304 Home St · Elmira, NY 14904

$75,000

2 bd · 2.0 ba · 1,489 sqft · MultiFamily public records · 8 Days on market

Built 1890 0.28 ac 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
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Priced to Sell!! Separate utilities - ready to rent! Upstairs apartment is furnished already.

Key facts

• Large yard
• 0.28 acre lot
• Built 1890

Tags

• LARGE YARD

Property features AI

Finance

• Other: Operating expense details referenced in remarks
• Financial info: Tenant(s) pay all utilities

Exterior

• Parking: Unpaved parking
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing construction
• Construction: Vinyl siding
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 97 x 125

Interior

• Kitchen: Gas water heater
• Bedrooms: 2-unit property (total of 2 residential units)
• Flooring: Vinyl and varied flooring
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Each unit has separate gas and electric meters

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $743 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 19.1% 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: 104 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d 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

• Local home prices are declining (-3.0%/yr); year-one equity from $519 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 18y 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 $18k; list at $75k implies a 317% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
8. 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.
9. 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: 2.46% ✓
• Cap rate: 19.08%
• Cash-on-cash: 45.66%
• DSCR: 3.03
• GRM: 3.4

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: 39.3%
• Equity multiple: 2.68×
• Total profit: $35,345
• Equity at exit: $11,183

10-year hold

• IRR: 45.8%
• Equity multiple: 5.40×
• Total profit: $92,349
• Equity at exit: $6,485

Cash invested: $21,000 (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: 104
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,844 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$233 /mo · $2,799/yr
• Insurance: −$31
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $743

Break-even live

Break-even rent $903

Max offer price $75,000

Occupancy floor 55%

Sensitivity live

Price	-10% $786	-5% $765	+0% $743	+5% $722	+10% $701
Rent	-10% $598	-5% $671	+0% $743	+5% $816	+10% $889
Rate	-1.0pp $781	-0.5pp $763	base $743	+0.5pp $724	+1.0pp $704

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$922
1× unit	1	1	$922
Total (2 units)			$1,844

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	44d	1	0.47mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	44d	1	0.85mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	44d	1	1.01mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.10mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	1.35mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	44d	1	1.35mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	44d	1	1.36mi
1254 Charles St Elmira, NY	2.0	1.0	1560	$1,350	$0.87	44d	1	1.44mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	44d	1	1.46mi

Listing history 8 events

1. 2026-06-21
   days on market $75,000 Active 8 DOM
2. 2026-06-19
   days on market $75,000 Active 6 DOM
3. 2026-06-18
   days on market $75,000 Active 5 DOM
4. 2026-06-17
   days on market $75,000 Active 4 DOM
5. 2026-06-16
   days on market $75,000 Active 3 DOM
6. 2026-06-15
   days on market $75,000 Active 2 DOM
7. 2026-06-14
   remarks 331-char remark
8. 2026-06-14
   listed $75,000 Active 1 DOM

ⓘ 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: $2,799 · $233/mo
• Projected year-2 tax: $2,799 · $233/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 7/10 Severe FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 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: $22,128
• − Mortgage interest: −$4,201
• − Property taxes: −$2,799
• − Insurance: −$1,042
• − Repairs & maintenance: −$1,770
• − Management: −$1,770
• − Depreciation: −$2,182
• Taxable income: $8,364
• Est. tax owed @ 24.0%: −$2,007
• After-tax cash flow: $6,914/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

+174.7% since first listed

5 events — show timeline

• 2026-06-14 Listed $75,000 UNYREIS
• 2013-04-22 Sold (Public Records) $18,000 Public Records
• 2008-10-17 Sold (Public Records) $27,000 Public Records
• 2008-10-15 Sold (MLS) $27,000 UNYREIS
• 2008-08-22 Listed $27,300 UNYREIS

Property tax history

+8.5%/yr

Latest (2025): $2,799 · -5.8% YoY. Source: county tax records.