71-73 Albert St · Johnson City, NY 13790

$374,900

12 bd · 4.0 ba · 3,183 sqft · MultiFamily · 61 Days on market

Built 1900 Good condition 5,662 sqft lot $118/sqft · 27% above area Est $294k · 27% over

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.8/10.0
• Rent growth +4.9/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Schools +3.3/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

Fully renovated, turnkey 4-family property in Johnson City offering a strong blend of stability and upside. The building features 4 units, all fully furnished, providing flexibility for short-term or traditional rental strategies. Each apartment has been updated with newer kitchens, modern bathrooms, laminate flooring, and fresh paint, creating clean, attractive living spaces. Tenants pay their own electric and gas, helping reduce operating expenses. The property has been well maintained with key mechanical updates, including a newer boiler for one main apartment and a new heater in the garage unit. A 4-car garage offers additional income potential through tenant or third-party rentals. This is a turnkey asset ideal for investors seeking low maintenance and immediate income, with furnished units supporting premium rents. The overall condition helps limit near-term capital expenditures, and the location near healthcare, shopping, and major roadways supports consistent tenant demand.

Key facts

• Fully renovated
• Laminate flooring
• Turnkey property

Tags

• FULLY RENOVATED
• TURNKEY PROPERTY
• FULLY FURNISHED UNITS
• NEWER KITCHENS
• MODERN BATHROOMS
• LAMINATE FLOORING

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $375k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $447/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• Recommended offer: $352k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 6.4% in Johnson City — 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 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.5%/yr); 101 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $5,544/mo this rent would consume 113% of the median local household income ($59k/yr) (locally 1233% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $40k of equity ($3k loan paydown + $37k 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.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $105k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $230k; list at $375k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $352,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% 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. 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. 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. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.45%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (median comp): $294,229
• List price: $374,900
• Delta: 27.42%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 42.3%
• Equity multiple: 4.31×
• Total profit: $347,500
• Equity at exit: $337,740

10-year hold

• IRR: 38.5%
• Equity multiple: 10.59×
• Total profit: $1,006,480
• Equity at exit: $728,348

Cash invested: $104,972 (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 13790

• Home prices YoY: 6.8%
• Rents YoY: 9.5%
• Active inventory: 101
• Price-to-rent: 22.5×

Monthly cashflow live

• Estimated rent: $5,544 high
• Mortgage (P&I): −$1,966
• Tax est. 1.5%: −$469 /mo · $5,624/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,164
• Net cashflow: $1,789

Break-even live

Break-even rent $3,280

Max offer price $374,900

Occupancy floor 63%

Sensitivity live

Price	-10% $2,048	-5% $1,918	+0% $1,789	+5% $1,659	+10% $1,530
Rent	-10% $1,351	-5% $1,570	+0% $1,789	+5% $2,008	+10% $2,227
Rate	-1.0pp $1,978	-0.5pp $1,884	base $1,789	+0.5pp $1,692	+1.0pp $1,593

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$5,544
Total (4 units)			$5,544

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $374,900 Active 61 DOM
2. 2026-06-19
   days on market $374,900 Active 59 DOM
3. 2026-06-18
   days on market $374,900 Active 58 DOM
4. 2026-06-17
   days on market $374,900 Active 57 DOM
5. 2026-06-16
   days on market $374,900 Active 56 DOM
6. 2026-06-15
   days on market $374,900 Active 55 DOM
7. 2026-06-14
   days on market $374,900 Active 53 DOM
8. 2026-06-13
   statusdays on market $374,900 Active 52 DOM
9. 2026-04-09
   listed $374,900 Active 996-char remark

   Show marketing remark (996 chars)

   Fully renovated, turnkey 4-family property in Johnson City offering a strong blend of stability and upside. The building features 4 units, all fully furnished, providing flexibility for short-term or traditional rental strategies. Each apartment has been updated with newer kitchens, modern bathrooms, laminate flooring, and fresh paint, creating clean, attractive living spaces. Tenants pay their own electric and gas, helping reduce operating expenses. The property has been well maintained with key mechanical updates, including a newer boiler for one main apartment and a new heater in the garage unit. A 4-car garage offers additional income potential through tenant or third-party rentals. This is a turnkey asset ideal for investors seeking low maintenance and immediate income, with furnished units supporting premium rents. The overall condition helps limit near-term capital expenditures, and the location near healthcare, shopping, and major roadways supports consistent tenant demand.

10. 2022-05-25
    soldstatus $230,000
11. 2022-03-31
    listed $189,900
12. 2021-04-15
    listed $250,000
13. 2017-07-31
    soldstatus $100,000
14. 2017-05-25
    listed $109,900

ⓘ 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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°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: $66,528
• − Mortgage interest: −$21,000
• − Property taxes: −$5,624
• − Insurance: −$1,874
• − Repairs & maintenance: −$5,322
• − Management: −$5,322
• − Depreciation: −$10,906
• Taxable income: $16,479
• Est. tax owed @ 24.0%: −$3,955
• After-tax cash flow: $17,512/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This fully renovated 4-family property in Johnson City offers a blend of stability and upside potential. The units are fully furnished and updated with modern kitchens and bathrooms, making them attractive for both short-term and traditional rental strategies.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and property value.
• Both Replace worn-out windows — Improves energy efficiency and property value.
• Both Upgrade HVAC system — Reduces operating costs and enhances comfort for tenants.
• Both Landscaping improvements — Enhances curb appeal and property value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and property value. ↑
• Both Replace worn-out windows — Improves energy efficiency and property value. ↑
• Both Upgrade HVAC system — Reduces operating costs and enhances comfort for tenants. ↑
• Both Landscaping improvements — Enhances curb appeal and property value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Johnson City Central School District
• NCES district ID: 3615900
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $40,514
• Composite: 33.17/100
• National rank: #5545
• State rank: #535 of 590 in NY

Livability — Johnson City

• Score: 76/100
• State rank: #238
• US rank: #3739

Category grades

Amenities C Commute A- Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, NY
• County: Broome County · 126,805 people
• City population: 18,739
• Metro: Binghamton, NY
• Population (ZIP): 18,739
• Household income: $59,045
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1233.0

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 (75%)
• Race & ethnicity: White 75% Two or more races 9% Asian 8% Black 6% Hispanic / Latino 4%
• Common ancestry: Romanian 6% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Indo-European 4% French/Haitian/Cajun 2% Spanish 2%

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: ▲ 18.06%
• Current HPI: 285.3668
• Rent YoY: ▲ 9.47%
• 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

+241.1% since first listed

6 events — show timeline

• 2026-04-09 Listed $374,900 GBAOR
• 2022-05-25 Sold (MLS) $230,000 GBAOR
• 2022-03-31 Listed $189,900 GBAOR
• 2021-04-15 Listed $250,000 GBAOR
• 2017-07-31 Sold (MLS) $100,000 GBAOR
• 2017-05-25 Listed $109,900 GBAOR