57 South Main St · Elmira, NY 14904

$50,000

None bd · None ba · 5,400 sqft · MultiFamily public records · 185 Days on market

Built 1958 4,267 sqft lot Est $70k · 29% under ↓ 33% since listing

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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 MLS

4 unit investment property is just waiting for its perfect investor. This property could have mixed usage as the one lower unit could be made into a commercial unit with the other 3 units being residential rentals. Each spacious unit has 1-2 bedrooms and 1 bath. Each modern kitchen has granite countertops. It is on public sewer and public water, and natural gas is in each of the units. Two of the units are on the first floor, and 2 units are on the second floor. Conveniently located near downtown Elmira. This would be a great rental property for mixed usage.

Key facts

• 4,267 sq ft lot
• Garage
• Built 1958

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 102.9% vs local median 10.1% in Elmira — 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 62/100 on livability (#832 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Elmira City School District (urban): math 23% / reading 35% proficiency, ranked #580 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 101 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Chemung County population projected at -17% 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
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: 11.06% ✓
• Cap rate: 102.89%
• Cash-on-cash: 344.98%
• DSCR: 16.35
• GRM: 0.8

CMA / ARV

• ARV (on-the-fly): $70,200
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207-209-209 1/2 W Chemung Pl	0.06mi	9/3.0	5,316 (-2%)	6mo	$67,500	$13	89
102 Harmon St	0.12mi	5/4.0	5,476 (+1%)	20mo	$64,000	$12	76
305 W Clinton St	0.67mi	5/4.0	5,034 (-7%)	14mo	$108,000	$21	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 18.74×
• Total profit: $248,319
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 40.05×
• Total profit: $546,647
• Equity at exit: $4,323

Cash invested: $14,000 (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 14904

• Home prices YoY: -9.6%
• Active inventory: 101
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $5,532 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,162
• Net cashflow: $4,025

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 22%

Sensitivity live

Price	-10% $4,059	-5% $4,042	+0% $4,025	+5% $4,007	+10% $3,990
Rent	-10% $3,588	-5% $3,806	+0% $4,025	+5% $4,243	+10% $4,462
Rate	-1.0pp $4,050	-0.5pp $4,037	base $4,025	+0.5pp $4,012	+1.0pp $3,999

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$5,532
Total (4 units)			$5,532

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-02-27
   status Pending
2. 2025-07-04
   listed $50,000 Active
3. 2024-04-12
   soldstatus $45,000 564-char remark

   Show marketing remark (921 chars)

   Great investment opportunity in Elmira NY! This 4 unit investment property is just waiting for its perfect investor.   The property has so much to offer, it just needs the right person to see the potential it holds to bring it back to life. This property could have mixed usage as the one lower unit could be made into a commercial unit with the other 3 units being residential rentals.  Each spacious unit has 1-2 bedrooms and 1 bath.   Each modern kitchen has granite countertops.   It is on public sewer and public water, and natural gas is in each of the units.   Two of the units are on the first floor, and 2 units are on the second floor.   The lot size is 42 x 100. Conveniently located near downtown Elmira.   This would be a great rental property for mixed usage.   There are so many possibilities that this property holds.   This property is being sold AS IS.

4. 2024-04-12
   soldstatus $45,000 Closed 921-char remark

   Show marketing remark (921 chars)

   Great investment opportunity in Elmira NY! This 4 unit investment property is just waiting for its perfect investor.   The property has so much to offer, it just needs the right person to see the potential it holds to bring it back to life. This property could have mixed usage as the one lower unit could be made into a commercial unit with the other 3 units being residential rentals.  Each spacious unit has 1-2 bedrooms and 1 bath.   Each modern kitchen has granite countertops.   It is on public sewer and public water, and natural gas is in each of the units.   Two of the units are on the first floor, and 2 units are on the second floor.   The lot size is 42 x 100. Conveniently located near downtown Elmira.   This would be a great rental property for mixed usage.   There are so many possibilities that this property holds.   This property is being sold AS IS.

5. 2024-01-12
   status Pending 921-char remark

   Show marketing remark (921 chars)

   Great investment opportunity in Elmira NY! This 4 unit investment property is just waiting for its perfect investor.   The property has so much to offer, it just needs the right person to see the potential it holds to bring it back to life. This property could have mixed usage as the one lower unit could be made into a commercial unit with the other 3 units being residential rentals.  Each spacious unit has 1-2 bedrooms and 1 bath.   Each modern kitchen has granite countertops.   It is on public sewer and public water, and natural gas is in each of the units.   Two of the units are on the first floor, and 2 units are on the second floor.   The lot size is 42 x 100. Conveniently located near downtown Elmira.   This would be a great rental property for mixed usage.   There are so many possibilities that this property holds.   This property is being sold AS IS.

6. 2023-12-20
   listed $75,000 564-char remark

   Show marketing remark (921 chars)

   Great investment opportunity in Elmira NY! This 4 unit investment property is just waiting for its perfect investor.   The property has so much to offer, it just needs the right person to see the potential it holds to bring it back to life. This property could have mixed usage as the one lower unit could be made into a commercial unit with the other 3 units being residential rentals.  Each spacious unit has 1-2 bedrooms and 1 bath.   Each modern kitchen has granite countertops.   It is on public sewer and public water, and natural gas is in each of the units.   Two of the units are on the first floor, and 2 units are on the second floor.   The lot size is 42 x 100. Conveniently located near downtown Elmira.   This would be a great rental property for mixed usage.   There are so many possibilities that this property holds.   This property is being sold AS IS.

7. 2023-12-20
   listed $75,000 Active 921-char remark

   Show marketing remark (921 chars)

   Great investment opportunity in Elmira NY! This 4 unit investment property is just waiting for its perfect investor.   The property has so much to offer, it just needs the right person to see the potential it holds to bring it back to life. This property could have mixed usage as the one lower unit could be made into a commercial unit with the other 3 units being residential rentals.  Each spacious unit has 1-2 bedrooms and 1 bath.   Each modern kitchen has granite countertops.   It is on public sewer and public water, and natural gas is in each of the units.   Two of the units are on the first floor, and 2 units are on the second floor.   The lot size is 42 x 100. Conveniently located near downtown Elmira.   This would be a great rental property for mixed usage.   There are so many possibilities that this property holds.   This property is being sold AS IS.

8. 2022-06-30
   historical
9. 2020-09-23
   listed $89,900
10. 2018-01-20
    historical
11. 2017-07-20
    listed $94,000
12. 2007-06-01
    soldstatus $54,900
13. 2003-10-08
    soldstatus $82,000
14. 1995-09-19
    soldstatus $75,000
15. 1995-09-19
    soldstatus $60,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,384
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$5,311
• − Management: −$5,311
• − Depreciation: −$1,455
• Taxable income: $50,507
• Est. tax owed @ 24.0%: −$12,122
• After-tax cash flow: $36,175/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: Elmira City School District
• NCES district ID: 3610560
• Math proficiency: 23% ▼ -7.00%
• Reading proficiency: 35% ▲ 7.00%
• Median HH income: $40,180
• Composite: 24.39/100
• National rank: #7688
• State rank: #580 of 590 in NY

Livability — Elmira

• Score: 62/100
• State rank: #832
• US rank: #16139

Category grades

Amenities F Commute F 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: Elmira, NY
• City population: 14,276
• Population (ZIP): 14,276

Population outlook (Chemung County) Hauer SSP2

• Today (2025): 82,931 people
• By 2030: 80,356 · -3.1%
• By 2040: 74,745 · -9.9%
• By 2050: 69,012 · -16.8%
• By 2075: 55,689 · -32.8%
• By 2100: 41,428 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 7% Hispanic / Latino 5% Native American 1%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, Jamaica, Dominican Republic
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Chemung

• 2024 margin: R (+16.8) · D 41.6% · R 58.4%
• 2008→2024 swing: -15.6pp toward R · 2008: -1.2pp · 2024: -16.8pp
• All cycles: 2024: R+16.8 2020: R+13.4 2016: R+20.0 2012: R+2.9 2008: R+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.33%
• Current HPI: 220.688
• Rent YoY: —
• Metro: —
• 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

-33.3% since first listed

15 events — show timeline

• 2026-02-27 Pending — NMPA
• 2025-07-04 Listed $50,000 NMPA
• 2024-04-12 Sold (MLS) $45,000 CNYIS
• 2024-04-12 Sold (MLS) $45,000 UNYREIS
• 2024-01-12 Pending — CNYIS
• 2023-12-20 Listed $75,000 CNYIS
• 2023-12-20 Listed $75,000 UNYREIS
• 2022-06-30 Listing Removed — UNYREIS
• 2020-09-23 Listed $89,900 UNYREIS
• 2018-01-20 Listing Removed — UNYREIS
• 2017-07-20 Listed $94,000 UNYREIS
• 2007-06-01 Sold (Public Records) $54,900 Public Records
• 2003-10-08 Sold (Public Records) $82,000 Public Records
• 1995-09-19 Sold (Public Records) $60,000 Public Records
• 1995-09-19 Sold (Public Records) $75,000 Public Records

Property tax history

+8.0%/yr

Latest (2025): $5,742 · -19.0% YoY. Source: county tax records.