1015 Lake St · Elmira, NY 14901

$89,900

20 bd · 16.0 ba · 5,355 sqft · MultiFamily public records · 11 Days on market

Built 1900 7,850 sqft lot $17/sqft · 45% below area Est $163k · 45% under

---

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
• Appreciation +10.0/10.0
• 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

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

Great opportunity to own a solid 4-unit multi-family property in Elmira. Three units are currently occupied by long term tenants, providing immediate income, while the fourth unit is gutted (construction materials on-site convey) and ready for the next owner to complete for additional income. Tenants enjoy the convenient location, access to public transportation, and on-site coin operated laundry - yet another income stream for the future owner. A new roof was installed less than two years ago! Whether you're an investor looking to expand your rental portfolio or someone seeking a project with tons of potential, this property deserves your consideration. Listing agent related to Seller.

Key facts

• Long term tenants
• New roof
• 7,850 sq ft lot

Tags

• MULTI-FAMILY PROPERTY
• LONG TERM TENANTS
• PUBLIC TRANSPORTATION
• ON-SITE COIN OPERATED LAUNDRY
• NEW ROOF

Property features AI

Finance

• Other: Property contains 4 total units; Single electric meter and single gas meter for the building; Road frontage on city street; Lot is rectangular residential parcel (approx. 50 x 157)
• Financial info: Total gross income: $26,584; Operating expenses: $18,192; Owner pays electricity, heat, water, and snow removal; Rent for units listed between $650 and $700 (individual unit rents shown)

Exterior

• Parking: One parking space
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multi-family building; Resale property
• Construction: Wood siding; Asphalt shingle roof; Stone foundation; Existing construction
• Exterior features: Covered porch

Interior

• Kitchen: Eat-in kitchen (in one unit)
• Bedrooms: Four 1-bedroom units; One 2-bedroom unit
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Forced air heating; Electric and gas heating sources; Has heating
• Interior features: Natural woodwork; Walk-out basement access
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $852/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $90k).
• Cap rate 51.8% 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: 81 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,900

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. 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.
8. 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.
9. 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: 5.67% ✓
• Cap rate: 51.78%
• Cash-on-cash: 162.45%
• DSCR: 8.23
• GRM: 1.5

CMA / ARV

• ARV (median comp): $162,852
• List price: $89,900
• Delta: -44.80%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 11.57×
• Total profit: $266,078
• Equity at exit: $80,989

10-year hold

• IRR: —
• Equity multiple: 25.35×
• Total profit: $613,032
• Equity at exit: $174,656

Cash invested: $25,172 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 81
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $5,100 medium
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,071
• Net cashflow: $3,408

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 28%

Sensitivity live

Price	-10% $3,470	-5% $3,439	+0% $3,408	+5% $3,377	+10% $3,346
Rent	-10% $3,005	-5% $3,206	+0% $3,408	+5% $3,609	+10% $3,811
Rate	-1.0pp $3,453	-0.5pp $3,431	base $3,408	+0.5pp $3,384	+1.0pp $3,361

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$5,100
Total (4 units)			$5,100

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-05
   status Pending 695-char remark
2. 2026-04-24
   listed $89,900 Active 695-char remark
3. 2025-12-10
   historical
4. 2025-12-03
   historical
5. 2025-12-02
   historical
6. 2025-08-11
   status Pending
7. 2025-08-01
   listed $89,900 Active

ⓘ 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 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 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: $61,200
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$4,896
• − Management: −$4,896
• − Depreciation: −$2,615
• Taxable income: $41,959
• Est. tax owed @ 24.0%: −$10,070
• After-tax cash flow: $30,823/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): 14,430

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 (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 7% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 4% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Chinese 1%

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: ▲ 32.34%
• Current HPI: 236.2674
• 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

+0.0% since first listed

7 events — show timeline

• 2026-05-05 Pending — UNYREIS
• 2026-04-24 Listed $89,900 UNYREIS
• 2025-12-10 Listing Removed — UNYREIS
• 2025-12-03 Listing Removed — UNYREIS
• 2025-12-02 Listing Removed — UNYREIS
• 2025-08-11 Pending — UNYREIS
• 2025-08-01 Listed $89,900 UNYREIS

Property tax history

+8.2%/yr

Latest (2025): $4,788 · -11.9% YoY. Source: county tax records.