358 W 2nd St · Elmira, NY 14901

$45,000

4 bd · 1.5 ba · 1,904 sqft · SingleFamily public records · 254 Days on market

Built 1900 3,485 sqft lot $24/sqft · 34% below area Est $69k · 35% 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 +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks MLS

This property requires renovation and is being sold in its current condition. The seller will not make any repairs or updates. Perfect opportunity for investors, flippers, or buyers looking for a project.

Key facts

• 3,485 sq ft lot
• Built 1900
• Listed 253 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $770 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.8% 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: 79 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($311 loan paydown + $4k 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 $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 254 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago; this cycle's ask is 29% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $15k; list at $45k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 254 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 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 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: 3.04% ✓
• Cap rate: 26.83%
• Cash-on-cash: 73.33%
• DSCR: 4.26
• GRM: 2.7

CMA / ARV

• ARV (median comp): $69,017
• List price: $45,000
• Delta: -34.80%
• 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
106 Elm St	0.29mi	4/1.5	2,027 (+6%)	1mo	$45,000	$22	75
356 Euclid Ave	0.46mi	4/1.5	1,864 (-2%)	5mo	$128,000	$69	71
413 West Hudson St	0.59mi	4/1.5	1,888 (-1%)	1mo	$45,000	$24	70
460 W 3rd St	0.25mi	3/1.5 (-1)	1,716 (-10%)	0mo	$40,000	$23	67
358 Grove St	0.39mi	4/1.5	1,801 (-5%)	9mo	$99,000	$55	66
924 Davis St	0.68mi	3/1.0 (-1)	1,882 (-1%)	2mo	$135,000	$72	57
918 Magee St	0.70mi	4/1.0	1,812 (-5%)	1mo	$112,000	$62	56
354 Euclid Ave	0.46mi	4/2.0	1,716 (-10%)	8mo	$100,000	$58	54
55 Hoffman St	0.66mi	5/1.5 (+1)	1,785 (-6%)	0mo	$115,000	$64	53
319 Webber Pl	0.69mi	3/1.5 (-1)	1,716 (-10%)	8mo	$145,000	$84	40
950 N Main St	0.71mi	4/1.5	1,644 (-14%)	7mo	$37,000	$23	38
212 Front St	0.69mi	5/2.0 (+1)	2,181 (+14%)	7mo	$55,000	$25	31

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: 84.0%
• Equity multiple: 6.84×
• Total profit: $73,570
• Equity at exit: $40,540

10-year hold

• IRR: 78.4%
• Equity multiple: 15.14×
• Total profit: $178,128
• 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 14901

• Home prices YoY: 15.9%
• Active inventory: 79
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,368 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $770

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 39%

Sensitivity live

Price	-10% $801	-5% $786	+0% $770	+5% $754	+10% $739
Rent	-10% $662	-5% $716	+0% $770	+5% $824	+10% $878
Rate	-1.0pp $793	-0.5pp $781	base $770	+0.5pp $758	+1.0pp $746

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 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	0.17mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	0.30mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	0.34mi

Listing history 28 events

1. 2026-06-19
   days on market $45,000 Active 254 DOM
2. 2026-06-18
   days on market $45,000 Active 253 DOM
3. 2026-06-17
   days on market $45,000 Active 252 DOM
4. 2026-06-16
   days on market $45,000 Active 251 DOM
5. 2026-06-15
   days on market $45,000 Active 250 DOM
6. 2026-06-14
   days on market $45,000 Active 248 DOM
7. 2026-06-12
   days on market $45,000 Active 247 DOM
8. 2026-06-09
   days on market $45,000 Active 244 DOM
9. 2026-06-08
   days on market $45,000 Active 243 DOM
10. 2026-06-07
    days on market $45,000 Active 242 DOM
11. 2026-06-05
    days on market $45,000 Active 239 DOM
12. 2026-06-03
    days on market $45,000 Active 238 DOM
13. 2026-06-02
    days on market $45,000 Active 237 DOM
14. 2026-06-01
    days on market $45,000 Active 236 DOM
15. 2026-05-31
    days on market $45,000 Active 235 DOM
16. 2026-05-30
    days on market $45,000 Active 234 DOM
17. 2026-01-13
    price $45,000 204-char remark

    Show marketing remark (204 chars)

    This property requires renovation and is being sold in its current condition. The seller will not make any repairs or updates. Perfect opportunity for investors, flippers, or buyers looking for a project.

18. 2025-10-10
    price $50,000 204-char remark

    Show marketing remark (204 chars)

    This property requires renovation and is being sold in its current condition. The seller will not make any repairs or updates. Perfect opportunity for investors, flippers, or buyers looking for a project.

19. 2025-10-01
    listed $35,000 Active 204-char remark

    Show marketing remark (204 chars)

    This property requires renovation and is being sold in its current condition. The seller will not make any repairs or updates. Perfect opportunity for investors, flippers, or buyers looking for a project.

20. 2019-08-31
    soldstatus $15,000 389-char remark

    Show marketing remark (389 chars)

    reduced Great 4 bedroom 2 story 1.5 baths HUD HOME SOLD "AS IS " by elec. bid only. Prop avail 11/30/18 bids due 11:59 PM Central Time daily until sold. #372-339534 IE Insured w/ Escrow Repair Eligible for FHA 203k financing FHA coventional cash Rpr. www. HUDHomestore.com for form & PCR BLB Resources makes no warranty as to condition of property. Buyer to verify all info

21. 2018-11-07
    listed $20,655 389-char remark

    Show marketing remark (389 chars)

    reduced Great 4 bedroom 2 story 1.5 baths HUD HOME SOLD "AS IS " by elec. bid only. Prop avail 11/30/18 bids due 11:59 PM Central Time daily until sold. #372-339534 IE Insured w/ Escrow Repair Eligible for FHA 203k financing FHA coventional cash Rpr. www. HUDHomestore.com for form & PCR BLB Resources makes no warranty as to condition of property. Buyer to verify all info

22. 2018-11-06
    historical
23. 2018-07-19
    listed $24,300
24. 2014-06-12
    historical
25. 2014-05-16
    listed $49,900
26. 2003-11-26
    soldstatus $39,900
27. 2003-11-25
    soldstatus $39,900
28. 2001-09-15
    listed $39,900

ⓘ 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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $16,420
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,314
• − Management: −$1,314
• − Depreciation: −$1,309
• Taxable income: $9,063
• Est. tax owed @ 24.0%: −$2,175
• After-tax cash flow: $7,065/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

+12.8% since first listed

12 events — show timeline

• 2026-01-13 Price Changed $45,000 IBRMLS
• 2025-10-10 Price Changed $50,000 IBRMLS
• 2025-10-01 Listed $35,000 IBRMLS
• 2019-08-31 Sold (MLS) $15,000 GBAOR
• 2018-11-07 Listed $20,655 GBAOR
• 2018-11-06 Listing Removed — UNYREIS
• 2018-07-19 Listed $24,300 UNYREIS
• 2014-06-12 Listing Removed — UNYREIS
• 2014-05-16 Listed $49,900 UNYREIS
• 2003-11-26 Sold (Public Records) $39,900 Public Records
• 2003-11-25 Sold (MLS) $39,900 UNYREIS
• 2001-09-15 Listed $39,900 UNYREIS

Property tax history

+14.0%/yr

Latest (2025): $2,662 · -50.2% YoY. Source: county tax records.