220 W 15th St · Elmira Heights, NY 14903

$279,000

24 bd · 20.0 ba · 3,288 sqft · MultiFamily public records · 1 Days on market

Built 1968 0.41 ac lot

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

Rare 4-unit investment opportunity with incredible expansion potential in Elmira Heights! This well-maintained multi-family property at 220 W 15th St is a high-performing asset featuring 3 of 4 units already rented. What sets this listing apart is the inclusion of two additional vacant parcels, bringing the total land to an expansive 0.41 acres. Whether you choose to develop the extra lots, expand the off-street parking, or simply enjoy the rare village green space, the possibilities are endless. Each unit offers stable rental history, separate utilities, and a prime location near local schools and amenities. Don't miss this unique package deal—perfect for a savvy investor looking to

Key facts

• 0.41 acre lot
• Built 1968

Property features AI

Finance

• Other: Property contains separate meters: 4 separate gas meters and 5 separate electric meters; Lot is approximately 0.4132 acres (150 x 120), rectangular, near public transit, city street frontage
• Financial info: Owner pays water; water included in rent; Operating expenses include insurance, maintenance, and water

Exterior

• Parking: Concrete parking area
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: 3-story multi-family residence; Residential multi-use zoning; Resale property
• Construction: Vinyl siding exterior; Architectural shingle roof; Block foundation; Built and existing (year built: existing)
• Exterior features: Covered porch

Interior

• Kitchen: Eat-in kitchens in units
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; Total of 4 residential units
• Flooring: Carpet; Ceramic tile; Hardwood; Varies by unit
• Bathrooms: Five full bathrooms total
• Heating & cooling: Gas, forced air heating; Central air conditioning
• Interior features: Walk-out basement access; Varied flooring throughout (carpet, ceramic tile, hardwood)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/5.0-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $601/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $279k).

Location & tenants

• Location reads 72/100 on livability (#338 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Elmira Heights Central School District (suburban): math 39% / reading 46% proficiency, ranked #496 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 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 $13k of equity ($2k loan paydown + $11k appreciation (3.8% 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 (3.8% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $279,000

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 1968 — 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. 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.
7. 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.
8. 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: 2.11% ✓
• Cap rate: 16.64%
• Cash-on-cash: 36.96%
• DSCR: 2.64
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.8% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 43.8%
• Equity multiple: 3.55×
• Total profit: $199,114
• Equity at exit: $138,203

10-year hold

• IRR: 42.9%
• Equity multiple: 7.15×
• Total profit: $480,161
• Equity at exit: $223,484

Cash invested: $78,120 (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 14903

• Home prices YoY: 1.6%
• Active inventory: 26
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $5,877 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$657 /mo · $7,890/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,234
• Net cashflow: $2,406

Break-even live

Break-even rent $2,831

Max offer price $279,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	5	$5,876
Total (4 units)			$5,877

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-02
   status Pending
2. 2026-04-30
   listed $279,000 Active

ⓘ 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: $7,890 · $657/mo
• Projected year-2 tax: $7,890 · $657/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 6/10 Major FEMA zone X · 71% 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 1/10 Low 0% 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: $70,524
• − Mortgage interest: −$15,628
• − Property taxes: −$7,890
• − Insurance: −$1,395
• − Repairs & maintenance: −$5,642
• − Management: −$5,642
• − Depreciation: −$8,116
• Taxable income: $26,211
• Est. tax owed @ 24.0%: −$6,291
• After-tax cash flow: $22,581/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 Heights Central School District
• NCES district ID: 3610590
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 46% ▲ 7.00%
• Median HH income: $42,753
• Composite: 35.85/100
• National rank: #4821
• State rank: #496 of 590 in NY

Livability — Elmira Heights

• Score: 72/100
• State rank: #338
• US rank: #5747

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment D Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elmira Heights, NY
• Population (ZIP): 7,140

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 (81%)
• Race & ethnicity: White 81% Black 7% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 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: ▲ 3.80%
• Current HPI: 234.7884
• 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

2 events — show timeline

• 2026-05-02 Pending — UNYREIS
• 2026-04-30 Listed $279,000 UNYREIS

Property tax history

+3.8%/yr

Latest (2025): $7,890 · +2.2% YoY. Source: county tax records.