23 Chestnut St · Big Flats, NY 14814

$264,000

5 bd · 2.0 ba · 2,276 sqft · SingleFamily public records · 42 Days on market

Built 1976 1.00 ac lot $116/sqft · 24% below area Est $346k · 24% under ↓ 1% 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
• Appreciation +8.1/10.0
• Schools +4.5/10.0
• Cash flow +3.9/30.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.0/10.0

Listing remarks

Beautiful home in Big Flats for sale. This 5 bedroom, 2 full bath home has been newly renovated with brand new wall to wall carpet and other updates! Featuring 1 acre of flat land perfect for entertaining, gardening, or relaxing as you listen to the sound of the nearby creek. Perfect location for convenience with easy access to I86. Less than 10 mins from Arnot Mall, Elmira-Corning Airport, Harris Hill Amusement Park, and much more! Nestled in a park-like setting, the property offers privacy, space, and convenience. The main level features an open-concept living and dining area filled with natural light from large windows and opens onto a second story deck perfect for entertaining or enj

Key facts

• Large windows
• Second story deck
• Easy access to i86

Tags

• 1 ACRE OF FLAT LAND
• EASY ACCESS TO I86
• LARGE WINDOWS
• SECOND STORY DECK
• SPACIOUS FAMILY ROOM
• CENTRALIZED ALARM SYSTEM

Property features AI

Exterior

• Parking: Attached garage; 2 garage spaces
• Utilities: Well water; Septic tank
• Home design: Single-story home; Resale property; Shingle roof; Vinyl siding; Entry level: main level primary
• Construction: Built as existing structure; Block foundation
• Exterior features: Deck; Blacktop driveway; Irregular residential lot; City street frontage

Interior

• Kitchen: Electric oven; Electric range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 3 main-level bedrooms
• Flooring: Carpet; Tile; Varies
• Bathrooms: 2 full bathrooms (1 on the main level)
• Heating & cooling: Electric baseboard heating; Has heating
• Interior features: Separate/formal living room; Living/dining room; Sliding glass door(s); Main level primary; Finished basement; Fireplace (1)
• Laundry & utility: Washer and dryer; Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $264k.

Deal economics

• At list price, monthly cash flow is $-755 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (44.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (35.0% below list).
• Recommended offer: $148k (44.0% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 70/100 on livability (#464 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Horseheads Central School District (suburban): math 44% / reading 58% proficiency, ranked #347 of 590 in NY (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Big Flats School (math 52% / reading 77%, grade B, #591 of 2,108 statewide, top 31%, 388 students, 30% FRL); Horseheads Middle School (math 29% / reading 50%, grade F, #418 of 729 statewide, top 59%, 572 students, 36% FRL); Horseheads Senior High School (math 95% / reading 98%, grade A+, #59 of 1,100 statewide, top 6%, 1,142 students, 27% FRL).
• Zoned-school proficiency averages 67% at this address vs 51% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Horseheads Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 17 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 $18k of equity ($2k loan paydown + $16k appreciation (6.2% local appreciation)).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.

Recommended offer $147,931 (44.0% 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 42 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.65% ✗
• Cap rate: 2.86%
• Cash-on-cash: -12.26%
• DSCR: 0.45
• GRM: 12.8

CMA / ARV

• ARV (median comp): $345,794
• List price: $264,000
• Delta: -23.65%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Hillview Dr	0.12mi	4/2.0 (-1)	2,056 (-10%)	12mo	$307,000	$149	64
31 Meadow Dr	0.16mi	4/2.5 (-1)	2,390 (+5%)	22mo	$205,000	$86	59
183 Davenport Rd	0.44mi	4/2.5 (-1)	2,188 (-4%)	10mo	$350,000	$160	58

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

Projected returns pro-forma

6.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.42×
• Total profit: $31,098
• Equity at exit: $168,925

10-year hold

• IRR: 8.3%
• Equity multiple: 2.74×
• Total profit: $128,833
• Equity at exit: $308,929

Cash invested: $73,920 (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 14814

• Home prices YoY: 2.1%
• Active inventory: 17
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $1,716 medium
• Mortgage (P&I): −$1,384
• Tax from tax record: −$616 /mo · $7,397/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $-755

Break-even live

Break-even rent $2,672

Max offer price $147,931

Occupancy floor —

Sensitivity live

Price	-10% $-606	-5% $-681	+0% $-755	+5% $-830	+10% $-905
Rent	-10% $-891	-5% $-823	+0% $-755	+5% $-688	+10% $-620
Rate	-1.0pp $-622	-0.5pp $-688	base $-755	+0.5pp $-824	+1.0pp $-893

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: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-22
   days on market $264,000 Active 42 DOM
2. 2026-06-21
   days on market $264,000 Active 41 DOM
3. 2026-06-19
   days on market $264,000 Active 39 DOM
4. 2026-06-18
   days on market $264,000 Active 38 DOM
5. 2026-06-17
   days on market $264,000 Active 37 DOM
6. 2026-06-16
   days on market $264,000 Active 36 DOM
7. 2026-06-15
   days on market $264,000 Active 35 DOM
8. 2026-06-14
   days on market $264,000 Active 33 DOM
9. 2026-06-12
   pricedays on market $264,000 Active 32 DOM
10. 2026-06-09
    days on market $267,000 Active 29 DOM
11. 2026-06-08
    days on market $267,000 Active 28 DOM
12. 2026-06-07
    days on market $267,000 Active 27 DOM
13. 2026-06-05
    days on market $267,000 Active 24 DOM
14. 2026-06-03
    days on market $267,000 Active 23 DOM
15. 2026-06-02
    days on market $267,000 Active 22 DOM
16. 2026-06-01
    days on market $267,000 Active 21 DOM
17. 2026-05-31
    days on market $267,000 Active 20 DOM
18. 2026-05-30
    days on market $267,000 Active 19 DOM
19. 2026-05-11
    listed $267,000 Active 1170-char remark
20. 2025-09-19
    price $262,000
21. 2025-07-11
    listed $267,000 Active

ⓘ 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: $7,397 · $616/mo
• Projected year-2 tax: $7,397 · $616/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $20,589
• − Mortgage interest: −$14,788
• − Property taxes: −$7,397
• − Insurance: −$1,320
• − Repairs & maintenance: −$1,647
• − Management: −$1,647
• − Depreciation: −$7,680
• Taxable loss: −$13,890
• Est. tax savings @ 24.0%: +$3,334
• After-tax cash flow: $-5,731/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: Horseheads Central School District
• NCES district ID: 3614850
• Math proficiency: 44% ▼ -19.00%
• Reading proficiency: 58% ▲ 3.00%
• Median HH income: $60,594
• Composite: 44.58/100
• National rank: #2781
• State rank: #347 of 590 in NY

Livability — Big Flats

• Score: 70/100
• State rank: #464
• US rank: #8086

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Big Flats, NY
• Population (ZIP): 2,047

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 (93%)
• Race & ethnicity: White 93% Asian 5% Two or more races 1%
• Common ancestry: Lithuanian 10% Romanian 7% Italian 4%
• Foreign-born: 6%
• Languages at home: 91% English-only · Russian/Polish/Slavic 4% Other Indo-European 4% French/Haitian/Cajun 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: ▲ 6.18%
• Current HPI: 305.0488
• 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

-1.1% since first listed

4 events — show timeline

• 2026-06-10 Price Changed $264,000 UNYREIS
• 2026-05-11 Listed $267,000 UNYREIS
• 2025-09-19 Price Changed $262,000 IBRMLS
• 2025-07-11 Listed $267,000 IBRMLS

Property tax history

+4.1%/yr

Latest (2025): $7,397 · +3.9% YoY. Source: county tax records.