1309 Lackawanna Ave · Elmira, NY 14901

$31,000

3 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 61 Days on market

Built 1900 9,379 sqft lot

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

AS IS SALE. Welcome to this multi-unit property, brimming with potential! This charming home features two complete units and is ready for new owners to transform it. Conveniently located just a block away from Wegmans food market and within walking distance to city transportation, this house could truly shine with a bit of someone's unique touch! BEING SOLD AS IS

Key facts

• Two complete units
• Multi-unit property
• 9,379 sq ft lot

Tags

• MULTI-UNIT PROPERTY
• TWO COMPLETE UNITS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $31k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $31k).
• Recommended offer: $29k (6.0% below list) — sets the bar for market timing.
• Cap rate 65.1% 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: 78 active listings in the ZIP; 4 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 $3k of equity ($214 loan paydown + $3k 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 $9k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $3k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $31k implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $29,140 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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: 7.07% ✓
• Cap rate: 65.06%
• Cash-on-cash: 209.89%
• DSCR: 10.34
• GRM: 1.2

CMA / ARV

• ARV (on-the-fly): $67,392
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
313 Roe Ave	0.61mi	3/2.0	1,909 (+2%)	1mo	$137,500	$72	67
382 Norton St	0.23mi	4/2.0 (+1)	1,692 (-10%)	11mo	$27,000	$16	59
912 Magee St	0.60mi	4/2.5 (+1)	1,769 (-6%)	3mo	$109,000	$62	53
768 Linden Pl	0.67mi	3/2.0	1,788 (-4%)	13mo	$65,000	$36	51
712 E Washington Ave	0.66mi	3/2.0	2,042 (+9%)	19mo	$58,000	$28	38

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: —
• Equity multiple: 14.09×
• Total profit: $113,614
• Equity at exit: $27,927

10-year hold

• IRR: —
• Equity multiple: 30.79×
• Total profit: $258,598
• Equity at exit: $60,226

Cash invested: $8,680 (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: 2.4×

Monthly cashflow live

• Estimated rent: $2,193 high
• Mortgage (P&I): −$163
• Tax est. 1.5%: −$39 /mo · $465/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $1,518

Break-even live

Break-even rent $271

Max offer price $31,000

Occupancy floor 26%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,194
Total (2 units)			$2,193

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: $7,750
• Closing costs: $930
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	1.15mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	44d	1	1.16mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.18mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	44d	1	1.39mi

Listing history 13 events

1. 2026-03-15
   status Pending
2. 2026-03-10
   price $31,000
3. 2026-01-13
   listed $34,000 Active
4. 2025-11-04
   historical
5. 2025-07-15
   listed $30,000 Active
6. 2025-06-23
   soldstatus $12,000 Closed
7. 2025-04-21
   status Pending
8. 2025-04-17
   status Active
9. 2025-04-17
   price $12,000
10. 2024-10-18
    historical
11. 2023-10-24
    listed $8,000
12. 2004-04-29
    historical
13. 2003-10-29
    listed $30,000

ⓘ 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 6/10 Major FEMA zone X (shaded) · 72% 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 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: $26,316
• − Mortgage interest: −$1,736
• − Property taxes: −$465
• − Insurance: −$155
• − Repairs & maintenance: −$2,105
• − Management: −$2,105
• − Depreciation: −$902
• Taxable income: $18,847
• Est. tax owed @ 24.0%: −$4,523
• After-tax cash flow: $13,696/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

+3.3% since first listed

13 events — show timeline

• 2026-03-15 Pending — UNYREIS
• 2026-03-10 Price Changed $31,000 UNYREIS
• 2026-01-13 Listed $34,000 UNYREIS
• 2025-11-04 Listing Removed — UNYREIS
• 2025-07-15 Listed $30,000 UNYREIS
• 2025-06-23 Sold (MLS) $12,000 UNYREIS
• 2025-04-21 Pending — UNYREIS
• 2025-04-17 Relisted — UNYREIS
• 2025-04-17 Price Changed $12,000 UNYREIS
• 2024-10-18 Listing Removed — UNYREIS
• 2023-10-24 Listed $8,000 UNYREIS
• 2004-04-29 Listing Removed — UNYREIS
• 2003-10-29 Listed $30,000 UNYREIS

Property tax history

+10.0%/yr

Latest (2025): $2,761 · -21.4% YoY. Source: county tax records.