460 W 3rd St · Elmira, NY 14901

$49,900

3 bd · 1.0 ba · 1,716 sqft · SingleFamily public records · 25 Days on market

Built 1890 9,540 sqft lot ↓ 17% since listing

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks MLS

Spacious two story home with two stair cases features many updates. Roof is under two years old, vinyl siding and a huge detached barn that overlooks a generous sized lot. Be welcomed inside to 4 bedrooms, 1.5 bathrooms and first floor laundry. An additional room off the livingroom could be a wonderful playroom or office space. This could be a great investment or owner occupied home, move in ready!

Key facts

• 9,540 sq ft lot
• Garage
• Built 1890

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.3% 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: 78 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.56% ✓
• Cap rate: 22.27%
• Cash-on-cash: 57.07%
• DSCR: 3.54
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $118,404
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
460 W 3rd St	0.00mi	3/1.5	1,716 (0%)	0mo	$40,000	$23	98
511 Davis St	0.13mi	3/1.0	1,592 (-7%)	1mo	$63,000	$40	81
356 Euclid Ave	0.27mi	4/1.5 (+1)	1,864 (+9%)	5mo	$128,000	$69	62
816 W Gray St	0.68mi	3/1.0	1,642 (-4%)	0mo	$133,000	$81	61
625 Roe Ave	0.75mi	3/1.5	1,687 (-2%)	4mo	$230,000	$136	57
924 Davis St	0.59mi	3/1.0	1,882 (+10%)	2mo	$135,000	$72	54
903 W 1st St	0.73mi	3/1.5	1,632 (-5%)	4mo	$125,000	$77	52
455 Roe Ave	0.70mi	4/2.0 (+1)	1,764 (+3%)	6mo	$105,000	$60	48
720 W Church St	0.47mi	2/1.5 (-1)	1,514 (-12%)	5mo	$33,000	$22	47
950 N Main St	0.74mi	4/1.5 (+1)	1,644 (-4%)	7mo	$37,000	$23	46
413 West Hudson St	0.69mi	4/1.5 (+1)	1,888 (+10%)	1mo	$45,000	$24	43
907 W Clinton St	0.73mi	3/2.0	1,958 (+14%)	2mo	$275,000	$140	37

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: 65.6%
• Equity multiple: 5.72×
• Total profit: $66,014
• Equity at exit: $44,954

10-year hold

• IRR: 59.2%
• Equity multiple: 12.74×
• Total profit: $164,008
• Equity at exit: $96,945

Cash invested: $13,972 (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: 78
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,278 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $609

Break-even live

Break-even rent $507

Max offer price $49,900

Occupancy floor 47%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	43d	1	0.12mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	43d	1	0.21mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	43d	1	0.22mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	43d	1	0.22mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	43d	1	0.45mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	43d	1	0.52mi
715 W Water St Unit A Elmira, NY	2.0	1.0	2246	$1,100	$0.49	43d	1	0.61mi
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	43d	1	1.05mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	43d	1	1.07mi
1210 W Water St Elmira, NY	2.0	2.0	1340	$1,995	$1.49	43d	1	1.39mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	43d	1	1.43mi

Listing history 9 events

1. 2025-08-15
   status Pending
2. 2025-07-21
   listed $49,900 Active
3. 2025-03-31
   historical
4. 2025-03-20
   status Active
5. 2025-02-13
   listed Active Under Contract
6. 2024-10-30
   listed $65,000
7. 2021-05-19
   soldstatus $53,000
8. 2021-05-11
   soldstatus $53,000 401-char remark

   Show marketing remark (401 chars)

   Spacious two story home with two stair cases features many updates. Roof is under two years old, vinyl siding and a huge detached barn that overlooks a generous sized lot. Be welcomed inside to 4 bedrooms, 1.5 bathrooms and first floor laundry. An additional room off the livingroom could be a wonderful playroom or office space. This could be a great investment or owner occupied home, move in ready!

9. 2021-01-11
   listed $59,900 401-char remark

   Show marketing remark (401 chars)

   Spacious two story home with two stair cases features many updates. Roof is under two years old, vinyl siding and a huge detached barn that overlooks a generous sized lot. Be welcomed inside to 4 bedrooms, 1.5 bathrooms and first floor laundry. An additional room off the livingroom could be a wonderful playroom or office space. This could be a great investment or owner occupied home, move in ready!

ⓘ 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 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 · 17 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: $15,332
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$916
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − Depreciation: −$1,452
• Taxable income: $6,967
• Est. tax owed @ 24.0%: −$1,672
• After-tax cash flow: $5,635/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

-16.7% since first listed

9 events — show timeline

• 2025-08-15 Pending — UNYREIS
• 2025-07-21 Listed $49,900 UNYREIS
• 2025-03-31 Listing Removed — UNYREIS
• 2025-03-20 Relisted — UNYREIS
• 2025-02-13 Listed — UNYREIS
• 2024-10-30 Listed $65,000 UNYREIS
• 2021-05-19 Sold (Public Records) $53,000 Public Records
• 2021-05-11 Sold (MLS) $53,000 UNYREIS
• 2021-01-11 Listed $59,900 UNYREIS

Property tax history

+8.4%/yr

Latest (2025): $3,446 · -10.1% YoY. Source: county tax records.