708 E Seneca St · Ithaca, NY 14850

$925,000

10 bd · 3.0 ba · 3,266 sqft · MultiFamily public records · 43 Days on market

Built 1913 5,544 sqft lot $283/sqft · 7% below area Est $994k · 7% under

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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 +16.2/30.0
• ARV discount +10.6/15.0
• Schools +5.4/10.0
• DSCR +5.0/10.0
• 1% rule +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Near Cornell Univ. circa 1910 3 unit rental house with an excellent rental history. Features two 3-bed & one 4-bed apartments each with liv. rm. ,bath & kitchen facilities [3rd fl. is liv. rm. kit. combo. Spacious rear yard, full walkout bsmt. , one boiler & 3 hot water tanks (1 for each unit), sep. elec. & gas meters. Also, fully leased for 18-19 term @$89,040 gross with tenants paying all utils. 3 year mgmt. contract already in place until 12-31-2020. Units are mostly furnished. Coin-op washer & dryer. Utilities in name of mgmt. co. & billed to tenants

Key facts

• Spacious backyard
• Inviting front porch
• Roomy kitchens

Tags

• UNIQUE DIVERSIFIED FLOOR PLAN
• HARDWOOD FLOORS
• ROOMY KITCHENS
• SPACIOUS BACKYARD
• TRIPLE BACK-TIER DECK
• INVITING FRONT PORCH

Property features AI

Finance

• Other: Lot is rectangular (dimensions 42 x 132); Lot noted as 'See Remarks' and 'Other' features

Exterior

• Utilities: Public water; Sewer connected; Water connected; Cable available
• Home design: Residential multi-family property; Three stories
• Construction: Stucco exterior; Slate and tile roof
• Exterior features: Balcony; Deck

Interior

• Kitchen: Gas water heater (appliance listed)
• Bedrooms: Multiple units: two 3-bedroom units and one 4-bedroom unit (each with a living room)
• Flooring: Hardwood; Tile; Varies by area
• Bathrooms: Three full bathrooms total; Each unit includes one full bathroom
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas heating; Ceiling fans for cooling
• Interior features: Ceiling fans throughout; Full basement
• Laundry & utility: Gas water heater (utility)

What this means for you Summary

Snapshot

• This is a 10-bed/3.0-bath multifamily listed at $925k.

Deal economics

• At list price, monthly cash flow is $488 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $862k (6.8% below list).
• Recommended offer: $862k (6.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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.
• Zoned schools: Belle Sherman School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 307 students, 34% FRL) — zoned schools at 34% FRL track the district average.
• 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 $8,625/mo this rent would consume 145% 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 $6k of loan paydown is wiped out by about $28k 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 43 days — a 3% lower offer ($897k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y 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 $665k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $862,500 (6.8% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1913 — 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 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?
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 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: 0.93% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.26%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

• ARV (median comp): $994,160
• List price: $925,000
• Delta: -6.96%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
921-923 E State St	0.38mi	10/4.0	3,362 (+3%)	20mo	$760,000	$226	57

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: -10.3%
• Equity multiple: 0.62×
• Total profit: $-99,035
• Equity at exit: $137,921

10-year hold

• IRR: 1.9%
• Equity multiple: 1.15×
• Total profit: $38,701
• Equity at exit: $79,977

Cash invested: $259,000 (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: 26.6×

Monthly cashflow live

• Estimated rent: $8,625 high
• Mortgage (P&I): −$4,851
• Tax from tax record: −$1,090 /mo · $13,076/yr
• Insurance: −$385
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,811
• Net cashflow: $488

Break-even live

Break-even rent $8,007

Max offer price $925,000

Occupancy floor 89%

Sensitivity live

Price	-10% $1,012	-5% $750	+0% $488	+5% $226	+10% $-36
Rent	-10% $-193	-5% $147	+0% $488	+5% $829	+10% $1,169
Rate	-1.0pp $954	-0.5pp $723	base $488	+0.5pp $248	+1.0pp $4

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

Units	Beds	Baths	Est. rent
1× unit	4	1.5	$2,895
▸ 2× units	3	1.5	$5,730
Total (3 units)			$8,625

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: $231,250
• Closing costs: $27,750
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $925,000 Active 43 DOM
2. 2026-06-18
   days on market $925,000 Active 42 DOM
3. 2026-06-17
   days on market $925,000 Active 41 DOM
4. 2026-06-16
   days on market $925,000 Active 40 DOM
5. 2026-06-15
   days on market $925,000 Active 39 DOM
6. 2026-06-14
   days on market $925,000 Active 37 DOM
7. 2026-06-13
   days on market $925,000 Active 36 DOM
8. 2026-06-10
   days on market $925,000 Active 34 DOM
9. 2026-06-09
   days on market $925,000 Active 33 DOM
10. 2026-06-08
    days on market $925,000 Active 32 DOM
11. 2026-06-07
    days on market $925,000 Active 31 DOM
12. 2026-06-05
    days on market $925,000 Active 28 DOM
13. 2026-06-02
    days on market $925,000 Active 26 DOM
14. 2026-06-01
    days on market $925,000 Active 25 DOM
15. 2026-05-31
    days on market $925,000 Active 24 DOM
16. 2026-05-30
    days on market $925,000 Active 23 DOM
17. 2026-05-07
    listed $925,000 Active 481-char remark
18. 2024-04-09
    historical $2,850
19. 2024-03-13
    historical $2,850
20. 2024-03-13
    listed $2,850
21. 2024-03-13
    listed $2,850
22. 2023-11-30
    historical $8,550
23. 2023-08-31
    listed $8,550
24. 2018-09-20
    soldstatus $665,000 594-char remark

    Show marketing remark (594 chars)

    Near Cornell Univ. circa 1910 3 unit rental house with an excellent rental history. Features two 3-bed & one 4-bed apartments each with liv. rm. ,bath & kitchen facilities [3rd fl. is liv. rm. kit. combo. Spacious rear yard, full walkout bsmt. , one boiler & 3 hot water tanks (1 for each unit), sep. elec. & gas meters. Also, fully leased for 18-19 term @$89,040 gross with tenants paying all utils. 3 year mgmt. contract already in place until 12-31-2020. Units are mostly furnished. Coin-op washer & dryer. Utilities in name of mgmt. co. & billed to tenants

25. 2018-09-20
    soldstatus $665,000

    Show marketing remark (594 chars)

    Near Cornell Univ. circa 1910 3 unit rental house with an excellent rental history. Features two 3-bed & one 4-bed apartments each with liv. rm. ,bath & kitchen facilities [3rd fl. is liv. rm. kit. combo. Spacious rear yard, full walkout bsmt. , one boiler & 3 hot water tanks (1 for each unit), sep. elec. & gas meters. Also, fully leased for 18-19 term @$89,040 gross with tenants paying all utils. 3 year mgmt. contract already in place until 12-31-2020. Units are mostly furnished. Coin-op washer & dryer. Utilities in name of mgmt. co. & billed to tenants

26. 2018-09-20
    soldstatus $665,000

    Show marketing remark (594 chars)

    Near Cornell Univ. circa 1910 3 unit rental house with an excellent rental history. Features two 3-bed & one 4-bed apartments each with liv. rm. ,bath & kitchen facilities [3rd fl. is liv. rm. kit. combo. Spacious rear yard, full walkout bsmt. , one boiler & 3 hot water tanks (1 for each unit), sep. elec. & gas meters. Also, fully leased for 18-19 term @$89,040 gross with tenants paying all utils. 3 year mgmt. contract already in place until 12-31-2020. Units are mostly furnished. Coin-op washer & dryer. Utilities in name of mgmt. co. & billed to tenants

27. 2018-02-16
    listed $765,000 594-char remark

    Show marketing remark (594 chars)

    Near Cornell Univ. circa 1910 3 unit rental house with an excellent rental history. Features two 3-bed & one 4-bed apartments each with liv. rm. ,bath & kitchen facilities [3rd fl. is liv. rm. kit. combo. Spacious rear yard, full walkout bsmt. , one boiler & 3 hot water tanks (1 for each unit), sep. elec. & gas meters. Also, fully leased for 18-19 term @$89,040 gross with tenants paying all utils. 3 year mgmt. contract already in place until 12-31-2020. Units are mostly furnished. Coin-op washer & dryer. Utilities in name of mgmt. co. & billed to tenants

28. 2018-02-16
    listed $765,000

    Show marketing remark (594 chars)

    Near Cornell Univ. circa 1910 3 unit rental house with an excellent rental history. Features two 3-bed & one 4-bed apartments each with liv. rm. ,bath & kitchen facilities [3rd fl. is liv. rm. kit. combo. Spacious rear yard, full walkout bsmt. , one boiler & 3 hot water tanks (1 for each unit), sep. elec. & gas meters. Also, fully leased for 18-19 term @$89,040 gross with tenants paying all utils. 3 year mgmt. contract already in place until 12-31-2020. Units are mostly furnished. Coin-op washer & dryer. Utilities in name of mgmt. co. & billed to tenants

ⓘ 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: $13,076 · $1,090/mo
• Projected year-2 tax: $14,354 · $1,196/mo
• Expected delta: +$1,278/yr (+$107/mo · 9.8%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 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: $103,500
• − Mortgage interest: −$51,814
• − Property taxes: −$13,076
• − Insurance: −$4,625
• − Repairs & maintenance: −$8,280
• − Management: −$8,280
• − Depreciation: −$26,909
• Taxable loss: −$9,484
• Est. tax savings @ 24.0%: +$2,276
• After-tax cash flow: $8,131/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: 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

+20.9% since first listed

12 events — show timeline

• 2026-05-07 Listed $925,000 IBRMLS
• 2024-04-09 Rental Removed $2,850 APPFOLIO
• 2024-03-13 Rental Removed $2,850 APPFOLIO
• 2024-03-13 Listed for Rent $2,850 APPFOLIO
• 2024-03-13 Listed for Rent $2,850 APPFOLIO
• 2023-11-30 Rental Removed $8,550 APPFOLIO
• 2023-08-31 Listed for Rent $8,550 APPFOLIO
• 2018-09-20 Sold (Public Records) $665,000 Public Records
• 2018-09-20 Sold (MLS) $665,000 IBRMLS
• 2018-09-20 Sold (MLS) $665,000 IBRMLS
• 2018-02-16 Listed $765,000 IBRMLS
• 2018-02-16 Listed $765,000 IBRMLS

Property tax history

+0.7%/yr

Latest (2025): $13,076 · +2.3% YoY. Source: county tax records.