37 Cherry St · Johnson City, NY 13790

$155,000

4 bd · 2.0 ba · 1,532 sqft · MultiFamily public records · 20 Days on market

Built 1900 6,098 sqft lot Est $124k · 25% over

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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
• Appreciation +10.0/10.0
• Rent growth +4.9/5.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-located two-family property featuring a 3-bedroom unit and a 2-bedroom unit with excellent income-producing potential. Situated in a convenient Johnson City location close to hospitals, shopping, parks, dining, and major roadways.

Key facts

• Close to parks
• Close to hospitals
• Convenient location

Tags

• TWO-FAMILY PROPERTY
• INCOME-PRODUCING POTENTIAL
• CONVENIENT LOCATION
• CLOSE TO HOSPITALS
• CLOSE TO SHOPPING
• CLOSE TO PARKS

Property features AI

Finance

• Financial info: Annual tax approximately $1,250

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex residential income property; MULTI zoning; 50 x 125 lot
• Construction: Vinyl siding; Concrete perimeter foundation
• Exterior features: Porch; Storm door(s); Level lot

Interior

• Kitchen: Microwave; Range; Refrigerator
• Flooring: Laminate flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Wall/window cooling units
• Interior features: Gas water heater; Microwave; Range; Refrigerator

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $883 ($11k/yr) — positive. Per door: $442/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 6.4% in Johnson City — 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 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson City Elementary/Primary School (496 students, 55% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: Rents rising fast (+9.5%/yr); 101 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $2,488/mo this rent would consume 51% of the median local household income ($59k/yr) (locally 1233% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $43k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $152,675 (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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.61% ✓
• Cap rate: 13.13%
• Cash-on-cash: 24.42%
• DSCR: 2.09
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $124,092
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Harrison Street St	0.16mi	4/2.0	1,626 (+6%)	2mo	$80,000	$49	80
42 Broad St	0.33mi	4/2.0	1,514 (-1%)	9mo	$145,000	$96	75
118 Ethel St	0.51mi	4/2.0	1,532 (0%)	8mo	$79,000	$52	70
122 W End Ave	0.60mi	4/2.0	1,463 (-4%)	3mo	$165,000	$113	62
70 New York Ave	0.47mi	4/2.0	1,560 (+2%)	19mo	$142,000	$91	59
51 Crocker Ave	0.55mi	4/2.5	1,653 (+8%)	9mo	$156,000	$94	52
82 New York Ave	0.48mi	3/2.0 (-1)	1,387 (-10%)	7mo	$101,000	$73	51
296 Corliss Ave	0.56mi	5/2.0 (+1)	1,440 (-6%)	9mo	$154,000	$107	51
35 Allen St	0.51mi	4/2.0	1,728 (+13%)	14mo	$134,000	$78	44
24 Burdick Ave	0.54mi	4/2.0	1,722 (+12%)	14mo	$110,000	$64	43
127 Baker St	0.54mi	4/2.0	1,748 (+14%)	17mo	$85,000	$49	37
6 Tracy St	0.71mi	3/2.0 (-1)	1,364 (-11%)	16mo	$110,000	$81	30

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 45.6%
• Equity multiple: 4.55×
• Total profit: $153,861
• Equity at exit: $139,636

10-year hold

• IRR: 41.6%
• Equity multiple: 11.17×
• Total profit: $441,521
• Equity at exit: $301,131

Cash invested: $43,400 (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 13790

• Home prices YoY: 6.8%
• Rents YoY: 9.5%
• Active inventory: 101
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,488 high
• Mortgage (P&I): −$813
• Tax from tax record: −$205 /mo · $2,459/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $883

Break-even live

Break-even rent $1,370

Max offer price $155,000

Occupancy floor 60%

Sensitivity live

Price	-10% $971	-5% $927	+0% $883	+5% $839	+10% $795
Rent	-10% $687	-5% $785	+0% $883	+5% $981	+10% $1,080
Rate	-1.0pp $961	-0.5pp $923	base $883	+0.5pp $843	+1.0pp $802

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,488
Total (2 units)			$2,488

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 Floral Ave Unit 4 Johnson City, NY	3.0	1.0	1095	$1,250	$1.14	22d	1	0.06mi
51 Allen St Unit 1 Johnson City, NY	3.0	1.0	1170	$1,575	$1.35	22d	1	0.50mi
50 Crocker Ave Johnson City, NY	4.0	2.0	1411	$2,000	$1.42	22d	1	0.59mi
400 Riverside Dr Unit 212 Johnson City, NY	3.0	1.0	1100	$2,500	$2.27	14d	1	0.69mi
296 Main St Unit 6 Binghamton, NY	3.0	1.0	1200	$1,250	$1.04	14d	1	0.72mi
133 Crestmont Rd Unit 2 Binghamton, NY	3.0	1.0	1300	$1,900	$1.46	45d	1	0.73mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	45d	1	0.83mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	14d	1	0.88mi
99 Helen St Unit 2 Binghamton, NY	3.0	1.0	1220	$1,600	$1.31	45d	1	0.92mi
16 Highland Ave Unit 1 Binghamton, NY	3.0	1.0	1400	$1,650	$1.18	45d	1	1.10mi
36 Haendel St Unit Second Floor Binghamton, NY	3.0	1.0	1200	$1,450	$1.21	45d	1	1.11mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	45d	1	1.11mi
10 Bidwell St Johnson City, NY	3.0	2.0	1200	$1,850	$1.54	45d	1	1.32mi

Listing history 17 events

1. 2026-06-21
   days on market $155,000 Active 20 DOM
2. 2026-06-19
   days on market $155,000 Active 18 DOM
3. 2026-06-18
   days on market $155,000 Active 17 DOM
4. 2026-06-17
   days on market $155,000 Active 16 DOM
5. 2026-06-17
   price $155,000 Active 15 DOM
6. 2026-06-16
   days on market $165,000 Active 15 DOM
7. 2026-06-15
   days on market $165,000 Active 14 DOM
8. 2026-06-14
   days on market $165,000 Active 12 DOM
9. 2026-06-13
   days on market $165,000 Active 11 DOM
10. 2026-06-10
    days on market $165,000 Active 9 DOM
11. 2026-06-09
    days on market $165,000 Active 8 DOM
12. 2026-06-08
    days on market $165,000 Active 7 DOM
13. 2026-06-07
    days on market $165,000 Active 6 DOM
14. 2026-06-05
    days on market $165,000 Active 3 DOM
15. 2026-06-03
    days on market $165,000 Active 2 DOM
16. 2026-06-02
    remarks 235-char remark
17. 2026-06-02
    listed $165,000 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: $2,459 · $205/mo
• Projected year-2 tax: $2,539 · $212/mo
• Expected delta: +$80/yr (+$7/mo · 3.3%)

ⓘ 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 · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $29,856
• − Mortgage interest: −$8,682
• − Property taxes: −$2,459
• − Insurance: −$775
• − Repairs & maintenance: −$2,388
• − Management: −$2,388
• − Depreciation: −$4,509
• Taxable income: $8,654
• Est. tax owed @ 24.0%: −$2,077
• After-tax cash flow: $8,521/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: Johnson City Central School District
• NCES district ID: 3615900
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $40,514
• Composite: 33.17/100
• National rank: #5545
• State rank: #535 of 590 in NY

Livability — Johnson City

• Score: 76/100
• State rank: #238
• US rank: #3739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, NY
• County: Broome County · 126,805 people
• City population: 18,739
• Metro: Binghamton, NY
• Population (ZIP): 18,739
• Household income: $59,045
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1233.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 9% Asian 8% Black 6% Hispanic / Latino 4%
• Common ancestry: Romanian 6% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Indo-European 4% French/Haitian/Cajun 2% Spanish 2%

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: ▲ 18.06%
• Current HPI: 285.3668
• Rent YoY: ▲ 9.47%
• Metro: Binghamton, NY
• 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

1 event — show timeline

• 2026-06-01 Listed $165,000 GBAOR

Property tax history

-3.8%/yr

Latest (2025): $2,459 · +1.7% YoY. Source: county tax records.