. 2026-06-18
   days on market $380,000 Active 49 DOM
3. 2026-06-17
   days on market $380,000 Active 48 DOM
4. 2026-06-16
   days on market $380,000 Active 47 DOM
5. 2026-06-15
   days on market $380,000 Active 46 DOM
6. 2026-06-14
   days on market $380,000 Active 44 DOM
7. 2026-06-13
   days on market $380,000 Active 43 DOM
8. 2026-06-10
   days on market $380,000 Active 41 DOM
9. 2026-06-09
   days on market $380,000 Active 40 DOM
10. 2026-06-08
    days on market $380,000 Active 39 DOM
11. 2026-06-07
    days on market $380,000 Active 38 DOM
12. 2026-06-05
    days on market $380,000 Active 35 DOM
13. 2026-06-02
    days on market $380,000 Active 33 DOM
14. 2026-06-01
    days on market $380,000 Active 32 DOM
15. 2026-05-31
    days on market $380,000 Active 31 DOM
16. 2026-05-30
    days on market $380,000 Active 30 DOM
17. 2026-04-30
    listed $380,000 Active 1063-char remark
18. 2025-07-02
    soldstatus $259,000
19. 2025-06-30
    soldstatus $259,000 Closed 711-char remark

    Show marketing remark (711 chars)

    Conveniently located this wonderful home on Ithaca's South Side is ready for its new owner. The records show this home was built in 1900, but we believe it to be older. At one time a two-family home, the current owner converted into a single family. A great big entryway welcomes you into the home and the formal living room with a gas fireplace is the perfect place to curl up with a book and stay warm during the cold Ithaca winters. At the rear you'll find a spacious kitchen and a 4 season porch. A half bath on the main level as well. Three bedrooms upstairs, all decently sized, and a large full bathroom with washer and dryer. Recent upgrades include the furnace, on demand hot water heater and the roof.

20. 2025-04-28
    historical Active Under Contract 711-char remark

    Show marketing remark (711 chars)

    Conveniently located this wonderful home on Ithaca's South Side is ready for its new owner. The records show this home was built in 1900, but we believe it to be older. At one time a two-family home, the current owner converted into a single family. A great big entryway welcomes you into the home and the formal living room with a gas fireplace is the perfect place to curl up with a book and stay warm during the cold Ithaca winters. At the rear you'll find a spacious kitchen and a 4 season porch. A half bath on the main level as well. Three bedrooms upstairs, all decently sized, and a large full bathroom with washer and dryer. Recent upgrades include the furnace, on demand hot water heater and the roof.

21. 2025-04-21
    status Active 711-char remark

    Show marketing remark (711 chars)

    Conveniently located this wonderful home on Ithaca's South Side is ready for its new owner. The records show this home was built in 1900, but we believe it to be older. At one time a two-family home, the current owner converted into a single family. A great big entryway welcomes you into the home and the formal living room with a gas fireplace is the perfect place to curl up with a book and stay warm during the cold Ithaca winters. At the rear you'll find a spacious kitchen and a 4 season porch. A half bath on the main level as well. Three bedrooms upstairs, all decently sized, and a large full bathroom with washer and dryer. Recent upgrades include the furnace, on demand hot water heater and the roof.

22. 2025-04-21
    price $279,000 711-char remark

    Show marketing remark (711 chars)

    Conveniently located this wonderful home on Ithaca's South Side is ready for its new owner. The records show this home was built in 1900, but we believe it to be older. At one time a two-family home, the current owner converted into a single family. A great big entryway welcomes you into the home and the formal living room with a gas fireplace is the perfect place to curl up with a book and stay warm during the cold Ithaca winters. At the rear you'll find a spacious kitchen and a 4 season porch. A half bath on the main level as well. Three bedrooms upstairs, all decently sized, and a large full bathroom with washer and dryer. Recent upgrades include the furnace, on demand hot water heater and the roof.

23. 2025-04-14
    historical Active Under Contract 711-char remark

    Show marketing remark (711 chars)

    Conveniently located this wonderful home on Ithaca's South Side is ready for its new owner. The records show this home was built in 1900, but we believe it to be older. At one time a two-family home, the current owner converted into a single family. A great big entryway welcomes you into the home and the formal living room with a gas fireplace is the perfect place to curl up with a book and stay warm during the cold Ithaca winters. At the rear you'll find a spacious kitchen and a 4 season porch. A half bath on the main level as well. Three bedrooms upstairs, all decently sized, and a large full bathroom with washer and dryer. Recent upgrades include the furnace, on demand hot water heater and the roof.

24. 2025-03-13
    listed $299,000 Active 711-char remark

    Show marketing remark (711 chars)

    Conveniently located this wonderful home on Ithaca's South Side is ready for its new owner. The records show this home was built in 1900, but we believe it to be older. At one time a two-family home, the current owner converted into a single family. A great big entryway welcomes you into the home and the formal living room with a gas fireplace is the perfect place to curl up with a book and stay warm during the cold Ithaca winters. At the rear you'll find a spacious kitchen and a 4 season porch. A half bath on the main level as well. Three bedrooms upstairs, all decently sized, and a large full bathroom with washer and dryer. Recent upgrades include the furnace, on demand hot water heater and the roof.

25. 1999-11-03
    soldstatus $61,000

ⓘ 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: $1,645 · $137/mo
• Projected year-2 tax: $4,033 · $336/mo
• Expected delta: +$2,389/yr (+$199/mo · 145.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 68% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $31,775
• − Mortgage interest: −$21,286
• − Property taxes: −$1,645
• − Insurance: −$1,900
• − Repairs & maintenance: −$2,542
• − Management: −$2,542
• − Depreciation: −$11,055
• Taxable loss: −$9,194
• Est. tax savings @ 24.0%: +$2,207
• After-tax cash flow: $-149/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: Ithaca City School District
• NCES district ID: 3615570
• Math proficiency: 57% ▼ -5.00%
• Reading proficiency: 71% ▲ 11.00%
• Median HH income: $46,528
• Composite: 54.01/100
• National rank: #1397
• State rank: #195 of 590 in NY

Livability — Ithaca

• Score: 77/100
• State rank: #210
• US rank: #3240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ithaca, NY
• County: Tompkins County · 68,610 people
• City population: 68,610
• Metro: Ithaca, NY
• Population (ZIP): 68,610
• Household income: $71,445
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 5169.0

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 (68%)
• Race & ethnicity: White 68% Asian 13% Hispanic / Latino 8% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Italian 3% Scotch-Irish 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 79% English-only · Chinese 5% Spanish 4% Other Indo-European 4%

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: ▼ -276.59%
• Current HPI: 389.7215
• Rent YoY: ▲ 5.22%
• Metro: Ithaca, 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

+523.0% since first listed

9 events — show timeline

• 2026-04-30 Listed $380,000 IBRMLS
• 2025-07-02 Sold (Public Records) $259,000 Public Records
• 2025-06-30 Sold (MLS) $259,000 IBRMLS
• 2025-04-28 Contingent — IBRMLS
• 2025-04-21 Relisted — IBRMLS
• 2025-04-21 Price Changed $279,000 IBRMLS
• 2025-04-14 Contingent — IBRMLS
• 2025-03-13 Listed $299,000 IBRMLS
• 1999-11-03 Sold (Public Records) $61,000 Public Records

Property tax history

-9.7%/yr

Latest (2025): $1,645 · -71.9% YoY. Source: county tax records.