112 Glenwood Ave

Binghamton, NY 13905

$135,000A-

4 bd · 2.0 ba · 2,635 sqft · Built 1903 · MultiFamily · Active · 198 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,962/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$595
• HOA: −$0
• Vac / Maint / Mgmt: −$622
• Net cashflow: $1,037/mo
• Annual: $12,447/yr
• Cap rate: 15.51%
• Cash-on-cash: 32.93%
• DSCR: 2.47
• 1% rule: 2.19%
• Cash to close: $37,800

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $135k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $519/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• It's been on market 198 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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: Woodrow Wilson School (math 8% / reading 27%, grade F, #2,004 of 2,108 statewide, top 95%, 352 students, 76% FRL); Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Watch-outs: property tax is 4.8% of price; built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+11.2%/yr); 274 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• Current owner paid $1; list at $135k implies a 13499900% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.5% vs local median 5.7% in Binghamton — 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.
• This rent per unit runs 33% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 198 days. Have you received any prior offers? Is the seller open to a 12% 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 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Severe wear and tear, likely requiring replacement.
• Major: Kitchen countertops — Worn and outdated, likely requiring replacement.
• Major: Kitchen sink — Outdated and possibly in need of repair or replacement.
• Major: Bathroom fixtures — Likely outdated and in need of replacement.
• Moderate: Exterior paint — Some discoloration and wear, possibly requiring touch-up or repainting.
• Major: Landscaping — Overgrown and in need of trimming and landscaping.