466 Reynolds St · Elmira, NY 14904

$45,000

2 bd · 1.5 ba · 1,131 sqft · SingleFamily public records · 31 Days on market

Built 1900 6,250 sqft lot Est $79k · 43% 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 +15.0/15.0
• 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

Listing remarks MLS

Get this gem that's just waiting to be discovered while you can! Awesome floor plan, large living room, office, formal dining and kitchen on the first floor. Second floor is used as 3 bedrooms, but currently it's legally only a 2 bedroom (ask the Realtor how it could easily be a legal 3 bedroom!) Full basement is great for storage, workshop, and family room with a little work. Backyard is very nice and would be great for bar-b-q's, gatherings, family fun, and pets! THIS HOME IS BEING SOLD IN "AS-IS" CONDITION, Seller is motivated for a quick sale!

Key facts

• Flexible floor plan
• Off-street parking
• 6,250 sq ft lot

Tags

• EXPANSIVE FRONT PORCH
• FLEXIBLE FLOOR PLAN
• FULLY FENCED BACKYARD
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.5% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $311 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $10k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: 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 $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.69% ✓
• Cap rate: 23.51%
• Cash-on-cash: 61.49%
• DSCR: 3.74
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $79,170
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
777 Laurel St	0.39mi	3/1.0 (+1)	1,152 (+2%)	6mo	$145,000	$126	67
750 S Main St	0.37mi	2/1.5	1,216 (+8%)	6mo	$72,000	$59	65
310 Cottage Pl	0.43mi	3/1.0 (+1)	1,178 (+4%)	6mo	$32,000	$27	61
719 Dubois St	0.29mi	3/1.0 (+1)	1,008 (-11%)	4mo	$120,000	$119	58
405 Balsam St	0.65mi	2/1.0	1,081 (-4%)	5mo	$22,000	$20	56
320 Soper St	0.32mi	3/1.0 (+1)	1,270 (+12%)	6mo	$80,000	$63	53
115 Willys St	0.61mi	3/1.0 (+1)	1,206 (+7%)	3mo	$84,900	$70	51
406 S Walnut St	0.66mi	2/1.0	1,000 (-12%)	1mo	$122,000	$122	47
562 Baty St	0.38mi	3/1.0 (+1)	1,296 (+15%)	5mo	$111,702	$86	47
825 Broadway St	0.54mi	3/1.0 (+1)	1,271 (+12%)	4mo	$65,000	$51	44
820 Hazel St	0.63mi	3/1.0 (+1)	1,032 (-9%)	7mo	$147,187	$143	43
767 Erie St	0.72mi	3/1.5 (+1)	1,036 (-8%)	8mo	$23,000	$22	41

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: 54.6%
• Equity multiple: 3.41×
• Total profit: $30,342
• Equity at exit: $6,710

10-year hold

• IRR: 59.7%
• Equity multiple: 6.95×
• Total profit: $75,026
• Equity at exit: $3,891

Cash invested: $12,600 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,211 high
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $590

Break-even live

Break-even rent $464

Max offer price $45,000

Occupancy floor 46%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
235 Allen St Elmira, NY	2.0	1.0	780	$950	$1.22	43d	1	0.29mi
752 S Main St Unit 2 Elmira, NY	1.0	1.0	841	$995	$1.18	43d	1	0.37mi
800 Broadway St Elmira, NY	1.0	1.0	700	$900	$1.29	43d	1	0.48mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	43d	1	0.57mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	43d	1	0.69mi
550 Spruce St Unit 202 Elmira, NY	1.0	1.0	850	$1,150	$1.35	43d	1	0.69mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	43d	1	1.24mi
808 Winsor Ave Elmira, NY	1.0	1.0	800	$1,200	$1.50	43d	1	1.33mi

Listing history 8 events

1. 2025-10-23
   status Pending
2. 2025-10-07
   price $45,000
3. 2025-09-22
   listed $54,900 Active
4. 2025-06-09
   historical
5. 2025-03-13
   listed $85,000 Active
6. 2020-07-28
   soldstatus $35,000
7. 2020-07-24
   soldstatus $35,000 563-char remark

   Show marketing remark (563 chars)

   Get this gem that's just waiting to be discovered while you can! Awesome floor plan, large living room, office, formal dining and kitchen on the first floor. Second floor is used as 3 bedrooms, but currently it's legally only a 2 bedroom (ask the Realtor how it could easily be a legal 3 bedroom!) Full basement is great for storage, workshop, and family room with a little work. Backyard is very nice and would be great for bar-b-q's, gatherings, family fun, and pets! THIS HOME IS BEING SOLD IN "AS-IS" CONDITION, Seller is motivated for a quick sale!

8. 2019-10-16
   listed $42,900 563-char remark

   Show marketing remark (563 chars)

   Get this gem that's just waiting to be discovered while you can! Awesome floor plan, large living room, office, formal dining and kitchen on the first floor. Second floor is used as 3 bedrooms, but currently it's legally only a 2 bedroom (ask the Realtor how it could easily be a legal 3 bedroom!) Full basement is great for storage, workshop, and family room with a little work. Backyard is very nice and would be great for bar-b-q's, gatherings, family fun, and pets! THIS HOME IS BEING SOLD IN "AS-IS" CONDITION, Seller is motivated for a quick sale!

ⓘ 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 8/10 Severe FEMA zone X · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $14,530
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$891
• − Repairs & maintenance: −$1,162
• − Management: −$1,162
• − Depreciation: −$1,309
• Taxable income: $6,809
• Est. tax owed @ 24.0%: −$1,634
• After-tax cash flow: $5,447/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

+4.9% since first listed

8 events — show timeline

• 2025-10-23 Pending — WNYREIS
• 2025-10-07 Price Changed $45,000 WNYREIS
• 2025-09-22 Listed $54,900 WNYREIS
• 2025-06-09 Listing Removed — UNYREIS
• 2025-03-13 Listed $85,000 UNYREIS
• 2020-07-28 Sold (Public Records) $35,000 Public Records
• 2020-07-24 Sold (MLS) $35,000 UNYREIS
• 2019-10-16 Listed $42,900 UNYREIS

Property tax history

+12.2%/yr

Latest (2025): $3,828 · -6.1% YoY. Source: county tax records.