120 Murray St · Binghamton, NY 13905

$349,000

10 bd · 4.0 ba · 2,640 sqft · MultiFamily public records · 132 Days on market

Built 1890 3,484 sqft lot $132/sqft · 25% above area Est $278k · 25% over

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Why this score? — see what drove the C- 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 +24.9/30.0
• DSCR +8.1/10.0
• 1% rule +7.0/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Student Housing in Binghamton's R3 Zone with a 8.5% cap rate. First floor unit (4 bed/2bath) is currently rented at $2460/mo, lease in place for 26-27 school year at $2200/mo. Second floor unit (5 bed/2 bath) is rented at $2750/mo for the 26-27 school year. New roof (November 2024), new front porch, new rear deck, completely renovated kitchens. All utilities included in leases.

Key facts

• New rear deck
• New front porch
• R3 zone

Tags

• R3 ZONE
• NEW ROOF
• NEW FRONT PORCH
• NEW REAR DECK
• COMPLETELY RENOVATED KITCHENS

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $755 ($9k/yr) — positive. Per door: $252/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Recommended offer: $307k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 6.4% in Binghamton — 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 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: schools D, 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.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $4,190/mo this rent would consume 94% of the median local household income ($53k/yr) (locally 1875% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $98k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago; this cycle's ask has dropped $66k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $307,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
8. 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?
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: 1.20% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.27%
• DSCR: 1.41
• GRM: 6.9

CMA / ARV

• ARV (median comp): $278,376
• List price: $349,000
• Delta: 25.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.14×
• Total profit: $13,797
• Equity at exit: $52,037

10-year hold

• IRR: 17.4%
• Equity multiple: 2.79×
• Total profit: $175,292
• Equity at exit: $30,175

Cash invested: $97,720 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $4,190 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$580 /mo · $6,960/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$880
• Net cashflow: $755

Break-even live

Break-even rent $3,235

Max offer price $349,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,191
Total (3 units)			$4,190

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
81 State St Unit 2-1 10BR Binghamton, NY	10.0	5.0	2600	$900	$0.35	43d	1	0.44mi
101 Court St Unit 2 Binghamton, NY	11.0	2.0	3200	$600	$0.19	20d	1	0.55mi

Listing history 32 events

1. 2026-06-19
   days on market $349,000 Active 132 DOM
2. 2026-06-18
   days on market $349,000 Active 131 DOM
3. 2026-06-17
   days on market $349,000 Active 130 DOM
4. 2026-06-16
   days on market $349,000 Active 129 DOM
5. 2026-06-15
   days on market $349,000 Active 128 DOM
6. 2026-06-14
   days on market $349,000 Active 126 DOM
7. 2026-06-13
   days on market $349,000 Active 125 DOM
8. 2026-06-10
   days on market $349,000 Active 123 DOM
9. 2026-06-09
   days on market $349,000 Active 122 DOM
10. 2026-06-08
    days on market $349,000 Active 121 DOM
11. 2026-06-07
    days on market $349,000 Active 120 DOM
12. 2026-06-03
    days on market $349,000 Active 116 DOM
13. 2026-06-02
    days on market $349,000 Active 115 DOM
14. 2026-06-01
    days on market $349,000 Active 114 DOM
15. 2026-05-31
    days on market $349,000 Active 113 DOM
16. 2026-05-30
    days on market $349,000 Active 112 DOM
17. 2026-05-11
    price $349,000 380-char remark

    Show marketing remark (380 chars)

    Student Housing in Binghamton's R3 Zone with a 8.5% cap rate. First floor unit (4 bed/2bath) is currently rented at $2460/mo, lease in place for 26-27 school year at $2200/mo. Second floor unit (5 bed/2 bath) is rented at $2750/mo for the 26-27 school year. New roof (November 2024), new front porch, new rear deck, completely renovated kitchens. All utilities included in leases.

18. 2026-03-10
    price $369,000 380-char remark

    Show marketing remark (380 chars)

    Student Housing in Binghamton's R3 Zone with a 8.5% cap rate. First floor unit (4 bed/2bath) is currently rented at $2460/mo, lease in place for 26-27 school year at $2200/mo. Second floor unit (5 bed/2 bath) is rented at $2750/mo for the 26-27 school year. New roof (November 2024), new front porch, new rear deck, completely renovated kitchens. All utilities included in leases.

19. 2026-02-19
    price $389,000 380-char remark

    Show marketing remark (380 chars)

    Student Housing in Binghamton's R3 Zone with a 8.5% cap rate. First floor unit (4 bed/2bath) is currently rented at $2460/mo, lease in place for 26-27 school year at $2200/mo. Second floor unit (5 bed/2 bath) is rented at $2750/mo for the 26-27 school year. New roof (November 2024), new front porch, new rear deck, completely renovated kitchens. All utilities included in leases.

20. 2026-02-07
    listed $415,000 Active 380-char remark

    Show marketing remark (380 chars)

    Student Housing in Binghamton's R3 Zone with a 8.5% cap rate. First floor unit (4 bed/2bath) is currently rented at $2460/mo, lease in place for 26-27 school year at $2200/mo. Second floor unit (5 bed/2 bath) is rented at $2750/mo for the 26-27 school year. New roof (November 2024), new front porch, new rear deck, completely renovated kitchens. All utilities included in leases.

21. 2024-08-07
    soldstatus $325,000
22. 2023-11-15
    listed $299,900 Active
23. 2022-04-28
    soldstatus $195,000
24. 2022-03-07
    soldstatus $110,000
25. 2022-02-27
    price $300
26. 2021-05-07
    listed $169,000
27. 2020-11-02
    listed $289,000
28. 2020-05-07
    listed $289,000
29. 2016-12-14
    soldstatus $320,000
30. 2011-05-13
    soldstatus $115,000
31. 2010-06-23
    soldstatus $17,000
32. 2006-10-05
    soldstatus $117,200

ⓘ 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: $6,960 · $580/mo
• Projected year-2 tax: $6,960 · $580/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 X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $50,280
• − Mortgage interest: −$19,549
• − Property taxes: −$6,960
• − Insurance: −$1,745
• − Repairs & maintenance: −$4,022
• − Management: −$4,022
• − Depreciation: −$10,153
• Taxable income: $3,828
• Est. tax owed @ 24.0%: −$919
• After-tax cash flow: $8,135/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): 27,988
• Household income: $53,362
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1875.0

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 (68%)
• Race & ethnicity: White 68% Asian 10% Black 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 87% English-only · Other Indo-European 5% Spanish 2% Other Asian/Pacific 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: ▼ -134.70%
• Current HPI: 298.9847
• Rent YoY: ▲ 11.19%
• 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

+197.8% since first listed

16 events — show timeline

• 2026-05-11 Price Changed $349,000 GBAOR
• 2026-03-10 Price Changed $369,000 GBAOR
• 2026-02-19 Price Changed $389,000 GBAOR
• 2026-02-07 Listed $415,000 GBAOR
• 2024-08-07 Sold (Public Records) $325,000 Public Records
• 2023-11-15 Listed $299,900 GBAOR
• 2022-04-28 Sold (Public Records) $195,000 Public Records
• 2022-03-07 Sold (Public Records) $110,000 Public Records
• 2022-02-27 Price Changed $300 RENT.
• 2021-05-07 Listed $169,000 GBAOR
• 2020-11-02 Listed $289,000 GBAOR
• 2020-05-07 Listed $289,000 GBAOR
• 2016-12-14 Sold (Public Records) $320,000 Public Records
• 2011-05-13 Sold (Public Records) $115,000 Public Records
• 2010-06-23 Sold (Public Records) $17,000 Public Records
• 2006-10-05 Sold (Public Records) $117,200 Public Records

Property tax history

+4.7%/yr

Latest (2025): $6,960 · +0.9% YoY. Source: county tax records.