42 Lathrop Ave · Binghamton, NY 13905

$199,900

3 bd · 2.0 ba · 1,552 sqft · SingleFamily public records · 94 Days on market

Built 1925 6,098 sqft lot $129/sqft · at area comps Est $248k · 19% under ↓ 13% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Rent growth +5.0/5.0
• Cash flow +4.9/30.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent opportunity to purchase this West Side REO property that is on a flat lot with a concrete driveway leading to a 2 car garage with a walk up loft storage are or use it as a work shop. All natural hardwood floors through out both floors and finished walk up attic. Wood trim though out. Large living room with a fireplace and built in book shelves flanking both sides. Format dinning room features built-in hutch and an a door to the outside porch. Large kitchen with several cabinets and counter space. Full bathrooms on each floor. Basement offers a family room with an electric fireplace and a large workshop/storage area.

Key facts

• Wood trim
• Flat lot
• Walk up loft storage

Tags

• FLAT LOT
• CONCRETE DRIVEWAY
• WALK UP LOFT STORAGE
• NATURAL HARDWOOD FLOORS
• FINISHED WALK UP ATTIC
• WOOD TRIM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-481 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (11.8% below list).
• Recommended offer: $176k (11.8% below list) — sets the bar for 1% rule.
• Cap rate 3.4% vs local median 6.4% in Binghamton — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Zoned-school proficiency averages 75% at this address vs 37% district-wide (+38 pts) — the actual schools serving this property are materially stronger than the Binghamton City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).
• This rent runs 40% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.5% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $176,212 (11.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.88% ✗
• Cap rate: 3.41%
• Cash-on-cash: -10.31%
• DSCR: 0.54
• GRM: 9.5

CMA / ARV

• ARV (median comp): $247,726
• List price: $199,900
• Delta: -19.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Lincoln Ave	0.11mi	3/2.5	1,416 (-9%)	7mo	$236,000	$167	72
11 Helen St	0.46mi	3/1.5	1,544 (-0%)	6mo	$245,000	$159	71
71 Rotary Ave	0.33mi	3/1.5	1,606 (+4%)	9mo	$169,000	$105	69
56 Lathrop Ave	0.07mi	3/1.5	1,752 (+13%)	6mo	$207,000	$118	68
78 Chestnut St	0.34mi	3/2.0	1,445 (-7%)	8mo	$265,000	$183	66
48 Davis St	0.17mi	3/1.5	1,750 (+13%)	11mo	$260,000	$149	60
4 Millard Ave	0.19mi	3/1.0	1,782 (+15%)	8mo	$210,000	$118	56
12 Schubert St	0.40mi	3/1.5	1,688 (+9%)	11mo	$170,000	$101	56
6 Aberystwyth Pl	0.65mi	3/1.5	1,416 (-9%)	4mo	$166,000	$117	50
53 Thorp St	0.64mi	3/1.5	1,445 (-7%)	8mo	$135,000	$93	49
57 Crestmont Rd	0.70mi	3/1.5	1,630 (+5%)	10mo	$240,000	$147	48
106 Vestal Ave	0.63mi	3/2.5	1,752 (+13%)	0mo	$324,742	$185	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -26.8%
• Equity multiple: 0.05×
• Total profit: $-53,390
• Equity at exit: $29,806

10-year hold

• IRR: -9.5%
• Equity multiple: 0.25×
• Total profit: $-42,223
• Equity at exit: $17,284

Cash invested: $55,972 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,762 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$742 /mo · $8,898/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $-481

Break-even live

Break-even rent $2,371

Max offer price $177,969

Occupancy floor —

Sensitivity live

Price	-10% $-368	-5% $-424	+0% $-481	+5% $-538	+10% $-594
Rent	-10% $-620	-5% $-551	+0% $-481	+5% $-411	+10% $-342
Rate	-1.0pp $-380	-0.5pp $-430	base $-481	+0.5pp $-533	+1.0pp $-586

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Lathrop Ave Unit 2 Binghamton, NY	3.0	1.0	1250	$1,600	$1.28	15d	1	0.06mi
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	45d	1	0.14mi
73 Leroy St Unit 02 Binghamton, NY	3.0	1.0	1100	$1,950	$1.77	45d	1	0.20mi
29 Laurel Ave Unit 2 Binghamton, NY	3.0	1.5	1500	$2,250	$1.50	45d	1	0.30mi
53 Seminary Ave Unit 1 Binghamton, NY	2.0	1.0	1722	$925	$0.54	22d	1	0.32mi
5 Arthur St Unit 2 Binghamton, NY	4.0	1.0	1200	$1,800	$1.50	45d	1	0.36mi
16 Highland Ave Unit 1 Binghamton, NY	3.0	1.0	1400	$1,650	$1.18	45d	1	0.49mi
36 Haendel St Unit Second Floor Binghamton, NY	3.0	1.0	1200	$1,450	$1.21	45d	1	0.62mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	45d	1	0.62mi
99 Helen St Unit 2 Binghamton, NY	3.0	1.0	1220	$1,600	$1.31	45d	1	0.65mi
171 Chapin St Unit 1st FL Binghamton, NY	4.0	1.5	1400	$3,000	$2.14	45d	1	0.68mi
171 Chapin St Unit 2nd FL Binghamton, NY	4.0	2.0	1135	$3,000	$2.64	45d	1	0.68mi
171 Chapin St Unit 3rd FL Binghamton, NY	2.0	1.0	1135	$1,500	$1.32	45d	1	0.68mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	45d	1	0.76mi
4 Erie St Unit 2 Binghamton, NY	3.0	1.0	1075	$1,200	$1.12	45d	1	0.78mi
198 Chapin St Binghamton, NY	4.0	2.0	1500	$1,700	$1.13	22d	1	0.80mi
133 Crestmont Rd Unit 2 Binghamton, NY	3.0	1.0	1300	$1,900	$1.46	45d	1	0.96mi
296 Main St Unit 6 Binghamton, NY	3.0	1.0	1200	$1,250	$1.04	15d	1	1.12mi
71 Mary St Unit 2 Binghamton, NY	2.0	1.0	1100	$1,300	$1.18	15d	1	1.15mi
136 Court St Unit 2 Binghamton, NY	4.0	1.0	1373	$3,000	$2.18	45d	1	1.19mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	45d	1	1.21mi
86 Conklin Ave Binghamton, NY	3.0	1.0	1316	$1,600	$1.22	15d	1	1.24mi
1 Euclid Ave Unit 1 Binghamton, NY	3.0	1.0	1100	$1,500	$1.36	45d	1	1.27mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	15d	1	1.31mi
33 Fayette St Unit 22 Binghamton, NY	2.0	1.0	1350	$1,100	$0.81	15d	1	1.39mi

Listing history 15 events

1. 2026-06-21
   days on market $199,900 Active 94 DOM
2. 2026-06-19
   days on market $199,900 Active 92 DOM
3. 2026-06-18
   days on market $199,900 Active 91 DOM
4. 2026-06-17
   days on market $199,900 Active 90 DOM
5. 2026-06-16
   days on market $199,900 Active 89 DOM
6. 2026-06-15
   days on market $199,900 Active 88 DOM
7. 2026-06-14
   days on market $199,900 Active 86 DOM
8. 2026-06-13
   days on market $199,900 Active 85 DOM
9. 2026-06-03
   days on market $199,900 Active 80 DOM
10. 2026-06-02
    days on market $199,900 Active 79 DOM
11. 2026-06-01
    days on market $199,900 Active 78 DOM
12. 2026-05-31
    days on market $199,900 Active 77 DOM
13. 2026-05-30
    days on market $199,900 Active 76 DOM
14. 2026-04-29
    price $199,900 633-char remark

    Show marketing remark (633 chars)

    Excellent opportunity to purchase this West Side REO property that is on a flat lot with a concrete driveway leading to a 2 car garage with a walk up loft storage are or use it as a work shop. All natural hardwood floors through out both floors and finished walk up attic. Wood trim though out. Large living room with a fireplace and built in book shelves flanking both sides. Format dinning room features built-in hutch and an a door to the outside porch. Large kitchen with several cabinets and counter space. Full bathrooms on each floor. Basement offers a family room with an electric fireplace and a large workshop/storage area.

15. 2026-03-15
    listed $229,000 Active 633-char remark

    Show marketing remark (633 chars)

    Excellent opportunity to purchase this West Side REO property that is on a flat lot with a concrete driveway leading to a 2 car garage with a walk up loft storage are or use it as a work shop. All natural hardwood floors through out both floors and finished walk up attic. Wood trim though out. Large living room with a fireplace and built in book shelves flanking both sides. Format dinning room features built-in hutch and an a door to the outside porch. Large kitchen with several cabinets and counter space. Full bathrooms on each floor. Basement offers a family room with an electric fireplace and a large workshop/storage area.

ⓘ 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: $8,898 · $742/mo
• Projected year-2 tax: $8,898 · $742/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 3/10 Moderate FEMA zone X · 20% 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 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: $21,145
• − Mortgage interest: −$11,198
• − Property taxes: −$8,898
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,692
• − Management: −$1,692
• − Depreciation: −$5,815
• Taxable loss: −$9,149
• Est. tax savings @ 24.0%: +$2,196
• After-tax cash flow: $-3,577/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): 27,988
• Household income: $53,362
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1875.0

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 (68%)
• Race & ethnicity: White 68% Asian 10% Black 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 87% English-only · Other Indo-European 5% Spanish 2% Other Asian/Pacific 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: ▼ -134.70%
• Current HPI: 298.9847
• Rent YoY: ▲ 11.19%
• 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

-12.7% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $199,900 GBAOR
• 2026-03-15 Listed $229,000 GBAOR

Property tax history

+4.7%/yr

Latest (2025): $8,898 · +0.9% YoY. Source: county tax records.