1315 Lake St · Elmira, NY 14901

$20,000

8 bd · 3.0 ba · 3,047 sqft · MultiFamily public records · 269 Days on market

Built 1890 0.42 ac lot $7/sqft · 84% below area

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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 MLS

Presenting a unique investment opportunity on a large lot in town. With over 3,000 square feet of space and zoned as a 2 family, this home is essentially a blank slate, offering immense potential for those looking to fix, flip, or rent out as an income property. Don't miss out on this chance to transform a blank canvas into a masterpiece.

Key facts

• Large lot
• Zoned as 2 family
• 0.42 acre lot

Tags

• LARGE LOT
• ZONED AS 2 FAMILY

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath multifamily listed at $20k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• Cap rate 133.8% 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; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($138 loan paydown + $2k 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 269 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $10k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $17,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 269 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 1890 — 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: 14.33% ✓
• Cap rate: 133.85%
• Cash-on-cash: 455.56%
• DSCR: 21.27
• GRM: 0.6

CMA / ARV

• ARV (median comp): $127,200
• List price: $20,000
• Delta: -84.28%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
431 Standish St	0.63mi	8/4.0	2,604 (-14%)	5mo	$60,000	$23	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: 27.13×
• Total profit: $146,337
• Equity at exit: $18,018

10-year hold

• IRR: —
• Equity multiple: 58.95×
• Total profit: $324,546
• Equity at exit: $38,856

Cash invested: $5,600 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 78
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $2,866 medium
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $2,126

Break-even live

Break-even rent $175

Max offer price $20,000

Occupancy floor 21%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,866
Total (2 units)			$2,866

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $20,000 Active 269 DOM
2. 2026-06-18
   days on market $20,000 Active 268 DOM
3. 2026-06-17
   days on market $20,000 Active 267 DOM
4. 2026-06-16
   days on market $20,000 Active 266 DOM
5. 2026-06-15
   days on market $20,000 Active 265 DOM
6. 2026-06-14
   days on market $20,000 Active 263 DOM
7. 2026-06-12
   days on market $20,000 Active 262 DOM
8. 2026-06-09
   days on market $20,000 Active 259 DOM
9. 2026-06-08
   days on market $20,000 Active 258 DOM
10. 2026-06-07
    days on market $20,000 Active 257 DOM
11. 2026-06-05
    days on market $20,000 Active 254 DOM
12. 2026-06-03
    days on market $20,000 Active 253 DOM
13. 2026-06-02
    days on market $20,000 Active 252 DOM
14. 2026-06-01
    days on market $20,000 Active 251 DOM
15. 2026-05-31
    days on market $20,000 Active 250 DOM
16. 2026-05-30
    days on market $20,000 Active 249 DOM
17. 2026-03-28
    status Active 340-char remark

    Show marketing remark (340 chars)

    Presenting a unique investment opportunity on a large lot in town. With over 3,000 square feet of space and zoned as a 2 family, this home is essentially a blank slate, offering immense potential for those looking to fix, flip, or rent out as an income property. Don't miss out on this chance to transform a blank canvas into a masterpiece.

18. 2025-08-29
    status Active 340-char remark

    Show marketing remark (340 chars)

    Presenting a unique investment opportunity on a large lot in town. With over 3,000 square feet of space and zoned as a 2 family, this home is essentially a blank slate, offering immense potential for those looking to fix, flip, or rent out as an income property. Don't miss out on this chance to transform a blank canvas into a masterpiece.

19. 2025-05-10
    status Active 340-char remark

    Show marketing remark (340 chars)

    Presenting a unique investment opportunity on a large lot in town. With over 3,000 square feet of space and zoned as a 2 family, this home is essentially a blank slate, offering immense potential for those looking to fix, flip, or rent out as an income property. Don't miss out on this chance to transform a blank canvas into a masterpiece.

20. 2025-02-09
    status Pending 340-char remark

    Show marketing remark (340 chars)

    Presenting a unique investment opportunity on a large lot in town. With over 3,000 square feet of space and zoned as a 2 family, this home is essentially a blank slate, offering immense potential for those looking to fix, flip, or rent out as an income property. Don't miss out on this chance to transform a blank canvas into a masterpiece.

21. 2024-11-29
    price $20,000 340-char remark

    Show marketing remark (340 chars)

    Presenting a unique investment opportunity on a large lot in town. With over 3,000 square feet of space and zoned as a 2 family, this home is essentially a blank slate, offering immense potential for those looking to fix, flip, or rent out as an income property. Don't miss out on this chance to transform a blank canvas into a masterpiece.

22. 2024-08-07
    listed $30,000 Active 340-char remark

    Show marketing remark (340 chars)

    Presenting a unique investment opportunity on a large lot in town. With over 3,000 square feet of space and zoned as a 2 family, this home is essentially a blank slate, offering immense potential for those looking to fix, flip, or rent out as an income property. Don't miss out on this chance to transform a blank canvas into a masterpiece.

23. 2022-09-09
    historical
24. 2022-03-09
    listed $13,500
25. 2021-12-24
    historical
26. 2021-07-16
    listed $13,500
27. 2001-11-08
    soldstatus $20,000

ⓘ 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 4/10 Moderate FEMA zone X (shaded) · 23% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 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: $34,392
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$2,751
• − Management: −$2,751
• − Depreciation: −$582
• Taxable income: $26,787
• Est. tax owed @ 24.0%: −$6,429
• After-tax cash flow: $19,082/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

+0.0% since first listed

11 events — show timeline

• 2026-03-28 Relisted — NMPA
• 2025-08-29 Relisted — NMPA
• 2025-05-10 Relisted — NMPA
• 2025-02-09 Pending — NMPA
• 2024-11-29 Price Changed $20,000 NMPA
• 2024-08-07 Listed $30,000 NMPA
• 2022-09-09 Listing Removed — UNYREIS
• 2022-03-09 Listed $13,500 UNYREIS
• 2021-12-24 Listing Removed — UNYREIS
• 2021-07-16 Listed $13,500 UNYREIS
• 2001-11-08 Sold (Public Records) $20,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $2,968 · -33.3% YoY. Source: county tax records.