164 Central Ave · Cortland, NY 13045

$175,000

3 bd · 1.5 ba · 1,656 sqft · SingleFamily public records · 32 Days on market

Built 1910 4,200 sqft lot Est $189k · 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 +14.8/30.0
• ARV discount +10.8/15.0
• 1% rule +5.4/10.0
• Rent growth +4.6/5.0
• DSCR +4.5/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this exceptionally well cared for 3 bedroom 1 1/2 bath home with many updates and improvements! Features brick exterior, new roof, new furnace, updated electric, newly renovated kitchen, formal dining room and spacious living room. 3 bedrooms upstairs with an extra room which could easily be used as a 4th bedroom. Beautiful natural woodwork throughout. Walk-up stairs to the attic for plenty of storage. Enclosed front porch, partially fenced yard providing plenty of privacy, and situated in a nice east end neighborhood.

Key facts

• Enclosed porch
• Attached bonus room
• Breakfast bar

Tags

• ENCLOSED PORCH
• BREAKFAST BAR
• ATTACHED BONUS ROOM

Property features AI

Exterior

• Parking: No garage; Shared driveway
• Utilities: Public water connected; Sewer connected
• Home design: Brick construction; 2-story home; Existing (resale) property
• Construction: Stone foundation
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 42 x 100

Interior

• Kitchen: Gas oven; Gas range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Total of 10 rooms including living and bonus spaces
• Flooring: Carpet; Vinyl; Varied flooring
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Breakfast bar; Separate/formal dining room; Separate/formal living room; Full basement
• Laundry & utility: Washer; Dryer; Laundry located in basement; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-7 ($-84/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (0.7% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.

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-, employment D, commute F.
• 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.
• Zoned schools: Randall Middle School (math 48% / reading 48%, grade C-, #305 of 729 statewide, top 42%, 263 students, 59% FRL); Cortland High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 596 students, 42% FRL).
• Zoned-school proficiency averages 70% at this address vs 52% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Cortland City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.4%/yr); 141 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• This rent runs 31% 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.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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 $73k; list at $175k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,750 (3.0% 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 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.04% ✓
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $188,784
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7 Pendleton St	0.33mi	4/1.0 (+1)	1,716 (+4%)	5mo	$180,000	$105	68
22 Hyatt St	0.32mi	4/1.5 (+1)	1,584 (-4%)	10mo	$180,000	$114	64
78 Elm St	0.20mi	3/1.5	1,536 (-7%)	18mo	$150,000	$98	63
90 E Court St	0.07mi	4/1.5 (+1)	1,430 (-14%)	8mo	$170,000	$119	62
1385 East River Rd	0.49mi	3/2.0	1,680 (+1%)	14mo	$253,000	$151	61
109 Clinton Ave	0.34mi	3/2.0	1,794 (+8%)	10mo	$185,000	$103	60
6 N Greenbush St	0.49mi	4/1.5 (+1)	1,694 (+2%)	15mo	$85,000	$50	56
98 Clinton Ave	0.38mi	4/1.5 (+1)	1,512 (-9%)	11mo	$164,000	$108	54
17 Cedar St	0.45mi	4/1.5 (+1)	1,500 (-9%)	7mo	$220,000	$147	53
5 Garfield St	0.29mi	3/2.0	1,440 (-13%)	17mo	$142,000	$99	48
19 Cedar St	0.45mi	3/2.0	1,422 (-14%)	10mo	$200,000	$141	45
11 Randall St	0.72mi	4/2.0 (+1)	1,507 (-9%)	10mo	$187,000	$124	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.61×
• Total profit: $-18,987
• Equity at exit: $26,093

10-year hold

• IRR: 6.0%
• Equity multiple: 1.56×
• Total profit: $27,490
• Equity at exit: $15,131

Cash invested: $49,000 (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 13045

• Home prices YoY: -9.3%
• Rents YoY: 8.4%
• Active inventory: 141
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,825 high
• Mortgage (P&I): −$918
• Tax from tax record: −$402 /mo · $4,828/yr
• Insurance: −$73
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-7

Break-even live

Break-even rent $1,834

Max offer price $173,761

Occupancy floor 95%

Sensitivity live

Price	-10% $92	-5% $43	+0% $-7	+5% $-57	+10% $-106
Rent	-10% $-151	-5% $-79	+0% $-7	+5% $65	+10% $137
Rate	-1.0pp $81	-0.5pp $37	base $-7	+0.5pp $-52	+1.0pp $-98

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Pendleton St #1 Cortland, NY	3.0	1.0	2000	$1,400	$0.70	45d	1	0.33mi
88 Clinton Ave Cortland, NY	3.0	1.0	1100	$1,600	$1.45	45d	1	0.40mi
24 Kellogg Rd Cortland, NY	1.0–3.0	1.0–1.5	1070	$1,405	$1.31	45d	1	0.50mi
109 Main St Unit 2 and 4 Cortland, NY	3.0	1.0	1200	$1,775	$1.48	45d	1	0.70mi
3 Morningside Dr Cortland, NY	3.0	1.5	1464	$2,150	$1.47	45d	1	0.94mi
31 James St Cortland, NY	3.0	1.5	1319	$3,600	$2.73	45d	1	1.00mi

Listing history 21 events

1. 2026-06-21
   days on market $175,000 Active 32 DOM
2. 2026-06-19
   days on market $175,000 Active 30 DOM
3. 2026-06-18
   days on market $175,000 Active 29 DOM
4. 2026-06-17
   days on market $175,000 Active 28 DOM
5. 2026-06-16
   days on market $175,000 Active 27 DOM
6. 2026-06-15
   days on market $175,000 Active 26 DOM
7. 2026-06-14
   days on market $175,000 Active 24 DOM
8. 2026-06-12
   days on market $175,000 Active 23 DOM
9. 2026-06-09
   days on market $175,000 Active 20 DOM
10. 2026-06-08
    days on market $175,000 Active 19 DOM
11. 2026-06-07
    days on market $175,000 Active 18 DOM
12. 2026-06-05
    days on market $175,000 Active 15 DOM
13. 2026-06-03
    days on market $175,000 Active 14 DOM
14. 2026-06-02
    days on market $175,000 Active 13 DOM
15. 2026-06-01
    days on market $175,000 Active 12 DOM
16. 2026-05-31
    days on market $175,000 Active 11 DOM
17. 2026-05-30
    days on market $175,000 Active 10 DOM
18. 2026-05-20
    listed $175,000 Active
19. 2014-08-14
    soldstatus $73,000
20. 2014-08-13
    soldstatus $73,000 536-char remark

    Show marketing remark (536 chars)

    Welcome to this exceptionally well cared for 3 bedroom 1 1/2 bath home with many updates and improvements! Features brick exterior, new roof, new furnace, updated electric, newly renovated kitchen, formal dining room and spacious living room. 3 bedrooms upstairs with an extra room which could easily be used as a 4th bedroom. Beautiful natural woodwork throughout. Walk-up stairs to the attic for plenty of storage. Enclosed front porch, partially fenced yard providing plenty of privacy, and situated in a nice east end neighborhood.

21. 2014-05-15
    listed $76,000 536-char remark

    Show marketing remark (536 chars)

    Welcome to this exceptionally well cared for 3 bedroom 1 1/2 bath home with many updates and improvements! Features brick exterior, new roof, new furnace, updated electric, newly renovated kitchen, formal dining room and spacious living room. 3 bedrooms upstairs with an extra room which could easily be used as a 4th bedroom. Beautiful natural woodwork throughout. Walk-up stairs to the attic for plenty of storage. Enclosed front porch, partially fenced yard providing plenty of privacy, and situated in a nice east end neighborhood.

ⓘ 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: $4,828 · $402/mo
• Projected year-2 tax: $4,828 · $402/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 8/10 Severe FEMA zone X (unshaded) · 99% 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: $21,896
• − Mortgage interest: −$9,803
• − Property taxes: −$4,828
• − Insurance: −$1,542
• − Repairs & maintenance: −$1,752
• − Management: −$1,752
• − Depreciation: −$5,091
• Taxable loss: −$2,870
• Est. tax savings @ 24.0%: +$689
• After-tax cash flow: $605/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

+130.3% since first listed

4 events — show timeline

• 2026-05-20 Listed $175,000 CNYIS
• 2014-08-14 Sold (Public Records) $73,000 Public Records
• 2014-08-13 Sold (MLS) $73,000 CNYIS
• 2014-05-15 Listed $76,000 CNYIS

Property tax history

+4.7%/yr

Latest (2025): $4,828 · +4.6% YoY. Source: county tax records.