8 Second St · Binghamton, NY 13903

$90,000

3 bd · 2.0 ba · 2,261 sqft · MultiFamily public records · 167 Days on market

Built 1900 5,662 sqft lot $40/sqft · 44% below area Est $162k · 44% under

---

Why this score? — see what drove the A 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

This Binghamton two-family would be a terrific addition to your investment portfolio. Sizable units, fresh paint, and durable vinyl flooring protect the longevity of the updates. The new roof and windows provide additional energy efficiency and great value in years of enjoyment. Lovely neighborhood with sidewalks, close to amenities, the bus line, and the park. Short Sale. .. Subject to third-party approval required.

Key facts

• Sizable units
• Fresh paint
• Two-family

Tags

• TWO-FAMILY
• SIZABLE UNITS
• FRESH PAINT
• DURABLE VINYL FLOORING
• NEW ROOF
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $839/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.7% vs local median 6.4% in Binghamton — 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 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: 112 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 $2,912/mo this rent would consume 53% of the median local household income ($66k/yr) (locally 602% 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 $10k of equity ($622 loan paydown + $9k 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 + 3.0% rent growth), your $25k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y 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 $63k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 3.24% ✓
• Cap rate: 28.67%
• Cash-on-cash: 79.93%
• DSCR: 4.56
• GRM: 2.6

CMA / ARV

• ARV (median comp): $161,679
• List price: $90,000
• Delta: -44.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 John St	0.17mi	4/2.0 (+1)	1,970 (-13%)	2mo	$155,000	$79	64
12 Birch St	0.32mi	4/2.0 (+1)	2,292 (+1%)	20mo	$135,150	$59	61
30 Telegraph St	0.29mi	4/2.0 (+1)	2,116 (-6%)	15mo	$129,900	$61	58
12 Jay St	0.60mi	4/2.0 (+1)	2,316 (+2%)	7mo	$130,000	$56	57
5 Parsons St	0.50mi	4/4.0 (+1)	2,064 (-9%)	1mo	$205,000	$99	49
10 1/2 The Arena St	0.38mi	4/2.0 (+1)	2,518 (+11%)	12mo	$82,000	$33	48
169 Hawley St	0.53mi	4/2.0 (+1)	2,170 (-4%)	22mo	$42,000	$19	45
155 Hawley St	0.55mi	3/2.0	1,958 (-13%)	14mo	$120,000	$61	40
14 Tompkins St	0.45mi	4/2.0 (+1)	2,536 (+12%)	19mo	$33,600	$13	38
132 Hawley St	0.57mi	4/— (+1)	2,024 (-10%)	22mo	$52,500	$26	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 89.9%
• Equity multiple: 7.19×
• Total profit: $155,966
• Equity at exit: $81,079

10-year hold

• IRR: 84.6%
• Equity multiple: 15.89×
• Total profit: $375,311
• Equity at exit: $174,850

Cash invested: $25,200 (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 13903

• Home prices YoY: 4.3%
• Active inventory: 112
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,912 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $1,679

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 37%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,912
Total (2 units)			$2,912

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51 2nd St Binghamton, NY	3.0	2.5	2333	$2,200	$0.94	13d	1	0.28mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	43d	1	0.66mi
100 Felters Rd Binghamton, NY	4.0	2.5	2000	$2,500	$1.25	43d	1	1.26mi
22 Ayres St Binghamton, NY	4.0	2.0	2333	$2,560	$1.10	43d	1	1.43mi
13 Chapin St Binghamton, NY	4.0	3.0	2452	$4,000	$1.63	43d	1	1.44mi

Listing history 14 events

1. 2025-12-11
   listed $90,000 Active 420-char remark

   Show marketing remark (420 chars)

   This Binghamton two-family would be a terrific addition to your investment portfolio. Sizable units, fresh paint, and durable vinyl flooring protect the longevity of the updates. The new roof and windows provide additional energy efficiency and great value in years of enjoyment. Lovely neighborhood with sidewalks, close to amenities, the bus line, and the park. Short Sale. .. Subject to third-party approval required.

2. 2025-09-24
   price $90,000
3. 2025-08-25
   status Active
4. 2025-07-17
   status Pending
5. 2025-05-29
   listed $95,000 Active
6. 2024-10-02
   historical
7. 2024-09-11
   listed $115,000 Active
8. 2023-12-27
   price $135,000
9. 2023-12-08
   price $140,000
10. 2023-09-01
    listed $155,000 Active
11. 2023-08-13
    historical
12. 2023-08-10
    listed $170,000 Active
13. 2021-11-09
    soldstatus $63,000
14. 2021-01-13
    listed $69,900

ⓘ 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 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 100% 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: $34,944
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$2,796
• − Management: −$2,796
• − Depreciation: −$2,618
• Taxable income: $19,893
• Est. tax owed @ 24.0%: −$4,774
• After-tax cash flow: $15,368/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): 17,569
• Household income: $66,278
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 602.0

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 (80%)
• Race & ethnicity: White 80% Black 9% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 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: ▲ 11.68%
• Current HPI: 286.1001
• Rent YoY: —
• 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

+28.8% since first listed

14 events — show timeline

• 2025-12-11 Listed $90,000 GBAOR
• 2025-09-24 Price Changed $90,000 GBAOR
• 2025-08-25 Relisted — GBAOR
• 2025-07-17 Pending — GBAOR
• 2025-05-29 Listed $95,000 GBAOR
• 2024-10-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-09-11 Listed $115,000 OneKey® MLS as Distributed by MLS Grid
• 2023-12-27 Price Changed $135,000 GBAOR
• 2023-12-08 Price Changed $140,000 GBAOR
• 2023-09-01 Listed $155,000 GBAOR
• 2023-08-13 Delisted — GBAOR
• 2023-08-10 Listed $170,000 GBAOR
• 2021-11-09 Sold (Public Records) $63,000 Public Records
• 2021-01-13 Listed $69,900 GBAOR

Property tax history

+4.7%/yr

Latest (2025): $5,369 · +0.9% YoY. Source: county tax records.