128 Hawley St St

Binghamton, NY 13901

$299,900C-

9 bd · 3.0 ba · 2,812 sqft · Built 1910 · MultiFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,659/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$693
• HOA: −$0
• Vac / Maint / Mgmt: −$768
• Net cashflow: $625/mo
• Annual: $7,505/yr
• Cap rate: 8.80%
• Cash-on-cash: 8.94%
• DSCR: 1.40
• 1% rule: 1.22%
• Cash to close: $83,972

Investor read

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $300k.
• At list price, monthly cash flow is $625 ($8k/yr) — positive. Per door: $208/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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: Macarthur School (math 17% / reading 37%, grade F, #1,786 of 2,108 statewide, top 86%, 398 students, 62% FRL) — zoned schools at 62% FRL track the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $37k; list at $300k implies a 708% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.8% 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.
• At $3,659/mo this rent would consume 79% of the median local household income ($56k/yr) (locally 1230% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.