370 W 3rd St · Elmira, NY 14901

$69,000

5 bd · 2.0 ba · 2,668 sqft · MultiFamily public records · 49 Days on market

Built 1930 7,772 sqft lot $26/sqft · 29% below area Est $98k · 29% under

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Multi-family units

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

Listing remarks

Opportunity for investors or owner-occupied. Multi-family, two-story, separate utilities, multiple meters, furnaces, water tanks, upper apartment has 3 bedrooms, 1 bath, covered front porch, lower apartment has 2 bedrooms, 1 bath. Conveniently located near Elmira College, LECOM, shopping, restaurants, parks, schools, and the library. Off-street parking. Tenant occupied, please allow 48 hours. Tenant may be present. No appliances to convey with the sale, all tenant-owned

Key facts

• Covered front porch
• Separate utilities
• Multi-family

Tags

• MULTI-FAMILY
• TWO STORY
• SEPARATE UTILITIES
• MULTIPLE METERS
• COVERED FRONT PORCH

Property features AI

Finance

• Financial info: Property configured as 2 units with separate gas and electric meters; One unit currently rented for $600; tenant pays all utilities; Operating expense details referenced in remarks

Exterior

• Parking: Gravel parking
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Existing (resale) condition
• Construction: Wood siding; Blown-in insulation
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 50 x 157

Interior

• Kitchen: Gas water heater
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Vinyl flooring; Various flooring types
• Bathrooms: Two full bathrooms total (each unit has 1 full bath)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied and vinyl flooring

🏷️ Possibly a rental listed for sale. The $69,000 price doesn't fit this home's estimated sale value (~$97,610) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $69k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 33.8% vs local median 10.1% in Elmira — 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 62/100 on livability (#832 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Elmira City School District (urban): math 23% / reading 35% proficiency, ranked #580 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 79 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($477 loan paydown + $7k appreciation (10.0% local appreciation)).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; flood insurance adds $56/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 3.92% ✓
• Cap rate: 33.78%
• Cash-on-cash: 98.16%
• DSCR: 5.37
• GRM: 2.1

CMA / ARV

• ARV (median comp): $97,610
• List price: $69,000
• Delta: -29.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
356 W Second St	0.11mi	5/3.0	2,560 (-4%)	8mo	$120,000	$47	78
502 Davis St	0.03mi	4/2.0 (-1)	2,527 (-5%)	15mo	$36,000	$14	72
409 Davis St	0.09mi	5/2.0	2,970 (+11%)	6mo	$62,000	$21	72
514 W Gray St	0.40mi	4/2.0 (-1)	2,672 (+0%)	5mo	$167,000	$63	72
316 W Washington Ave	0.49mi	4/2.0 (-1)	2,708 (+2%)	4mo	$125,000	$46	67
351 Columbia St	0.17mi	6/2.0 (+1)	2,912 (+9%)	6mo	$35,000	$12	66
407 Elm St	0.17mi	4/2.0 (-1)	2,372 (-11%)	5mo	$105,000	$44	64
663 Davis St	0.21mi	5/3.0	2,816 (+6%)	17mo	$125,000	$44	63
360 Davis St	0.14mi	5/3.0	2,363 (-11%)	16mo	$68,000	$29	58
154 W 6th St	0.43mi	5/3.0	2,982 (+12%)	1mo	$206,000	$69	56
503 Lake St	0.58mi	4/2.0 (-1)	2,386 (-11%)	11mo	$111,340	$47	41
657 Grove	0.41mi	6/3.0 (+1)	2,988 (+12%)	20mo	$120,000	$40	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.98×
• Total profit: $134,823
• Equity at exit: $62,161

10-year hold

• IRR: 99.0%
• Equity multiple: 17.61×
• Total profit: $320,905
• Equity at exit: $134,052

Cash invested: $19,320 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 79
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,706 high
• Mortgage (P&I): −$362
• Tax from tax record: −$167 /mo · $2,001/yr
• Insurance: −$29
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$568
• Net cashflow: $1,525

Break-even live

Break-even rent $776

Max offer price $69,000

Occupancy floor 39%

Sensitivity live

Price	-10% $1,564	-5% $1,544	+0% $1,525	+5% $1,505	+10% $1,486
Rent	-10% $1,311	-5% $1,418	+0% $1,525	+5% $1,632	+10% $1,739
Rate	-1.0pp $1,560	-0.5pp $1,542	base $1,525	+0.5pp $1,507	+1.0pp $1,489

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,342
1× unit	2	1	$1,364
Total (2 units)			$2,706

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $69,000 Active 49 DOM
2. 2026-06-18
   days on market $69,000 Active 48 DOM
3. 2026-06-17
   days on market $69,000 Active 47 DOM
4. 2026-06-16
   days on market $69,000 Active 46 DOM
5. 2026-06-15
   days on market $69,000 Active 45 DOM
6. 2026-06-14
   days on market $69,000 Active 43 DOM
7. 2026-06-12
   days on market $69,000 Active 42 DOM
8. 2026-06-09
   days on market $69,000 Active 39 DOM
9. 2026-06-08
   days on market $69,000 Active 38 DOM
10. 2026-06-07
    days on market $69,000 Active 37 DOM
11. 2026-06-05
    days on market $69,000 Active 34 DOM
12. 2026-06-03
    days on market $69,000 Active 33 DOM
13. 2026-06-03
    price $69,000 Active 32 DOM
14. 2026-06-02
    days on market $74,900 Active 32 DOM
15. 2026-06-01
    days on market $74,900 Active 31 DOM
16. 2026-05-31
    days on market $74,900 Active 30 DOM
17. 2026-05-30
    days on market $74,900 Active 29 DOM
18. 2026-05-01
    listed $74,900 Active 476-char remark
19. 2023-05-26
    historical
20. 2023-02-14
    listed $48,500
21. 2019-02-26
    historical
22. 2019-02-14
    listed $39,900

ⓘ 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: $2,001 · $167/mo
• Projected year-2 tax: $2,001 · $167/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 · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,472
• − Mortgage interest: −$3,865
• − Property taxes: −$2,001
• − Insurance: −$1,011
• − Repairs & maintenance: −$2,598
• − Management: −$2,598
• − Depreciation: −$2,007
• Taxable income: $18,392
• Est. tax owed @ 24.0%: −$4,414
• After-tax cash flow: $13,884/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: Elmira City School District
• NCES district ID: 3610560
• Math proficiency: 23% ▼ -7.00%
• Reading proficiency: 35% ▲ 7.00%
• Median HH income: $40,180
• Composite: 24.39/100
• National rank: #7688
• State rank: #580 of 590 in NY

Livability — Elmira

• Score: 62/100
• State rank: #832
• US rank: #16139

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elmira, NY
• City population: 14,276
• Population (ZIP): 14,430

Population outlook (Chemung County) Hauer SSP2

• Today (2025): 82,931 people
• By 2030: 80,356 · -3.1%
• By 2040: 74,745 · -9.9%
• By 2050: 69,012 · -16.8%
• By 2075: 55,689 · -32.8%
• By 2100: 41,428 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 7% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 4% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Chinese 1%

Political lean MEDSL · Chemung

• 2024 margin: R (+16.8) · D 41.6% · R 58.4%
• 2008→2024 swing: -15.6pp toward R · 2008: -1.2pp · 2024: -16.8pp
• All cycles: 2024: R+16.8 2020: R+13.4 2016: R+20.0 2012: R+2.9 2008: R+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 32.34%
• Current HPI: 236.2674
• Rent YoY: —
• Metro: —
• 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

+72.9% since first listed

6 events — show timeline

• 2026-06-02 Price Changed $69,000 UNYREIS
• 2026-05-01 Listed $74,900 UNYREIS
• 2023-05-26 Listing Removed — UNYREIS
• 2023-02-14 Listed $48,500 UNYREIS
• 2019-02-26 Listing Removed — UNYREIS
• 2019-02-14 Listed $39,900 UNYREIS

Property tax history

+4.9%/yr

Latest (2025): $2,001 · -33.0% YoY. Source: county tax records.