377 W 2nd St · Elmira, NY 14901

$95,000

2 bd · 1.0 ba · 949 sqft · SingleFamily public records · 183 Days on market

Built 1880 5,845 sqft lot $100/sqft · at area comps Est $95k · at est.

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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 +23.7/30.0
• Appreciation +10.0/10.0
• DSCR +7.6/10.0
• ARV discount +7.6/15.0
• 1% rule +6.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks MLS

This versatile two-unit property offers a newly remodeled upstairs studio with modern finishes and plenty of natural light. The lower-level unit has just been completed and is ready to rent out! Both units have access to a fully fenced backyard, providing privacy, outdoor space, and added value. Perfect opportunity for owner-occupants or investors seeking rental income.

Key facts

• 5,845 sq ft lot
• Built 1880
• Listed 183 days

Tags

• FULLY FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.

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: 78 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $10k of equity ($657 loan paydown + $10k 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 $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 7.0

CMA / ARV

• ARV (median comp): $95,258
• List price: $95,000
• Delta: -0.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
313 W 4th St	0.28mi	3/1.0 (+1)	864 (-9%)	5mo	$20,000	$23	63
269 W Henry St	0.65mi	2/1.0	840 (-12%)	9mo	$83,500	$99	43

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: 30.2%
• Equity multiple: 3.38×
• Total profit: $63,300
• Equity at exit: $85,584

10-year hold

• IRR: 26.2%
• Equity multiple: 7.67×
• Total profit: $177,455
• Equity at exit: $184,564

Cash invested: $26,600 (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: 78
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,127 high
• Mortgage (P&I): −$498
• Tax from tax record: −$172 /mo · $2,058/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $181

Break-even live

Break-even rent $898

Max offer price $95,000

Occupancy floor 79%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 W Church St Apt 2 Elmira, NY	1.0	1.0	600	$800	$1.33	43d	1	0.16mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	43d	1	0.27mi
410 E 2nd St Unit FS3W Elmira, NY	3.0	1.0	800	$1,250	$1.56	43d	1	0.63mi
711 W Water St Unit 1 Elmira, NY	2.0	1.0	590	$1,100	$1.86	43d	1	0.64mi
808 Winsor Ave Elmira, NY	1.0	1.0	800	$1,200	$1.50	43d	1	0.82mi
970 Scio St Elmira, NY	2.0	1.0	911	$1,200	$1.32	43d	1	0.91mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	43d	1	0.94mi
1056 Walnut St Unit 4 Elmira, NY	1.0	1.0	750	$995	$1.33	43d	1	1.03mi
550 Spruce St Unit 202 Elmira, NY	1.0	1.0	850	$1,150	$1.35	43d	1	1.39mi
752 S Main St Unit 2 Elmira, NY	1.0	1.0	841	$995	$1.18	43d	1	1.45mi

Listing history 4 events

1. 2026-05-31
   days on market $95,000 Active 183 DOM
2. 2026-05-30
   days on market $95,000 Active 182 DOM
3. 2026-01-28
   price $95,000 372-char remark

   Show marketing remark (372 chars)

   This versatile two-unit property offers a newly remodeled upstairs studio with modern finishes and plenty of natural light. The lower-level unit has just been completed and is ready to rent out! Both units have access to a fully fenced backyard, providing privacy, outdoor space, and added value. Perfect opportunity for owner-occupants or investors seeking rental income.

4. 2025-11-29
   listed $62,000 Active 372-char remark

   Show marketing remark (372 chars)

   This versatile two-unit property offers a newly remodeled upstairs studio with modern finishes and plenty of natural light. The lower-level unit has just been completed and is ready to rent out! Both units have access to a fully fenced backyard, providing privacy, outdoor space, and added value. Perfect opportunity for owner-occupants or investors seeking rental income.

ⓘ 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: $2,058 · $172/mo
• Projected year-2 tax: $2,058 · $172/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 · 21% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 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: $13,520
• − Mortgage interest: −$5,321
• − Property taxes: −$2,058
• − Insurance: −$475
• − Repairs & maintenance: −$1,082
• − Management: −$1,082
• − Depreciation: −$2,764
• Taxable income: $738
• Est. tax owed @ 24.0%: −$177
• After-tax cash flow: $1,992/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

+53.2% since first listed

2 events — show timeline

• 2026-01-28 Price Changed $95,000 UNYREIS
• 2025-11-29 Listed $62,000 UNYREIS

Property tax history

+4.9%/yr

Latest (2025): $2,058 · -23.4% YoY. Source: county tax records.