121 Coy Glen Rd · Ithaca, NY 14850

$290,000

3 bd · 1.0 ba · 1,090 sqft · SingleFamily public records · 47 Days on market

Built 1960 10,400 sqft lot Est $284k · at est.

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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 +27.4/30.0
• DSCR +9.6/10.0
• 1% rule +8.1/10.0
• ARV discount +6.6/15.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable 3BR & 1BA ranch convenient to Downtown Ithaca. The home was recently updated with new carpet throughout, freshly painted interior, hot water heater (2019), new stove-electric, new refrigerator and new light fixtures in the dining room and two of the bedrooms. Located on a beautiful corner lot with all municipal services and ready to move right in and enjoy! The property was purchased as an investment property in 2017 for $161,234 (bought as a 1031 exchange) and has been unoccupied since 8/4/2019 the owners have chosen to exit the rental market. Note: video tour has been uploaded to listing.

Key facts

• Practical mudroom
• Covered front porch
• Perennial gardens

Tags

• OPEN LIVING AND DINING AREA
• BACKYARD GREENHOUSE SHED
• PRACTICAL MUDROOM
• COVERED FRONT PORCH
• PERENNIAL GARDENS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $793 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• Recommended offer: $281k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 5.3% in Ithaca — 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 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: Cayuga Heights Elementary School (math 57% / reading 67%, grade B, #675 of 2,108 statewide, top 35%, 303 students, 33% FRL); Boynton Middle School (math 36% / reading 64%, grade C, #261 of 729 statewide, top 36%, 526 students, 36% FRL); Ithaca Senior High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 1,341 students, 31% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 327 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $9k 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 + 5.2% rent growth), your $81k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $158k; list at $290k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $281,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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 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: 1.31% ✓
• Cap rate: 9.80%
• Cash-on-cash: 12.54%
• DSCR: 1.56
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $284,490
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Coy Glen Rd	0.00mi	3/1.0	1,090 (0%)	1mo	$285,000	$261	99

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: 3.8%
• Equity multiple: 1.15×
• Total profit: $12,358
• Equity at exit: $43,240

10-year hold

• IRR: 15.5%
• Equity multiple: 2.40×
• Total profit: $113,713
• Equity at exit: $25,074

Cash invested: $81,200 (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: 6.4×

Monthly cashflow live

• Estimated rent: $3,792 medium
• Mortgage (P&I): −$1,521
• Tax from tax record: −$506 /mo · $6,066/yr
• Insurance: −$121
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$796
• Net cashflow: $793

Break-even live

Break-even rent $2,788

Max offer price $290,000

Occupancy floor 74%

Sensitivity live

Price	-10% $957	-5% $875	+0% $793	+5% $711	+10% $629
Rent	-10% $494	-5% $643	+0% $793	+5% $943	+10% $1,093
Rate	-1.0pp $939	-0.5pp $867	base $793	+0.5pp $718	+1.0pp $642

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
139 Chestnut St Ithaca, NY	1.0–3.0	1.0	850	$1,895	$2.23	44d	1	1.04mi
323 Taughannock Blvd Ithaca, NY	2.0	1.0–2.5	1167	$6,402	$5.48	44d	6	1.25mi
324 Spencer Rd Ithaca, NY	2.0	1.0	850	$2,545	$2.99	44d	8	1.26mi
430 W State St Ithaca, NY	2.0	1.0–2.0	727	$3,410	$4.69	44d	34	1.41mi

Listing history 12 events

1. 2026-04-18
   status Pending
2. 2026-03-05
   historical Active Under Contract
3. 2026-03-02
   listed $290,000 Active
4. 2020-06-04
   soldstatus $158,500
5. 2020-06-03
   soldstatus $158,500 614-char remark

   Show marketing remark (614 chars)

   Affordable 3BR & 1BA ranch convenient to Downtown Ithaca. The home was recently updated with new carpet throughout, freshly painted interior, hot water heater (2019), new stove-electric, new refrigerator and new light fixtures in the dining room and two of the bedrooms. Located on a beautiful corner lot with all municipal services and ready to move right in and enjoy! The property was purchased as an investment property in 2017 for $161,234 (bought as a 1031 exchange) and has been unoccupied since 8/4/2019 the owners have chosen to exit the rental market. Note: video tour has been uploaded to listing.

6. 2020-06-03
   soldstatus $158,500 614-char remark

   Show marketing remark (614 chars)

   Affordable 3BR & 1BA ranch convenient to Downtown Ithaca. The home was recently updated with new carpet throughout, freshly painted interior, hot water heater (2019), new stove-electric, new refrigerator and new light fixtures in the dining room and two of the bedrooms. Located on a beautiful corner lot with all municipal services and ready to move right in and enjoy! The property was purchased as an investment property in 2017 for $161,234 (bought as a 1031 exchange) and has been unoccupied since 8/4/2019 the owners have chosen to exit the rental market. Note: video tour has been uploaded to listing.

7. 2020-04-10
   listed $160,000 614-char remark

   Show marketing remark (614 chars)

   Affordable 3BR & 1BA ranch convenient to Downtown Ithaca. The home was recently updated with new carpet throughout, freshly painted interior, hot water heater (2019), new stove-electric, new refrigerator and new light fixtures in the dining room and two of the bedrooms. Located on a beautiful corner lot with all municipal services and ready to move right in and enjoy! The property was purchased as an investment property in 2017 for $161,234 (bought as a 1031 exchange) and has been unoccupied since 8/4/2019 the owners have chosen to exit the rental market. Note: video tour has been uploaded to listing.

8. 2020-04-10
   listed $160,000 614-char remark

   Show marketing remark (614 chars)

   Affordable 3BR & 1BA ranch convenient to Downtown Ithaca. The home was recently updated with new carpet throughout, freshly painted interior, hot water heater (2019), new stove-electric, new refrigerator and new light fixtures in the dining room and two of the bedrooms. Located on a beautiful corner lot with all municipal services and ready to move right in and enjoy! The property was purchased as an investment property in 2017 for $161,234 (bought as a 1031 exchange) and has been unoccupied since 8/4/2019 the owners have chosen to exit the rental market. Note: video tour has been uploaded to listing.

9. 2017-06-06
   soldstatus $161,234
10. 2017-06-05
    soldstatus $161,234
11. 2017-03-15
    listed $157,000
12. 2014-12-08
    soldstatus $110,000

ⓘ 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: $6,066 · $506/mo
• Projected year-2 tax: $6,066 · $506/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 9/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 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: $45,506
• − Mortgage interest: −$16,245
• − Property taxes: −$6,066
• − Insurance: −$2,116
• − Repairs & maintenance: −$3,640
• − Management: −$3,640
• − Depreciation: −$8,436
• Taxable income: $5,361
• Est. tax owed @ 24.0%: −$1,287
• After-tax cash flow: $8,231/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

• 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

+163.6% since first listed

12 events — show timeline

• 2026-04-18 Pending — IBRMLS
• 2026-03-05 Contingent — IBRMLS
• 2026-03-02 Listed $290,000 IBRMLS
• 2020-06-04 Sold (Public Records) $158,500 Public Records
• 2020-06-03 Sold (MLS) $158,500 IBRMLS
• 2020-06-03 Sold (MLS) $158,500 IBRMLS
• 2020-04-10 Listed $160,000 IBRMLS
• 2020-04-10 Listed $160,000 IBRMLS
• 2017-06-06 Sold (Public Records) $161,234 Public Records
• 2017-06-05 Sold (MLS) $161,234 IBRMLS
• 2017-03-15 Listed $157,000 IBRMLS
• 2014-12-08 Sold (Public Records) $110,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $6,066 · +2.7% YoY. Source: county tax records.