203 Eleanor St · Horseheads, NY 14845

$125,000

3 bd · 3.5 ba · 1,684 sqft · MultiFamily public records · 115 Days on market

Built 1900 4,792 sqft lot

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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 MLS

NEW, NEW, NEW!! This is a great investment property, nearly everything has just been updated in both units including a new boiler, and newer roof! Sitting just outside of Hanover Square it is within walking distance to restaurants, gas stations park, etc.

Key facts

• Paved parking
• Storage shed
• Multi-family home

Tags

• MULTI-FAMILY HOME
• STORAGE SHED
• PAVED PARKING
• HANOVER SQUARE

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $853 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.9% vs local median 5.1% in Horseheads — 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 69/100 on livability (#494 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, schools B; Watch: crime D+, health & safety D, amenities F.
• Horseheads Central School District (suburban): math 44% / reading 58% proficiency, ranked #347 of 590 in NY (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 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 $864 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 $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is D 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?
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: 2.32% ✓
• Cap rate: 18.90%
• Cash-on-cash: 45.02%
• DSCR: 3.00
• GRM: 3.6

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: 23.9%
• Equity multiple: 1.98×
• Total profit: $34,449
• Equity at exit: $18,638

10-year hold

• IRR: 31.8%
• Equity multiple: 3.90×
• Total profit: $101,540
• Equity at exit: $10,808

Cash invested: $35,000 (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 14845

• Home prices YoY: -24.9%
• Active inventory: 92
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,900 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$270 /mo · $3,244/yr
• Insurance: −$52
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $853

Break-even live

Break-even rent $1,821

Max offer price $125,000

Occupancy floor 66%

Sensitivity live

Price	-10% $923	-5% $888	+0% $853	+5% $817	+10% $782
Rent	-10% $624	-5% $738	+0% $853	+5% $967	+10% $1,082
Rate	-1.0pp $916	-0.5pp $884	base $853	+0.5pp $820	+1.0pp $787

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,900
Total (2 units)			$2,900

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2024-12-12
   soldstatus $105,000
2. 2024-11-08
   status Pending
3. 2024-10-03
   price $125,000
4. 2024-07-16
   listed $140,000 Active
5. 2019-06-03
   soldstatus $89,900
6. 2019-05-30
   soldstatus $89,900 255-char remark

   Show marketing remark (255 chars)

   NEW, NEW, NEW!! This is a great investment property, nearly everything has just been updated in both units including a new boiler, and newer roof! Sitting just outside of Hanover Square it is within walking distance to restaurants, gas stations park, etc.

7. 2019-01-09
   listed $89,900 255-char remark

   Show marketing remark (255 chars)

   NEW, NEW, NEW!! This is a great investment property, nearly everything has just been updated in both units including a new boiler, and newer roof! Sitting just outside of Hanover Square it is within walking distance to restaurants, gas stations park, etc.

8. 2018-01-16
   soldstatus $47,100
9. 2017-12-22
   soldstatus $47,100 223-char remark

   Show marketing remark (223 chars)

   2 unit in quiet street next to 5 Points in Horseheads. Outside vinyl/alum siding & roof is good condition. Needs TLC. Possible rehab loan, good investment property. Live on one side & rent other to pay mortgage.

10. 2017-09-07
    listed $53,000 223-char remark

    Show marketing remark (223 chars)

    2 unit in quiet street next to 5 Points in Horseheads. Outside vinyl/alum siding & roof is good condition. Needs TLC. Possible rehab loan, good investment property. Live on one side & rent other to pay mortgage.

ⓘ 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: $3,244 · $270/mo
• Projected year-2 tax: $3,244 · $270/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 AE · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $34,800
• − Mortgage interest: −$7,002
• − Property taxes: −$3,244
• − Insurance: −$6,150
• − Repairs & maintenance: −$2,784
• − Management: −$2,784
• − Depreciation: −$3,636
• Taxable income: $9,200
• Est. tax owed @ 24.0%: −$2,208
• After-tax cash flow: $8,024/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: Horseheads Central School District
• NCES district ID: 3614850
• Math proficiency: 44% ▼ -19.00%
• Reading proficiency: 58% ▲ 3.00%
• Median HH income: $60,594
• Composite: 44.58/100
• National rank: #2781
• State rank: #347 of 590 in NY

Livability — Horseheads

• Score: 69/100
• State rank: #494
• US rank: #8689

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Horseheads, NY
• Population (ZIP): 20,552

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 (90%)
• Race & ethnicity: White 90% Two or more races 5% Asian 2% Hispanic / Latino 2% Black 2%
• Common ancestry: Romanian 6% Slovak 2% Iranian 2%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% Other Asian/Pacific 1% Other Indo-European 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: ▼ -82.23%
• Current HPI: 247.777
• 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

+98.1% since first listed

10 events — show timeline

• 2024-12-12 Sold (Public Records) $105,000 Public Records
• 2024-11-08 Pending — NMPA
• 2024-10-03 Price Changed $125,000 NMPA
• 2024-07-16 Listed $140,000 NMPA
• 2019-06-03 Sold (Public Records) $89,900 Public Records
• 2019-05-30 Sold (MLS) $89,900 UNYREIS
• 2019-01-09 Listed $89,900 UNYREIS
• 2018-01-16 Sold (Public Records) $47,100 Public Records
• 2017-12-22 Sold (MLS) $47,100 UNYREIS
• 2017-09-07 Listed $53,000 UNYREIS

Property tax history

+2.4%/yr

Latest (2025): $3,244 · -24.4% YoY. Source: county tax records.