24 Centenary St · Binghamton, NY 13901

$895,000

77 bd · 121.0 ba · 6,878 sqft · MultiFamily public records · 23 Days on market

1,742 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

24 Centenary Street is an 11-unit multifamily property located in downtown Binghamton, New York. The property consists of five studio apartments at $900/month, five one-bedroom apartments at $950/month, and one two-bedroom apartment at $1,000/month. The landlord pays all utilities, which is reflected in the current rent structure and expense profile. The property is currently 100% occupied and fully leased, with all 11 tenants having renewed their leases for an additional one-year term providing an acquiring investor with immediate, stable cash flow and minimal near-term rollover risk.

Key facts

• 1,742 sq ft lot
• Listed 22 days

Property features AI

Finance

• Other: Living area approximately 6,878; Lot size about 0.04 acre
• Financial info: 11 total units

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family property; Brick construction
• Construction: Brick construction
• Exterior features: Other exterior features

Interior

• Bedrooms: Multiple unit types: several 1-bedroom units
• Bathrooms: Total of 11 full bathrooms distributed across multiple levels (1st, 2nd, 3rd, 4th, Basement)
• Heating & cooling: Electric heating; Natural gas heating
• Interior features: Unfinished slab basement

What this means for you Summary

Snapshot

• This is a 10×7bd/1.0ba + 1×8bd/1.0ba units multifamily listed at $895k.

Deal economics

• At list price, monthly cash flow is $7k ($89k/yr) — positive. Per door: $673/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $895k).
• Recommended offer: $882k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.2% 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: 92 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $18,130/mo this rent would consume 392% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k 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 + 3.0% rent growth), your $251k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($882k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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 $173k; list at $895k implies a 416% gain — meaningful room to come down on a strong offer.

Recommended offer $881,575 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.03% ✓
• Cap rate: 16.22%
• Cash-on-cash: 35.44%
• DSCR: 2.58
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 31.1%
• Equity multiple: 2.31×
• Total profit: $327,033
• Equity at exit: $133,447

10-year hold

• IRR: 38.3%
• Equity multiple: 4.57×
• Total profit: $894,646
• Equity at exit: $77,383

Cash invested: $250,600 (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 13901

• Home prices YoY: -5.1%
• Active inventory: 92
• Price-to-rent: 45.3×

Monthly cashflow live

• Estimated rent: $18,130 medium
• Mortgage (P&I): −$4,693
• Tax from tax record: −$1,856 /mo · $22,271/yr
• Insurance: −$373
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,807
• Net cashflow: $7,400

Break-even live

Break-even rent $8,762

Max offer price $895,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 10× units	7	1	$16,480
1× unit	8	1	$1,651
Total (11 units)			$18,130

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: $223,750
• Closing costs: $26,850
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-19
   days on market $895,000 Active 23 DOM
2. 2026-06-18
   days on market $895,000 Active 22 DOM
3. 2026-06-17
   days on market $895,000 Active 21 DOM
4. 2026-06-16
   days on market $895,000 Active 20 DOM
5. 2026-06-15
   days on market $895,000 Active 19 DOM
6. 2026-06-14
   days on market $895,000 Active 17 DOM
7. 2026-06-13
   days on market $895,000 Active 16 DOM
8. 2026-06-10
   days on market $895,000 Active 14 DOM
9. 2026-06-09
   days on market $895,000 Active 13 DOM
10. 2026-06-08
    days on market $895,000 Active 12 DOM
11. 2026-06-07
    days on market $895,000 Active 11 DOM
12. 2026-06-03
    days on market $895,000 Active 7 DOM
13. 2026-06-02
    days on market $895,000 Active 6 DOM
14. 2026-06-01
    days on market $895,000 Active 5 DOM
15. 2026-05-31
    days on market $895,000 Active 4 DOM
16. 2026-05-30
    days on market $895,000 Active 3 DOM
17. 2026-05-27
    listed $895,000 Active
18. 2025-05-07
    price $165,000
19. 2025-02-19
    price $800,000
20. 2025-01-27
    price $825,000
21. 2025-01-13
    price $840,000
22. 2024-12-04
    price $865,000
23. 2024-08-27
    listed $899,000 Active
24. 2023-06-28
    listed $1,100,000 Active
25. 2023-04-19
    price $1,100,000
26. 2023-03-20
    price $1,104,840
27. 2022-09-24
    price $1,116,000
28. 2022-07-06
    listed $1,139,000 Active
29. 2019-01-29
    listed $749,000
30. 2009-09-22
    soldstatus $173,369
31. 2007-08-31
    soldstatus $225,000

ⓘ 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: $22,271 · $1,856/mo
• Projected year-2 tax: $22,271 · $1,856/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 3/10 Moderate FEMA zone X · 13% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥92°F today · 18 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: $217,560
• − Mortgage interest: −$50,134
• − Property taxes: −$22,271
• − Insurance: −$4,475
• − Repairs & maintenance: −$17,405
• − Management: −$17,405
• − Depreciation: −$26,036
• Taxable income: $79,834
• Est. tax owed @ 24.0%: −$19,160
• After-tax cash flow: $69,645/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): 19,613
• Household income: $55,523
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 1230.0

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 (80%)
• Race & ethnicity: White 80% Two or more races 7% Hispanic / Latino 7% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -16.13%
• Current HPI: 300.7692
• Rent YoY: —
• 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

+297.8% since first listed

15 events — show timeline

• 2026-05-27 Listed $895,000 Global MLS
• 2025-05-07 Price Changed $165,000 GBAOR
• 2025-02-19 Price Changed $800,000 GBAOR
• 2025-01-27 Price Changed $825,000 GBAOR
• 2025-01-13 Price Changed $840,000 GBAOR
• 2024-12-04 Price Changed $865,000 GBAOR
• 2024-08-27 Listed $899,000 GBAOR
• 2023-06-28 Listed $1,100,000 GBAOR
• 2023-04-19 Price Changed $1,100,000 GBAOR
• 2023-03-20 Price Changed $1,104,840 GBAOR
• 2022-09-24 Price Changed $1,116,000 GBAOR
• 2022-07-06 Listed $1,139,000 GBAOR
• 2019-01-29 Listed $749,000 GBAOR
• 2009-09-22 Sold (Public Records) $173,369 Public Records
• 2007-08-31 Sold (Public Records) $225,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $22,271 · +0.9% YoY. Source: county tax records.