29 Delmar Street St

Binghamton, NY 13903

$159,999D-

3 bd · 2.0 ba · 1,064 sqft · Built 1952 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,401/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$431
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $-164/mo
• Annual: $-1,962/yr
• Cap rate: 5.07%
• Cash-on-cash: -4.38%
• DSCR: 0.81
• 1% rule: 0.88%
• Cash to close: $44,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $-164 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (18.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (12.4% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $131k (18.1% below list) — sets the bar for cash-flow.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• 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: Benjamin Franklin Elementary School (math 17% / reading 32%, grade F, #1,846 of 2,108 statewide, top 91%, 399 students, 75% FRL); Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Zoned-school proficiency averages 50% at this address vs 37% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Binghamton City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.7% of price; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.1% 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.

Questions for listing agent

• 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?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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?
• 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.