90 Gaylord St

Binghamton, NY 13904

$130,000A

4 bd · 2.0 ba · 1,630 sqft · Built 1920 · MultiFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,314/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$202
• HOA: −$0
• Vac / Maint / Mgmt: −$486
• Net cashflow: $944/mo
• Annual: $11,329/yr
• Cap rate: 15.01%
• Cash-on-cash: 31.12%
• DSCR: 2.38
• 1% rule: 1.78%
• Cash to close: $36,400

Investor read

• This is a 2 × 1-bed/1-bath units multifamily listed at $130k. Condition is rated fair.
• At list price, monthly cash flow is $944 ($11k/yr) — positive. Per door: $472/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 101 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($899 loan paydown + $13k appreciation (10.0% local appreciation)).
• 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: Calvin Coolidge School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 312 students, 72% FRL); Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Zoned-school proficiency averages 54% at this address vs 37% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Binghamton City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 50 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $130k implies a 62% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of significant wear
• Major: exterior siding — Weathered and peeling
• Major: landscaping — Overgrown and unkempt