255 W Henry St · Elmira, NY 14904

$68,900

4 bd · 2.0 ba · 2,286 sqft · MultiFamily public records · 38 Days on market

Built 1920 8,285 sqft lot Est $73k · 6% under

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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
• ARV discount +10.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great side-by-side, owner occupied or investment. Both units have separate utilities and both tenants have been long-term. Large fenced in yard. Maintenance free property.

Key facts

• Separate utilities
• Fenced in yard
• 8,285 sq ft lot

Tags

• SEPARATE UTILITIES
• FENCED IN YARD
• LARGE ATTIC FOR STORAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $69k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 34.8% 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: 101 active listings in the ZIP; 1 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 $476 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 $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 5 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 $40k; list at $69k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,833 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 3.88% ✓
• Cap rate: 34.75%
• Cash-on-cash: 101.63%
• DSCR: 5.52
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $73,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 Harmon St	0.08mi	4/2.0	2,095 (-8%)	3mo	$24,900	$12	80
109 Harmon St	0.13mi	4/2.0	2,155 (-6%)	15mo	$45,000	$21	72
239 Mount Zoar St	0.21mi	4/2.0	2,045 (-10%)	6mo	$100,000	$49	67
112 E Chemung Pl	0.34mi	4/2.0	2,009 (-12%)	7mo	$45,000	$22	58
336 Broadway St	0.27mi	4/2.0	1,957 (-14%)	12mo	$93,100	$48	54
307 South Ave	0.51mi	5/2.0 (+1)	2,168 (-5%)	12mo	$100,000	$46	53
260 Caldwell Ave	0.46mi	5/2.0 (+1)	2,079 (-9%)	13mo	$30,000	$14	47
700 Delaware Ave	0.61mi	5/2.0 (+1)	2,446 (+7%)	15mo	$85,000	$35	42
360 Davis St	0.66mi	5/3.0 (+1)	2,363 (+3%)	16mo	$68,000	$29	42
509 W 1st St	0.71mi	5/2.0 (+1)	2,014 (-12%)	5mo	$50,000	$25	38
356 W Second St	0.68mi	5/3.0 (+1)	2,560 (+12%)	8mo	$120,000	$47	33
413 Baty St	0.66mi	5/2.0 (+1)	1,978 (-14%)	13mo	$63,000	$32	31

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: 5.82×
• Total profit: $92,942
• Equity at exit: $10,273

10-year hold

• IRR: —
• Equity multiple: 12.15×
• Total profit: $215,098
• Equity at exit: $5,957

Cash invested: $19,292 (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: 4.3×

Monthly cashflow live

• Estimated rent: $2,671 high
• Mortgage (P&I): −$361
• Tax est. 1.5%: −$86 /mo · $1,034/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $1,634

Break-even live

Break-even rent $603

Max offer price $68,900

Occupancy floor 34%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,670
Total (2 units)			$2,671

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: $17,225
• Closing costs: $2,067
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	43d	1	0.81mi

Listing history 15 events

1. 2026-02-27
   status Pending
2. 2026-01-20
   listed $68,900 Active
3. 2020-04-02
   soldstatus $40,000
4. 2020-01-24
   soldstatus $40,800 171-char remark

   Show marketing remark (171 chars)

   Great side-by-side, owner occupied or investment. Both units have separate utilities and both tenants have been long-term. Large fenced in yard. Maintenance free property.

5. 2018-05-16
   listed $44,000 171-char remark

   Show marketing remark (171 chars)

   Great side-by-side, owner occupied or investment. Both units have separate utilities and both tenants have been long-term. Large fenced in yard. Maintenance free property.

6. 2018-05-15
   historical
7. 2017-05-15
   listed $53,000
8. 2008-08-28
   soldstatus $45,918
9. 2008-08-21
   soldstatus $45,918
10. 2007-08-09
    listed $52,900
11. 2001-07-09
    soldstatus $47,500
12. 2001-06-29
    soldstatus $47,500
13. 2000-09-08
    listed $49,900
14. 1996-10-23
    soldstatus $23,500
15. 1996-10-23
    soldstatus $32,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 27% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $32,052
• − Mortgage interest: −$3,859
• − Property taxes: −$1,034
• − Insurance: −$344
• − Repairs & maintenance: −$2,564
• − Management: −$2,564
• − Depreciation: −$2,004
• Taxable income: $19,682
• Est. tax owed @ 24.0%: −$4,724
• After-tax cash flow: $14,884/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

+193.2% since first listed

15 events — show timeline

• 2026-02-27 Pending — UNYREIS
• 2026-01-20 Listed $68,900 UNYREIS
• 2020-04-02 Sold (Public Records) $40,000 Public Records
• 2020-01-24 Sold (MLS) $40,800 UNYREIS
• 2018-05-16 Listed $44,000 UNYREIS
• 2018-05-15 Listing Removed — UNYREIS
• 2017-05-15 Listed $53,000 UNYREIS
• 2008-08-28 Sold (Public Records) $45,918 Public Records
• 2008-08-21 Sold (MLS) $45,918 UNYREIS
• 2007-08-09 Listed $52,900 UNYREIS
• 2001-07-09 Sold (Public Records) $47,500 Public Records
• 2001-06-29 Sold (MLS) $47,500 UNYREIS
• 2000-09-08 Listed $49,900 UNYREIS
• 1996-10-23 Sold (Public Records) $32,500 Public Records
• 1996-10-23 Sold (Public Records) $23,500 Public Records

Property tax history

+8.5%/yr

Latest (2025): $3,849 · -13.5% YoY. Source: county tax records.