1318 Pratt St · Elmira, NY 14901

$69,900

2 bd · 1.0 ba · 1,136 sqft · SingleFamily public records · 9 Days on market

Built 1872 Est $68k · at est.

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +6.4/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks

Great value property! Vinyl Siding, newer roof, 1 car detached garage with brick and grass driveway, and exceptionally large lot with older shed. Nice kitchen with included appliances, wood-mode living room, formal dining room, and first-floor family room or bonus room that leads directly to older deck. Deck needs work. Buyers and agents are asked not to use back door for entry to yard due to a few uncertain boards on deck. 2 bedrooms up with one featuring taller ceiling and the other featuring shorter ceiling, and good sized main floor bathroom. Older basement with laundry. Nice Enclosed front porch. While some work is needed, home is priced with updates and work in mind. Home will not pa

Key facts

• Newer roof
• Large lot
• Vinyl siding

Tags

• VINYL SIDING
• NEWER ROOF
• DETACHED GARAGE
• BRICK AND GRASS DRIVEWAY
• LARGE LOT
• INCLUDED APPLIANCES

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water (connected); Sewer connected
• Home design: Two-story home; Resale property; Vinyl siding
• Construction: Vinyl siding construction; Existing structure (year built details: existing)
• Exterior features: See remarks

Interior

• Kitchen: Gas oven; Gas range; Refrigerator
• Bedrooms: Total 6 rooms including bonus room (includes living and laundry areas)
• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining room; Separate/formal living room; Full basement
• Laundry & utility: Washer and dryer in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 14.1% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $7k of equity ($483 loan paydown + $7k 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1872 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $69,900

Questions for the listing agent

1. Built in 1872 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.74% ✓
• Cap rate: 14.08%
• Cash-on-cash: 27.81%
• DSCR: 2.24
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $68,160
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1310 Halls Ln	0.22mi	2/1.0	1,125 (-1%)	12mo	$49,000	$44	78
423 E Thurston St	0.24mi	3/1.0 (+1)	1,043 (-8%)	6mo	$69,000	$66	65
1307 Lake St	0.12mi	2/1.0	1,241 (+9%)	21mo	$18,500	$15	62
766 Carpenter St	0.46mi	3/1.0 (+1)	1,200 (+6%)	7mo	$71,900	$60	58
1116 North Main St	0.70mi	3/1.0 (+1)	1,228 (+8%)	3mo	$118,000	$96	47

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: 42.7%
• Equity multiple: 4.24×
• Total profit: $63,488
• Equity at exit: $62,971

10-year hold

• IRR: 36.9%
• Equity multiple: 9.54×
• Total profit: $167,161
• Equity at exit: $135,800

Cash invested: $19,572 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,217 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$112 /mo · $1,350/yr
• Insurance: −$29
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $398

Break-even live

Break-even rent $714

Max offer price $69,900

Occupancy floor 62%

Sensitivity live

Price	-10% $438	-5% $418	+0% $398	+5% $378	+10% $358
Rent	-10% $302	-5% $350	+0% $398	+5% $446	+10% $494
Rate	-1.0pp $433	-0.5pp $416	base $398	+0.5pp $380	+1.0pp $361

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1056 Walnut St Unit 4 Elmira, NY	1.0	1.0	750	$995	$1.33	44d	1	1.21mi
410 E 2nd St Unit FS3W Elmira, NY	3.0	1.0	800	$1,250	$1.56	44d	1	1.25mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.32mi
970 Scio St Elmira, NY	2.0	1.0	911	$1,200	$1.32	44d	1	1.49mi

Listing history 8 events

1. 2026-06-19
   days on market $69,900 Active 9 DOM
2. 2026-06-18
   days on market $69,900 Active 8 DOM
3. 2026-06-17
   days on market $69,900 Active 7 DOM
4. 2026-06-16
   days on market $69,900 Active 6 DOM
5. 2026-06-15
   days on market $69,900 Active 5 DOM
6. 2026-06-14
   days on market $69,900 Active 3 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   listed $69,900 Active 2 DOM

ⓘ 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: $1,350 · $112/mo
• Projected year-2 tax: $1,350 · $112/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 7/10 Severe FEMA zone X (shaded) · 77% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $14,609
• − Mortgage interest: −$3,915
• − Property taxes: −$1,350
• − Insurance: −$1,016
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$2,033
• Taxable income: $3,957
• Est. tax owed @ 24.0%: −$950
• After-tax cash flow: $3,827/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

1 event — show timeline

• 2026-06-09 Listed $69,900 UNYREIS

Property tax history

+2.1%/yr

Latest (2025): $1,350 · -17.8% YoY. Source: county tax records.