11 Carhart Ave · Binghamton, NY 13905

$114,900

6 bd · 3.0 ba · 1,883 sqft · MultiFamily public records · 35 Days on market

Built 1920 9,147 sqft lot $61/sqft · 56% below area

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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
• Rent growth +5.0/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Seller is willing to hold a note! Looking for a cashflowing property with value-add potential? This one's for you! Two occupied units, with a third unit that needs some TLC. Low-maintenance cedar siding, spacious apartments with original trim, nice-sized yard. Forget lawn and snow care, the upstairs tenant has you covered. New furnace, and recently lowered taxes. A great BRRRR candidate- don't miss it!

Key facts

• 9,147 sq ft lot
• Built 1920
• Listed 34 days

Property features AI

Finance

• Other: Zoning: Res 1
• Financial info: Unit rents listed: two units showing actual rents of $715 and $785; third unit rent not listed
• HOA & community: No HOA information provided

Exterior

• Parking: Driveway parking
• Security: No security features provided
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property; Triplex
• Construction: Cedar and shake siding; Above-grade finished area reported
• Exterior features: Covered porch; Fenced yard; Level lot

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Three separate 2-bedroom units
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: Three full bathrooms (one per unit); Each unit has 1 bathroom
• Heating & cooling: Forced-air heating; Ceiling fans; Wall/window air conditioning units
• Interior features: High-speed Internet; Gas water heater; Basement
• Laundry & utility: No laundry appliance details provided

🏷️ Possibly a rental listed for sale. The $114,900 price doesn't fit this home's estimated sale value (~$259,464) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $555/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.7% 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: 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.
• Zoned schools: Thomas Jefferson School (math 32% / reading 57%, grade F, #1,277 of 2,108 statewide, top 64%, 264 students, 60% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $3,350/mo this rent would consume 75% 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 $794 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $65k; list at $115k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — 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. 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: 2.92% ✓
• Cap rate: 23.68%
• Cash-on-cash: 62.09%
• DSCR: 3.76
• GRM: 2.9

CMA / ARV

• ARV (median comp): $259,464
• List price: $114,900
• Delta: -55.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
49 Floral Ave	0.12mi	6/2.0	1,836 (-2%)	1mo	$155,000	$84	85
99 Park St	0.15mi	6/2.0	1,820 (-3%)	20mo	$105,000	$58	67
31 Baxter St	0.62mi	6/4.0	1,950 (+4%)	6mo	$105,000	$54	56
223 Floral Ave	0.55mi	6/2.0	1,804 (-4%)	10mo	$120,000	$67	56
29 Hazel St	0.63mi	6/2.0	1,976 (+5%)	10mo	$185,000	$94	50
215 Floral Ave	0.53mi	6/2.0	2,041 (+8%)	9mo	$240,000	$118	50
149-151 Crary Ave	0.37mi	6/2.0	1,750 (-7%)	22mo	$180,000	$103	49
65 Lake Ave	0.30mi	5/3.0 (-1)	2,160 (+15%)	12mo	$160,000	$74	46
143 Harrison St	0.54mi	5/3.0 (-1)	2,127 (+13%)	11mo	$224,720	$106	39
206 Baldwin St	0.51mi	6/2.0	2,100 (+12%)	18mo	$115,000	$55	38
18 Wilson St	0.69mi	5/2.0 (-1)	2,121 (+13%)	17mo	$190,000	$90	24

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: 67.1%
• Equity multiple: 4.27×
• Total profit: $105,275
• Equity at exit: $17,132

10-year hold

• IRR: 73.0%
• Equity multiple: 10.62×
• Total profit: $309,445
• Equity at exit: $9,934

Cash invested: $32,172 (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: 8.6×

Monthly cashflow live

• Estimated rent: $3,350 high
• Mortgage (P&I): −$603
• Tax from tax record: −$331 /mo · $3,977/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $1,665

Break-even live

Break-even rent $1,243

Max offer price $114,900

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,351
Total (3 units)			$3,350

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Highland Ave Unit 2 Binghamton, NY	6.0	1.0	2000	$2,750	$1.38	43d	1	0.86mi

Listing history 24 events

1. 2026-06-19
   days on market $114,900 Active 35 DOM
2. 2026-06-18
   days on market $114,900 Active 34 DOM
3. 2026-06-17
   days on market $114,900 Active 33 DOM
4. 2026-06-16
   days on market $114,900 Active 32 DOM
5. 2026-06-15
   days on market $114,900 Active 31 DOM
6. 2026-06-14
   days on market $114,900 Active 29 DOM
7. 2026-06-13
   days on market $114,900 Active 28 DOM
8. 2026-06-10
   days on market $114,900 Active 26 DOM
9. 2026-06-09
   days on market $114,900 Active 25 DOM
10. 2026-06-08
    days on market $114,900 Active 24 DOM
11. 2026-06-07
    days on market $114,900 Active 23 DOM
12. 2026-06-03
    days on market $114,900 Active 19 DOM
13. 2026-06-02
    days on market $114,900 Active 18 DOM
14. 2026-06-01
    days on market $114,900 Active 17 DOM
15. 2026-05-31
    days on market $114,900 Active 16 DOM
16. 2026-05-30
    days on market $114,900 Active 15 DOM
17. 2026-05-15
    listed $114,900 Active 524-char remark
18. 2023-06-01
    soldstatus $65,000 Closed 405-char remark

    Show marketing remark (405 chars)

    Seller is willing to hold a note! Looking for a cashflowing property with value-add potential? This one's for you! Two occupied units, with a third unit that needs some TLC. Low-maintenance cedar siding, spacious apartments with original trim, nice-sized yard. Forget lawn and snow care, the upstairs tenant has you covered. New furnace, and recently lowered taxes. A great BRRRR candidate- don't miss it!

19. 2023-05-24
    soldstatus $65,000
20. 2023-02-24
    status Pending 405-char remark

    Show marketing remark (405 chars)

    Seller is willing to hold a note! Looking for a cashflowing property with value-add potential? This one's for you! Two occupied units, with a third unit that needs some TLC. Low-maintenance cedar siding, spacious apartments with original trim, nice-sized yard. Forget lawn and snow care, the upstairs tenant has you covered. New furnace, and recently lowered taxes. A great BRRRR candidate- don't miss it!

21. 2023-01-21
    status Active 405-char remark

    Show marketing remark (405 chars)

    Seller is willing to hold a note! Looking for a cashflowing property with value-add potential? This one's for you! Two occupied units, with a third unit that needs some TLC. Low-maintenance cedar siding, spacious apartments with original trim, nice-sized yard. Forget lawn and snow care, the upstairs tenant has you covered. New furnace, and recently lowered taxes. A great BRRRR candidate- don't miss it!

22. 2022-11-01
    status Pending 405-char remark

    Show marketing remark (405 chars)

    Seller is willing to hold a note! Looking for a cashflowing property with value-add potential? This one's for you! Two occupied units, with a third unit that needs some TLC. Low-maintenance cedar siding, spacious apartments with original trim, nice-sized yard. Forget lawn and snow care, the upstairs tenant has you covered. New furnace, and recently lowered taxes. A great BRRRR candidate- don't miss it!

23. 2022-07-10
    listed $67,000 Active 405-char remark

    Show marketing remark (405 chars)

    Seller is willing to hold a note! Looking for a cashflowing property with value-add potential? This one's for you! Two occupied units, with a third unit that needs some TLC. Low-maintenance cedar siding, spacious apartments with original trim, nice-sized yard. Forget lawn and snow care, the upstairs tenant has you covered. New furnace, and recently lowered taxes. A great BRRRR candidate- don't miss it!

24. 2012-07-10
    soldstatus $59,000

ⓘ 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: $3,977 · $331/mo
• Projected year-2 tax: $3,977 · $331/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°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: $40,200
• − Mortgage interest: −$6,436
• − Property taxes: −$3,977
• − Insurance: −$574
• − Repairs & maintenance: −$3,216
• − Management: −$3,216
• − Depreciation: −$3,343
• Taxable income: $19,438
• Est. tax owed @ 24.0%: −$4,665
• After-tax cash flow: $15,311/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

+94.7% since first listed

8 events — show timeline

• 2026-05-15 Listed $114,900 GBAOR
• 2023-06-01 Sold (MLS) $65,000 GBAOR
• 2023-05-24 Sold (Public Records) $65,000 Public Records
• 2023-02-24 Pending — GBAOR
• 2023-01-21 Relisted — GBAOR
• 2022-11-01 Pending — GBAOR
• 2022-07-10 Listed $67,000 GBAOR
• 2012-07-10 Sold (Public Records) $59,000 Public Records

Property tax history

-1.3%/yr

Latest (2025): $3,977 · -42.4% YoY. Source: county tax records.