112 Sunrise Rd · Ithaca, NY 14850

$420,000

6 bd · 2.0 ba · 2,438 sqft · MultiFamily · 85 Days on market

Built 1900 Fair condition 6,534 sqft lot $172/sqft · 15% below area Est $495k · 15% under ↓ 7% since listing

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Why this score? — see what drove the C+ 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 +21.9/30.0
• ARV discount +14.3/15.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• 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

West Hill Duplex ready for owner occupiers or investment opportunity! DOUBLE LOT! Each unit offers three comfortable bedrooms and a full bathroom, complemented by bright interiors and layouts that maximize natural light. Start your mornings on the covered front porch or unwind outback. Additional features for each unit include a small storage shed, separate off-street parking, and located across from public transportation. As a bonus, the property will include an extra lot next door—providing even more space and potential! This property presents a fantastic opportunity for both investors and owner-occupants seeking an income-generating home just moments from all local amenities.

Key facts

• Covered front porch
• Small storage shed
• Extra lot next door

Tags

• COVERED FRONT PORCH
• SMALL STORAGE SHED
• SEPARATE OFF STREET PARKING
• EXTRA LOT NEXT DOOR
• PUBLIC TRANSPORTATION

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $420k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Recommended offer: $395k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.
• 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 $4,515/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 $3k of loan paydown is wiped out by about $13k 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 85 days — a 6% lower offer ($395k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $394,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.07% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (median comp): $494,537
• List price: $420,000
• Delta: -15.07%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 Third St	0.66mi	6/2.0	2,600 (+7%)	12mo	$415,000	$160	48

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-15,371
• Equity at exit: $62,623

10-year hold

• IRR: 8.6%
• Equity multiple: 1.73×
• Total profit: $85,641
• Equity at exit: $36,314

Cash invested: $117,600 (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: 15.5×

Monthly cashflow live

• Estimated rent: $4,515 high
• Mortgage (P&I): −$2,203
• Tax est. 1.5%: −$525 /mo · $6,300/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$948
• Net cashflow: $664

Break-even live

Break-even rent $3,674

Max offer price $420,000

Occupancy floor 80%

Sensitivity live

Price	-10% $955	-5% $809	+0% $664	+5% $519	+10% $374
Rent	-10% $308	-5% $486	+0% $664	+5% $843	+10% $1,021
Rate	-1.0pp $876	-0.5pp $771	base $664	+0.5pp $555	+1.0pp $445

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,514
Total (2 units)			$4,515

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $420,000 Active 85 DOM
2. 2026-06-18
   days on market $420,000 Active 84 DOM
3. 2026-06-17
   days on market $420,000 Active 83 DOM
4. 2026-06-16
   days on market $420,000 Active 82 DOM
5. 2026-06-15
   days on market $420,000 Active 81 DOM
6. 2026-06-14
   days on market $420,000 Active 79 DOM
7. 2026-06-13
   days on market $420,000 Active 78 DOM
8. 2026-06-10
   days on market $420,000 Active 76 DOM
9. 2026-06-09
   days on market $420,000 Active 75 DOM
10. 2026-06-08
    days on market $420,000 Active 74 DOM
11. 2026-06-07
    days on market $420,000 Active 73 DOM
12. 2026-06-05
    days on market $420,000 Active 70 DOM
13. 2026-06-02
    days on market $420,000 Active 68 DOM
14. 2026-06-01
    days on market $420,000 Active 67 DOM
15. 2026-05-31
    days on market $420,000 Active 66 DOM
16. 2026-05-30
    days on market $420,000 Active 65 DOM
17. 2026-05-04
    price $420,000 693-char remark

    Show marketing remark (693 chars)

    West Hill Duplex ready for owner occupiers or investment opportunity! DOUBLE LOT! Each unit offers three comfortable bedrooms and a full bathroom, complemented by bright interiors and layouts that maximize natural light. Start your mornings on the covered front porch or unwind outback. Additional features for each unit include a small storage shed, separate off-street parking, and located across from public transportation. As a bonus, the property will include an extra lot next door—providing even more space and potential! This property presents a fantastic opportunity for both investors and owner-occupants seeking an income-generating home just moments from all local amenities.

18. 2026-05-04
    price $420,000 693-char remark

    Show marketing remark (693 chars)

    West Hill Duplex ready for owner occupiers or investment opportunity! DOUBLE LOT! Each unit offers three comfortable bedrooms and a full bathroom, complemented by bright interiors and layouts that maximize natural light. Start your mornings on the covered front porch or unwind outback. Additional features for each unit include a small storage shed, separate off-street parking, and located across from public transportation. As a bonus, the property will include an extra lot next door—providing even more space and potential! This property presents a fantastic opportunity for both investors and owner-occupants seeking an income-generating home just moments from all local amenities.

19. 2026-03-26
    listed $450,000 Active 693-char remark

    Show marketing remark (693 chars)

    West Hill Duplex ready for owner occupiers or investment opportunity! DOUBLE LOT! Each unit offers three comfortable bedrooms and a full bathroom, complemented by bright interiors and layouts that maximize natural light. Start your mornings on the covered front porch or unwind outback. Additional features for each unit include a small storage shed, separate off-street parking, and located across from public transportation. As a bonus, the property will include an extra lot next door—providing even more space and potential! This property presents a fantastic opportunity for both investors and owner-occupants seeking an income-generating home just moments from all local amenities.

20. 2026-03-23
    listed $450,000 Active 693-char remark

    Show marketing remark (693 chars)

    West Hill Duplex ready for owner occupiers or investment opportunity! DOUBLE LOT! Each unit offers three comfortable bedrooms and a full bathroom, complemented by bright interiors and layouts that maximize natural light. Start your mornings on the covered front porch or unwind outback. Additional features for each unit include a small storage shed, separate off-street parking, and located across from public transportation. As a bonus, the property will include an extra lot next door—providing even more space and potential! This property presents a fantastic opportunity for both investors and owner-occupants seeking an income-generating home just moments from all local amenities.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 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: $54,180
• − Mortgage interest: −$23,527
• − Property taxes: −$6,300
• − Insurance: −$2,100
• − Repairs & maintenance: −$4,334
• − Management: −$4,334
• − Depreciation: −$12,218
• Taxable income: $1,366
• Est. tax owed @ 24.0%: −$328
• After-tax cash flow: $7,644/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

The property requires moderate renovations, focusing on exterior siding and landscaping, to improve its resale and rental value.

Repairs flagged

• Major Exterior siding — Severe weathering and staining
• Major Landscaping — Overgrown and unkempt

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and property value
• Both Trim and maintain landscaping — Improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Severe weathering and staining	Major	$15,000–50,000
Landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and property value ↑
• Both Trim and maintain landscaping — Improves curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-6.7% since first listed

4 events — show timeline

• 2026-05-04 Price Changed $420,000 IBRMLS
• 2026-05-04 Price Changed $420,000 IBRMLS
• 2026-03-26 Listed $450,000 IBRMLS
• 2026-03-23 Listed $450,000 IBRMLS