566 Gaines St · Elmira, NY 14904

$99,900

3 bd · 1.0 ba · 1,425 sqft · SingleFamily public records · 44 Days on market

Built 1945 8,503 sqft lot Est $111k · 10% under

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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 +23.7/30.0
• ARV discount +12.1/15.0
• 1% rule +8.2/10.0
• DSCR +7.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

LARGE CAPE COD FEATURING A FR WITH WOODSTOVE-NEW DUNKIRK BOILER WITH 3 ZONES-LARGE DECK-PATIO-VINYL SIDING-LARGE FENCED LOT-NEW WATER LINE TO THE SREET-UPDATED KITCHEN-LOWER LEVEL HAS A BAR AND TAP SYSTEM-MUCH MORE TO SEE.

Key facts

• Convenient carport
• 8,503 sq ft lot
• Garage

Tags

• FULLY FENCED BACKYARD
• CONVENIENT CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $191 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.

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: crime F, amenities F, commute 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.
• Zoned schools: Ernie Davis Academy (math 5% / reading 31%, grade F, #691 of 729 statewide, top 95%, 802 students, 66% FRL).
• Market conditions: 104 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

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y 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 $60k; list at $100k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.32% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.19%
• DSCR: 1.36
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $111,150
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 Luce St	0.22mi	3/1.5	1,344 (-6%)	7mo	$115,000	$86	73
752 Robinson St	0.31mi	3/1.0	1,344 (-6%)	8mo	$32,000	$24	70
708 Riverside Ave	0.41mi	4/1.5 (+1)	1,484 (+4%)	6mo	$83,000	$56	62
404 Schuyler Ave	0.41mi	3/1.5	1,518 (+6%)	10mo	$32,000	$21	60
506 Luce St	0.18mi	4/1.0 (+1)	1,220 (-14%)	8mo	$126,000	$103	56
404 Phoenix Ave	0.37mi	3/2.0	1,536 (+8%)	13mo	$133,010	$87	54
834 Maple Ave	0.44mi	3/2.0	1,246 (-13%)	1mo	$135,000	$108	54
717 Spaulding St	0.55mi	3/2.0	1,344 (-6%)	8mo	$70,000	$52	54
808 Moore St	0.62mi	3/2.0	1,440 (+1%)	14mo	$113,000	$78	54
236 E Miller St	0.60mi	3/1.0	1,248 (-12%)	7mo	$120,840	$97	45
303 Horner St	0.69mi	3/1.0	1,318 (-8%)	12mo	$57,000	$43	45
610 Spaulding St	0.63mi	3/1.0	1,248 (-12%)	10mo	$71,000	$57	42

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: -3.7%
• Equity multiple: 0.86×
• Total profit: $-3,916
• Equity at exit: $14,895

10-year hold

• IRR: 6.1%
• Equity multiple: 1.46×
• Total profit: $12,728
• Equity at exit: $8,638

Cash invested: $27,972 (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: 104
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,323 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$289 /mo · $3,464/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $191

Break-even live

Break-even rent $1,081

Max offer price $99,900

Occupancy floor 81%

Sensitivity live

Price	-10% $247	-5% $219	+0% $191	+5% $163	+10% $134
Rent	-10% $86	-5% $139	+0% $191	+5% $243	+10% $295
Rate	-1.0pp $241	-0.5pp $216	base $191	+0.5pp $165	+1.0pp $139

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	45d	1	1.03mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	45d	1	1.41mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	45d	1	1.49mi

Listing history 10 events

1. 2026-04-10
   status Pending
2. 2026-03-01
   historical Active Under Contract
3. 2026-02-25
   listed $99,900 Active
4. 2005-04-29
   soldstatus $60,000
5. 2005-04-27
   soldstatus $60,000 222-char remark

   Show marketing remark (222 chars)

   LARGE CAPE COD FEATURING A FR WITH WOODSTOVE-NEW DUNKIRK BOILER WITH 3 ZONES-LARGE DECK-PATIO-VINYL SIDING-LARGE FENCED LOT-NEW WATER LINE TO THE SREET-UPDATED KITCHEN-LOWER LEVEL HAS A BAR AND TAP SYSTEM-MUCH MORE TO SEE.

6. 2004-10-12
   listed $62,000 222-char remark

   Show marketing remark (222 chars)

   LARGE CAPE COD FEATURING A FR WITH WOODSTOVE-NEW DUNKIRK BOILER WITH 3 ZONES-LARGE DECK-PATIO-VINYL SIDING-LARGE FENCED LOT-NEW WATER LINE TO THE SREET-UPDATED KITCHEN-LOWER LEVEL HAS A BAR AND TAP SYSTEM-MUCH MORE TO SEE.

7. 2002-08-08
   soldstatus $54,000
8. 2002-08-01
   soldstatus $54,000 125-char remark

   Show marketing remark (125 chars)

   LOTS OF LIVING SPACE, DEEP LOT, DEN COULD BE 4TH B EDROOM, LARGE DECK OFF DINING AREA. PRIC E CHANGE: 59,900 TO 57,900 8/8/01

9. 2000-10-31
   listed $57,900 125-char remark

   Show marketing remark (125 chars)

   LOTS OF LIVING SPACE, DEEP LOT, DEN COULD BE 4TH B EDROOM, LARGE DECK OFF DINING AREA. PRIC E CHANGE: 59,900 TO 57,900 8/8/01

10. 1991-10-18
    soldstatus $52,000

ⓘ 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: $3,464 · $289/mo
• Projected year-2 tax: $3,464 · $289/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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°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: $15,872
• − Mortgage interest: −$5,596
• − Property taxes: −$3,464
• − Insurance: −$500
• − Repairs & maintenance: −$1,270
• − Management: −$1,270
• − Depreciation: −$2,906
• Taxable income: $868
• Est. tax owed @ 24.0%: −$208
• After-tax cash flow: $2,081/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): 14,276

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

+92.1% since first listed

10 events — show timeline

• 2026-04-10 Pending — UNYREIS
• 2026-03-01 Contingent — UNYREIS
• 2026-02-25 Listed $99,900 UNYREIS
• 2005-04-29 Sold (Public Records) $60,000 Public Records
• 2005-04-27 Sold (MLS) $60,000 UNYREIS
• 2004-10-12 Listed $62,000 UNYREIS
• 2002-08-08 Sold (Public Records) $54,000 Public Records
• 2002-08-01 Sold (MLS) $54,000 UNYREIS
• 2000-10-31 Listed $57,900 UNYREIS
• 1991-10-18 Sold (Public Records) $52,000 Public Records

Property tax history

+9.7%/yr

Latest (2025): $3,464 · -12.3% YoY. Source: county tax records.