423 W Church St · Elmira, NY 14901

$168,000

16 bd · None ba · 5,460 sqft · MultiFamily public records · 16 Days on market

Built 1957 6,825 sqft lot

---

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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

Grand old Victorian in near Westside Neighborhood. Much potential here. Buy, live in large apartment with sliding library doors, fireplace and knotty pine kitchen, and fix the rest. There is a relatively new furnace serving the large apt. Build a fortune fast. Property to be sold in as is condition, Buyer pays for survey, abstract, transfer tax. This is a Fannie Mae HomePath property. Click HomePath.com for Special Offers for more details or ask me.

Key facts

• Affordable housing
• Value add project
• Strong demand

Tags

• 4 UNIT APARTMENT BUILDING
• INCOME PRODUCING ASSET
• AFFORDABLE HOUSING
• CONVENIENTLY LOCATED
• STRONG DEMAND
• VALUE ADD PROJECT

Property features AI

Finance

• Other: Multi-family property (4 units)
• Financial info: Operating expense details: see remarks

Exterior

• Parking: Three or more parking spaces; No garage
• Utilities: Public water connected; Sewer connected; Tenant(s) pay all utilities
• Home design: Two-story building; Resale fixer property; Shingle roof; Wood siding construction
• Construction: Wood siding exterior; Shingle roof; Built as an existing structure
• Exterior features: Blacktop driveway; Rectangular lot with approximately 65 x 105 dimensions; Road frontage on a main thoroughfare

Interior

• Kitchen: Gas water heater
• Bedrooms: Multi-unit property with a total of 4 units
• Flooring: Carpet; Tile; Vinyl; Varies by unit
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Flooring includes carpet, tile, vinyl and varying materials

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1-bath units multifamily listed at $168k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $671/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $168k).
• Recommended offer: $165k (1.5% below list) — sets the bar for market timing.
• Cap rate 25.5% 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; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k 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 $47k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y 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 $31k; list at $168k implies a 442% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,480 (1.5% below list)

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 1957 — 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: 3.10% ✓
• Cap rate: 25.47%
• Cash-on-cash: 68.48%
• DSCR: 4.05
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 79.7%
• Equity multiple: 6.58×
• Total profit: $262,702
• Equity at exit: $151,348

10-year hold

• IRR: 73.9%
• Equity multiple: 14.60×
• Total profit: $639,658
• Equity at exit: $326,387

Cash invested: $47,040 (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: 10.8×

Monthly cashflow live

• Estimated rent: $5,208 high
• Mortgage (P&I): −$881
• Tax from tax record: −$479 /mo · $5,749/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,094
• Net cashflow: $2,684

Break-even live

Break-even rent $1,810

Max offer price $168,000

Occupancy floor 43%

Sensitivity live

Price	-10% $2,779	-5% $2,732	+0% $2,684	+5% $2,637	+10% $2,589
Rent	-10% $2,273	-5% $2,479	+0% $2,684	+5% $2,890	+10% $3,096
Rate	-1.0pp $2,769	-0.5pp $2,727	base $2,684	+0.5pp $2,641	+1.0pp $2,596

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$5,208
Total (4 units)			$5,208

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $168,000 Active 16 DOM
2. 2026-06-18
   days on market $168,000 Active 15 DOM
3. 2026-06-17
   days on market $168,000 Active 14 DOM
4. 2026-06-16
   days on market $168,000 Active 13 DOM
5. 2026-06-15
   days on market $168,000 Active 12 DOM
6. 2026-06-14
   days on market $168,000 Active 10 DOM
7. 2026-06-12
   days on market $168,000 Active 9 DOM
8. 2026-06-09
   days on market $168,000 Active 6 DOM
9. 2026-06-08
   days on market $168,000 Active 5 DOM
10. 2026-06-07
    days on market $168,000 Active 4 DOM
11. 2026-06-03
    remarks 426-char remark
12. 2026-06-03
    listed $168,000 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: $5,749 · $479/mo
• Projected year-2 tax: $5,749 · $479/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 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: $62,496
• − Mortgage interest: −$9,411
• − Property taxes: −$5,749
• − Insurance: −$840
• − Repairs & maintenance: −$5,000
• − Management: −$5,000
• − Depreciation: −$4,887
• Taxable income: $31,610
• Est. tax owed @ 24.0%: −$7,586
• After-tax cash flow: $24,625/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

+189.7% since first listed

14 events — show timeline

• 2026-06-03 Listed $168,000 UNYREIS
• 2011-06-08 Sold (MLS) $31,000 UNYREIS
• 2011-02-15 Listed $31,000 UNYREIS
• 2010-07-14 Listing Removed — UNYREIS
• 2010-07-07 Listed $31,000 UNYREIS
• 2010-06-24 Listing Removed — UNYREIS
• 2009-12-03 Listed $60,000 UNYREIS
• 2007-07-11 Listing Removed — UNYREIS
• 2007-01-11 Listed $75,000 UNYREIS
• 2006-07-30 Listing Removed — UNYREIS
• 2006-01-30 Listed $94,000 UNYREIS
• 2004-07-14 Listing Removed — UNYREIS
• 2003-07-14 Listed $89,900 UNYREIS
• 1999-03-30 Sold (Public Records) $58,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $5,749 · -10.3% YoY. Source: county tax records.