198 King Rd E · South Hill, NY 14850

$529,800

6 bd · 4.0 ba · 2,800 sqft · MultiFamily public records · 29 Days on market

Built 1987 0.57 ac lot

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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).

• Cash flow +11.1/30.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Rent growth +3.8/5.0
• 1% rule +3.5/10.0
• Livability +3.5/5.0
• DSCR +3.2/10.0
• 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

Outstanding owner-occupied or investment opportunity! This fully renovated duplex offers the perfect blend of convenience and tranquility, ideally located just minutes from Ithaca College and downtown Ithaca while enjoying a peaceful country setting. Each spacious 3-bedroom, 2-bath unit has been thoughtfully updated with stylish modern finishes, including sparkling kitchens featuring stainless steel appliances, granite countertops, soft-close cabinetry, stainless steel range hoods, recessed lighting, and contemporary fixtures. Both units also include separate laundry rooms, private decks, and attached one-car garages. The beautifully renovated bathrooms showcase custom tilework, glass-enclo

Key facts

• Sparkling kitchens
• Soft-close cabinetry
• Granite countertops

Tags

• FULLY RENOVATED DUPLEX
• SPARKLING KITCHENS
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• SOFT-CLOSE CABINETRY
• SEPARATE LAUNDRY ROOMS

Property features AI

Finance

• Financial info: One unit lists actual and total rent of $2,400

Exterior

• Parking: Attached garage; 2-car garage; Paved parking; Garage door opener
• Security: Owned security system
• Utilities: Public water; Sewer connected; Water connected; Electricity connected; Cable available
• Home design: Duplex; Two stories
• Construction: Vinyl siding
• Exterior features: Private yard; Deck; Covered porch

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator; Microwave; Eat-in kitchen / Dining area with kitchen
• Bedrooms: Two 3-bedroom units
• Flooring: Carpet; Laminate; Tile; Vinyl; Varied flooring
• Bathrooms: Two 2-bath units; Total of 4 full bathrooms
• Heating & cooling: Electric baseboard heating; Has heating
• Interior features: Entrance foyer; Porch
• Laundry & utility: Washer hookup; Washer and dryer provided in units; Laundry in unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $530k.

Deal economics

• At list price, monthly cash flow is $-217 ($-3k/yr) — negative. Per door: $-108/mo.
• To cash-flow at today's rent, offer at most $491k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $453k (14.5% below list).
• Recommended offer: $453k (14.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#471 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime D+, cost of living D+, health & safety 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: South Hill School (math 57% / reading 72%, grade B, #591 of 2,108 statewide, top 31%, 380 students, 0% FRL) — zoned schools average 0% FRL vs 30% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $4,529/mo this rent would consume 76% of the median local household income ($71k/yr) (locally 5169% 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 $4k of loan paydown is wiped out by about $16k 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 29 days — a 2% lower offer ($522k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y 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.
• Current owner paid $192k; list at $530k implies a 177% gain — meaningful room to come down on a strong offer.

Recommended offer $452,900 (14.5% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 0.85% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.40×
• Total profit: $-89,169
• Equity at exit: $78,995

10-year hold

• IRR: -4.7%
• Equity multiple: 0.66×
• Total profit: $-50,413
• Equity at exit: $45,807

Cash invested: $148,344 (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: 19.5×

Monthly cashflow live

• Estimated rent: $4,529 medium
• Mortgage (P&I): −$2,778
• Tax from tax record: −$796 /mo · $9,548/yr
• Insurance: −$221
• HOA: −$0
• Vacancy / Maint / Mgmt: −$951
• Net cashflow: $-217

Break-even live

Break-even rent $4,803

Max offer price $491,499

Occupancy floor 100%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,530
Total (2 units)			$4,529

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: $132,450
• Closing costs: $15,894
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $529,800 Active 29 DOM
2. 2026-06-18
   days on market $529,800 Active 28 DOM
3. 2026-06-17
   days on market $529,800 Active 27 DOM
4. 2026-06-16
   days on market $529,800 Active 26 DOM
5. 2026-06-15
   days on market $529,800 Active 25 DOM
6. 2026-06-14
   days on market $529,800 Active 23 DOM
7. 2026-06-13
   days on market $529,800 Active 22 DOM
8. 2026-06-10
   days on market $529,800 Active 20 DOM
9. 2026-06-09
   days on market $529,800 Active 19 DOM
10. 2026-06-08
    days on market $529,800 Active 18 DOM
11. 2026-06-07
    days on market $529,800 Active 17 DOM
12. 2026-06-05
    days on market $529,800 Active 14 DOM
13. 2026-06-02
    days on market $529,800 Active 12 DOM
14. 2026-06-01
    days on market $529,800 Active 11 DOM
15. 2026-05-31
    days on market $529,800 Active 10 DOM
16. 2026-05-30
    days on market $529,800 Active 9 DOM
17. 2026-05-21
    listed $529,800 Active
18. 2009-08-27
    soldstatus $191,500
19. 2004-10-06
    soldstatus $75,000
20. 2002-07-17
    soldstatus $142,500
21. 2002-07-17
    soldstatus $142,500
22. 2002-03-07
    listed $159,900

ⓘ 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: $9,548 · $796/mo
• Projected year-2 tax: $9,548 · $796/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°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: $54,348
• − Mortgage interest: −$29,677
• − Property taxes: −$9,548
• − Insurance: −$2,649
• − Repairs & maintenance: −$4,348
• − Management: −$4,348
• − Depreciation: −$15,412
• Taxable loss: −$11,634
• Est. tax savings @ 24.0%: +$2,792
• After-tax cash flow: $190/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 — South Hill

• Score: 69/100
• State rank: #471
• US rank: #8329

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Hill, NY
• County: Tompkins County · 68,610 people
• 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

+231.3% since first listed

6 events — show timeline

• 2026-05-21 Listed $529,800 IBRMLS
• 2009-08-27 Sold (Public Records) $191,500 Public Records
• 2004-10-06 Sold (Public Records) $75,000 Public Records
• 2002-07-17 Sold (Public Records) $142,500 Public Records
• 2002-07-17 Sold (MLS) $142,500 IBRMLS
• 2002-03-07 Listed $159,900 IBRMLS

Property tax history

+0.3%/yr

Latest (2025): $9,548 · +2.7% YoY. Source: county tax records.