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115 Prospect St Multi-family
F Composite 31.39
Why this score? — see what drove the F 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 +15.0/15.0
  • Schools +7.0/10.0
  • Livability +3.9/5.0
  • Rent growth +2.5/5.0
  • Condition / age +2.2/5.0
  • Cash flow +0.8/30.0
  • 1% rule +0.0/10.0
  • DSCR +0.0/10.0
  • Appreciation +0.0/10.0

$370,000

115 Prospect St · Ithaca, NY 14850
6 bd · 2.0 ba · 1,678 sqft · MultiFamily public records · 104 Days on market
Built 1890 Fair condition 4,390 sqft lot $221/sqft · 39% below area Est $608k · 39% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This incredibly located property is within easy reach of Southworks, and the South Hill walking trail. Tenants can easily be downtown and walk to the library, or all the restaurants, fairs, and fun that Ithaca offers. Small investors can purchase this unit, or the package of this unit and two neighboring properties. A savvy developer might want to purchase the package and have access from two streets, with potential to eventually do something larger with a 3 parcel assemly of adjoining properties. Come take at look at this well located property whether you want to occupy, invest or someday reconfigure. The pricing makes it all possible.

Key facts

  • 4,390 sq ft lot
  • Built 1890
  • Listed 103 days

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 6-bed/2.0-bath multifamily listed at $370k. Condition is rated fair.

Deal economics

  • At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
  • To cash-flow at today's rent, offer at most $128k (65.5% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (63.5% below list).
  • Recommended offer: $128k (65.5% below list) — sets the bar for cash-flow.
  • Cap rate 1.2% vs local median 3.9% in Ithaca — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: South Hill School (math 57% / reading 72%, grade B, #591 of 2,108 statewide, top 31%, 380 students, 0% 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).
  • Market conditions: 492 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $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 104 days — a 9% lower offer ($337k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
Recommended offer $127,600 (65.5% 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. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 66% concession, seller financing, or rate buy-down credit?
  3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
  4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. 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?
  8. 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?
  9. 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.
  10. 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.
  11. 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
0.36%
Cap rate
1.23%
Cash-on-cash
-18.07%
DSCR
0.20
GRM
22.8

CMA / ARV

ARV (median comp)
$607,801
List price
$370,000
Delta
-39.12%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 5 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
113 N Quarry St 0.42mi 6/2.0 1,613 (-4%) 19mo $369,250 $229 59
750 S Aurora St 0.34mi 6/2.0 1,792 (+7%) 17mo $357,500 $199 59
215 - 217 Prospect St 0.12mi 6/3.0 1,864 (+11%) 18mo $465,000 $249 57
200 Miller St 1.00mi 5/2.0 (-1) 1,796 (+7%) 16mo $355,000 $198 35
315-317 E Falls St 1.08mi 6/2.0 1,390 (-17%) 24mo $430,000 $309 20

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 · 3.0% rent growth · sell at horizon

5-year hold
IRR
-52.6%
Equity multiple
-0.54×
Total profit
$-159,228
Equity at exit
$55,168
10-year hold
IRR
Equity multiple
-1.57×
Total profit
$-266,308
Equity at exit
$31,991

Cash invested: $103,600 (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.

Active competition Active MLS

For sale now
3 active · 3 under contract
Median asking
$364,150 ($191/sqft)
Median days on market
83 d
This list price
67% of active listings are priced below it
ARV vs active asking
+90.1% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14850

Active inventory
492
Price-to-rent
45.7×

Monthly cashflow live

Estimated rent
$1,350 high interval (Pro) →
Mortgage (P&I)
$1,940
Tax from tax record
$532 /mo · $6,380/yr
Insurance
$154
HOA
$0
Vacancy / Maint / Mgmt
$284
Net cashflow
$-1,560

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

UnitsBedsBathsEst. rent
Total (2 units) $1,350

Break-even live

Break-even rent $3,324
Max offer price $127,600
Occupancy floor

Sensitivity live

Price -10% $-1,350 -5% $-1,455 +0% $-1,560 +5% $-1,664 +10% $-1,769
Rent -10% $-1,666 -5% $-1,613 +0% $-1,560 +5% $-1,506 +10% $-1,453
Rate -1.0pp $-1,373 -0.5pp $-1,466 base $-1,560 +0.5pp $-1,656 +1.0pp $-1,753

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
$92,500
Closing costs
$11,100
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 35 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
119 Prospect St Ithaca, NY 3.0 1.0 1296 $675 $0.52 3d 2 0.02mi
312 S Aurora St Ithaca, NY 4.0 2.0 1200 $1,688 $1.41 2d 2 0.05mi
409 S Aurora St Ithaca, NY 4.0 2.0 1247 $3,200 $2.57 6d 1 0.09mi
407 S Aurora St Ithaca, NY 4.0 2.0 1247 $3,200 $2.57 6d 1 0.09mi
210 E Green St Ithaca, NY 2.0 1.0–2.0 700 $3,699 $5.28 2d 23 0.14mi
320 Hillview Pl Ithaca, NY 2.0–3.0 1.0 810 $2,100 $2.59 2d 4 0.15mi
513 S Aurora St Ithaca, NY 3.0 1.0 1000 $2,100 $2.10 6d 1 0.15mi
517 S Aurora St Unit 2 Ithaca, NY 3.0 1.0 1400 $2,150 $1.54 6d 1 0.16mi
125 E State St Ithaca, NY 1.0–2.0 1.0–2.0 1000 $3,800 $3.80 6d 5 0.18mi
220 E State St Unit 4 Ithaca, NY 2.0 1.0 1000 $1,400 $1.40 6d 1 0.19mi
401 E State St Ithaca, NY 1.0–2.0 1.0–1.5 915 $3,750 $4.10 6d 18 0.19mi
615 E State St Unit 1 Ithaca, NY 3.0 1.0 1650 $2,500 $1.52 6d 1 0.39mi
614 E State St Unit 5 Ithaca, NY 2.0 1.0 957 $1,700 $1.78 6d 1 0.40mi
105 Grandview Ave Ithaca, NY 3.0 1.0 1500 $1,875 $1.25 6d 1 0.40mi
815 S Aurora St Ithaca, NY 2.0–4.0 1.0 936 $2,125 $2.27 2d 1 0.48mi
430 W State St Ithaca, NY 2.0 1.0–2.0 741 $3,725 $5.03 2d 9 0.52mi
445 N Tioga St Unit 2 Ithaca, NY 3.0 1.0 1117 $700 $0.63 6d 1 0.55mi
126 College Ave Ithaca, NY 4.0–6.0 2.0 1240 $900 $0.73 2d 10 0.56mi
127 College Ave Ithaca, NY 3.0 1.0 958 $2,885 $3.01 139d 1 0.59mi
414 E Marshall St Unit 2 Ithaca, NY 4.0 1.5 1500 $3,400 $2.27 6d 1 0.65mi
206 3rd St Unit A Ithaca, NY 3.0 1.0 1300 $950 $0.73 6d 1 0.75mi
918 Danby Rd Ithaca, NY 3.0 1.0 1100 $16,000 $14.55 2d 1 0.75mi
520 Linn St Unit 1 Ithaca, NY 2.0 1.0 1000 $2,150 $2.15 6d 1 0.88mi
105 Worth St #1 Ithaca, NY 3.0 1.0 1525 $3,600 $2.36 6d 1 0.90mi
323 Taughannock Blvd Ithaca, NY 2.0 2.5 1542 $3,152 $2.04 2d 3 0.91mi
700 Stewart Ave Ithaca, NY 2.0 1.0–2.0 745 $3,046 $4.09 6d 36 0.91mi
710 Stewart Ave Unit 8 Ithaca, NY 3.0 1.0 973 $2,250 $2.31 6d 1 0.95mi
201 Cayuga Park Ln Unit 3BR Ithaca, NY 3.0 2.0 1325 $4,040 $3.05 6d 1 0.96mi
201 Cayuga Park Ln Unit 2BR Ithaca, NY 2.0 2.0 1143 $3,420 $2.99 6d 1 0.96mi
709 Stewart Ave Ithaca, NY 1.0–4.0 1.0–2.0 837 $2,314 $2.76 6d 36 0.97mi
125 Lake St Ithaca, NY 2.0 1.0–2.0 761 $3,800 $4.99 6d 1 1.00mi
1007 N Aurora St Unit 1005-1 Ithaca, NY 3.0 1.0 1000 $1,995 $2.00 6d 1 1.02mi
105 E York St Unit Upstairs Ithaca, NY 3.0 1.0 1200 $2,250 $1.88 6d 1 1.14mi
380 Coddington Rd Unit A Ithaca, NY 3.0 1.0 1100 $1,950 $1.77 6d 1 1.35mi
120 Westbourne Ln Ithaca, NY 5.0 1.0–2.0 906 $2,155 $2.38 6d 62 1.38mi

Property features AI

Finance

Financial info
Each unit currently rents for $2,100

Exterior

Utilities
Public waterSewer connectedWater connected
Home design
DuplexTwo-storyResidential property
Construction
Frame constructionStone foundation
Exterior features
Asphalt roofNear public transitRectangular lotCity street frontagePublicly maintained road

Interior

Kitchen
Water heater (appliance)
Bedrooms
Two 3-bedroom units
Flooring
LaminateVinylVaries
Bathrooms
Two full bathrooms (one per unit)
Heating & cooling
Forced air heatingNatural gas heating
Interior features
Full basement

Listing history 50 events

  1. 2026-09-24
    days on market $370,000 Active 104 DOM
  2. 2026-09-24
    days on market $370,000 Active 103 DOM
  3. 2026-09-22
    days on market $370,000 Active 102 DOM
  4. 2026-09-20
    days on market $370,000 Active 100 DOM
  5. 2026-09-18
    days on market $370,000 Active 98 DOM
  6. 2026-09-17
    days on market $370,000 Active 97 DOM
  7. 2026-09-16
    days on market $370,000 Active 96 DOM
  8. 2026-09-15
    days on market $370,000 Active 95 DOM
  9. 2026-09-14
    days on market $370,000 Active 94 DOM
  10. 2026-09-13
    days on market $370,000 Active 93 DOM
  11. 2026-09-12
    days on market $370,000 Active 92 DOM
  12. 2026-09-11
    pricedays on market $370,000 Active 91 DOM
  13. 2026-09-05
    days on market $390,000 Active 85 DOM
  14. 2026-09-04
    days on market $390,000 Active 84 DOM
  15. 2026-09-03
    days on market $390,000 Active 83 DOM
  16. 2026-09-02
    days on market $390,000 Active 82 DOM
  17. 2026-08-30
    days on market $390,000 Active 79 DOM
  18. 2026-08-29
    days on market $390,000 Active 78 DOM
  19. 2026-08-28
    days on market $390,000 Active 77 DOM
  20. 2026-08-27
    days on market $390,000 Active 76 DOM
  21. 2026-08-25
    days on market $390,000 Active 74 DOM
  22. 2026-08-24
    days on market $390,000 Active 73 DOM
  23. 2026-08-23
    days on market $390,000 Active 72 DOM
  24. 2026-08-22
    days on market $390,000 Active 71 DOM
  25. 2026-08-21
    days on market $390,000 Active 70 DOM
  26. 2026-08-20
    days on market $390,000 Active 69 DOM
  27. 2026-08-19
    days on market $390,000 Active 68 DOM
  28. 2026-08-18
    days on market $390,000 Active 67 DOM
  29. 2026-08-17
    days on market $390,000 Active 66 DOM
  30. 2026-08-16
    days on market $390,000 Active 65 DOM
  31. 2026-08-15
    days on market $390,000 Active 64 DOM
  32. 2026-08-14
    days on market $390,000 Active 63 DOM
  33. 2026-08-13
    days on market $390,000 Active 62 DOM
  34. 2026-08-12
    days on market $390,000 Active 61 DOM
  35. 2026-08-11
    days on market $390,000 Active 60 DOM
  36. 2026-08-10
    days on market $390,000 Active 59 DOM
  37. 2026-08-09
    days on market $390,000 Active 58 DOM
  38. 2026-08-08
    days on market $390,000 Active 57 DOM
  39. 2026-08-07
    days on market $390,000 Active 56 DOM
  40. 2026-08-06
    days on market $390,000 Active 55 DOM
  41. 2026-08-05
    days on market $390,000 Active 54 DOM
  42. 2026-08-04
    days on market $390,000 Active 53 DOM
  43. 2026-08-03
    days on market $390,000 Active 52 DOM
  44. 2026-07-31
    days on market $390,000 Active 49 DOM
  45. 2026-07-29
    days on market $390,000 Active 47 DOM
  46. 2026-07-27
    days on market $390,000 Active 45 DOM
  47. 2026-07-25
    days on market $390,000 Active 43 DOM
  48. 2026-07-23
    days on market $390,000 Active 41 DOM
  49. 2026-07-22
    days on market $390,000 Active 40 DOM
  50. 2026-07-21
    days on market $390,000 Active 39 DOM

ⓘ 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
$6,380 · $532/mo
Projected year-2 tax
$6,380 · $532/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 (unshaded) · 0% chance over 30 yrs
  • 🔥 Wildfire 1/10 Low
  • 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 17 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$16,200
− Mortgage interest
−$20,726
− Property taxes
−$6,380
− Insurance
−$1,850
− Repairs & maintenance
−$1,296
− Management
−$1,296
− Depreciation
−$10,764
Taxable loss
−$26,111
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$6,267
After-tax cash flow
$-12,449/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 · 3 photos

Fair 45/100 Moderate rehab Est. rehab $41,950–$75,510 screening

This multi-family property requires significant repairs and maintenance, including a new roof, exterior updates, and landscaping. While it has a good location, the current condition will likely deter potential buyers and renters. Investing in these improvements will significantly increase its value.

Deferred maintenance Est. $40,000–$120,000 screening

  • Major Roof (roof) — The roof appears to be missing or damaged, indicating a major issue that needs immediate attention.
  • Major Windows (windows) — The windows seem to be in poor condition, possibly due to age or exposure, indicating a major issue that needs immediate attention.
  • Major Electrical (electrical) — The electrical system appears to be outdated or in poor condition, which could be a major issue that needs immediate attention.
  • Major Exterior (exterior) — The exterior of the house appears to be in poor condition, possibly due to age or exposure, indicating a major issue that needs immediate attention.

Repairs flagged

  • Major roof — Signs of wear and potential leaks.
  • Major exterior siding — Peeling and chipping paint.
  • Major windows — Old and may need replacement or caulking.
  • Major HVAC/mechanicals — Older systems that may need replacement.
  • Major landscaping — Overgrown and in need of trimming and maintenance.

Value-add opportunities

  • Both roof replacement — Fixing the roof will improve both the resale and rental value.
  • Both exterior siding and paint — Updating the exterior will enhance curb appeal and attract more tenants.
  • Both window replacement — New windows will improve energy efficiency and increase the home's value.
  • Both HVAC/mechanical replacement — Upgrading the HVAC system will improve comfort and energy efficiency.
  • Both landscaping and curb appeal — A well-maintained yard will attract more tenants and improve the home's overall appearance.

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 70/100

Zoned Schools

Elementary South Hill School B NY #591/2,108 Nat'l #5,189/41,679 Middle Boynton Middle School C NY #261/729 Nat'l #3,460/14,009 High Ithaca Senior High School A+ NY #83/1,100 Nat'l #116/17,239

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
B Composite livability gradescore 77/100

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 · 113,958 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
13% of renters

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

Price history

+19597.0% since first listed
3 events — show timeline
  • 2026-07-09 Price Changed $390,000 IBRMLS
  • 2026-06-12 Listed $400,000 IBRMLS
  • 2022-02-13 Price Changed $1,980 RENT.

Property tax history

+0.8%/yr

Latest (2025): $6,380 · +2.3% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…