23 Medford St · Binghamton, NY 13903

$185,000

3 bd · 1.0 ba · 1,386 sqft · SingleFamily public records · 4 Days on market

Built 1949 6,969 sqft lot Est $148k · 25% over

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Cash flow +6.7/30.0
• Livability +3.9/5.0
• 1% rule +3.2/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

This stunning and immaculately maintained home, offering a 1st floor master bedroom and 1st floor laundry. Great for entertaining, with a covered patio and fenced in yard. Bonus storage abounds with a walk-in attic and huge basement. Living room offers new recessed lighting and home has Nest Smart Home Thermostat as well as Central AC.

Key facts

• Insulated windows
• Finished basement
• Cozy tv nook

Tags

• FIRST FLOOR LAUNDRY ROOM
• FINISHED BASEMENT
• COZY TV NOOK
• NEWER LAMINATE FLOORING
• INSULATED WINDOWS
• OVERSIZED 1 CAR GARAGE

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Aluminum siding
• Exterior features: Covered patio; Fenced yard; Level lot

Interior

• Kitchen: Range; Free-standing range; Range hood; Dishwasher; Refrigerator; Exhaust fan
• Bedrooms: 9 total rooms (bedroom count not specified)
• Flooring: Carpet; Hardwood; Laminate; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Insulated windows; Electric fireplace in the basement; Basement
• Laundry & utility: Washer hookup; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (28.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (17.5% below list).
• Recommended offer: $132k (28.5% below list) — sets the bar for cash-flow.
• Cap rate 4.4% vs local median 6.4% in Binghamton — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 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: Horace Mann School (math 22% / reading 32%, grade F, #1,786 of 2,108 statewide, top 86%, 243 students, 72% FRL).
• Market conditions: 112 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $18k 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.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $83k; list at $185k implies a 123% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,303 (28.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1949 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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 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: 0.82% ✗
• Cap rate: 4.36%
• Cash-on-cash: -6.91%
• DSCR: 0.69
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $148,302
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
33 Decatur St	0.16mi	3/1.0	1,286 (-7%)	8mo	$152,500	$119	74
18 Macon St	0.20mi	3/1.0	1,496 (+8%)	7mo	$155,000	$104	71
67 Burr Ave	0.46mi	3/1.5	1,366 (-1%)	7mo	$160,000	$117	68
26 Bedford St	0.25mi	3/2.0	1,486 (+7%)	6mo	$159,575	$107	67
10 Burton Ave	0.62mi	3/1.5	1,424 (+3%)	5mo	$130,000	$91	60
26 Lamont St	0.22mi	4/2.0 (+1)	1,532 (+10%)	5mo	$66,000	$43	59
244 Robinson St	0.73mi	3/1.5	1,367 (-1%)	8mo	$78,000	$57	55
47 Burr Ave	0.38mi	4/2.0 (+1)	1,566 (+13%)	1mo	$115,000	$73	50
27 Rossmore Pl	0.73mi	3/1.5	1,255 (-10%)	3mo	$175,000	$139	45
18 Riverside St	0.60mi	3/1.5	1,572 (+13%)	4mo	$170,000	$108	45
3 Riverview Ave	0.69mi	4/2.0 (+1)	1,440 (+4%)	12mo	$165,000	$115	42
96 Evans St	0.63mi	4/2.0 (+1)	1,551 (+12%)	3mo	$120,000	$77	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 19.4%
• Equity multiple: 2.58×
• Total profit: $81,918
• Equity at exit: $166,663

10-year hold

• IRR: 17.9%
• Equity multiple: 5.95×
• Total profit: $256,498
• Equity at exit: $359,414

Cash invested: $51,800 (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 13903

• Home prices YoY: 4.3%
• Active inventory: 112
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,526 high
• Mortgage (P&I): −$970
• Tax from tax record: −$457 /mo · $5,478/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $-298

Break-even live

Break-even rent $1,903

Max offer price $132,303

Occupancy floor —

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 Tompkins St Unit 10 Binghamton, NY	2.0	1.0	950	$1,050	$1.11	21d	1	0.79mi
27 Tompkins St Unit 9 Binghamton, NY	2.0	1.0	950	$950	$1.00	44d	1	0.79mi
33 Fayette St Unit 22 Binghamton, NY	2.0	1.0	1350	$1,100	$0.81	13d	1	1.28mi
26 Doubleday St Binghamton, NY	2.0	1.0	1000	$1,350	$1.35	44d	1	1.35mi
86 Conklin Ave Binghamton, NY	3.0	1.0	1316	$1,600	$1.22	13d	1	1.43mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	44d	1	1.43mi
1 Euclid Ave Unit 1 Binghamton, NY	3.0	1.0	1100	$1,500	$1.36	44d	1	1.47mi
136 Court St Unit 2 Binghamton, NY	4.0	1.0	1373	$3,000	$2.18	44d	1	1.48mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $185,000 Pending 4 DOM
2. 2026-06-03
   remarks 699-char remark
3. 2026-06-03
   listed $185,000 Active 1 DOM

ⓘ 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: $5,478 · $457/mo
• Projected year-2 tax: $5,478 · $457/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $18,311
• − Mortgage interest: −$10,363
• − Property taxes: −$5,478
• − Insurance: −$925
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − Depreciation: −$5,382
• Taxable loss: −$6,767
• Est. tax savings @ 24.0%: +$1,624
• After-tax cash flow: $-1,956/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): 17,569
• Household income: $66,278
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 602.0

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% Black 9% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 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: ▲ 11.68%
• Current HPI: 286.1001
• 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

+172.5% since first listed

6 events — show timeline

• 2026-06-02 Listed $185,000 GBAOR
• 2020-05-13 Sold (Public Records) $83,000 Public Records
• 2020-05-01 Sold (MLS) $83,000 GBAOR
• 2019-09-12 Listed $85,000 GBAOR
• 2017-01-03 Sold (MLS) $72,234 GBAOR
• 2016-10-04 Listed $67,900 GBAOR

Property tax history

+4.7%/yr

Latest (2025): $5,478 · +0.9% YoY. Source: county tax records.