18 Division St · Binghamton, NY 13905

$189,999

4 bd · 2.0 ba · 1,252 sqft · MultiFamily public records · 302 Days on market

Built 1940 3,484 sqft lot $152/sqft · 8% above area Est $176k · 8% 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 +20.4/30.0
• 1% rule +6.7/10.0
• DSCR +6.5/10.0
• Rent growth +5.0/5.0
• ARV discount +3.9/15.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• 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

Check out this formerly updated two-family. Add to your portfolio or live in one unit while letting the tenants help with the expenses. The newer roof and copper piping from the road to the water meter will add great value. Newer flooring and appliances in both kitchens with plenty of counter space. Nice front porch and rear deck for tenant's enjoyment, plenty of parking on a spacious corner lot. Contact your favorite real estate professional for a showing!

Key facts

• Newer flooring
• Newer roof
• Newer appliances

Tags

• NEWER ROOF
• COPPER PIPING
• NEWER FLOORING
• NEWER APPLIANCES
• FRONT PORCH
• REAR DECK

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive. Per door: $124/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 6.4% in Binghamton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 78/100 on livability (#174 in NY, #2,710 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D, crime F, employment F.
• Binghamton City School District (urban): math 30% / reading 44% proficiency, ranked #557 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $2,220/mo this rent would consume 50% of the median local household income ($53k/yr) (locally 1875% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 302 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 302 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 1940 — 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 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?
10. 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.
11. 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.
12. 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: 1.17% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.58%
• DSCR: 1.25
• GRM: 7.1

CMA / ARV

• ARV (median comp): $175,960
• List price: $189,999
• Delta: 7.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18 Division St	0.00mi	4/2.0	1,252 (0%)	20mo	$160,000	$128	83
59 Endicott Ave	0.44mi	3/1.0 (-1)	1,248 (-0%)	2mo	$75,000	$60	68
6 Tracy St	0.61mi	3/2.0 (-1)	1,364 (+9%)	16mo	$110,000	$81	38
82 New York Ave	0.73mi	3/2.0 (-1)	1,387 (+11%)	7mo	$101,000	$73	37
5 Julian St	0.67mi	4/2.0	1,424 (+14%)	12mo	$115,000	$81	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-3,145
• Equity at exit: $28,329

10-year hold

• IRR: 13.4%
• Equity multiple: 2.35×
• Total profit: $71,570
• Equity at exit: $16,428

Cash invested: $53,200 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $2,220 high
• Mortgage (P&I): −$996
• Tax from tax record: −$431 /mo · $5,170/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $247

Break-even live

Break-even rent $1,907

Max offer price $189,999

Occupancy floor 84%

Sensitivity live

Price	-10% $355	-5% $301	+0% $247	+5% $194	+10% $140
Rent	-10% $72	-5% $160	+0% $247	+5% $335	+10% $423
Rate	-1.0pp $343	-0.5pp $296	base $247	+0.5pp $198	+1.0pp $148

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,220
Total (2 units)			$2,220

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
133 Crestmont Rd Unit 2 Binghamton, NY	3.0	1.0	1300	$1,900	$1.46	44d	1	0.35mi
145 Floral Ave Unit 4 Johnson City, NY	3.0	1.0	1095	$1,250	$1.14	21d	1	0.36mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	44d	1	0.41mi
296 Main St Unit 6 Binghamton, NY	3.0	1.0	1200	$1,250	$1.04	14d	1	0.44mi
99 Helen St Unit 2 Binghamton, NY	3.0	1.0	1220	$1,600	$1.31	44d	1	0.51mi
16 Highland Ave Unit 1 Binghamton, NY	3.0	1.0	1400	$1,650	$1.18	44d	1	0.68mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	14d	1	0.68mi
36 Haendel St Unit Second Floor Binghamton, NY	3.0	1.0	1200	$1,450	$1.21	44d	1	0.70mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	44d	1	0.70mi
400 Riverside Dr Unit 15 Johnson City, NY	3.0	1.0	1000	$2,425	$2.42	14d	1	0.82mi
400 Riverside Dr Unit 212 Johnson City, NY	3.0	1.0	1100	$2,500	$2.27	14d	1	0.82mi
51 Allen St Unit 1 Johnson City, NY	3.0	1.0	1170	$1,575	$1.35	21d	1	0.91mi
50 Crocker Ave Johnson City, NY	4.0	2.0	1411	$2,000	$1.42	21d	1	1.00mi
50 Lathrop Ave Unit 2 Binghamton, NY	3.0	1.0	1250	$1,600	$1.28	14d	1	1.13mi
5 Arthur St Unit 1 Binghamton, NY	5.0	2.0	1200	$2,250	$1.88	44d	1	1.28mi
5 Arthur St Unit 2 Binghamton, NY	4.0	1.0	1200	$1,800	$1.50	44d	1	1.28mi
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	44d	1	1.29mi
73 Leroy St Unit 02 Binghamton, NY	3.0	1.0	1100	$1,950	$1.77	44d	1	1.30mi
4 Erie St Unit 2 Binghamton, NY	3.0	1.0	1075	$1,200	$1.12	44d	1	1.30mi
19 Walnut St Binghamton, NY	5.0	2.0	1666	$2,250	$1.35	44d	1	1.37mi
171 Chapin St Unit 1st FL Binghamton, NY	4.0	1.5	1400	$3,000	$2.14	44d	1	1.38mi
171 Chapin St Unit 2nd FL Binghamton, NY	4.0	2.0	1135	$3,000	$2.64	44d	1	1.38mi
29 Laurel Ave Unit 2 Binghamton, NY	3.0	1.5	1500	$2,250	$1.50	44d	1	1.38mi
198 Chapin St Binghamton, NY	4.0	2.0	1500	$1,700	$1.13	21d	1	1.41mi

Listing history 15 events

1. 2026-05-30
   days on market $189,999 Active 302 DOM
2. 2026-03-31
   status Active 461-char remark

   Show marketing remark (461 chars)

   Check out this formerly updated two-family. Add to your portfolio or live in one unit while letting the tenants help with the expenses. The newer roof and copper piping from the road to the water meter will add great value. Newer flooring and appliances in both kitchens with plenty of counter space. Nice front porch and rear deck for tenant's enjoyment, plenty of parking on a spacious corner lot. Contact your favorite real estate professional for a showing!

3. 2026-03-31
   price $189,999 461-char remark

   Show marketing remark (461 chars)

   Check out this formerly updated two-family. Add to your portfolio or live in one unit while letting the tenants help with the expenses. The newer roof and copper piping from the road to the water meter will add great value. Newer flooring and appliances in both kitchens with plenty of counter space. Nice front porch and rear deck for tenant's enjoyment, plenty of parking on a spacious corner lot. Contact your favorite real estate professional for a showing!

4. 2026-01-21
   status Active 461-char remark

   Show marketing remark (461 chars)

   Check out this formerly updated two-family. Add to your portfolio or live in one unit while letting the tenants help with the expenses. The newer roof and copper piping from the road to the water meter will add great value. Newer flooring and appliances in both kitchens with plenty of counter space. Nice front porch and rear deck for tenant's enjoyment, plenty of parking on a spacious corner lot. Contact your favorite real estate professional for a showing!

5. 2026-01-12
   status Pending 461-char remark

   Show marketing remark (461 chars)

   Check out this formerly updated two-family. Add to your portfolio or live in one unit while letting the tenants help with the expenses. The newer roof and copper piping from the road to the water meter will add great value. Newer flooring and appliances in both kitchens with plenty of counter space. Nice front porch and rear deck for tenant's enjoyment, plenty of parking on a spacious corner lot. Contact your favorite real estate professional for a showing!

6. 2025-10-02
   price $199,000 461-char remark

   Show marketing remark (461 chars)

   Check out this formerly updated two-family. Add to your portfolio or live in one unit while letting the tenants help with the expenses. The newer roof and copper piping from the road to the water meter will add great value. Newer flooring and appliances in both kitchens with plenty of counter space. Nice front porch and rear deck for tenant's enjoyment, plenty of parking on a spacious corner lot. Contact your favorite real estate professional for a showing!

7. 2025-05-09
   listed $210,000 Active 461-char remark

   Show marketing remark (461 chars)

   Check out this formerly updated two-family. Add to your portfolio or live in one unit while letting the tenants help with the expenses. The newer roof and copper piping from the road to the water meter will add great value. Newer flooring and appliances in both kitchens with plenty of counter space. Nice front porch and rear deck for tenant's enjoyment, plenty of parking on a spacious corner lot. Contact your favorite real estate professional for a showing!

8. 2024-11-14
   soldstatus $160,000
9. 2024-10-25
   soldstatus $160,000 Closed 510-char remark

   Show marketing remark (510 chars)

   Add this updated Binghamton two-family to your investment portfolio, or owner occupy and let your tenant help with the expenses. The new roof and copper piping from the road to the water meter will add great value in years of enjoyment. The house has fresh paint inside and out, new flooring, and both kitchens have new appliances and plenty of counter space. Both baths are neat and tidy. Nice front porch and rear deck for tenants' enjoyment, and plenty of parking on a spacious corner lot. Come take a look.

10. 2024-08-27
    status Pending 510-char remark

    Show marketing remark (510 chars)

    Add this updated Binghamton two-family to your investment portfolio, or owner occupy and let your tenant help with the expenses. The new roof and copper piping from the road to the water meter will add great value in years of enjoyment. The house has fresh paint inside and out, new flooring, and both kitchens have new appliances and plenty of counter space. Both baths are neat and tidy. Nice front porch and rear deck for tenants' enjoyment, and plenty of parking on a spacious corner lot. Come take a look.

11. 2024-08-05
    price $185,000 510-char remark

    Show marketing remark (510 chars)

    Add this updated Binghamton two-family to your investment portfolio, or owner occupy and let your tenant help with the expenses. The new roof and copper piping from the road to the water meter will add great value in years of enjoyment. The house has fresh paint inside and out, new flooring, and both kitchens have new appliances and plenty of counter space. Both baths are neat and tidy. Nice front porch and rear deck for tenants' enjoyment, and plenty of parking on a spacious corner lot. Come take a look.

12. 2024-07-19
    price $199,000 510-char remark

    Show marketing remark (510 chars)

    Add this updated Binghamton two-family to your investment portfolio, or owner occupy and let your tenant help with the expenses. The new roof and copper piping from the road to the water meter will add great value in years of enjoyment. The house has fresh paint inside and out, new flooring, and both kitchens have new appliances and plenty of counter space. Both baths are neat and tidy. Nice front porch and rear deck for tenants' enjoyment, and plenty of parking on a spacious corner lot. Come take a look.

13. 2024-07-11
    listed $218,000 Active 510-char remark

    Show marketing remark (510 chars)

    Add this updated Binghamton two-family to your investment portfolio, or owner occupy and let your tenant help with the expenses. The new roof and copper piping from the road to the water meter will add great value in years of enjoyment. The house has fresh paint inside and out, new flooring, and both kitchens have new appliances and plenty of counter space. Both baths are neat and tidy. Nice front porch and rear deck for tenants' enjoyment, and plenty of parking on a spacious corner lot. Come take a look.

14. 2021-03-10
    soldstatus $432,896
15. 2004-06-28
    soldstatus $60,654

ⓘ 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: $5,170 · $431/mo
• Projected year-2 tax: $5,170 · $431/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°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: $26,640
• − Mortgage interest: −$10,643
• − Property taxes: −$5,170
• − Insurance: −$950
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − Depreciation: −$5,527
• Taxable income: $87
• Est. tax owed @ 24.0%: −$21
• After-tax cash flow: $2,948/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: Binghamton City School District
• NCES district ID: 3604870
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 44% ▲ 15.00%
• Median HH income: $30,475
• Composite: 30.09/100
• National rank: #6342
• State rank: #557 of 590 in NY

Livability — Binghamton

• Score: 78/100
• State rank: #174
• US rank: #2710

Category grades

Amenities A+ Commute A+ 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: Binghamton, NY
• County: Broome County · 126,805 people
• City population: 65,170
• Metro: Binghamton, NY
• Population (ZIP): 27,988
• Household income: $53,362
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1875.0

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 (68%)
• Race & ethnicity: White 68% Asian 10% Black 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 87% English-only · Other Indo-European 5% Spanish 2% Other Asian/Pacific 1%

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: ▼ -134.70%
• Current HPI: 298.9847
• Rent YoY: ▲ 11.19%
• 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

+213.3% since first listed

14 events — show timeline

• 2026-03-31 Relisted — GBAOR
• 2026-03-31 Price Changed $189,999 GBAOR
• 2026-01-21 Relisted — GBAOR
• 2026-01-12 Pending — GBAOR
• 2025-10-02 Price Changed $199,000 GBAOR
• 2025-05-09 Listed $210,000 GBAOR
• 2024-11-14 Sold (Public Records) $160,000 Public Records
• 2024-10-25 Sold (MLS) $160,000 GBAOR
• 2024-08-27 Pending — GBAOR
• 2024-08-05 Price Changed $185,000 GBAOR
• 2024-07-19 Price Changed $199,000 GBAOR
• 2024-07-11 Listed $218,000 GBAOR
• 2021-03-10 Sold (Public Records) $432,896 Public Records
• 2004-06-28 Sold (Public Records) $60,654 Public Records

Property tax history

+4.7%/yr

Latest (2025): $5,170 · +0.9% YoY. Source: county tax records.