408-12 Hillview Pl · Ithaca, NY 14850

$1,350,000

12 bd · 4.8 ba · 5,954 sqft · MultiFamily · 143 Days on market

Built 1980 Good condition 4,792 sqft lot $227/sqft · at area comps Est $1376k · at est. ↓ 7% since listing

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Why this score? — see what drove the D- 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 +8.7/30.0
• ARV discount +8.4/15.0
• Schools +5.4/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• 1% rule +2.7/10.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prime Multi-Building Investment Property Near Cornell University and Ithaca College. Exceptional opportunity to acquire a high-performing student housing complex ideally located near Cornell University and Ithaca College. This unique offering includes three buildings on a single tax parcel—two spacious houses and one apartment building—featuring a total of 16 bedrooms. The property provides ample off-street parking along with a five-bay garage, offering additional income potential or utility space. The property is well-suited for student housing or multi-unit leasing, offering a strong rental history and consistent demand in the vibrant Ithaca market. Well-maintained and thoughtfully arranged for maximum occupancy and convenience, this property represents a rare chance to secure immediate income and long-term value in one of upstate New York’s most resilient rental markets. This asset offers both immediate cash flow and long-term value appreciation. The property’s multi-building composition allows for diverse leasing structures and simplified management under a single parcel. An exceptional portfolio addition or stand-alone investment, this property positions new ownership to capture stable returns in one of New York’s most reliable rental markets.

Key facts

• Turnkey offering
• Recent upgrades
• Off street parking

Tags

• TURNKEY OFFERING
• RECENT UPGRADES
• IN UNIT LAUNDRY
• DISHWASHERS
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $1.35M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative. Per door: $-283/mo.
• To cash-flow at today's rent, offer at most $1.19M (12.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.04M (23.1% below list).
• Recommended offer: $1.04M (23.1% below list) — sets the bar for 1% rule.

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 $10,379/mo this rent would consume 174% 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 $9k of loan paydown is wiped out by about $40k 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 143 days — a 12% lower offer ($1.19M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $1,037,900 (23.1% 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 143 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 0.77% ✗
• Cap rate: 5.29%
• Cash-on-cash: -3.59%
• DSCR: 0.84
• GRM: 10.8

CMA / ARV

• ARV (median comp): $1,376,120
• List price: $1,350,000
• Delta: -1.90%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.29×
• Total profit: $-266,884
• Equity at exit: $201,289

10-year hold

• IRR: -8.6%
• Equity multiple: 0.41×
• Total profit: $-222,687
• Equity at exit: $116,723

Cash invested: $378,000 (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: 43.4×

Monthly cashflow live

• Estimated rent: $10,379 high
• Mortgage (P&I): −$7,080
• Tax est. 1.5%: −$1,688 /mo · $20,250/yr
• Insurance: −$562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,180
• Net cashflow: $-1,130

Break-even live

Break-even rent $11,810

Max offer price $1,186,467

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$10,380
Total (4 units)			$10,379

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: $337,500
• Closing costs: $40,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $1,350,000 Active 143 DOM
2. 2026-06-18
   days on market $1,350,000 Active 142 DOM
3. 2026-06-17
   days on market $1,350,000 Active 141 DOM
4. 2026-06-16
   days on market $1,350,000 Active 140 DOM
5. 2026-06-15
   days on market $1,350,000 Active 139 DOM
6. 2026-06-14
   days on market $1,350,000 Active 137 DOM
7. 2026-06-13
   days on market $1,350,000 Active 136 DOM
8. 2026-06-10
   days on market $1,350,000 Active 134 DOM
9. 2026-06-09
   days on market $1,350,000 Active 133 DOM
10. 2026-06-08
    days on market $1,350,000 Active 132 DOM
11. 2026-06-07
    days on market $1,350,000 Active 131 DOM
12. 2026-06-05
    days on market $1,350,000 Active 128 DOM
13. 2026-06-02
    days on market $1,350,000 Active 126 DOM
14. 2026-06-01
    days on market $1,350,000 Active 125 DOM
15. 2026-05-31
    days on market $1,350,000 Active 124 DOM
16. 2026-05-30
    days on market $1,350,000 Active 123 DOM
17. 2026-01-27
    listed $1,350,000 Active 1298-char remark

    Show marketing remark (1298 chars)

    Prime Multi-Building Investment Property Near Cornell University and Ithaca College. Exceptional opportunity to acquire a high-performing student housing complex ideally located near Cornell University and Ithaca College. This unique offering includes three buildings on a single tax parcel—two spacious houses and one apartment building—featuring a total of 16 bedrooms. The property provides ample off-street parking along with a five-bay garage, offering additional income potential or utility space. The property is well-suited for student housing or multi-unit leasing, offering a strong rental history and consistent demand in the vibrant Ithaca market. Well-maintained and thoughtfully arranged for maximum occupancy and convenience, this property represents a rare chance to secure immediate income and long-term value in one of upstate New York’s most resilient rental markets. This asset offers both immediate cash flow and long-term value appreciation. The property’s multi-building composition allows for diverse leasing structures and simplified management under a single parcel. An exceptional portfolio addition or stand-alone investment, this property positions new ownership to capture stable returns in one of New York’s most reliable rental markets.

18. 2025-10-15
    price $1,300,000
19. 2025-07-14
    price $1,400,000
20. 2025-05-22
    listed $1,450,000 Active

ⓘ 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 8 d/yr ≥93°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: $124,548
• − Mortgage interest: −$75,621
• − Property taxes: −$20,250
• − Insurance: −$6,750
• − Repairs & maintenance: −$9,964
• − Management: −$9,964
• − Depreciation: −$39,273
• Taxable loss: −$37,273
• Est. tax savings @ 24.0%: +$8,946
• After-tax cash flow: $-4,616/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 · 13 photos

Good 80/100 Cosmetic rehab

The property is in good condition with no visible damage or wear. It has a good exterior and interior appearance, and the landscaping and curb appeal are well-maintained. The property is well-suited for student housing or multi-unit leasing, offering a strong rental history and consistent demand in the vibrant Ithaca market.

Value-add opportunities

• Both Painting the exterior and interior walls — Painting can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Updating the flooring — Updating the flooring can improve the overall look and feel of the property, making it more appealing to potential buyers and renters.
• Both Upgrading the kitchen appliances — Upgrading the kitchen appliances can make the property more attractive to potential buyers and renters, as it can add value and appeal to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Painting can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Updating the flooring — Updating the flooring can improve the overall look and feel of the property, making it more appealing to potential buyers and renters. ↑
• Both Upgrading the kitchen appliances — Upgrading the kitchen appliances can make the property more attractive to potential buyers and renters, as it can add value and appeal to the property. ↑

ⓘ 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
• 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

-6.9% since first listed

4 events — show timeline

• 2026-01-27 Listed $1,350,000 IBRMLS
• 2025-10-15 Price Changed $1,300,000 IBRMLS
• 2025-07-14 Price Changed $1,400,000 IBRMLS
• 2025-05-22 Listed $1,450,000 IBRMLS