1151 Shannon Ave · Southport, NY 14904

$56,000

3 bd · 2.0 ba · 2,234 sqft · MultiFamily public records · 156 Days on market

Built 1939 $25/sqft · 57% below area ↓ 3% 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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Spacious two unit in Southport. Upper 2 bedroom is move in ready, lower unit seller started to re-do but didn't finish, needs sheet rock in two rooms, hardwood floors are present, but need to be installed. A must see and great location.

Key facts

• 2 garage spots
• Built 1939
• Listed 155 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $56k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $779/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $56k).
• Recommended offer: $49k (12.0% below list) — sets the bar for market timing.
• Cap rate 39.7% vs local median 6.5% in Southport — 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 65/100 on livability (#690 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, employment D, health & safety D.
• 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: 101 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $387 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $9k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,280 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is D 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?
10. 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?
11. 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.
12. 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.
13. 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: 4.70% ✓
• Cap rate: 39.69%
• Cash-on-cash: 119.26%
• DSCR: 6.31
• GRM: 1.8

CMA / ARV

• ARV (median comp): $131,623
• List price: $56,000
• Delta: -57.45%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
850 Erie	0.75mi	4/2.0 (+1)	2,523 (+13%)	16mo	$40,000	$16	26

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

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.76×
• Total profit: $90,298
• Equity at exit: $8,350

10-year hold

• IRR: —
• Equity multiple: 14.20×
• Total profit: $206,928
• Equity at exit: $4,842

Cash invested: $15,680 (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 14904

• Home prices YoY: -9.6%
• Active inventory: 101
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,633 medium
• Mortgage (P&I): −$294
• Tax from tax record: −$205 /mo · $2,457/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $1,558

Break-even live

Break-even rent $660

Max offer price $56,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,590	-5% $1,574	+0% $1,558	+5% $1,542	+10% $1,527
Rent	-10% $1,350	-5% $1,454	+0% $1,558	+5% $1,662	+10% $1,766
Rate	-1.0pp $1,587	-0.5pp $1,573	base $1,558	+0.5pp $1,544	+1.0pp $1,529

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,634
Total (2 units)			$2,633

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: $14,000
• Closing costs: $1,680
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1254 Charles St Elmira, NY	2.0	1.0	1560	$1,350	$0.87	44d	1	0.26mi
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	44d	1	1.31mi

Listing history 29 events

1. 2026-06-19
   days on market $56,000 Active 156 DOM
2. 2026-06-18
   days on market $56,000 Active 155 DOM
3. 2026-06-17
   days on market $56,000 Active 154 DOM
4. 2026-06-16
   days on market $56,000 Active 153 DOM
5. 2026-06-15
   days on market $56,000 Active 152 DOM
6. 2026-06-14
   days on market $56,000 Active 150 DOM
7. 2026-06-12
   days on market $56,000 Active 149 DOM
8. 2026-06-09
   days on market $56,000 Active 146 DOM
9. 2026-06-08
   days on market $56,000 Active 145 DOM
10. 2026-06-07
    days on market $56,000 Active 144 DOM
11. 2026-06-05
    days on market $56,000 Active 141 DOM
12. 2026-06-03
    days on market $56,000 Active 140 DOM
13. 2026-06-02
    days on market $56,000 Active 139 DOM
14. 2026-06-01
    days on market $56,000 Active 138 DOM
15. 2026-05-31
    days on market $56,000 Active 137 DOM
16. 2026-05-30
    days on market $56,000 Active 136 DOM
17. 2026-01-30
    price $56,000 236-char remark

    Show marketing remark (236 chars)

    Spacious two unit in Southport. Upper 2 bedroom is move in ready, lower unit seller started to re-do but didn't finish, needs sheet rock in two rooms, hardwood floors are present, but need to be installed. A must see and great location.

18. 2026-01-14
    listed $64,900 Active 236-char remark

    Show marketing remark (236 chars)

    Spacious two unit in Southport. Upper 2 bedroom is move in ready, lower unit seller started to re-do but didn't finish, needs sheet rock in two rooms, hardwood floors are present, but need to be installed. A must see and great location.

19. 2025-12-21
    historical
20. 2024-05-21
    listed $69,000 Active
21. 2013-12-02
    soldstatus $64,000
22. 2013-11-27
    soldstatus $64,000
23. 2013-09-23
    listed $69,900
24. 2011-09-09
    historical
25. 2010-11-19
    listed $64,900
26. 2007-12-18
    historical
27. 2007-05-18
    listed $69,900
28. 2004-06-15
    soldstatus $65,000
29. 1998-09-03
    soldstatus $58,000

ⓘ 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: $2,457 · $205/mo
• Projected year-2 tax: $2,457 · $205/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 6/10 Major FEMA zone X (shaded) · 73% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $31,596
• − Mortgage interest: −$3,137
• − Property taxes: −$2,457
• − Insurance: −$280
• − Repairs & maintenance: −$2,528
• − Management: −$2,528
• − Depreciation: −$1,629
• Taxable income: $19,038
• Est. tax owed @ 24.0%: −$4,569
• After-tax cash flow: $14,131/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 — Southport

• Score: 65/100
• State rank: #690
• US rank: #13026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southport, NY
• Population (ZIP): 14,276

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 7% Hispanic / Latino 5% Native American 1%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, Jamaica, Dominican Republic
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -23.33%
• Current HPI: 220.688
• 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

-3.4% since first listed

13 events — show timeline

• 2026-01-30 Price Changed $56,000 UNYREIS
• 2026-01-14 Listed $64,900 UNYREIS
• 2025-12-21 Listing Removed — UNYREIS
• 2024-05-21 Listed $69,000 UNYREIS
• 2013-12-02 Sold (Public Records) $64,000 Public Records
• 2013-11-27 Sold (MLS) $64,000 UNYREIS
• 2013-09-23 Listed $69,900 UNYREIS
• 2011-09-09 Listing Removed — UNYREIS
• 2010-11-19 Listed $64,900 UNYREIS
• 2007-12-18 Listing Removed — UNYREIS
• 2007-05-18 Listed $69,900 UNYREIS
• 2004-06-15 Sold (Public Records) $65,000 Public Records
• 1998-09-03 Sold (Public Records) $58,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $2,457 · -1.3% YoY. Source: county tax records.