23 Martha St · Binghamton, NY 13903

$45,000

3 bd · 1.0 ba · 1,104 sqft · SingleFamily public records · 175 Days on market

Built 1900 2,613 sqft 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Show Martha some love! This one’s ready for a comeback, already gutted, solid bones, and just waiting for someone with a hammer and a dream. Come take a look and see for yourself and it’s in the MacArthur School District. Conveniently close to Binghamton General, Manny’s, gas stations, Dollar General, and downtown — all just a short walk away!

Key facts

• Close to manny's
• Close to downtown
• 2,613 sq ft lot

Tags

• MACARTHUR SCHOOL DISTRICT
• CLOSE TO BINGHAMTON GENERAL
• CLOSE TO MANNY'S
• CLOSE TO GAS STATIONS
• CLOSE TO DOLLAR GENERAL
• CLOSE TO DOWNTOWN

Property features AI

Exterior

• Parking: No dedicated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels / 2 stories
• Construction: Above-grade finished area: 1,104; Level lot
• Exterior features: Other exterior features

Interior

• Flooring: Other flooring (see remarks)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Gas water heater; Other interior features (see remarks)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $884 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.9% vs local median 6.4% in Binghamton — 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 78/100 on livability (#174 in NY, #2,710 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Binghamton City School District (urban): math 30% / reading 44% proficiency, ranked #557 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Macarthur School (math 17% / reading 37%, grade F, #1,786 of 2,108 statewide, top 86%, 398 students, 62% FRL) — zoned schools at 62% FRL track the district average.
• Market conditions: 112 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($311 loan paydown + $4k 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 + 3.0% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 175 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $20k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 175 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 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 D-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: 3.36% ✓
• Cap rate: 29.86%
• Cash-on-cash: 84.18%
• DSCR: 4.75
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $122,544
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 Martha St	0.00mi	3/1.0	1,104 (0%)	1mo	$35,000	$32	99
3 Edna Ave	0.33mi	3/1.0	1,100 (-0%)	19mo	$148,900	$135	69
10 Columbia Ave	0.27mi	3/1.5	1,216 (+10%)	1mo	$170,000	$140	67
79 Rush Ave	0.45mi	3/1.0	1,209 (+10%)	1mo	$170,000	$141	62
16 Clarence St	0.44mi	2/1.0 (-1)	1,172 (+6%)	13mo	$130,000	$111	53
69 Rush Ave	0.41mi	3/1.5	946 (-14%)	8mo	$140,000	$148	48
11 Phinn Ave	0.41mi	2/1.0 (-1)	1,012 (-8%)	17mo	$125,080	$124	48
11 Kress St	0.65mi	3/1.0	1,059 (-4%)	18mo	$84,900	$80	48
2 East Ave	0.71mi	2/2.0 (-1)	1,092 (-1%)	15mo	$98,900	$91	44
14 & 12 Hotchkiss St	0.64mi	3/1.0	1,219 (+10%)	17mo	$112,000	$92	39
20 Kress St	0.63mi	3/1.0	1,248 (+13%)	14mo	$50,000	$40	37
112 Cross St	0.49mi	3/1.5	1,264 (+14%)	18mo	$47,500	$38	36

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: 93.7%
• Equity multiple: 7.41×
• Total profit: $80,825
• Equity at exit: $40,540

10-year hold

• IRR: 88.7%
• Equity multiple: 16.38×
• Total profit: $193,793
• Equity at exit: $87,425

Cash invested: $12,600 (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 13903

• Home prices YoY: 4.3%
• Active inventory: 112
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,512 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $884

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 37%

Sensitivity live

Price	-10% $915	-5% $899	+0% $884	+5% $868	+10% $853
Rent	-10% $764	-5% $824	+0% $884	+5% $944	+10% $1,003
Rate	-1.0pp $907	-0.5pp $895	base $884	+0.5pp $872	+1.0pp $860

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
71 Mary St Unit 2 Binghamton, NY	2.0	1.0	1100	$1,300	$1.18	14d	1	0.12mi
1 Euclid Ave Unit 1 Binghamton, NY	3.0	1.0	1100	$1,500	$1.36	44d	1	0.26mi
86 Conklin Ave Binghamton, NY	3.0	1.0	1316	$1,600	$1.22	14d	1	0.35mi
80 State St Unit A 3-1 3 Bed Binghamton, NY	3.0	3.0	900	$900	$1.00	44d	1	0.60mi
81 State St Unit 2 Binghamton, NY	2.0	2.0	800	$1,000	$1.25	44d	1	0.62mi
7 Maria Mnr Unit 2 Binghamton, NY	2.0	1.0	850	$995	$1.17	44d	1	0.70mi
31 Indiana St Binghamton, NY	3.0	1.5	1232	$1,500	$1.22	44d	1	0.72mi
136 Court St Unit 2 Binghamton, NY	4.0	1.0	1373	$3,000	$2.18	44d	1	0.73mi
33 Fayette St Unit 22 Binghamton, NY	2.0	1.0	1350	$1,100	$0.81	14d	1	0.82mi
198 Court St Unit 10 Binghamton, NY	2.0	1.0	700	$1,200	$1.71	21d	1	0.87mi
198 Court St Unit 6 Binghamton, NY	2.0	1.0	700	$1,350	$1.93	21d	1	0.87mi
73 Leroy St Unit 02 Binghamton, NY	3.0	1.0	1100	$1,950	$1.77	44d	1	0.90mi
5 Arthur St Unit 2 Binghamton, NY	4.0	1.0	1200	$1,800	$1.50	44d	1	0.94mi
231 Conklin Ave #2 Binghamton, NY	3.0	1.0	700	$1,350	$1.93	44d	1	0.95mi
29 Laurel Ave Unit 2 Binghamton, NY	3.0	1.5	1500	$2,250	$1.50	44d	1	0.96mi
171 Chapin St Unit 3rd FL Binghamton, NY	2.0	1.0	1135	$1,500	$1.32	44d	1	1.03mi
171 Chapin St Unit 2nd FL Binghamton, NY	4.0	2.0	1135	$3,000	$2.64	44d	1	1.03mi
171 Chapin St Unit 1st FL Binghamton, NY	4.0	1.5	1400	$3,000	$2.14	44d	1	1.03mi
167 Oak St Unit 1 Binghamton, NY	2.0	1.0	923	$1,300	$1.41	44d	1	1.06mi
46 North St Unit 4 Binghamton, NY	2.0	1.0	1000	$1,600	$1.60	14d	1	1.09mi
50 Lathrop Ave Unit 2 Binghamton, NY	3.0	1.0	1250	$1,600	$1.28	14d	1	1.11mi
198 Chapin St Binghamton, NY	4.0	2.0	1500	$1,700	$1.13	21d	1	1.11mi
27 Tompkins St Unit 9 Binghamton, NY	2.0	1.0	950	$950	$1.00	44d	1	1.11mi
27 Tompkins St Unit 10 Binghamton, NY	2.0	1.0	950	$1,050	$1.11	21d	1	1.11mi
4 Erie St Unit 2 Binghamton, NY	3.0	1.0	1075	$1,200	$1.12	44d	1	1.20mi
26 Doubleday St Binghamton, NY	2.0	1.0	1000	$1,350	$1.35	44d	1	1.26mi
26 Doubleday St #2 Binghamton, NY	2.0	1.0	850	$1,400	$1.65	45d	1	1.26mi
28 Lydia St Unit 1-R Binghamton, NY	2.0	1.0	770	$1,200	$1.56	45d	1	1.35mi

Listing history 9 events

1. 2026-04-22
   status Pending
2. 2026-03-29
   price $45,000
3. 2025-12-23
   price $50,000
4. 2025-10-29
   listed $65,000 Active
5. 2021-05-03
   soldstatus $1,700,000
6. 2009-09-20
   listed $67,500
7. 2008-04-01
   listed $64,900
8. 2007-06-03
   listed $69,900
9. 2006-04-03
   soldstatus $35,000

ⓘ 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 · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $18,150
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,452
• − Management: −$1,452
• − Depreciation: −$1,309
• Taxable income: $10,516
• Est. tax owed @ 24.0%: −$2,524
• After-tax cash flow: $8,083/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: Binghamton City School District
• NCES district ID: 3604870
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 44% ▲ 15.00%
• Median HH income: $30,475
• Composite: 30.09/100
• National rank: #6342
• State rank: #557 of 590 in NY

Livability — Binghamton

• Score: 78/100
• State rank: #174
• US rank: #2710

Category grades

Amenities A+ Commute A+ 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: Binghamton, NY
• County: Broome County · 126,805 people
• City population: 65,170
• Metro: Binghamton, NY
• Population (ZIP): 17,569
• Household income: $66,278
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 602.0

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 (80%)
• Race & ethnicity: White 80% Black 9% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 1%

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: ▲ 11.68%
• Current HPI: 286.1001
• Rent YoY: —
• 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

+28.6% since first listed

9 events — show timeline

• 2026-04-22 Pending — GBAOR
• 2026-03-29 Price Changed $45,000 GBAOR
• 2025-12-23 Price Changed $50,000 GBAOR
• 2025-10-29 Listed $65,000 GBAOR
• 2021-05-03 Sold (Public Records) $1,700,000 Public Records
• 2009-09-20 Listed $67,500 GBAOR
• 2008-04-01 Listed $64,900 GBAOR
• 2007-06-03 Listed $69,900 GBAOR
• 2006-04-03 Sold (Public Records) $35,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $2,486 · +0.9% YoY. Source: county tax records.