361 Fulton St · Elmira, NY 14904

$69,000

6 bd · 3.0 ba · 2,868 sqft · MultiFamily public records · 5 Days on market

Built 1900 8,702 sqft lot Est $80k · 14% under

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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 +13.8/15.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

3 unit investment property. Great rentals or owner occupy the huge downstairs 3 bedroom apartment. Tons of updates throughout. Separate utilities. New furnace, 1 hot water heater, some electric baseboard heaters, vinyl windows, sump pump, and sewer line. Separate storage room for owner. Lots of big, bright bay windows and spacious backyard. Seller is licensed real estate agent.

Key facts

• Separate utilities
• Furnace replaced
• Fully rented

Tags

• MULTI-FAMILY PROPERTY
• SEPARATE UTILITIES
• FULLY RENTED
• IMMEDIATE INCOME
• BIG-TICKET UPDATES
• FURNACE REPLACED

Property features AI

Finance

• Other: Three separate electric meters; Three separate gas meters; Three total units in the building
• Financial info: All utilities paid by tenants; Operating expense details: See remarks

Exterior

• Parking: Parking available
• Utilities: Public water connected; Sewer connected
• Home design: Wood-sided building; Two-story building; Existing (resale) property
• Construction: Wood siding construction
• Exterior features: Rectangular residential lot with roughly 67 x 129 dimensions; City street frontage

Interior

• Bedrooms: Unit/Building contains 3 residential units
• Flooring: Laminate flooring; Vinyl flooring; Varies by unit/area
• Bathrooms: Three full bathrooms
• Heating & cooling: Electric and gas heating options; Baseboard heating; Forced air heating
• Interior features: Laminate, vinyl, and varied flooring throughout; Dirt floor basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $69k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $896/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $69k).
• Cap rate 53.1% 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 $477 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 22y 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 $55k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $69,000

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 5.81% ✓
• Cap rate: 53.05%
• Cash-on-cash: 167.00%
• DSCR: 8.43
• GRM: 1.4

CMA / ARV

• ARV (on-the-fly): $80,304
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 Pennsylvania Ave	0.33mi	6/2.5	2,955 (+3%)	6mo	$85,000	$29	72
215-217 Fulton St	0.11mi	7/3.0 (+1)	2,718 (-5%)	18mo	$100,000	$37	66
219 Franklin St	0.28mi	6/4.0	3,045 (+6%)	8mo	$30,000	$10	66
151-153 Boardman St	0.25mi	5/3.0 (-1)	2,953 (+3%)	20mo	$55,000	$19	62
351 Columbia St	0.69mi	6/2.0	2,912 (+2%)	6mo	$35,000	$12	56
300 Lormore St	0.53mi	6/2.0	2,627 (-8%)	3mo	$78,600	$30	55
360 Franklin St	0.30mi	6/2.0	2,596 (-10%)	18mo	$18,500	$7	51
615 W Gray St	0.73mi	6/3.5	3,089 (+8%)	3mo	$160,000	$52	48
401 Franklin St	0.31mi	5/2.0 (-1)	2,505 (-13%)	17mo	$70,000	$28	41
501 Spaulding St	0.57mi	6/2.0	2,569 (-10%)	16mo	$19,000	$7	38
700 Delaware Ave	0.53mi	5/2.0 (-1)	2,446 (-15%)	15mo	$85,000	$35	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.29×
• Total profit: $160,123
• Equity at exit: $10,288

10-year hold

• IRR: —
• Equity multiple: 19.64×
• Total profit: $360,182
• Equity at exit: $5,966

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 14904

• Home prices YoY: -9.6%
• Active inventory: 101
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $4,007 high
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$841
• Net cashflow: $2,689

Break-even live

Break-even rent $604

Max offer price $69,000

Occupancy floor 28%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,008
Total (3 units)			$4,007

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 5 events

1. 2026-06-16
   status $69,000 Pending 5 DOM
2. 2026-06-15
   days on market $69,000 Active 5 DOM
3. 2026-06-14
   days on market $69,000 Active 3 DOM
4. 2026-06-12
   remarks 579-char remark
5. 2026-06-12
   listed $69,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $48,084
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$3,847
• − Management: −$3,847
• − Depreciation: −$2,007
• Taxable income: $33,138
• Est. tax owed @ 24.0%: −$7,953
• After-tax cash flow: $24,311/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

+220.9% since first listed

20 events — show timeline

• 2026-06-10 Listed $69,000 UNYREIS
• 2024-01-02 Sold (Public Records) $55,000 Public Records
• 2023-12-19 Sold (MLS) $55,000 UNYREIS
• 2023-10-19 Listed $60,000 UNYREIS
• 2023-08-16 Listing Removed — UNYREIS
• 2023-01-01 Listed $70,000 IBRMLS
• 2023-01-01 Listed $70,000 IBRMLS
• 2022-12-30 Relisted — IBRMLS
• 2022-12-14 Contingent — IBRMLS
• 2022-12-08 Relisted — IBRMLS
• 2022-11-30 Contingent — IBRMLS
• 2022-11-07 Listed $70,000 IBRMLS
• 2022-11-07 Listed $70,000 IBRMLS
• 2022-11-07 Listed $62,000 UNYREIS
• 2020-12-18 Sold (MLS) $35,000 UNYREIS
• 2019-10-07 Listed $39,000 UNYREIS
• 2012-05-19 Listing Removed — UNYREIS
• 2011-12-01 Listed $29,900 UNYREIS
• 2005-10-05 Sold (MLS) $19,500 UNYREIS
• 2004-02-21 Listed $21,500 UNYREIS

Property tax history

+9.0%/yr

Latest (2025): $4,033 · -13.5% YoY. Source: county tax records.