61 Lake Ave Ave #2 · Binghamton, NY 13905

$139,000

5 bd · 3.6 ba · 1,690 sqft · MultiFamily · 276 Days on market

Built 1910 Average condition 6,098 sqft lot $82/sqft · 34% below area Est $212k · 34% 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
• Rent growth +5.0/5.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.8/5.0
• 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

This updated duplex features a one-car garage and ample parking space for tenants, ensuring convenience for all. The property includes a finished attic complete with a bedroom and a half bath, perfect for added living space. The spacious apartments. boast applealing floor plans, ideal for comfortable living. Conveniently located within close proximity to shopping and dining options, making it an excellent choice for those seeking convenience. Additionally, the duplex has shared laundry facilities in the basement for both tenants. The landlord covers the cost of heat, electic and water, providing added value and comfort.

Key facts

• Ample parking space
• Finished attic
• 6,098 sq ft lot

Tags

• FINISHED ATTIC
• AMPLE PARKING SPACE
• CLOSE PROXIMITY TO SHOPPING
• CLOSE PROXIMITY TO DINING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $139k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $923 ($11k/yr) — positive. Per door: $461/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 5.7% in Binghamton — 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 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); 274 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 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: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.77% ✓
• Cap rate: 14.74%
• Cash-on-cash: 30.16%
• DSCR: 2.34
• GRM: 4.7

CMA / ARV

• ARV (median comp): $212,160
• List price: $139,000
• Delta: -34.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Carhart Ave	0.30mi	6/3.0 (+1)	1,883 (+11%)	3mo	$85,000	$45	57
49 Floral Ave	0.43mi	6/2.0 (+1)	1,836 (+9%)	6mo	$155,000	$84	49
29 and 31 Jay St	0.73mi	4/2.0 (-1)	1,668 (-1%)	8mo	$180,000	$108	46
100 Harry L Dr	0.61mi	5/2.0	1,760 (+4%)	18mo	$130,000	$74	43
217 Lester Avenue Ave	0.56mi	5/2.0	1,452 (-14%)	6mo	$81,000	$56	39
42 Broad St	0.59mi	4/2.0 (-1)	1,514 (-10%)	14mo	$145,000	$96	32
122 W End Ave	0.68mi	4/2.0 (-1)	1,463 (-13%)	8mo	$165,000	$113	28
39 Colfax Ave	0.69mi	4/2.0 (-1)	1,557 (-8%)	20mo	$125,000	$80	27

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: 28.4%
• Equity multiple: 2.27×
• Total profit: $49,272
• Equity at exit: $20,725

10-year hold

• IRR: 38.8%
• Equity multiple: 5.57×
• Total profit: $177,878
• Equity at exit: $12,018

Cash invested: $38,920 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 12 active · 12 under contract
• Months of supply: 18.0 mo (6%/mo absorbed)
• Median asking: $141,500 ($84/sqft)
• Median days on market: 116 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +49.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 274
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,454 high
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $923

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,454
Total (2 units)			$2,454

Break-even live

Break-even rent $1,286

Max offer price $139,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,019	-5% $971	+0% $923	+5% $874	+10% $826
Rent	-10% $729	-5% $826	+0% $923	+5% $1,019	+10% $1,116
Rate	-1.0pp $993	-0.5pp $958	base $923	+0.5pp $887	+1.0pp $850

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: $34,750
• Closing costs: $4,170
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
65 Lake Ave Binghamton, NY	1.0	1.0	600	$1,100	$1.83	18d	1	0.01mi
20 Downs Ave #2 Binghamton, NY	3.0	1.0	1200	$1,300	$1.08	0d	1	0.18mi
27-29 Tracy St Unit 1 Binghamton, NY	1.0	1.0	800	$950	$1.19	44d	1	0.19mi
27-29 Tracy St Unit 1 Binghamton, NY	1.0	1.0	—	$1,100	—	162d	1	0.19mi
111 Glenwood Ave Unit 1 Binghamton, NY	1.0	1.0	800	$900	$1.12	154d	1	0.23mi
102 Main St Unit 2 Johnson City, NY	3.0	1.0	—	$1,600	—	51d	1	0.24mi
102 Main St Unit 2 Johnson City, NY	3.0	1.0	—	$1,600	—	1d	1	0.24mi
108 Glenwood Ave Binghamton, NY	3.0	1.5	1344	$1,900	$1.41	0d	1	0.25mi
327 Main St Apt 4 Binghamton, NY	2.0	1.0	—	$1,200	—	154d	1	0.27mi
327 Main St Apt 10 Binghamton, NY	1.0	1.0	—	$975	—	184d	1	0.27mi
327 Main St Apt 5 Binghamton, NY	3.0	1.0	—	$1,300	—	1d	1	0.27mi
378 Prospect St Unit 1R Binghamton, NY	1.0	1.0	—	$850	—	0d	1	0.27mi
100 Park St #1 Binghamton, NY	1.0	1.0	2320	$650	$0.28	16d	1	0.27mi
325 Main St Apt 4 Binghamton, NY	1.0	1.0	—	$950	—	0d	1	0.27mi
9 Laurel St Johnson City, NY	2.0	1.0	800	$1,350	$1.69	10d	1	0.29mi
106 Grand Blvd Unit 2 Binghamton, NY	3.0	2.0	1300	$1,575	$1.21	20d	1	0.29mi
106 Grand Blvd Unit 2 Binghamton, NY	3.0	2.0	1300	$1,575	$1.21	10d	1	0.29mi
296 Main St Unit 6 Binghamton, NY	3.0	1.0	1200	$1,250	$1.04	154d	1	0.38mi
296 Main St Unit 2 Binghamton, NY	3.0	1.0	1200	$1,200	$1.00	12d	1	0.38mi
296 Main St Unit 2 Binghamton, NY	3.0	1.0	1200	$1,200	$1.00	9d	1	0.38mi
15 Avenue A Unit 4 Johnson City, NY	1.0	1.0	532	$980	$1.84	9d	1	0.38mi
11 Avenue A Unit !R Johnson City, NY	1.0	1.0	615	$980	$1.59	162d	1	0.38mi
11 Avenue A Unit 1 Johnson City, NY	1.0	1.0	615	$980	$1.59	51d	1	0.38mi
11 Avenue A Unit 5 Johnson City, NY	2.0	1.0	651	$1,250	$1.92	10d	1	0.38mi
11 Avenue A Unit 5 Johnson City, NY	2.0	1.0	651	$1,250	$1.92	51d	1	0.38mi
10 Garfield Ave #2 Binghamton, NY	1.0	1.0	—	$500	—	10d	1	0.41mi
91 Grand Ave Johnson City, NY	2.0	1.0	900	$1,300	$1.44	10d	1	0.41mi
69 Floral Ave Johnson City, NY	3.0	1.5	1900	$1,750	$0.92	10d	1	0.45mi
69 Floral Ave Johnson City, NY	3.0	1.5	1900	$1,750	$0.92	26d	1	0.45mi
74 Floral Ave #4 Johnson City, NY	2.0	1.0	850	$1,100	$1.29	10d	1	0.47mi
216 Main St #203 Johnson City, NY	1.0	1.0	500	$1,395	$2.79	10d	1	0.48mi
216 Main St Unit 204 Johnson City, NY	1.0	1.0	500	$1,295	$2.59	8d	1	0.48mi
346 Clinton St Unit 2R Binghamton, NY	2.0	1.0	—	$1,100	—	0d	1	0.48mi
56 Farr Ave Johnson City, NY	3.0	1.0	—	$1,600	—	154d	1	0.48mi
276 Main St Unit 1R Binghamton, NY	2.0	1.0	800	$1,100	$1.38	10d	1	0.49mi
96 Floral Ave Unit 4 Johnson City, NY	3.0	1.0	—	$500	—	10d	1	0.51mi
155 Willow St Unit 3 Johnson City, NY	2.0	1.0	739	$1,200	$1.62	162d	1	0.52mi
128 Grand Ave Unit 3 Johnson City, NY	3.0	3.0	954	$3,075	$3.22	10d	1	0.52mi
128 Grand Ave Unit 2 Johnson City, NY	2.0	2.0	726	$2,650	$3.65	37d	1	0.52mi
128 Grand Ave Unit 2 Johnson City, NY	2.0	2.0	726	$2,650	$3.65	10d	1	0.52mi

Listing history 50 events

1. 2026-11-08
   days on market $139,000 Active 276 DOM
2. 2026-11-07
   days on market $139,000 Active 275 DOM
3. 2026-11-06
   days on market $139,000 Active 274 DOM
4. 2026-11-05
   days on market $139,000 Active 273 DOM
5. 2026-11-04
   days on market $139,000 Active 272 DOM
6. 2026-11-02
   days on market $139,000 Active 270 DOM
7. 2026-11-01
   days on market $139,000 Active 269 DOM
8. 2026-10-31
   days on market $139,000 Active 268 DOM
9. 2026-10-30
   days on market $139,000 Active 267 DOM
10. 2026-10-29
    days on market $139,000 Active 266 DOM
11. 2026-10-28
    days on market $139,000 Active 265 DOM
12. 2026-10-27
    days on market $139,000 Active 264 DOM
13. 2026-10-26
    days on market $139,000 Active 263 DOM
14. 2026-10-25
    days on market $139,000 Active 262 DOM
15. 2026-10-24
    days on market $139,000 Active 261 DOM
16. 2026-10-23
    days on market $139,000 Active 260 DOM
17. 2026-10-22
    days on market $139,000 Active 259 DOM
18. 2026-10-21
    days on market $139,000 Active 258 DOM
19. 2026-10-20
    days on market $139,000 Active 257 DOM
20. 2026-10-19
    days on market $139,000 Active 256 DOM
21. 2026-10-18
    days on market $139,000 Active 255 DOM
22. 2026-10-17
    days on market $139,000 Active 254 DOM
23. 2026-10-16
    days on market $139,000 Active 253 DOM
24. 2026-10-15
    days on market $139,000 Active 252 DOM
25. 2026-10-14
    days on market $139,000 Active 251 DOM
26. 2026-10-13
    days on market $139,000 Active 250 DOM
27. 2026-10-12
    days on market $139,000 Active 249 DOM
28. 2026-10-11
    days on market $139,000 Active 248 DOM
29. 2026-10-10
    days on market $139,000 Active 247 DOM
30. 2026-10-09
    days on market $139,000 Active 246 DOM
31. 2026-10-08
    days on market $139,000 Active 245 DOM
32. 2026-10-07
    days on market $139,000 Active 244 DOM
33. 2026-10-06
    days on market $139,000 Active 243 DOM
34. 2026-10-05
    days on market $139,000 Active 242 DOM
35. 2026-10-04
    days on market $139,000 Active 241 DOM
36. 2026-10-03
    days on market $139,000 Active 240 DOM
37. 2026-10-02
    days on market $139,000 Active 239 DOM
38. 2026-10-01
    days on market $139,000 Active 238 DOM
39. 2026-09-30
    days on market $139,000 Active 237 DOM
40. 2026-09-29
    days on market $139,000 Active 236 DOM
41. 2026-09-28
    days on market $139,000 Active 235 DOM
42. 2026-09-27
    days on market $139,000 Active 234 DOM
43. 2026-09-26
    days on market $139,000 Active 233 DOM
44. 2026-09-25
    days on market $139,000 Active 232 DOM
45. 2026-09-24
    days on market $139,000 Active 231 DOM
46. 2026-09-24
    days on market $139,000 Active 230 DOM
47. 2026-09-22
    days on market $139,000 Active 229 DOM
48. 2026-09-20
    days on market $139,000 Active 227 DOM
49. 2026-09-19
    days on market $139,000 Active 226 DOM
50. 2026-09-18
    days on market $139,000 Active 225 DOM

ⓘ 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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°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: $29,448
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$1,362
• − Repairs & maintenance: −$2,356
• − Management: −$2,356
• − Depreciation: −$4,044
• Taxable income: $9,460
• Est. tax owed @ 24.0%: −$2,270
• After-tax cash flow: $8,800/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab Est. rehab $42,250–$76,050 screening

This updated duplex requires moderate renovations to modernize the kitchen and bathroom, and paint the interior walls. The property has a good layout and location, making it a solid investment opportunity.

Repairs flagged

• Moderate kitchen cabinets — dated design
• Moderate bathroom fixtures — dated design
• Minor exterior siding — some wear

Value-add opportunities

• Both update kitchen cabinets — modern design, improved functionality ↑
• Both update bathroom fixtures — modern design, improved functionality ↑
• Both paint interior walls — fresh look, improved curb appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 41/100

Zoned Schools

Elementary Woodrow Wilson School F NY #2,004/2,108 Nat'l #35,051/41,679 Middle West Middle School F NY #537/729 Nat'l #8,750/14,009 High Binghamton High School A- NY #631/1,100 Nat'l #1,551/17,239

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

B Composite livability gradescore 78/100

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 · 187,989 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: 12% of renters

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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%

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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%
• Languages at home: 87% English-only · Other Indo-European 5% Spanish 2% Other Asian/Pacific 1%

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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

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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

+3.0% since first listed

6 events — show timeline

• 2026-05-07 Contingent — GBAOR
• 2026-04-30 Price Changed $139,000 GBAOR
• 2026-04-14 Relisted — GBAOR
• 2026-04-09 Contingent — GBAOR
• 2026-02-05 Price Changed $145,000 GBAOR
• 2026-02-05 Listed $135,000 GBAOR