2 Payne Way · Binghamton, NY 13903

$119,999

1 bd · 1.0 ba · 1,037 sqft · SingleFamily public records · 8 Days on market

Built 1900 5,135 sqft lot $116/sqft · 6% below area Est $127k · 6% 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).

• ARV discount +10.1/15.0
• Appreciation +10.0/10.0
• Cash flow +6.3/30.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.6/10.0

Listing remarks

Welcome to 2 Payne Way, tucked back in behind Ben Franklin school it is surrounded by Dead End roads. The perfect place to walk and have privacy. A short walk to Pierce Creek or the playground at Ben Franklin. This 3-bedroom 1 bath home needs a little TLC but will make a great home. A radon mitigation system, new windows and a new roof were installed in 2010. First floor bedroom and wood burning fireplace in the living room.

Key facts

• New roof
• New windows
• 5,135 sq ft lot

Tags

• RADON MITIGATION SYSTEM
• NEW WINDOWS
• NEW ROOF
• WOOD BURNING FIREPLACE

Property features AI

Exterior

• Parking: Attached garage (1 car); Carport (1 car)
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; Two levels / 2 stories
• Construction: Aluminum siding
• Exterior features: Covered patio; Level lot

Interior

• Kitchen: Range; Free-standing range; Dishwasher; Refrigerator
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Ceiling fan(s)
• Interior features: Living room wood-burning fireplace; Partial walk-out basement
• Laundry & utility: Washer; Dryer; Washer hookup; Gas dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-267 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (6.1% below list).
• Recommended offer: $101k (15.5% below list) — sets the bar for cash-flow.
• Cap rate 4.2% vs local median 6.4% in Binghamton — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 78/100 on livability (#174 in NY, #2,710 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Binghamton City School District (urban): math 30% / reading 44% proficiency, ranked #557 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Benjamin Franklin Elementary School (math 17% / reading 32%, grade F, #1,846 of 2,108 statewide, top 91%, 399 students, 75% FRL).
• Zoned-school proficiency averages 24% at this address vs 37% district-wide (-12 pts) — the specific schools serving this property underperform the Binghamton City School District average; the district grade overstates school quality for this exact location.
• Market conditions: 112 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($829 loan paydown + $12k appreciation (10.0% local appreciation)).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $63k; list at $120k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,412 (15.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-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 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: 0.94% ✗
• Cap rate: 4.18%
• Cash-on-cash: -7.56%
• DSCR: 0.66
• GRM: 8.9

CMA / ARV

• ARV (median comp): $127,285
• List price: $119,999
• Delta: -5.72%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54 Second St	0.23mi	2/1.0 (+1)	900 (-13%)	12mo	$83,000	$92	52
5 Espial Dr	0.18mi	2/1.0 (+1)	924 (-11%)	22mo	$110,000	$119	50
36 Hall St	0.44mi	2/1.0 (+1)	1,160 (+12%)	6mo	$95,000	$82	49
42 Telegraph St	0.67mi	2/1.0 (+1)	996 (-4%)	19mo	$49,000	$49	41
22 Belden St	0.47mi	2/1.0 (+1)	948 (-9%)	23mo	$110,000	$116	40
2319 Seneca St	0.75mi	2/1.0 (+1)	916 (-12%)	22mo	$128,800	$141	22

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: 17.6%
• Equity multiple: 2.45×
• Total profit: $48,557
• Equity at exit: $108,105

10-year hold

• IRR: 16.6%
• Equity multiple: 5.67×
• Total profit: $156,808
• Equity at exit: $233,132

Cash invested: $33,600 (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 13903

• Home prices YoY: 4.3%
• Active inventory: 112
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,127 high
• Mortgage (P&I): −$629
• Tax from tax record: −$423 /mo · $5,071/yr
• Insurance: −$50
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $-267

Break-even live

Break-even rent $1,465

Max offer price $101,412

Occupancy floor —

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 Tompkins St Unit 10 Binghamton, NY	2.0	1.0	950	$1,050	$1.11	20d	1	0.59mi
27 Tompkins St Unit 9 Binghamton, NY	2.0	1.0	950	$950	$1.00	43d	1	0.59mi
38 Carroll St Unit 21 Binghamton, NY	1.0	1.0	800	$1,050	$1.31	43d	1	0.94mi
33 Fayette St Unit 22 Binghamton, NY	2.0	1.0	1350	$1,100	$0.81	13d	1	0.96mi
198 Court St Unit 10 Binghamton, NY	2.0	1.0	700	$1,200	$1.71	20d	1	0.99mi
198 Court St Unit 6 Binghamton, NY	2.0	1.0	700	$1,350	$1.93	20d	1	0.99mi
71 Mary St Unit 2 Binghamton, NY	2.0	1.0	1100	$1,300	$1.18	13d	1	1.19mi
26 Doubleday St #2 Binghamton, NY	2.0	1.0	850	$1,400	$1.65	44d	1	1.22mi
26 Doubleday St Binghamton, NY	2.0	1.0	1000	$1,350	$1.35	43d	1	1.22mi
80 State St Unit A 6 Loft Binghamton, NY	1.0	1.0	800	$1,200	$1.50	43d	1	1.26mi
274 Chenango St Unit 1 Binghamton, NY	1.0	1.0	850	$1,200	$1.41	43d	1	1.29mi
81 State St Unit 2 Binghamton, NY	2.0	2.0	800	$1,000	$1.25	43d	1	1.29mi
159 Washington St Binghamton, NY	1.0	1.0	725	$1,372	$1.89	43d	4	1.35mi
147 E Frederick St Binghamton, NY	2.0	1.0	800	$1,200	$1.50	13d	1	1.35mi

Listing history 3 events

1. 2026-05-14
   status Pending 428-char remark
2. 2026-05-06
   listed $119,999 Active 428-char remark
3. 2010-06-25
   soldstatus $62,765

ⓘ 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: $5,071 · $423/mo
• Projected year-2 tax: $5,071 · $423/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 8/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $13,522
• − Mortgage interest: −$6,722
• − Property taxes: −$5,071
• − Insurance: −$1,266
• − Repairs & maintenance: −$1,082
• − Management: −$1,082
• − Depreciation: −$3,491
• Taxable loss: −$5,191
• Est. tax savings @ 24.0%: +$1,246
• After-tax cash flow: $-1,960/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: Binghamton City School District
• NCES district ID: 3604870
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 44% ▲ 15.00%
• Median HH income: $30,475
• Composite: 30.09/100
• National rank: #6342
• State rank: #557 of 590 in NY

Livability — Binghamton

• Score: 78/100
• State rank: #174
• US rank: #2710

Category grades

Amenities A+ Commute A+ 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: Binghamton, NY
• County: Broome County · 126,805 people
• City population: 65,170
• Metro: Binghamton, NY
• Population (ZIP): 17,569
• Household income: $66,278
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 602.0

Population outlook (Broome County) Hauer SSP2

• Today (2025): 187,989 people
• By 2030: 183,066 · -2.6%
• By 2040: 172,228 · -8.4%
• By 2050: 163,161 · -13.2%
• By 2075: 153,641 · -18.3%
• By 2100: 140,851 · -25.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 9% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Broome

• 2024 margin: Toss-up / Even · D 50.2% · R 49.8%
• 2008→2024 swing: -7.6pp toward R · 2008: 8.0pp · 2024: 0.4pp
• All cycles: 2024: D+0.4 2020: D+3.5 2016: R+3.7 2012: D+4.6 2008: D+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.68%
• Current HPI: 286.1001
• Rent YoY: —
• Metro: Binghamton, NY
• 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

+91.2% since first listed

3 events — show timeline

• 2026-05-14 Pending — GBAOR
• 2026-05-06 Listed $119,999 GBAOR
• 2010-06-25 Sold (Public Records) $62,765 Public Records

Property tax history

+6.8%/yr

Latest (2025): $5,071 · +0.9% YoY. Source: county tax records.