1645 State Route 12 · Chenango Bridge, NY 13901

$189,000

6 bd · 4.0 ba · 2,600 sqft · MultiFamily · 5 Days on market

Built 1946 Average condition 0.32 ac lot Est $221k · 14% 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 +14.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.5/5.0
• Condition / age +2.8/5.0
• Rent growth +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: 2 units. confirmed

Listing remarks

Large duplex in Chenango Forks School District. Both units have 3 bedrooms and a full bath, plus a half bath on the first floor. Washers and Dryers in both units convey and are in the kitchen, but could be moved into the basement if desired. The unit on the right has a finished attic space with two rooms currently used as a studio and bonus room. Lots of updates to kitchen and baths, hardwood floors under newer carpet. Both units have a garage space and/or storage space in basement. Radon Mitigation system and all new water filtration system. Separate utilities, HWHs and furnaces. All recently painted! Left side is vacant and owner will be moving out of right side by June 30. New steps on r

Key facts

• Separate utilities
• Finished attic space
• Garage space

Tags

• FINISHED ATTIC SPACE
• RADON MITIGATION SYSTEM
• WATER FILTRATION SYSTEM
• HARDWOOD FLOORS
• SEPARATE UTILITIES
• GARAGE SPACE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $189k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $592/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Cap rate 14.2% vs local median 4.0% in Chenango Bridge — 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 69/100 on livability (#505 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment B+; Watch: amenities F, commute F, health & safety D-.
• Chenango Forks Central School District (suburban): math 47% / reading 61% proficiency, ranked #317 of 590 in NY (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chenango Forks Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 598 students, 41% FRL).
• Zoned-school proficiency averages 42% at this address vs 54% district-wide (-12 pts) — the specific schools serving this property underperform the Chenango Forks Central School District average; the district grade overstates school quality for this exact location.
• Market conditions: 92 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 3.0% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 9y 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 $152k; 25% 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 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.70% ✓
• Cap rate: 14.16%
• Cash-on-cash: 28.10%
• DSCR: 2.25
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $221,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1645 State Route 12	0.00mi	6/3.0	2,600 (0%)	1mo	$220,000	$85	96

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: 20.8%
• Equity multiple: 1.85×
• Total profit: $44,847
• Equity at exit: $28,181

10-year hold

• IRR: 28.9%
• Equity multiple: 3.58×
• Total profit: $136,466
• Equity at exit: $16,341

Cash invested: $52,920 (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 13901

• Home prices YoY: -5.1%
• Active inventory: 92
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,222 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$677
• Net cashflow: $1,184

Break-even live

Break-even rent $1,724

Max offer price $189,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$3,222
Total (2 units)			$3,222

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-03-22
   status Pending
2. 2026-03-17
   listed $189,000 Active
3. 2021-03-17
   soldstatus $151,595
4. 2020-06-06
   listed $145,000
5. 2019-04-01
   listed $154,900
6. 2017-10-22
   listed $160,000

ⓘ 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 7/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $38,664
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$1,612
• − Repairs & maintenance: −$3,093
• − Management: −$3,093
• − Depreciation: −$5,498
• Taxable income: $11,946
• Est. tax owed @ 24.0%: −$2,867
• After-tax cash flow: $11,337/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

A moderate rehab project is needed to update the dated kitchen and bathrooms, which would significantly increase the property's resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom fixtures — dated and in need of updating
• Minor exterior siding — some discoloration

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters
• Both update bathrooms with new fixtures and possibly a shower/tub combo — modernizing the bathrooms would appeal to both buyers and renters
• Resale paint exterior siding — fresh paint would improve curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of updating	Moderate	$3,000–15,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters ↑
• Both update bathrooms with new fixtures and possibly a shower/tub combo — modernizing the bathrooms would appeal to both buyers and renters ↑
• Resale paint exterior siding — fresh paint would improve curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Chenango Forks Central School District
• NCES district ID: 3607260
• Math proficiency: 47% ▼ -10.00%
• Reading proficiency: 61% ▲ 8.00%
• Median HH income: $54,346
• Composite: 46.46/100
• National rank: #2442
• State rank: #317 of 590 in NY

Livability — Chenango Bridge

• Score: 69/100
• State rank: #505
• US rank: #8828

Category grades

Amenities F Commute F Cost of living B+ Crime A- Employment B+ Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Broome County · 126,805 people
• City population: 65,170
• Metro: Binghamton, NY
• Population (ZIP): 19,613
• Household income: $55,523
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 1230.0

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% Two or more races 7% Hispanic / Latino 7% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -16.13%
• Current HPI: 300.7692
• 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

+18.1% since first listed

6 events — show timeline

• 2026-03-22 Pending — GBAOR
• 2026-03-17 Listed $189,000 GBAOR
• 2021-03-17 Sold (MLS) $151,595 GBAOR
• 2020-06-06 Listed $145,000 GBAOR
• 2019-04-01 Listed $154,900 GBAOR
• 2017-10-22 Listed $160,000 GBAOR