105 Pendleton St · Cortland, NY 13045

$165,000

6 bd · 2.0 ba · 2,336 sqft · Townhouse public records · 38 Days on market

Built 1900 5,227 sqft lot $71/sqft · 75% above area

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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 +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks MLS

Value priced income property. Convenient City of Cortland location with great cash flow. Perfect for the savvy investor.

Key facts

• Manageable yard
• Off street parking
• Side by side duplex

Tags

• SIDE BY SIDE DUPLEX
• SEPARATE ENTRANCES
• OFF STREET PARKING
• MANAGEABLE YARD
• CLOSE PROXIMITY TO DOWNTOWN

Property features AI

Finance

• Other: Operating expenses include maintenance and water/sewer
• Financial info: Owner pays grounds care, snow removal, and water; Rent includes gardener, snow removal, and water; Each unit currently listed with $950 rent (actual/total)

Exterior

• Parking: Two or more parking spaces
• Utilities: Electricity connected (circuit breakers); Water connected (public); Sewer connected; High-speed internet available; Cable available
• Home design: 2-story multi-family (2 units); Resale property; Residential 2-unit zoning
• Construction: Vinyl siding; Existing construction
• Exterior features: Rectangular residential lot; City street frontage

Interior

• Kitchen: Electric water heater
• Bedrooms: Two 3-bedroom units
• Flooring: Linoleum; Vinyl
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Partial basement; Basement present
• Laundry & utility: Separate electric meters for each unit; Separate gas meters for each unit

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath townhouse listed at $165k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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).
• This rent runs 36% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 $46k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.

Risks & watch-outs

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

Recommended offer $160,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.29% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.23%
• DSCR: 1.50
• GRM: 6.5

CMA / ARV

• ARV (median comp): $94,512
• List price: $165,000
• Delta: 74.58%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.26×
• Total profit: $12,133
• Equity at exit: $24,602

10-year hold

• IRR: 20.0%
• Equity multiple: 3.11×
• Total profit: $97,575
• Equity at exit: $14,266

Cash invested: $46,200 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,127 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$314 /mo · $3,767/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $432

Break-even live

Break-even rent $1,580

Max offer price $165,000

Occupancy floor 75%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $165,000 Active 38 DOM
2. 2026-06-18
   days on market $165,000 Active 37 DOM
3. 2026-06-17
   days on market $165,000 Active 36 DOM
4. 2026-06-16
   days on market $165,000 Active 35 DOM
5. 2026-06-15
   days on market $165,000 Active 34 DOM
6. 2026-06-14
   days on market $165,000 Active 32 DOM
7. 2026-06-12
   days on market $165,000 Active 31 DOM
8. 2026-06-09
   days on market $165,000 Active 28 DOM
9. 2026-06-08
   days on market $165,000 Active 27 DOM
10. 2026-06-07
    days on market $165,000 Active 26 DOM
11. 2026-06-05
    days on market $165,000 Active 23 DOM
12. 2026-06-03
    days on market $165,000 Active 22 DOM
13. 2026-06-02
    days on market $165,000 Active 21 DOM
14. 2026-06-01
    days on market $165,000 Active 20 DOM
15. 2026-05-31
    days on market $165,000 Active 19 DOM
16. 2026-05-30
    days on market $165,000 Active 18 DOM
17. 2026-05-12
    listed $165,000 Active 661-char remark
18. 2022-03-08
    soldstatus $230,250
19. 2022-02-25
    soldstatus $82,000 Closed Sale or Rented 120-char remark

    Show marketing remark (120 chars)

    Value priced income property. Convenient City of Cortland location with great cash flow. Perfect for the savvy investor.

20. 2021-11-02
    status Under Contract- Do Not Show 120-char remark

    Show marketing remark (120 chars)

    Value priced income property. Convenient City of Cortland location with great cash flow. Perfect for the savvy investor.

21. 2021-07-15
    listed $89,000 Active 120-char remark

    Show marketing remark (120 chars)

    Value priced income property. Convenient City of Cortland location with great cash flow. Perfect for the savvy investor.

22. 2003-01-17
    soldstatus $39,999

ⓘ 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: $3,767 · $314/mo
• Projected year-2 tax: $3,767 · $314/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 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $25,523
• − Mortgage interest: −$9,243
• − Property taxes: −$3,767
• − Insurance: −$825
• − Repairs & maintenance: −$2,042
• − Management: −$2,042
• − Depreciation: −$4,800
• Taxable income: $2,804
• Est. tax owed @ 24.0%: −$673
• After-tax cash flow: $4,514/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

+312.5% since first listed

6 events — show timeline

• 2026-05-12 Listed $165,000 CNYIS
• 2022-03-08 Sold (Public Records) $230,250 Public Records
• 2022-02-25 Sold (MLS) $82,000 CNYIS
• 2021-11-02 Pending — CNYIS
• 2021-07-15 Listed $89,000 CNYIS
• 2003-01-17 Sold (Public Records) $39,999 Public Records

Property tax history

-0.2%/yr

Latest (2025): $3,767 · +6.2% YoY. Source: county tax records.