6 1/2 Evans St · Binghamton, NY 13903

$145,000

9 bd · 3.9 ba · 2,392 sqft · MultiFamily · 25 Days on market

Built 1920 Poor condition 5,227 sqft lot $61/sqft · 28% below area Est $202k · 28% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Solid four-unit investment opportunity, with each apartment featuring two bedroooms, covered front porches and a covered rear deck that adds extra appeal for tenants. Separate utilities make management straightforward. Conveniently located and easy to maintain, this building is a practical addition to any rental portfolio.

Key facts

• Separate utilities
• Covered rear deck
• Conveniently located

Tags

• COVERED FRONT PORCHES
• COVERED REAR DECK
• SEPARATE UTILITIES
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $145k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $687/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $145k).
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Cap rate 23.8% 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: schools D, 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.
• Market conditions: 112 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $14k 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 $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $46k; list at $145k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $142,825 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
10. 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.
11. 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: 2.72% ✓
• Cap rate: 23.81%
• Cash-on-cash: 62.57%
• DSCR: 3.78
• GRM: 3.1

CMA / ARV

• ARV (median comp): $201,673
• List price: $145,000
• Delta: -28.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
162 Susquehanna St	0.37mi	8/2.0 (-1)	2,600 (+9%)	8mo	$85,000	$33	49
72 Conklin Ave	0.40mi	8/4.0 (-1)	2,596 (+8%)	22mo	$226,000	$87	43

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: 73.0%
• Equity multiple: 6.18×
• Total profit: $210,351
• Equity at exit: $130,627

10-year hold

• IRR: 66.9%
• Equity multiple: 13.72×
• Total profit: $516,392
• Equity at exit: $281,703

Cash invested: $40,600 (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: 9.2×

Monthly cashflow live

• Estimated rent: $3,948 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$829
• Net cashflow: $2,061

Break-even live

Break-even rent $1,339

Max offer price $145,000

Occupancy floor 43%

Sensitivity live

Price	-10% $2,162	-5% $2,111	+0% $2,061	+5% $2,011	+10% $1,961
Rent	-10% $1,749	-5% $1,905	+0% $2,061	+5% $2,217	+10% $2,373
Rate	-1.0pp $2,134	-0.5pp $2,098	base $2,061	+0.5pp $2,024	+1.0pp $1,986

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,948
Total (3 units)			$3,948

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
81 State St Unit 2-1 10BR Binghamton, NY	10.0	5.0	2600	$900	$0.35	44d	1	0.73mi

Listing history 9 events

1. 2026-05-08
   status Pending 324-char remark

   Show marketing remark (324 chars)

   Solid four-unit investment opportunity, with each apartment featuring two bedroooms, covered front porches and a covered rear deck that adds extra appeal for tenants. Separate utilities make management straightforward. Conveniently located and easy to maintain, this building is a practical addition to any rental portfolio.

2. 2026-04-24
   status Active 324-char remark

   Show marketing remark (324 chars)

   Solid four-unit investment opportunity, with each apartment featuring two bedroooms, covered front porches and a covered rear deck that adds extra appeal for tenants. Separate utilities make management straightforward. Conveniently located and easy to maintain, this building is a practical addition to any rental portfolio.

3. 2026-04-24
   price $145,000 324-char remark

   Show marketing remark (324 chars)

   Solid four-unit investment opportunity, with each apartment featuring two bedroooms, covered front porches and a covered rear deck that adds extra appeal for tenants. Separate utilities make management straightforward. Conveniently located and easy to maintain, this building is a practical addition to any rental portfolio.

4. 2026-01-30
   status Pending 324-char remark

   Show marketing remark (324 chars)

   Solid four-unit investment opportunity, with each apartment featuring two bedroooms, covered front porches and a covered rear deck that adds extra appeal for tenants. Separate utilities make management straightforward. Conveniently located and easy to maintain, this building is a practical addition to any rental portfolio.

5. 2026-01-19
   listed $139,000 Active 324-char remark

   Show marketing remark (324 chars)

   Solid four-unit investment opportunity, with each apartment featuring two bedroooms, covered front porches and a covered rear deck that adds extra appeal for tenants. Separate utilities make management straightforward. Conveniently located and easy to maintain, this building is a practical addition to any rental portfolio.

6. 2019-06-25
   listed $90,000
7. 2017-04-05
   listed $90,000
8. 2008-02-29
   soldstatus $46,500
9. 2007-11-07
   listed $47,900

ⓘ 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 7/10 Severe FEMA zone X · 77% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°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: $47,376
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$1,392
• − Repairs & maintenance: −$3,790
• − Management: −$3,790
• − Depreciation: −$4,218
• Taxable income: $23,889
• Est. tax owed @ 24.0%: −$5,733
• After-tax cash flow: $19,002/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.

Condition & rehab AI · 8 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including exterior painting, interior painting, and flooring replacement. Upgrading the HVAC and mechanical systems and improving the landscaping can significantly increase its value for both resale and rental purposes.

Repairs flagged

• Major exterior siding — Dirty and worn, indicating significant deterioration.
• Major interior walls — Paint is peeling, indicating significant wear and tear.
• Major kitchen flooring — Worn and in need of replacement.
• Major bathroom flooring — Worn and in need of replacement.
• Major windows — Old and may need replacement for better energy efficiency and appearance.
• Major HVAC/mechanicals — Not visible, but likely outdated and in need of replacement for better energy efficiency and comfort.
• Major landscaping — Unkempt and in need of landscaping improvements to enhance curb appeal.

Value-add opportunities

• Both exterior painting — Improves curb appeal and can increase both resale and rental value.
• Both interior painting — Enhances the appearance of the interior and can increase both resale and rental value.
• Both kitchen and bathroom flooring — Replacing worn flooring can improve the overall appearance and functionality of the home, increasing both resale and rental value.
• Both HVAC and mechanical systems — Upgrading outdated systems can improve comfort and energy efficiency, increasing both resale and rental value.
• Both landscaping — Landscaping improvements can enhance curb appeal and increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Dirty and worn, indicating significant deterioration.	Major	$15,000–50,000
interior walls · Paint is peeling, indicating significant wear and tear.	Major	$15,000–50,000
kitchen flooring · Worn and in need of replacement.	Major	$15,000–50,000
bathroom flooring · Worn and in need of replacement.	Major	$15,000–50,000
windows · Old and may need replacement for better energy efficiency and appearance.	Major	$15,000–50,000
HVAC/mechanicals · Not visible, but likely outdated and in need of replacement for better energy efficiency and comfort.	Major	$15,000–50,000
landscaping · Unkempt and in need of landscaping improvements to enhance curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both exterior painting — Improves curb appeal and can increase both resale and rental value. ↑
• Both interior painting — Enhances the appearance of the interior and can increase both resale and rental value. ↑
• Both kitchen and bathroom flooring — Replacing worn flooring can improve the overall appearance and functionality of the home, increasing both resale and rental value. ↑
• Both HVAC and mechanical systems — Upgrading outdated systems can improve comfort and energy efficiency, increasing both resale and rental value. ↑
• Both landscaping — Landscaping improvements can enhance curb appeal and increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+202.7% since first listed

9 events — show timeline

• 2026-05-08 Pending — GBAOR
• 2026-04-24 Relisted — GBAOR
• 2026-04-24 Price Changed $145,000 GBAOR
• 2026-01-30 Pending — GBAOR
• 2026-01-19 Listed $139,000 GBAOR
• 2019-06-25 Listed $90,000 GBAOR
• 2017-04-05 Listed $90,000 GBAOR
• 2008-02-29 Sold (MLS) $46,500 GBAOR
• 2007-11-07 Listed $47,900 GBAOR