380 Norton St · Elmira, NY 14901

$28,000

4 bd · 2.0 ba · 1,588 sqft · Townhouse public records · 21 Days on market

Built 1900 6,300 sqft lot ↓ 2% since listing

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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 +15.0/30.0
• Appreciation +10.0/10.0
• 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

Listing remarks

2 story 2 unit up and down. Recent repairs include new electrical, insulation, plumbing. Bottom floor is wired up for radiant heat. Unit is down to studs, and ready for sheetrock. Second floor wiring is done, and is down to studs. This house needs work, but most hard work has been done. Converting to single family is also a possibility.

Key facts

• New plumbing
• Recent repairs
• New electrical

Tags

• RECENT REPAIRS
• NEW ELECTRICAL
• NEW INSULATION
• NEW PLUMBING
• WIRED FOR RADIANT HEAT
• DOWN TO STUDS

Property features AI

Finance

• Financial info: Two total units with separate gas and electric meters; Tenants pay all utilities

Exterior

• Parking: Gravel parking area
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Residential 2-unit zoning; Resale property
• Construction: Vinyl siding exterior
• Exterior features: Near public transit; Rectangular residential lot; City street frontage; Gravel parking

Interior

• Kitchen: Eat-in kitchen in one unit; Kitchen and living room layouts present across units
• Bedrooms: Two 2-bedroom units
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas heating; Baseboard heating
• Interior features: Full walk-out basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $28k.

Deal economics

• At list price, monthly cash flow is $912 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $28k (1.5% below list) — sets the bar for market timing.
• Cap rate 45.4% 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: schools F, crime F, amenities 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.
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($194 loan paydown + $3k appreciation (10.0% local appreciation)).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $27,580 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 5.00% ✓
• Cap rate: 45.40%
• Cash-on-cash: 139.67%
• DSCR: 7.21
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.36×
• Total profit: $73,388
• Equity at exit: $25,225

10-year hold

• IRR: —
• Equity multiple: 22.74×
• Total profit: $170,455
• Equity at exit: $54,398

Cash invested: $7,840 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 79
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$147
• Tax est. 1.5%: −$35 /mo · $420/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $912

Break-even live

Break-even rent $245

Max offer price $28,000

Occupancy floor 30%

Sensitivity live

Price	-10% $932	-5% $922	+0% $912	+5% $903	+10% $893
Rent	-10% $802	-5% $857	+0% $912	+5% $968	+10% $1,023
Rate	-1.0pp $927	-0.5pp $920	base $912	+0.5pp $905	+1.0pp $898

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.31mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	1.32mi

Listing history 21 events

1. 2026-06-12
   statusdays on market $28,000 Pending 21 DOM
2. 2026-06-09
   days on market $28,000 Active Under Contract 19 DOM
3. 2026-06-08
   days on market $28,000 Active Under Contract 18 DOM
4. 2026-06-07
   days on market $28,000 Active Under Contract 17 DOM
5. 2026-06-05
   statusdays on market $28,000 Active Under Contract 14 DOM
6. 2026-06-03
   days on market $28,000 Active 13 DOM
7. 2026-06-02
   days on market $28,000 Active 12 DOM
8. 2026-06-01
   days on market $28,000 Active 11 DOM
9. 2026-05-31
   days on market $28,000 Active 10 DOM
10. 2026-05-30
    days on market $28,000 Active 9 DOM
11. 2026-05-20
    listed $28,000 Active
12. 2009-04-06
    historical
13. 2009-01-13
    listed $34,000
14. 2008-12-09
    historical
15. 2008-06-09
    listed $38,000
16. 2008-03-28
    historical
17. 2007-02-23
    listed $38,000
18. 2006-05-10
    soldstatus $32,500
19. 2006-05-10
    soldstatus $32,500
20. 2005-09-26
    listed $36,500
21. 2001-06-07
    soldstatus $28,500

ⓘ 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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $16,800
• − Mortgage interest: −$1,568
• − Property taxes: −$420
• − Insurance: −$140
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$815
• Taxable income: $11,169
• Est. tax owed @ 24.0%: −$2,681
• After-tax cash flow: $8,269/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): 14,430

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 (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 7% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 4% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Chinese 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: ▲ 32.34%
• Current HPI: 236.2674
• 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

-1.8% since first listed

11 events — show timeline

• 2026-05-20 Listed $28,000 UNYREIS
• 2009-04-06 Listing Removed — UNYREIS
• 2009-01-13 Listed $34,000 UNYREIS
• 2008-12-09 Listing Removed — UNYREIS
• 2008-06-09 Listed $38,000 UNYREIS
• 2008-03-28 Listing Removed — UNYREIS
• 2007-02-23 Listed $38,000 UNYREIS
• 2006-05-10 Sold (Public Records) $32,500 Public Records
• 2006-05-10 Sold (MLS) $32,500 UNYREIS
• 2005-09-26 Listed $36,500 UNYREIS
• 2001-06-07 Sold (Public Records) $28,500 Public Records

Property tax history

+10.2%/yr

Latest (2025): $2,837 · +9.6% YoY. Source: county tax records.