49 N Church St · Cortland, NY 13045

$169,000

3 bd · 2.5 ba · 2,368 sqft · MultiFamily public records · 39 Days on market

Built 1910 0.25 ac lot Est $154k · 10% over ↓ 6% since listing

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Why this score? — see what drove the F 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 +8.3/30.0
• 1% rule +5.2/10.0
• Rent growth +4.6/5.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• ARV discount +3.1/15.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Spacious two-unit home located in a welcoming neighborhood—perfect for owner-occupants or investors! Or could be easily turned back into a single family home! Apartment 1 features 3 bedrooms and 1.5 bathrooms, along with a bright kitchen equipped with newer appliances, a comfortable living room, a formal dining room, and a convenient laundry room with newer washer and dryer. Apartment 2 offers a cozy 1-bedroom layout with a living room, eat-in kitchen, and full bathroom—ideal for rental income or extended family. This home has been well-maintained with a new metal roof, vinyl windows, and vinyl siding, providing durability and low-maintenance living. Listed below assessed va

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 1910

Property features AI

Finance

• Other: Operating expense details: See remarks
• Financial info: Multi-family property with 2 total units; Separate electric meters (2); Separate gas meters (1); Owner pays water; water included in rent; Unit rents: one unit at $700 (month-to-month), one unit at $1,500

Exterior

• Parking: 2-car garage; Gravel parking; Two or more parking spaces
• Utilities: Electricity available with circuit breakers; High-speed internet available; Public water connected; Sewer connected
• Home design: Two stories; Existing (previously built)
• Construction: Vinyl siding; Metal roof; Stone foundation
• Exterior features: Porch; Screened porch; Rectangular lot

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchen; Formal dining room
• Bedrooms: One-bedroom unit (one unit with 1 bedroom); Three-bedroom unit (one unit with 3 bedrooms)
• Flooring: Carpet; Hardwood; Laminate; Vinyl; Varies
• Bathrooms: Two full bathrooms (building total); One half bathroom (building total); One full bathroom in 1-bedroom unit; One full and one half bathroom in 3-bedroom unit
• Heating & cooling: Gas heating; Baseboard heating; Hot water heating
• Interior features: Ceiling fans
• Laundry & utility: Laundry in unit (both units); Washer and dryer in 3-bedroom unit

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $169k.

Deal economics

• At list price, monthly cash flow is $-153 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (16.0% below list).
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $142k (16.0% below list) — sets the bar for cash-flow.

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: Cortland High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 596 students, 42% FRL) — zoned schools at 42% FRL track the district average.
• Zoned-school proficiency averages 92% at this address vs 52% district-wide (+40 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; 1 comparable units currently listed for rent nearby; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).

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 39 days — a 3% lower offer ($164k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $141,889 (16.0% 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 39 days. Have you received any prior offers? Is the seller open to a 16% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 1.02% ✓
• Cap rate: 5.20%
• Cash-on-cash: -3.89%
• DSCR: 0.83
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $153,920
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
30 Grant St	0.04mi	3/3.0	2,196 (-7%)	9mo	$207,000	$94	77
4 Pearne Ave	0.17mi	4/3.0 (+1)	2,222 (-6%)	14mo	$143,100	$64	64
70 Elm St	0.39mi	4/2.0 (+1)	2,458 (+4%)	23mo	$175,000	$71	49
15 Hubbard St	0.42mi	4/3.0 (+1)	2,154 (-9%)	15mo	$100,000	$46	46
188 Central Ave	0.74mi	4/2.0 (+1)	2,368 (0%)	16mo	$155,000	$65	45
16 Woodruff St	0.67mi	4/2.0 (+1)	2,276 (-4%)	18mo	$94,000	$41	41

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: -15.6%
• Equity multiple: 0.41×
• Total profit: $-27,832
• Equity at exit: $25,198

10-year hold

• IRR: 1.3%
• Equity multiple: 1.12×
• Total profit: $5,519
• Equity at exit: $14,612

Cash invested: $47,320 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,720 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$556 /mo · $6,668/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $-153

Break-even live

Break-even rent $1,914

Max offer price $141,889

Occupancy floor —

Sensitivity live

Price	-10% $-58	-5% $-106	+0% $-153	+5% $-201	+10% $-249
Rent	-10% $-289	-5% $-221	+0% $-153	+5% $-86	+10% $-18
Rate	-1.0pp $-68	-0.5pp $-110	base $-153	+0.5pp $-197	+1.0pp $-242

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	0.30mi

Listing history 4 events

1. 2026-05-11
   status Pending
2. 2026-04-30
   historical Active Under Contract
3. 2026-04-23
   price $169,000
4. 2026-04-02
   listed $180,000 Active

ⓘ 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: $6,668 · $556/mo
• Projected year-2 tax: $6,668 · $556/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $20,642
• − Mortgage interest: −$9,467
• − Property taxes: −$6,668
• − Insurance: −$845
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$4,916
• Taxable loss: −$4,557
• Est. tax savings @ 24.0%: +$1,094
• After-tax cash flow: $-748/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

-6.1% since first listed

4 events — show timeline

• 2026-05-11 Pending — CNYIS
• 2026-04-30 Contingent — CNYIS
• 2026-04-23 Price Changed $169,000 CNYIS
• 2026-04-02 Listed $180,000 CNYIS

Property tax history

+7.1%/yr

Latest (2025): $6,668 · +4.3% YoY. Source: county tax records.