48 Roberts St · Johnson City, NY 13790

$289,900

4 bd · 2.0 ba · 2,352 sqft · MultiFamily public records · 88 Days on market

Built 2003 6,098 sqft lot $123/sqft · 27% above area Est $229k · 27% over

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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 +24.2/30.0
• Appreciation +10.0/10.0
• DSCR +7.8/10.0
• 1% rule +6.2/10.0
• Rent growth +4.9/5.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

Exceptional opportunity to add a Turn-Key 2-family, 8-bedroom asset to your portfolio. Rebuilt from the ground up in 2003, it offers the advantages of newer construction—a rare find our multifamily space. Both units feature updated mechanicals, furnaces, central air, and newer kitchens and baths. Plenty of parking and close to bus lines. We have a limited inventory of newer multifamily properties like this. OWNER, REAL ESTATE LICENSEE

Key facts

• Close to bus lines
• Newer kitchens
• Updated mechanicals

Tags

• TURN-KEY 2-FAMILY
• UPDATED MECHANICALS
• CENTRAL AIR
• NEWER KITCHENS
• CLOSE TO BUS LINES

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $578 ($7k/yr) — positive. Per door: $289/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 6.2% in Johnson City — 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 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.5%/yr); 99 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $3,241/mo this rent would consume 66% of the median local household income ($59k/yr) (locally 1233% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $29k 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 + 8.0% rent growth), your $81k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago 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.
• Current owner paid $158k; list at $290k implies a 83% gain — meaningful room to come down on a strong offer.

Recommended offer $272,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.12% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.54%
• DSCR: 1.38
• GRM: 7.5

CMA / ARV

• ARV (median comp): $228,802
• List price: $289,900
• Delta: 26.70%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 Baldwin St	0.07mi	4/2.0	2,142 (-9%)	13mo	$130,000	$61	71
203 Hudson St	0.15mi	3/3.0 (-1)	2,206 (-6%)	8mo	$54,000	$24	67
234 Grand Ave	0.15mi	4/4.0	2,126 (-10%)	3mo	$160,000	$75	67
184 West End Ave	0.52mi	5/2.0 (+1)	2,400 (+2%)	7mo	$178,500	$74	61
244 Corliss Avenue Ave	0.41mi	4/2.0	2,050 (-13%)	2mo	$90,000	$44	58
143 Harrison St	0.19mi	5/3.0 (+1)	2,127 (-10%)	11mo	$224,720	$106	57
387 Riverside Dr	0.50mi	5/3.0 (+1)	2,130 (-9%)	1mo	$153,300	$72	51
15 Orchard Ave	0.40mi	5/3.5 (+1)	2,084 (-11%)	2mo	$285,000	$137	50
113 Ethel St	0.42mi	4/2.0	2,028 (-14%)	12mo	$170,000	$84	48
12 Narwood St	0.66mi	5/3.0 (+1)	2,500 (+6%)	11mo	$235,000	$94	41
65 Lake Ave	0.69mi	5/3.0 (+1)	2,160 (-8%)	12mo	$160,000	$74	35
34 Floral Ave	0.45mi	5/3.0 (+1)	2,700 (+15%)	17mo	$198,000	$73	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 32.7%
• Equity multiple: 3.61×
• Total profit: $211,852
• Equity at exit: $261,165

10-year hold

• IRR: 29.9%
• Equity multiple: 8.85×
• Total profit: $637,433
• Equity at exit: $563,212

Cash invested: $81,172 (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 13790

• Home prices YoY: 6.8%
• Rents YoY: 9.5%
• Active inventory: 99
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $3,241 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$342 /mo · $4,098/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $578

Break-even live

Break-even rent $2,510

Max offer price $289,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$3,240
Total (2 units)			$3,241

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
57 Fowler Ave Johnson City, NY	3.0	2.5	2497	$2,000	$0.80	13d	1	0.46mi
74 Matthews St Binghamton, NY	3.0	2.0	2510	$2,300	$0.92	21d	1	0.85mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	44d	1	0.87mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	13d	1	0.93mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	44d	1	1.16mi

Listing history 26 events

1. 2026-06-19
   days on market $289,900 Active 88 DOM
2. 2026-06-18
   days on market $289,900 Active 87 DOM
3. 2026-06-17
   days on market $289,900 Active 86 DOM
4. 2026-06-16
   days on market $289,900 Active 85 DOM
5. 2026-06-15
   days on market $289,900 Active 84 DOM
6. 2026-06-14
   days on market $289,900 Active 82 DOM
7. 2026-06-13
   days on market $289,900 Active 81 DOM
8. 2026-06-10
   days on market $289,900 Active 79 DOM
9. 2026-06-09
   days on market $289,900 Active 78 DOM
10. 2026-06-08
    days on market $289,900 Active 77 DOM
11. 2026-06-07
    days on market $289,900 Active 76 DOM
12. 2026-06-05
    days on market $289,900 Active 73 DOM
13. 2026-06-03
    days on market $289,900 Active 72 DOM
14. 2026-06-02
    days on market $289,900 Active 71 DOM
15. 2026-06-01
    days on market $289,900 Active 70 DOM
16. 2026-05-31
    days on market $289,900 Active 69 DOM
17. 2026-05-30
    days on market $289,900 Active 68 DOM
18. 2026-05-05
    price $289,900 444-char remark

    Show marketing remark (444 chars)

    Exceptional opportunity to add a Turn-Key 2-family, 8-bedroom asset to your portfolio. Rebuilt from the ground up in 2003, it offers the advantages of newer construction—a rare find our multifamily space. Both units feature updated mechanicals, furnaces, central air, and newer kitchens and baths. Plenty of parking and close to bus lines. We have a limited inventory of newer multifamily properties like this. OWNER, REAL ESTATE LICENSEE

19. 2026-03-23
    listed $299,900 Active 444-char remark

    Show marketing remark (444 chars)

    Exceptional opportunity to add a Turn-Key 2-family, 8-bedroom asset to your portfolio. Rebuilt from the ground up in 2003, it offers the advantages of newer construction—a rare find our multifamily space. Both units feature updated mechanicals, furnaces, central air, and newer kitchens and baths. Plenty of parking and close to bus lines. We have a limited inventory of newer multifamily properties like this. OWNER, REAL ESTATE LICENSEE

20. 2025-03-02
    historical $1,800
21. 2025-01-31
    listed $1,800
22. 2025-01-06
    historical $1,800
23. 2024-12-06
    listed $1,800
24. 2024-04-10
    historical $1,800
25. 2024-01-07
    listed $1,800
26. 2023-11-21
    soldstatus $158,500

ⓘ 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: $4,098 · $342/mo
• Projected year-2 tax: $4,499 · $375/mo
• Expected delta: +$401/yr (+$33/mo · 9.8%)

ⓘ 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 7 d/yr ≥94°F today · 16 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: $38,892
• − Mortgage interest: −$16,239
• − Property taxes: −$4,098
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,111
• − Management: −$3,111
• − Depreciation: −$8,433
• Taxable income: $2,449
• Est. tax owed @ 24.0%: −$588
• After-tax cash flow: $6,346/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: Johnson City Central School District
• NCES district ID: 3615900
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $40,514
• Composite: 33.17/100
• National rank: #5545
• State rank: #535 of 590 in NY

Livability — Johnson City

• Score: 76/100
• State rank: #238
• US rank: #3739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, NY
• County: Broome County · 126,805 people
• City population: 18,739
• Metro: Binghamton, NY
• Population (ZIP): 18,739
• Household income: $59,045
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1233.0

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 (75%)
• Race & ethnicity: White 75% Two or more races 9% Asian 8% Black 6% Hispanic / Latino 4%
• Common ancestry: Romanian 6% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Indo-European 4% French/Haitian/Cajun 2% Spanish 2%

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: ▲ 18.06%
• Current HPI: 285.3668
• Rent YoY: ▲ 9.47%
• 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

+82.9% since first listed

9 events — show timeline

• 2026-05-05 Price Changed $289,900 GBAOR
• 2026-03-23 Listed $299,900 GBAOR
• 2025-03-02 Rental Removed $1,800 RENT.
• 2025-01-31 Listed for Rent $1,800 RENT.
• 2025-01-06 Rental Removed $1,800 RENT.
• 2024-12-06 Listed for Rent $1,800 RENT.
• 2024-04-10 Rental Removed $1,800 APPFOLIO
• 2024-01-07 Listed for Rent $1,800 APPFOLIO
• 2023-11-21 Sold (Public Records) $158,500 Public Records

Property tax history

+2.2%/yr

Latest (2025): $4,098 · +1.7% YoY. Source: county tax records.