355 W Thurston St · Elmira, NY 14901

$149,900

24 bd · 16.0 ba · 4,350 sqft · MultiFamily public records · 58 Days on market

Built 1900 5,500 sqft lot $34/sqft · 14% below area Est $175k · 14% 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 +15.0/30.0
• ARV discount +14.0/15.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Fully occupied 4-unit with immediate income and clear upside. This long-held investment property has been operated conservatively, with long-term occupancy and current gross annual income of nearly $30,000. Rents appear to be below current market potential, giving the next owner an opportunity to improve performance over time through gradual rent increases and expense review. Features include separate heating/furnaces, laundry income, and a double lot. Rare 4-unit option for an investor seeking a steady multi-unit property with plenty of room to grow. Utilities included in listed rent. Listing agent related to seller.

Key facts

• 5,500 sq ft lot
• 2 parking spots
• Built 1900

Tags

• 4 UNIT INVESTMENT OPPORTUNITY
• WELL MAINTAINED PROPERTY
• COIN OPERATED SHARED LAUNDRY

Property features AI

Finance

• Financial info: Gross income: $29,650; Operating expenses: $20,356; Owner pays electricity, grounds care, heat, hot water, snow removal, and water; Rent includes electricity, gardener, heat, hot water, snow removal, and water; Unit rents range approximately $600–$700 (individual unit rents listed)

Exterior

• Parking: Two or more parking spaces
• Utilities: Cable available; Electricity available and connected; Sewer connected; Public water available
• Home design: 2-story multi-unit building; Existing construction
• Construction: Brick and frame construction; Shingle roof; Block and stone foundation; Built (existing)
• Exterior features: Balcony; Covered porch; Porch; Rectangular residential lot; City street frontage

Interior

• Kitchen: Electric water heater; Gas water heater
• Bedrooms: Four separate units: two 1-bedroom units and two 2-bedroom units
• Flooring: Carpet; Laminate; Varies by unit
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Forced air heating; Electric and gas heating options
• Interior features: Accessible entrance; Partial basement
• Laundry & utility: Separate electric meters for each unit (4 total); Single separate gas meter

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $911/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 35.9% 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: 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: 81 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Chemung County population projected at -17% 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 $42k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1900 — 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 4.19% ✓
• Cap rate: 35.92%
• Cash-on-cash: 105.81%
• DSCR: 5.71
• GRM: 2.0

CMA / ARV

• ARV (median comp): $175,059
• List price: $149,900
• Delta: -14.37%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.48×
• Total profit: $314,081
• Equity at exit: $135,042

10-year hold

• IRR: —
• Equity multiple: 18.70×
• Total profit: $742,860
• Equity at exit: $291,223

Cash invested: $41,972 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 81
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $6,276 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$409 /mo · $4,903/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,318
• Net cashflow: $3,645

Break-even live

Break-even rent $1,662

Max offer price $149,900

Occupancy floor 37%

Sensitivity live

Price	-10% $3,730	-5% $3,688	+0% $3,645	+5% $3,603	+10% $3,561
Rent	-10% $3,150	-5% $3,397	+0% $3,645	+5% $3,893	+10% $4,141
Rate	-1.0pp $3,721	-0.5pp $3,684	base $3,645	+0.5pp $3,607	+1.0pp $3,567

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$6,276
Total (4 units)			$6,276

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $149,900 Active 58 DOM
2. 2026-06-19
   days on market $149,900 Active 56 DOM
3. 2026-06-18
   days on market $149,900 Active 55 DOM
4. 2026-06-17
   days on market $149,900 Active 54 DOM
5. 2026-06-16
   days on market $149,900 Active 53 DOM
6. 2026-06-15
   days on market $149,900 Active 52 DOM
7. 2026-06-14
   days on market $149,900 Active 50 DOM
8. 2026-06-12
   days on market $149,900 Active 49 DOM
9. 2026-06-09
   days on market $149,900 Active 46 DOM
10. 2026-06-08
    days on market $149,900 Active 45 DOM
11. 2026-06-07
    days on market $149,900 Active 44 DOM
12. 2026-06-05
    days on market $149,900 Active 41 DOM
13. 2026-06-03
    days on market $149,900 Active 40 DOM
14. 2026-06-02
    days on market $149,900 Active 39 DOM
15. 2026-06-01
    days on market $149,900 Active 38 DOM
16. 2026-05-31
    days on market $149,900 Active 37 DOM
17. 2026-05-30
    days on market $149,900 Active 36 DOM
18. 2026-04-24
    listed $149,900 Active 625-char remark

ⓘ 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: $4,903 · $409/mo
• Projected year-2 tax: $4,903 · $409/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 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥96°F today · 17 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: $75,312
• − Mortgage interest: −$8,397
• − Property taxes: −$4,903
• − Insurance: −$1,416
• − Repairs & maintenance: −$6,025
• − Management: −$6,025
• − Depreciation: −$4,361
• Taxable income: $44,186
• Est. tax owed @ 24.0%: −$10,605
• After-tax cash flow: $33,140/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): 14,430

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 (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 7% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 4% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Chinese 1%

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: ▲ 32.34%
• Current HPI: 236.2674
• 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

1 event — show timeline

• 2026-04-24 Listed $149,900 UNYREIS

Property tax history

+8.1%/yr

Latest (2025): $4,903 · -11.6% YoY. Source: county tax records.