603-605 W 1st St · Elmira, NY 14905

$40,970

4 bd · 2.0 ba · 1,672 sqft · MultiFamily public records · 101 Days on market

Built 1900 10,725 sqft lot $25/sqft · 68% below area ↓ 7% since listing

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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 +7.5/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Unlock the possibilities with this versatile downtown Elmira duplex, a foreclosure opportunity perfectly suited for investors or those looking to craft their own custom residence. This property offers a unique "blank canvas" appeal, featuring two distinct living spaces with the structural flexibility to easily be converted back into a spacious single-family home. The main level provides a comfortable one-bedroom, one-bathroom layout enhanced by a dedicated office space—ideal for today’s remote work lifestyle. Upstairs, you’ll find a quaint, studio-style one-bedroom apartment that functions as an efficient rental or private guest suite. Practicality meets potential here, as the heavy lifting on mechanicals has already begun with a newer furnace and hot water tank recently installed. The property is currently optimized for effortless management with two separate meters, allowing for easy utility separation between units. Outdoor amenities are a rare find for the area, including a semi-private yard for relaxation and a detached two-car garage that provides coveted off-street parking or additional storage. Whether you choose to renovate and rent or restore it to its original single-family glory, this property is a standout project in a central location. Sold as-is—bring your vision and seize this downtown value play.

Key facts

• Hot water tank
• Newer furnace
• Two separate meters

Tags

• DOWNTOWN ELMIRA DUPLEX
• TWO DISTINCT LIVING SPACES
• DEDICATED OFFICE SPACE
• NEWER FURNACE
• HOT WATER TANK
• TWO SEPARATE METERS

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $41k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $712/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $41k).
• Recommended offer: $37k (9.0% below list) — sets the bar for market timing.
• Cap rate 49.6% 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: crime F, amenities F, commute 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.
• Zoned schools: Ernie Davis Academy (math 5% / reading 31%, grade F, #691 of 729 statewide, top 95%, 802 students, 66% FRL).
• Market conditions: 39 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 $284 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $13k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: 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 $37,282 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 5.45% ✓
• Cap rate: 49.65%
• Cash-on-cash: 154.83%
• DSCR: 7.89
• GRM: 1.5

CMA / ARV

• ARV (median comp): $126,423
• List price: $40,970
• Delta: -67.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
352 Euclid Ave	0.05mi	4/2.0	1,812 (+8%)	18mo	$65,000	$36	68
355 Walnut St	0.14mi	4/2.5	1,864 (+12%)	5mo	$80,000	$43	68
514 Elizabeth St	0.56mi	3/2.0 (-1)	1,634 (-2%)	7mo	$105,000	$64	59
354 Davis St	0.35mi	3/2.0 (-1)	1,914 (+14%)	13mo	$45,000	$24	44

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: 8.34×
• Total profit: $84,163
• Equity at exit: $6,109

10-year hold

• IRR: —
• Equity multiple: 17.60×
• Total profit: $190,397
• Equity at exit: $3,542

Cash invested: $11,472 (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 14905

• Home prices YoY: -9.4%
• Active inventory: 39
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,232 high
• Mortgage (P&I): −$215
• Tax est. 1.5%: −$51 /mo · $615/yr
• Insurance: −$17
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $1,425

Break-even live

Break-even rent $429

Max offer price $40,970

Occupancy floor 31%

Sensitivity live

Price	-10% $1,453	-5% $1,439	+0% $1,425	+5% $1,410	+10% $1,396
Rent	-10% $1,248	-5% $1,336	+0% $1,425	+5% $1,513	+10% $1,601
Rate	-1.0pp $1,445	-0.5pp $1,435	base $1,425	+0.5pp $1,414	+1.0pp $1,403

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,232
Total (2 units)			$2,232

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: $10,242
• Closing costs: $1,229
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	45d	1	0.11mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	45d	1	0.48mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	45d	1	0.51mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	45d	1	0.75mi

Listing history 22 events

1. 2026-06-21
   days on market $40,970 Active 101 DOM
2. 2026-06-19
   days on market $40,970 Active 99 DOM
3. 2026-06-18
   days on market $40,970 Active 98 DOM
4. 2026-06-17
   days on market $40,970 Active 97 DOM
5. 2026-06-17
   price $40,970 Active 96 DOM
6. 2026-06-16
   days on market $48,420 Active 96 DOM
7. 2026-06-15
   days on market $48,420 Active 95 DOM
8. 2026-06-14
   days on market $48,420 Active 93 DOM
9. 2026-06-12
   days on market $48,420 Active 92 DOM
10. 2026-06-09
    days on market $48,420 Active 89 DOM
11. 2026-06-08
    days on market $48,420 Active 88 DOM
12. 2026-06-07
    days on market $48,420 Active 87 DOM
13. 2026-06-05
    days on market $48,420 Active 84 DOM
14. 2026-06-03
    days on market $48,420 Active 83 DOM
15. 2026-06-02
    days on market $48,420 Active 82 DOM
16. 2026-06-01
    days on market $48,420 Active 81 DOM
17. 2026-05-31
    days on market $48,420 Active 80 DOM
18. 2026-05-30
    days on market $48,420 Active 79 DOM
19. 2026-05-13
    price $48,420 1368-char remark

    Show marketing remark (1368 chars)

    Unlock the possibilities with this versatile downtown Elmira duplex, a foreclosure opportunity perfectly suited for investors or those looking to craft their own custom residence. This property offers a unique "blank canvas" appeal, featuring two distinct living spaces with the structural flexibility to easily be converted back into a spacious single-family home. The main level provides a comfortable one-bedroom, one-bathroom layout enhanced by a dedicated office space—ideal for today’s remote work lifestyle. Upstairs, you’ll find a quaint, studio-style one-bedroom apartment that functions as an efficient rental or private guest suite. Practicality meets potential here, as the heavy lifting on mechanicals has already begun with a newer furnace and hot water tank recently installed. The property is currently optimized for effortless management with two separate meters, allowing for easy utility separation between units. Outdoor amenities are a rare find for the area, including a semi-private yard for relaxation and a detached two-car garage that provides coveted off-street parking or additional storage. Whether you choose to renovate and rent or restore it to its original single-family glory, this property is a standout project in a central location. Sold as-is—bring your vision and seize this downtown value play.

20. 2026-03-12
    listed $53,800 Active 1368-char remark

    Show marketing remark (1368 chars)

    Unlock the possibilities with this versatile downtown Elmira duplex, a foreclosure opportunity perfectly suited for investors or those looking to craft their own custom residence. This property offers a unique "blank canvas" appeal, featuring two distinct living spaces with the structural flexibility to easily be converted back into a spacious single-family home. The main level provides a comfortable one-bedroom, one-bathroom layout enhanced by a dedicated office space—ideal for today’s remote work lifestyle. Upstairs, you’ll find a quaint, studio-style one-bedroom apartment that functions as an efficient rental or private guest suite. Practicality meets potential here, as the heavy lifting on mechanicals has already begun with a newer furnace and hot water tank recently installed. The property is currently optimized for effortless management with two separate meters, allowing for easy utility separation between units. Outdoor amenities are a rare find for the area, including a semi-private yard for relaxation and a detached two-car garage that provides coveted off-street parking or additional storage. Whether you choose to renovate and rent or restore it to its original single-family glory, this property is a standout project in a central location. Sold as-is—bring your vision and seize this downtown value play.

21. 2024-07-12
    historical
22. 2024-04-01
    listed $52,000

ⓘ 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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 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: $26,784
• − Mortgage interest: −$2,295
• − Property taxes: −$615
• − Insurance: −$871
• − Repairs & maintenance: −$2,143
• − Management: −$2,143
• − Depreciation: −$1,192
• Taxable income: $17,526
• Est. tax owed @ 24.0%: −$4,206
• After-tax cash flow: $12,889/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): 8,976

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 (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 7% Hispanic / Latino 3% Asian 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 93% English-only · Spanish 2% Chinese 1% Russian/Polish/Slavic 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: ▼ -26.09%
• Current HPI: 252.0326
• 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

-6.9% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $48,420 UNYREIS
• 2026-03-12 Listed $53,800 UNYREIS
• 2024-07-12 Listing Removed — UNYREIS
• 2024-04-01 Listed $52,000 UNYREIS

Property tax history

+18.6%/yr

Latest (2025): $3,534 · -14.2% YoY. Source: county tax records.