305 Homewood Ave · Southport, NY 14904

$70,000

3 bd · 1.0 ba · 1,512 sqft · SingleFamily public records · 10 Days on market

Built 1935 Est $116k · 40% 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 +3.2/5.0
• 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

HUD PROPERTY, SELLING 'AS-IS'. BUYER TO VERIFY ALL INFORMATION. FOR ADDITIONAL INFORMATION & BROKER ASSISTANCE, PLEASE CALL 1-866-382-4447. FOR AVAILABILITY/BIDDING, GO TO WEBSITE WWW. NHMSI. COM. CASE #372-292955. SELLING COMMISSION UP TO 5%. REGISTERED HUD AGENTS USE HUD MASTER KEY TO SHOW AT WILL.

Key facts

• Built 1935
• Listed 9 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $488 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 14.7% vs local median 6.5% in Southport — 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 65/100 on livability (#690 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, employment D, health & safety D.
• 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; 11 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 $484 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y 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 $23k; list at $70k implies a 204% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,000

Questions for the listing agent

1. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 1.95% ✓
• Cap rate: 14.66%
• Cash-on-cash: 29.87%
• DSCR: 2.33
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $116,424
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
626 Decker Ave	0.19mi	3/2.0	1,335 (-12%)	2mo	$142,000	$106	66
478 Mount Zoar St	0.51mi	4/1.0 (+1)	1,456 (-4%)	2mo	$35,000	$24	63
507 Partridge St	0.52mi	3/1.5	1,592 (+5%)	3mo	$106,500	$67	63
720 W Church St	0.58mi	2/1.5 (-1)	1,514 (+0%)	5mo	$33,000	$22	62
816 W Gray St	0.52mi	3/1.0	1,642 (+9%)	0mo	$133,000	$81	62
551 Lyon St	0.72mi	3/1.0	1,586 (+5%)	3mo	$158,000	$100	56
309 Broadway St	0.71mi	4/1.0 (+1)	1,468 (-3%)	3mo	$78,000	$53	55
903 W 1st St	0.64mi	3/1.5	1,632 (+8%)	4mo	$125,000	$77	52
558 Coburn St	0.45mi	4/1.5 (+1)	1,716 (+14%)	0mo	$125,020	$73	49
421 Jefferson St	0.62mi	3/1.5	1,688 (+12%)	5mo	$85,106	$50	45
562 Baty St	0.63mi	3/1.0	1,296 (-14%)	5mo	$111,702	$86	43
809 Chamberlain St	0.71mi	4/1.0 (+1)	1,328 (-12%)	5mo	$138,192	$104	38

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: 24.5%
• Equity multiple: 2.01×
• Total profit: $19,818
• Equity at exit: $10,437

10-year hold

• IRR: 32.4%
• Equity multiple: 3.94×
• Total profit: $57,617
• Equity at exit: $6,052

Cash invested: $19,600 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,362 high
• Mortgage (P&I): −$367
• Tax from tax record: −$192 /mo · $2,299/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $488

Break-even live

Break-even rent $744

Max offer price $70,000

Occupancy floor 59%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 W Water St Unit A Elmira, NY	2.0	1.0	2246	$1,100	$0.49	44d	1	0.42mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	44d	1	0.48mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	44d	1	0.62mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	0.76mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	44d	1	0.85mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	44d	1	0.89mi
1210 W Water St Elmira, NY	2.0	2.0	1340	$1,995	$1.49	44d	1	0.94mi
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	44d	1	1.01mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	44d	1	1.14mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	1.14mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.26mi

Listing history 8 events

1. 2026-06-19
   days on market $70,000 Active 10 DOM
2. 2026-06-18
   days on market $70,000 Active 9 DOM
3. 2026-06-17
   days on market $70,000 Active 8 DOM
4. 2026-06-16
   days on market $70,000 Active 7 DOM
5. 2026-06-15
   days on market $70,000 Active 6 DOM
6. 2026-06-14
   days on market $70,000 Active 4 DOM
7. 2026-06-12
   remarks 200-char remark
8. 2026-06-12
   listed $70,000 Active 3 DOM

ⓘ 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: $2,299 · $192/mo
• Projected year-2 tax: $2,299 · $192/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 9/10 Extreme 99% 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: $16,341
• − Mortgage interest: −$3,921
• − Property taxes: −$2,299
• − Insurance: −$350
• − Repairs & maintenance: −$1,307
• − Management: −$1,307
• − Depreciation: −$2,036
• Taxable income: $5,120
• Est. tax owed @ 24.0%: −$1,229
• After-tax cash flow: $4,626/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 — Southport

• Score: 65/100
• State rank: #690
• US rank: #13026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southport, NY
• 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

+27.3% since first listed

4 events — show timeline

• 2026-06-09 Listed $70,000 FSBO.com
• 2006-03-03 Sold (MLS) $23,000 UNYREIS
• 2005-11-04 Listed $23,000 UNYREIS
• 1999-08-20 Sold (Public Records) $55,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,299 · -1.3% YoY. Source: county tax records.