450 Riverside Ave · Elmira, NY 14904

$150,000

30 bd · 20.0 ba · 4,769 sqft · MultiFamily public records · 23 Days on market

Built 1949 6,250 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

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

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

Excellent investment opportunity with strong rental history and immediate cash flow potential. This fully occupied 5-unit property sits on a desirable corner lot and features long-term tenants, all currently on month-to-month leases, offering flexibility for future rent adjustments or management strategies. The building includes a convenient coin-operated laundry area on the first floor, providing additional income potential. With consistent occupancy, this property is ideal for investors looking to expand their portfolio with a turnkey multi-family asset offering steady income and upside potential. Don’t miss this rare opportunity to own a solid income-producing property.

Key facts

• Immediate cash flow
• Long-term tenants
• Desirable corner lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• IMMEDIATE CASH FLOW
• FULLY OCCUPIED PROPERTY
• DESIRABLE CORNER LOT
• LONG-TERM TENANTS

Property features AI

Finance

• Other: Separate gas and electric meters (one of each)
• Financial info: Five total units (building); Owner pays all utilities; rent includes all utilities; Operating expenses include utilities; Units mostly on month-to-month leases with rents shown per unit

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family building; Resale property; Wood siding construction
• Construction: Wood siding exterior; Existing (previously built) structure; Two stories
• Exterior features: Corner lot; Near public transit; Rectangular lot (approx. 50 x 125)

Interior

• Kitchen: Each unit includes an oven/range and refrigerator; Dining area combined with living room in each unit
• Bedrooms: Five total units: two 1-bed units and three 2-bed/1-bed mix across the building (see unit breakdown)
• Flooring: Hardwood; Laminate; Varies by unit
• Bathrooms: Four full bathrooms total (building)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Hardwood and laminate flooring (varies by unit)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5 × 6-bed/?-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $5k ($57k/yr) — positive. Per door: $943/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 44.0% 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: 101 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 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 $4k of value loss. Plan a longer hold.
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1949 — 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 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. 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?
9. 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.
10. 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.
11. 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: 5.02% ✓
• Cap rate: 44.00%
• Cash-on-cash: 134.66%
• DSCR: 6.99
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.57×
• Total profit: $276,112
• Equity at exit: $22,365

10-year hold

• IRR: —
• Equity multiple: 15.95×
• Total profit: $627,926
• Equity at exit: $12,969

Cash invested: $42,000 (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 14904

• Home prices YoY: -9.6%
• Active inventory: 101
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $7,531 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$387 /mo · $4,647/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,582
• Net cashflow: $4,713

Break-even live

Break-even rent $1,565

Max offer price $150,000

Occupancy floor 32%

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

Units	Beds	Baths	Est. rent
▸ 5× units	6	—	$7,530
Total (5 units)			$7,531

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $150,000 Active 23 DOM
2. 2026-06-18
   days on market $150,000 Active 22 DOM
3. 2026-06-17
   days on market $150,000 Active 21 DOM
4. 2026-06-16
   days on market $150,000 Active 20 DOM
5. 2026-06-15
   days on market $150,000 Active 19 DOM
6. 2026-06-14
   days on market $150,000 Active 17 DOM
7. 2026-06-12
   days on market $150,000 Active 16 DOM
8. 2026-06-09
   days on market $150,000 Active 13 DOM
9. 2026-06-08
   days on market $150,000 Active 12 DOM
10. 2026-06-07
    days on market $150,000 Active 11 DOM
11. 2026-06-05
    days on market $150,000 Active 8 DOM
12. 2026-06-03
    days on market $150,000 Active 7 DOM
13. 2026-06-02
    days on market $150,000 Active 6 DOM
14. 2026-06-01
    days on market $150,000 Active 5 DOM
15. 2026-05-31
    days on market $150,000 Active 4 DOM
16. 2026-05-30
    days on market $150,000 Active 3 DOM
17. 2026-05-27
    listed $150,000 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: $4,647 · $387/mo
• Projected year-2 tax: $4,647 · $387/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 4/10 Moderate FEMA zone X (shaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 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: $90,372
• − Mortgage interest: −$8,402
• − Property taxes: −$4,647
• − Insurance: −$750
• − Repairs & maintenance: −$7,230
• − Management: −$7,230
• − Depreciation: −$4,364
• Taxable income: $57,750
• Est. tax owed @ 24.0%: −$13,860
• After-tax cash flow: $42,698/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): 14,276

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 7% Hispanic / Latino 5% Native American 1%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, Jamaica, Dominican Republic
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -23.33%
• Current HPI: 220.688
• 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

1 event — show timeline

• 2026-05-27 Listed $150,000 UNYREIS

Property tax history

+10.0%/yr

Latest (2025): $4,647 · -8.4% YoY. Source: county tax records.