17 Haendel St · Binghamton, NY 13905

$249,900

4 bd · 2.0 ba · 2,154 sqft · MultiFamily public records · 25 Days on market

Built 1890 7,500 sqft lot $116/sqft · at area comps Est $247k · at est.

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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 +18.2/30.0
• ARV discount +7.1/15.0
• 1% rule +6.6/10.0
• DSCR +5.7/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Step onto the newer synthetic front porch and into this highly desirable West Side two family home, an excellent opportunity for investors or flexible living, including student housing. This fully updated property features brand new luxury vinyl plank flooring and plush carpeting throughout. Both units offer renovated bathrooms with marble style tile surrounds/floors and all new fixtures. Bright and energy efficient, the home includes new LED lighting in every room. The updated kitchens are a standout, featuring new cabinetry, stylish hardware, and stainless steel appliances including dishwashers and built in microwaves. Both units are professionally painted and move in ready. The lower unit has 2 bedrooms, while the upper offers versatility of 3 bedrooms or an oversized living room with a front balcony. Additional upgrades include all new electrical service and panels. Turnkey property, this is a prime West Side opportunity you don’t want to miss! Listing agent is related to seller.

Key facts

• Renovated bathrooms
• New led lighting
• Updated kitchens

Tags

• SYNTHETIC FRONT PORCH
• LUXURY VINYL PLANK FLOORING
• RENOVATED BATHROOMS
• MARBLE STYLE TILE
• NEW LED LIGHTING
• UPDATED KITCHENS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive. Per door: $113/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.

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: 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 75% at this address vs 37% district-wide (+38 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.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% 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 $2,895/mo this rent would consume 65% 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 $2k of loan paydown is wiped out by about $7k 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 $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $55k; list at $250k implies a 354% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,151 (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. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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 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: 1.16% ✓
• Cap rate: 7.38%
• Cash-on-cash: 3.88%
• DSCR: 1.17
• GRM: 7.2

CMA / ARV

• ARV (median comp): $247,490
• List price: $249,900
• Delta: 0.97%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17 Haendel St	0.00mi	5/2.0 (+1)	2,154 (0%)	0mo	$245,000	$114	95
7 Goethe St	0.11mi	4/2.0	2,240 (+4%)	3mo	$180,000	$80	85
32 Haendel St	0.10mi	4/2.0	2,312 (+7%)	2mo	$170,000	$74	82
7 Bellevue Hts	0.31mi	4/2.0	2,214 (+3%)	4mo	$140,000	$63	77
27 Mather St	0.47mi	4/2.0	2,182 (+1%)	1mo	$185,000	$85	75
83 Leroy St	0.54mi	4/2.0	2,166 (+1%)	8mo	$200,000	$92	68
70 Thorp St	0.25mi	4/2.0	2,368 (+10%)	8mo	$35,000	$15	65
198 Chapin St	0.65mi	5/3.0 (+1)	2,146 (-0%)	8mo	$193,000	$90	53
198 Chapin St #2	0.65mi	5/3.0 (+1)	2,145 (-0%)	8mo	$193,000	$90	53
4 Bennett Ave	0.63mi	4/2.0	2,332 (+8%)	5mo	$217,500	$93	53
117 Walnut Street St	0.55mi	4/2.0	2,422 (+12%)	2mo	$55,000	$23	52
69 Colfax Ave	0.70mi	3/2.0 (-1)	1,970 (-8%)	8mo	$138,000	$70	42

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: -3.8%
• Equity multiple: 0.85×
• Total profit: $-10,542
• Equity at exit: $37,261

10-year hold

• IRR: 11.5%
• Equity multiple: 2.14×
• Total profit: $80,014
• Equity at exit: $21,607

Cash invested: $69,972 (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: 14.4×

Monthly cashflow live

• Estimated rent: $2,895 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$646 /mo · $7,755/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $226

Break-even live

Break-even rent $2,609

Max offer price $249,900

Occupancy floor 87%

Sensitivity live

Price	-10% $368	-5% $297	+0% $226	+5% $155	+10% $85
Rent	-10% $-3	-5% $112	+0% $226	+5% $341	+10% $455
Rate	-1.0pp $352	-0.5pp $290	base $226	+0.5pp $161	+1.0pp $96

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,894
Total (2 units)			$2,895

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	46d	1	0.14mi
16 Highland Ave Unit 1 Binghamton, NY	3.0	1.0	1400	$1,650	$1.18	46d	1	0.22mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	46d	1	0.42mi
74 Matthews St Binghamton, NY	3.0	2.0	2510	$2,300	$0.92	23d	1	0.49mi
171 Chapin St Unit 1st FL Binghamton, NY	4.0	1.5	1400	$3,000	$2.14	46d	1	0.58mi
19 Walnut St Binghamton, NY	5.0	2.0	1666	$2,250	$1.35	46d	1	0.59mi
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	46d	1	0.63mi
198 Chapin St Binghamton, NY	4.0	2.0	1500	$1,700	$1.13	23d	1	0.64mi
22 Ayres St Binghamton, NY	4.0	2.0	2333	$2,560	$1.10	46d	1	0.67mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	46d	1	0.68mi
29 Laurel Ave Unit 2 Binghamton, NY	3.0	1.5	1500	$2,250	$1.50	46d	1	0.79mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	15d	1	0.82mi
13 Chapin St Binghamton, NY	4.0	3.0	2452	$4,000	$1.63	46d	1	0.87mi
57 Fowler Ave Johnson City, NY	3.0	2.5	2497	$2,000	$0.80	15d	1	1.14mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	46d	1	1.32mi

Listing history 3 events

1. 2026-05-06
   status Pending 1004-char remark

   Show marketing remark (1004 chars)

   Step onto the newer synthetic front porch and into this highly desirable West Side two family home, an excellent opportunity for investors or flexible living, including student housing. This fully updated property features brand new luxury vinyl plank flooring and plush carpeting throughout. Both units offer renovated bathrooms with marble style tile surrounds/floors and all new fixtures. Bright and energy efficient, the home includes new LED lighting in every room. The updated kitchens are a standout, featuring new cabinetry, stylish hardware, and stainless steel appliances including dishwashers and built in microwaves. Both units are professionally painted and move in ready. The lower unit has 2 bedrooms, while the upper offers versatility of 3 bedrooms or an oversized living room with a front balcony. Additional upgrades include all new electrical service and panels. Turnkey property, this is a prime West Side opportunity you don’t want to miss! Listing agent is related to seller.

2. 2026-04-11
   listed $249,900 Active 1004-char remark

   Show marketing remark (1004 chars)

   Step onto the newer synthetic front porch and into this highly desirable West Side two family home, an excellent opportunity for investors or flexible living, including student housing. This fully updated property features brand new luxury vinyl plank flooring and plush carpeting throughout. Both units offer renovated bathrooms with marble style tile surrounds/floors and all new fixtures. Bright and energy efficient, the home includes new LED lighting in every room. The updated kitchens are a standout, featuring new cabinetry, stylish hardware, and stainless steel appliances including dishwashers and built in microwaves. Both units are professionally painted and move in ready. The lower unit has 2 bedrooms, while the upper offers versatility of 3 bedrooms or an oversized living room with a front balcony. Additional upgrades include all new electrical service and panels. Turnkey property, this is a prime West Side opportunity you don’t want to miss! Listing agent is related to seller.

3. 2025-10-23
   soldstatus $55,000

ⓘ 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: $7,755 · $646/mo
• Projected year-2 tax: $7,755 · $646/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 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: $34,740
• − Mortgage interest: −$13,998
• − Property taxes: −$7,755
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,779
• − Management: −$2,779
• − Depreciation: −$7,270
• Taxable loss: −$1,091
• Est. tax savings @ 24.0%: +$262
• After-tax cash flow: $2,976/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

+354.4% since first listed

3 events — show timeline

• 2026-05-06 Pending — GBAOR
• 2026-04-11 Listed $249,900 GBAOR
• 2025-10-23 Sold (Public Records) $55,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $7,755 · +0.9% YoY. Source: county tax records.