509 W Clinton St · Ithaca, NY 14850

$275,000

4 bd · 1.0 ba · 1,394 sqft · SingleFamily public records · 22 Days on market

Built 1900 Est $238k · 15% over

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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 +19.5/30.0
• DSCR +6.2/10.0
• Schools +5.4/10.0
• 1% rule +5.2/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 4-bedroom, 1-bath home offering endless potential for investors or owner-occupants alike! With generously sized rooms throughout, this property provides plenty of space to spread out and make it your own. Ideal as a rental investment or primary residence, the home features a flexible layout and solid bones ready for your personal updates and improvements. Tons of opportunity to add value through cosmetic upgrades while building equity. Conveniently located and full of character, this is a great chance to own a property with both space and potential!

Key facts

• Built 1900
• Listed 21 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Cable available; Public water (connected); Sewer connected
• Home design: 2-story; Existing (not new construction)
• Construction: Aluminum siding; Cedar exterior; Shingle roof; Stone foundation
• Exterior features: Gravel driveway; Rectangular lot

Interior

• Kitchen: Free-standing range; Oven; Refrigerator
• Bedrooms: 1 main-level bedroom
• Flooring: Carpet; Vinyl; Variable/other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas heating; Forced air; Wall furnace
• Interior features: Bedroom on main level; See remarks / other interior features
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $312 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• At $2,797/mo this rent would consume 47% 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 $2k of loan paydown is wiped out by about $8k 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 22 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $36k; list at $275k implies a 664% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,875 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.86%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $238,374
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 W Clinton St	0.06mi	4/1.5	1,422 (+2%)	6mo	$400,000	$281	87
111 S Titus Ave	0.28mi	3/2.0 (-1)	1,388 (-0%)	1mo	$235,000	$169	76
602 S Albany St	0.30mi	3/1.0 (-1)	1,296 (-7%)	6mo	$130,000	$100	64
109 Hyers St	0.25mi	3/1.0 (-1)	1,234 (-12%)	8mo	$250,000	$203	58
221 Wood St	0.29mi	3/2.0 (-1)	1,549 (+11%)	2mo	$360,000	$232	58
601 S Aurora St	0.53mi	4/2.0	1,512 (+8%)	7mo	$320,000	$212	51
113 Sears St St	0.58mi	3/1.5 (-1)	1,504 (+8%)	2mo	$188,000	$125	51
119 Sears St St	0.59mi	3/1.5 (-1)	1,504 (+8%)	2mo	$188,000	$125	51
351 Spencer Rd	0.64mi	3/1.0 (-1)	1,248 (-10%)	1mo	$240,000	$192	47
336 Spencer Rd	0.60mi	3/1.0 (-1)	1,224 (-12%)	1mo	$136,000	$111	46
107 Sears St St	0.56mi	3/2.0 (-1)	1,525 (+9%)	4mo	$240,000	$157	46
248 Floral Ave	0.68mi	3/1.0 (-1)	1,536 (+10%)	7mo	$262,500	$171	40

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: -6.3%
• Equity multiple: 0.76×
• Total profit: $-18,289
• Equity at exit: $41,003

10-year hold

• IRR: 5.9%
• Equity multiple: 1.48×
• Total profit: $37,214
• Equity at exit: $23,777

Cash invested: $77,000 (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: 8.2×

Monthly cashflow live

• Estimated rent: $2,797 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$341 /mo · $4,091/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $312

Break-even live

Break-even rent $2,402

Max offer price $275,000

Occupancy floor 84%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 Hillview Pl Ithaca, NY	2.0–3.0	1.0	800	$2,100	$2.62	44d	4	0.46mi
815 S Aurora St Ithaca, NY	2.0–4.0	1.0	936	$3,300	$3.52	44d	1	0.62mi
127 College Ave Ithaca, NY	3.0	1.0	958	$2,885	$3.01	44d	1	0.99mi

Listing history 18 events

1. 2026-06-19
   days on market $275,000 Active 22 DOM
2. 2026-06-18
   days on market $275,000 Active 21 DOM
3. 2026-06-17
   days on market $275,000 Active 20 DOM
4. 2026-06-16
   days on market $275,000 Active 19 DOM
5. 2026-06-15
   days on market $275,000 Active 18 DOM
6. 2026-06-14
   days on market $275,000 Active 16 DOM
7. 2026-06-13
   days on market $275,000 Active 15 DOM
8. 2026-06-10
   days on market $275,000 Active 13 DOM
9. 2026-06-09
   days on market $275,000 Active 12 DOM
10. 2026-06-08
    days on market $275,000 Active 11 DOM
11. 2026-06-07
    days on market $275,000 Active 10 DOM
12. 2026-06-05
    days on market $275,000 Active 7 DOM
13. 2026-06-02
    days on market $275,000 Active 5 DOM
14. 2026-06-01
    days on market $275,000 Active 4 DOM
15. 2026-05-31
    days on market $275,000 Active 3 DOM
16. 2026-05-30
    days on market $275,000 Active 2 DOM
17. 2026-05-28
    listed $275,000 Active
18. 1994-01-07
    soldstatus $36,000

ⓘ 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: $4,091 · $341/mo
• Projected year-2 tax: $4,369 · $364/mo
• Expected delta: +$278/yr (+$23/mo · 6.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 74% chance over 30 yrs
• 🔥 Wildfire 2/10 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

Taxation est. · year 1

• Rental income: $33,559
• − Mortgage interest: −$15,404
• − Property taxes: −$4,091
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,685
• − Management: −$2,685
• − Depreciation: −$8,000
• Taxable loss: −$681
• Est. tax savings @ 24.0%: +$164
• After-tax cash flow: $3,903/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

+663.9% since first listed

2 events — show timeline

• 2026-05-28 Listed $275,000 UNYREIS
• 1994-01-07 Sold (Public Records) $36,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $4,091 · +2.3% YoY. Source: county tax records.