1172 N Main St · Elmira, NY 14901

$75,000

4 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 4 Days on market

Built 1900 6,034 sqft lot Est $104k · 28% under

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Good income potential. New roof. 1 car garage, separate utilities. Vinyl siding. Don't miss this investment opportunity. $800.00 credit to buyer at closing.

Key facts

• Covered front porch
• Separate utilities
• Detached garage

Tags

• SEPARATE UTILITIES
• DETACHED GARAGE
• COVERED FRONT PORCH

Property features AI

Finance

• Financial info: Operating expense details referenced in remarks; Tenant pays all utilities

Exterior

• Parking: Detached or attached garage (1 garage space); Paved parking
• Utilities: Public water (connected); Sewer connected
• Home design: 2-story building; Resale property
• Construction: Vinyl siding; Existing construction
• Exterior features: Rectangular residential lot; 48 x 124 lot dimensions; City street frontage; Paved areas

Interior

• Kitchen: Gas water heater
• Bedrooms: Multifamily property with 2 total units
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit; Tenant responsible for all utilities

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $506/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 22.5% 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: 79 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($519 loan paydown + $8k 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k 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.
• 4 sale attempts since 18y 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 $37k; list at $75k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

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. 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 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?
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: 2.86% ✓
• Cap rate: 22.49%
• Cash-on-cash: 57.84%
• DSCR: 3.57
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $104,160
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
382 Norton St	0.54mi	4/2.0	1,692 (+1%)	12mo	$27,000	$16	64
912 Magee St	0.57mi	4/2.5	1,769 (+5%)	3mo	$109,000	$62	60
313 Roe Ave	0.43mi	3/2.0 (-1)	1,909 (+14%)	1mo	$137,500	$72	51

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: 70.4%
• Equity multiple: 6.02×
• Total profit: $105,452
• Equity at exit: $67,566

10-year hold

• IRR: 64.2%
• Equity multiple: 13.39×
• Total profit: $260,104
• Equity at exit: $145,709

Cash invested: $21,000 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 79
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,146 high
• Mortgage (P&I): −$393
• Tax from tax record: −$259 /mo · $3,102/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $1,012

Break-even live

Break-even rent $865

Max offer price $75,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,055	-5% $1,033	+0% $1,012	+5% $991	+10% $970
Rent	-10% $843	-5% $927	+0% $1,012	+5% $1,097	+10% $1,182
Rate	-1.0pp $1,050	-0.5pp $1,031	base $1,012	+0.5pp $993	+1.0pp $973

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,146
Total (2 units)			$2,146

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	1.08mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.20mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	1.39mi

Listing history 6 events

1. 2026-06-17
   status $75,000 Pending 4 DOM
2. 2026-06-17
   days on market $75,000 Active 4 DOM
3. 2026-06-16
   days on market $75,000 Active 3 DOM
4. 2026-06-15
   days on market $75,000 Active 2 DOM
5. 2026-06-14
   remarks 441-char remark
6. 2026-06-14
   listed $75,000 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: $3,102 · $259/mo
• Projected year-2 tax: $3,102 · $259/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 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $25,752
• − Mortgage interest: −$4,201
• − Property taxes: −$3,102
• − Insurance: −$375
• − Repairs & maintenance: −$2,060
• − Management: −$2,060
• − Depreciation: −$2,182
• Taxable income: $11,771
• Est. tax owed @ 24.0%: −$2,825
• After-tax cash flow: $9,322/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

+117.4% since first listed

10 events — show timeline

• 2026-06-14 Listed $75,000 UNYREIS
• 2011-07-13 Sold (Public Records) $37,000 Public Records
• 2011-07-12 Sold (MLS) $37,000 UNYREIS
• 2011-01-03 Listed $45,000 UNYREIS
• 2010-08-04 Listing Removed — UNYREIS
• 2010-02-04 Listed $44,900 UNYREIS
• 2009-05-15 Listing Removed — UNYREIS
• 2008-08-15 Listed $52,000 UNYREIS
• 2006-10-25 Sold (Public Records) $49,500 Public Records
• 1992-12-30 Sold (Public Records) $34,500 Public Records

Property tax history

+8.9%/yr

Latest (2025): $3,102 · -12.4% YoY. Source: county tax records.