508 Franklin St · Elmira, NY 14904

$105,000

6 bd · 2.0 ba · 3,084 sqft · Townhouse public records · 168 Days on market

Built 1900 0.72 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Very spacious multi-home. Side by side units with separate front porches. 3 bedrooms and 1 bath in each unit. Both units are currently vacant so you can bring in your tenants or live in one side and rent out the other. Nice corner location. Close to schools and shopping. Separate utilities: multiple meters, furnaces, water tank, and electrical service.

Key facts

• Corner location
• Close to schools
• Separate utilities

Tags

• CORNER LOCATION
• SEPARATE PORCHES
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• SEPARATE UTILITIES

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath townhouse listed at $105k.

Deal economics

• At list price, monthly cash flow is $532 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 10.1% in Elmira — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 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 $726 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $70k; list at $105k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.66% ✓
• Cap rate: 12.37%
• Cash-on-cash: 21.71%
• DSCR: 1.97
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 14.4%
• Equity multiple: 1.58×
• Total profit: $16,958
• Equity at exit: $15,656

10-year hold

• IRR: 23.2%
• Equity multiple: 3.00×
• Total profit: $58,781
• Equity at exit: $9,078

Cash invested: $29,400 (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: 5.0×

Monthly cashflow live

• Estimated rent: $1,738 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$247 /mo · $2,960/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $532

Break-even live

Break-even rent $1,065

Max offer price $105,000

Occupancy floor 64%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $105,000 Active 168 DOM
2. 2026-06-18
   days on market $105,000 Active 167 DOM
3. 2026-06-17
   days on market $105,000 Active 166 DOM
4. 2026-06-16
   days on market $105,000 Active 165 DOM
5. 2026-06-15
   days on market $105,000 Active 164 DOM
6. 2026-06-14
   days on market $105,000 Active 162 DOM
7. 2026-06-12
   statusdays on market $105,000 Active 161 DOM
8. 2026-04-23
   status Pending
9. 2026-02-02
   historical Active Under Contract
10. 2025-11-14
    listed $105,000 Active
11. 2023-12-07
    soldstatus $70,000 354-char remark

    Show marketing remark (354 chars)

    Very spacious multi-home. Side by side units with separate front porches. 3 bedrooms and 1 bath in each unit. Both units are currently vacant so you can bring in your tenants or live in one side and rent out the other. Nice corner location. Close to schools and shopping. Separate utilities: multiple meters, furnaces, water tank, and electrical service.

12. 2023-09-25
    listed $80,000 354-char remark

    Show marketing remark (354 chars)

    Very spacious multi-home. Side by side units with separate front porches. 3 bedrooms and 1 bath in each unit. Both units are currently vacant so you can bring in your tenants or live in one side and rent out the other. Nice corner location. Close to schools and shopping. Separate utilities: multiple meters, furnaces, water tank, and electrical service.

13. 2023-04-20
    historical
14. 2023-01-30
    listed $65,000
15. 2019-07-11
    soldstatus $58,000
16. 2019-07-10
    soldstatus $58,000
17. 2019-04-25
    listed $67,500
18. 2008-07-07
    soldstatus $50,000
19. 2008-06-24
    soldstatus $50,000
20. 2006-05-01
    listed $59,900

ⓘ 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: $2,960 · $247/mo
• Projected year-2 tax: $2,960 · $247/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 ≥97°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: $20,855
• − Mortgage interest: −$5,882
• − Property taxes: −$2,960
• − Insurance: −$525
• − Repairs & maintenance: −$1,668
• − Management: −$1,668
• − Depreciation: −$3,055
• Taxable income: $5,097
• Est. tax owed @ 24.0%: −$1,223
• After-tax cash flow: $5,159/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

+75.3% since first listed

13 events — show timeline

• 2026-04-23 Pending — UNYREIS
• 2026-02-02 Contingent — UNYREIS
• 2025-11-14 Listed $105,000 UNYREIS
• 2023-12-07 Sold (MLS) $70,000 UNYREIS
• 2023-09-25 Listed $80,000 UNYREIS
• 2023-04-20 Listing Removed — UNYREIS
• 2023-01-30 Listed $65,000 UNYREIS
• 2019-07-11 Sold (Public Records) $58,000 Public Records
• 2019-07-10 Sold (MLS) $58,000 UNYREIS
• 2019-04-25 Listed $67,500 UNYREIS
• 2008-07-07 Sold (Public Records) $50,000 Public Records
• 2008-06-24 Sold (MLS) $50,000 UNYREIS
• 2006-05-01 Listed $59,900 UNYREIS

Property tax history

+7.6%/yr

Latest (2025): $2,960 · -24.3% YoY. Source: county tax records.