13 Randall St · Cortland, NY 13045

$169,500

6 bd · 2.0 ba · 2,560 sqft · MultiFamily public records · 4 Days on market

Built 1927 7,419 sqft lot Est $172k · 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.0/15.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Great side-by-side duplex in the city of Cortland. Just 10min to Rt 81 or 5min drive SUNY Cortland & minutes to shopping & various restaurants. Walk to Randall Park & Randall Elementary school. Walking distance to Marietta, Intl! Each unit is identical w/ 3 BRs, 1.5 baths, separate front & back entrances. Separate utilities, basements, & driveways. Hardwood floors throughout. Spacious rooms. Kitchens have ample cabinets & counter space, & lead to dining rms, making for wonderful gathering space. Back yard is partially fenced. Well maintained & great for owner occ. or a solid income earner.

Key facts

• Private driveways
• Side by side duplex
• Laundry hook ups

Tags

• SIDE BY SIDE DUPLEX
• FULLY RENOVATED UNIT
• PRIVATE DRIVEWAYS
• FULLY FENCED BACKYARD
• LARGE STORAGE BUILDING
• LAUNDRY HOOK UPS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $668/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $170k).
• Cap rate 15.8% vs local median 6.2% in Cortland — 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 (#201 in NY, #3,105 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, employment D.
• Cortland City School District (town): math 49% / reading 54% proficiency, ranked #368 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• At $3,638/mo this rent would consume 62% of the median local household income ($70k/yr) (locally 1488% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $47k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $102k; list at $170k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,500

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 2.15% ✓
• Cap rate: 15.75%
• Cash-on-cash: 33.78%
• DSCR: 2.50
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $171,520
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
51 South Ave	0.39mi	6/2.0	2,455 (-4%)	2mo	$140,000	$57	73
13 James St	0.42mi	6/2.5	2,831 (+11%)	3mo	$270,000	$95	58
22 Maple Ave	0.62mi	6/3.0	2,680 (+5%)	2mo	$180,000	$67	57
92 Pendleton St	0.36mi	6/2.0	2,448 (-4%)	23mo	$150,000	$61	57
93 Elm St	0.70mi	5/2.0 (-1)	2,530 (-1%)	7mo	$165,000	$65	54
7 Bartlett Ave	0.57mi	6/2.0	2,478 (-3%)	17mo	$160,000	$65	54
10 Garfield St #10	0.74mi	5/2.0 (-1)	2,368 (-8%)	9mo	$185,000	$78	40
4 Washington St	0.67mi	6/2.5	2,282 (-11%)	12mo	$222,500	$98	38
51-53 Clinton Ave	0.54mi	7/3.0 (+1)	2,734 (+7%)	24mo	$225,000	$82	34

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 35.5%
• Equity multiple: 2.63×
• Total profit: $77,131
• Equity at exit: $25,273

10-year hold

• IRR: 45.1%
• Equity multiple: 6.59×
• Total profit: $265,376
• Equity at exit: $14,655

Cash invested: $47,460 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $3,638 high
• Mortgage (P&I): −$889
• Tax from tax record: −$579 /mo · $6,942/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$764
• Net cashflow: $1,336

Break-even live

Break-even rent $1,947

Max offer price $169,500

Occupancy floor 58%

Sensitivity live

Price	-10% $1,432	-5% $1,384	+0% $1,336	+5% $1,288	+10% $1,240
Rent	-10% $1,049	-5% $1,192	+0% $1,336	+5% $1,480	+10% $1,623
Rate	-1.0pp $1,421	-0.5pp $1,379	base $1,336	+0.5pp $1,292	+1.0pp $1,247

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$3,638
Total (2 units)			$3,638

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: $42,375
• Closing costs: $5,085
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-03-01
   status Pending
2. 2026-02-25
   listed $169,500 Active
3. 2016-05-26
   soldstatus $102,000 642-char remark

   Show marketing remark (642 chars)

   Great side-by-side duplex in the city of Cortland. Just 10min to Rt 81 or 5min drive SUNY Cortland & minutes to shopping & various restaurants. Walk to Randall Park & Randall Elementary school. Walking distance to Marietta, Intl! Each unit is identical w/ 3 BRs, 1.5 baths, separate front & back entrances. Separate utilities, basements, & driveways. Hardwood floors throughout. Spacious rooms. Kitchens have ample cabinets & counter space, & lead to dining rms, making for wonderful gathering space. Back yard is partially fenced. Well maintained & great for owner occ. or a solid income earner.

4. 2016-05-26
   soldstatus $102,000 642-char remark

   Show marketing remark (642 chars)

   Great side-by-side duplex in the city of Cortland. Just 10min to Rt 81 or 5min drive SUNY Cortland & minutes to shopping & various restaurants. Walk to Randall Park & Randall Elementary school. Walking distance to Marietta, Intl! Each unit is identical w/ 3 BRs, 1.5 baths, separate front & back entrances. Separate utilities, basements, & driveways. Hardwood floors throughout. Spacious rooms. Kitchens have ample cabinets & counter space, & lead to dining rms, making for wonderful gathering space. Back yard is partially fenced. Well maintained & great for owner occ. or a solid income earner.

5. 2016-05-24
   soldstatus $102,000
6. 2015-09-21
   listed $114,900 642-char remark

   Show marketing remark (642 chars)

   Great side-by-side duplex in the city of Cortland. Just 10min to Rt 81 or 5min drive SUNY Cortland & minutes to shopping & various restaurants. Walk to Randall Park & Randall Elementary school. Walking distance to Marietta, Intl! Each unit is identical w/ 3 BRs, 1.5 baths, separate front & back entrances. Separate utilities, basements, & driveways. Hardwood floors throughout. Spacious rooms. Kitchens have ample cabinets & counter space, & lead to dining rms, making for wonderful gathering space. Back yard is partially fenced. Well maintained & great for owner occ. or a solid income earner.

7. 2015-09-21
   listed $114,900 642-char remark

   Show marketing remark (642 chars)

   Great side-by-side duplex in the city of Cortland. Just 10min to Rt 81 or 5min drive SUNY Cortland & minutes to shopping & various restaurants. Walk to Randall Park & Randall Elementary school. Walking distance to Marietta, Intl! Each unit is identical w/ 3 BRs, 1.5 baths, separate front & back entrances. Separate utilities, basements, & driveways. Hardwood floors throughout. Spacious rooms. Kitchens have ample cabinets & counter space, & lead to dining rms, making for wonderful gathering space. Back yard is partially fenced. Well maintained & great for owner occ. or a solid income earner.

8. 2001-04-12
   soldstatus $52,500

ⓘ 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: $6,942 · $579/mo
• Projected year-2 tax: $6,942 · $579/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 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥92°F today · 17 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: $43,656
• − Mortgage interest: −$9,495
• − Property taxes: −$6,942
• − Insurance: −$848
• − Repairs & maintenance: −$3,492
• − Management: −$3,492
• − Depreciation: −$4,931
• Taxable income: $14,456
• Est. tax owed @ 24.0%: −$3,469
• After-tax cash flow: $12,563/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: Cortland City School District
• NCES district ID: 3608460
• Math proficiency: 49% ▲ 6.00%
• Reading proficiency: 54% ▲ 17.00%
• Median HH income: $42,413
• Composite: 43.29/100
• National rank: #3041
• State rank: #368 of 590 in NY

Livability — Cortland

• Score: 77/100
• State rank: #201
• US rank: #3105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cortland, NY
• County: Cortland County · 28,361 people
• City population: 28,361
• Metro: Cortland, NY
• Population (ZIP): 28,361
• Household income: $69,961
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1488.0

Population outlook (Cortland County) Hauer SSP2

• Today (2025): 47,543 people
• By 2030: 46,107 · -3.0%
• By 2040: 43,122 · -9.3%
• By 2050: 40,216 · -15.4%
• By 2075: 34,717 · -27.0%
• By 2100: 28,953 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 3% Asian 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Cortland

• 2024 margin: Lean R (+6.4) · D 46.8% · R 53.2%
• 2008→2024 swing: -16.4pp toward R · 2008: 10.0pp · 2024: -6.4pp
• All cycles: 2024: R+6.4 2020: R+1.9 2016: R+6.7 2012: D+8.8 2008: D+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.78%
• Current HPI: 289.515
• Rent YoY: ▲ 8.37%
• Metro: Cortland, 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

+222.9% since first listed

8 events — show timeline

• 2026-03-01 Pending — CNYIS
• 2026-02-25 Listed $169,500 CNYIS
• 2016-05-26 Sold (MLS) $102,000 IBRMLS
• 2016-05-26 Sold (MLS) $102,000 CNYIS
• 2016-05-24 Sold (Public Records) $102,000 Public Records
• 2015-09-21 Listed $114,900 IBRMLS
• 2015-09-21 Listed $114,900 CNYIS
• 2001-04-12 Sold (Public Records) $52,500 Public Records

Property tax history

+5.0%/yr

Latest (2025): $6,942 · +3.2% YoY. Source: county tax records.