3 Janette Ave · Binghamton, NY 13905

$97,500

6 bd · 2.0 ba · 1,880 sqft · MultiFamily public records · 75 Days on market

Built 1890 3,440 sqft lot $52/sqft · 50% below area ↓ 11% 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
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great property with newer roof and long term tenants 3bdrms in each unit and tenants pay their own utilities.

Key facts

• Newer roof
• Long term tenants
• 3,440 sq ft lot

Tags

• NEWER ROOF
• LONG TERM TENANTS
• TENANTS PAY UTILITIES

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $98k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $98k).
• Recommended offer: $92k (6.0% below list) — sets the bar for market timing.
• Cap rate 34.6% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $4,076/mo this rent would consume 92% 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 $674 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($92k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.5% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $91,650 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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. 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?
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: 4.18% ✓
• Cap rate: 34.58%
• Cash-on-cash: 101.04%
• DSCR: 5.50
• GRM: 2.0

CMA / ARV

• ARV (median comp): $195,247
• List price: $97,500
• Delta: -50.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 Hazel St	0.09mi	6/2.0	1,976 (+5%)	10mo	$185,000	$94	79
31 Baxter St	0.18mi	6/4.0	1,950 (+4%)	6mo	$105,000	$54	72
49 Floral Ave	0.65mi	6/2.0	1,836 (-2%)	1mo	$155,000	$84	65
99 Park St	0.42mi	6/2.0	1,820 (-3%)	20mo	$105,000	$58	58
18 Wilson St	0.12mi	5/2.0 (-1)	2,121 (+13%)	17mo	$190,000	$90	54
149-151 Crary Ave	0.52mi	6/2.0	1,750 (-7%)	22mo	$180,000	$103	46
17 Haendel St	0.62mi	5/2.0 (-1)	2,154 (+15%)	0mo	$245,000	$114	42
65 Lake Ave	0.48mi	5/3.0 (-1)	2,160 (+15%)	13mo	$160,000	$74	33
6 Highland Ave	0.70mi	5/2.0 (-1)	2,120 (+13%)	12mo	$165,000	$78	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.58×
• Total profit: $152,354
• Equity at exit: $14,538

10-year hold

• IRR: —
• Equity multiple: 16.39×
• Total profit: $420,087
• Equity at exit: $8,430

Cash invested: $27,300 (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: 6.0×

Monthly cashflow live

• Estimated rent: $4,076 medium
• Mortgage (P&I): −$511
• Tax from tax record: −$370 /mo · $4,434/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$856
• Net cashflow: $2,299

Break-even live

Break-even rent $1,166

Max offer price $97,500

Occupancy floor 39%

Sensitivity live

Price	-10% $2,614	-5% $2,326	+0% $2,299	+5% $2,271	+10% $2,243
Rent	-10% $1,977	-5% $2,138	+0% $2,299	+5% $2,460	+10% $2,621
Rate	-1.0pp $2,348	-0.5pp $2,323	base $2,299	+0.5pp $2,273	+1.0pp $2,248

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,077
Total (3 units)			$4,076

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Highland Ave Unit 2 Binghamton, NY	6.0	1.0	2000	$2,750	$1.38	44d	1	0.72mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	44d	1	1.11mi
19 Walnut St Binghamton, NY	5.0	2.0	1666	$2,250	$1.35	44d	1	1.21mi
2 Chapel Pl Binghamton, NY	6.0	3.0	2600	$650	$0.25	44d	1	1.24mi
44 Leroy St Binghamton, NY	6.0	2.0	1772	$3,000	$1.69	21d	1	1.27mi

Listing history 11 events

1. 2026-06-10
   days on market $97,500 Active 75 DOM
2. 2026-06-09
   days on market $97,500 Active 74 DOM
3. 2026-06-08
   days on market $97,500 Active 73 DOM
4. 2026-06-07
   days on market $97,500 Active 72 DOM
5. 2026-06-03
   days on market $97,500 Active 68 DOM
6. 2026-06-02
   days on market $97,500 Active 67 DOM
7. 2026-06-01
   days on market $97,500 Active 66 DOM
8. 2026-05-31
   days on market $97,500 Active 65 DOM
9. 2026-05-30
   days on market $97,500 Active 64 DOM
10. 2026-04-20
    price $97,500 109-char remark

    Show marketing remark (109 chars)

    Great property with newer roof and long term tenants 3bdrms in each unit and tenants pay their own utilities.

11. 2026-03-27
    listed $110,000 Active 109-char remark

    Show marketing remark (109 chars)

    Great property with newer roof and long term tenants 3bdrms in each unit and tenants pay their own utilities.

ⓘ 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: $4,434 · $370/mo
• Projected year-2 tax: $4,434 · $370/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 5/10 Major FEMA zone X · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $48,912
• − Mortgage interest: −$5,462
• − Property taxes: −$4,434
• − Insurance: −$488
• − Repairs & maintenance: −$3,913
• − Management: −$3,913
• − Depreciation: −$2,836
• Taxable income: $27,866
• Est. tax owed @ 24.0%: −$6,688
• After-tax cash flow: $20,895/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

-11.4% since first listed

2 events — show timeline

• 2026-04-20 Price Changed $97,500 GBAOR
• 2026-03-27 Listed $110,000 GBAOR

Property tax history

+4.7%/yr

Latest (2025): $4,434 · +0.9% YoY. Source: county tax records.