424 Standish St · Elmira, NY 14901

$68,000

3 bd · 2.0 ba · 1,228 sqft · MultiFamily public records · 7 Days on market

Built 1860 6,550 sqft lot Est $69k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +8.0/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Up and down 2 unit. This is a money maker. Good investment or live in and let the tenant pay the mortgage.

Key facts

• Separate units
• Convenient location
• Functional layouts

Tags

• SEPARATE UNITS
• SPACIOUS LIVING AREAS
• FUNCTIONAL LAYOUTS
• STRONG RENTAL POTENTIAL
• CONVENIENT LOCATION
• CLOSE TO DOWNTOWN

Property features AI

Finance

• Financial info: Owner pays water; rent includes water; Two-unit property with separate gas and electric meters for each unit; Current rents: one unit $650/month, one unit $725/month; Operating expense details: see remarks

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story multifamily building; Resale property; Vinyl siding exterior
• Construction: Vinyl siding construction
• Exterior features: Rectangular residential lot with 50 x 131 dimensions; City street frontage

Interior

• Kitchen: Eat-in kitchens in both units
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Flooring: Carpet; Hardwood; Resilient; Varies by unit
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied flooring including carpet, hardwood, and resilient floors
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $68k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $747/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $68k).
• Cap rate 32.6% 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: 79 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d 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

• In year one you build about $7k of equity ($470 loan paydown + $7k appreciation (10.0% local appreciation)).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 27y 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 $27k; list at $68k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,000

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 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 3.83% ✓
• Cap rate: 32.64%
• Cash-on-cash: 94.11%
• DSCR: 5.19
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $68,768
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
331 Norton St	0.74mi	4/2.0 (+1)	1,254 (+2%)	9mo	$70,000	$56	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.95×
• Total profit: $132,238
• Equity at exit: $61,260

10-year hold

• IRR: 98.4%
• Equity multiple: 17.53×
• Total profit: $314,824
• Equity at exit: $132,109

Cash invested: $19,040 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 79
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,605 medium
• Mortgage (P&I): −$357
• Tax from tax record: −$180 /mo · $2,157/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $1,493

Break-even live

Break-even rent $715

Max offer price $68,000

Occupancy floor 38%

Sensitivity live

Price	-10% $1,532	-5% $1,513	+0% $1,493	+5% $1,474	+10% $1,455
Rent	-10% $1,287	-5% $1,390	+0% $1,493	+5% $1,596	+10% $1,699
Rate	-1.0pp $1,528	-0.5pp $1,511	base $1,493	+0.5pp $1,476	+1.0pp $1,458

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,604
Total (2 units)			$2,605

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
410 E 2nd St Unit FS3W Elmira, NY	3.0	1.0	800	$1,250	$1.56	44d	1	0.56mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	0.69mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	44d	1	1.12mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	44d	1	1.12mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	1.26mi
970 Scio St Elmira, NY	2.0	1.0	911	$1,200	$1.32	44d	1	1.36mi

Listing history 9 events

1. 2026-05-21
   listed $68,000 Active
2. 2019-04-05
   soldstatus $27,342
3. 2019-04-04
   soldstatus $27,900 106-char remark

   Show marketing remark (106 chars)

   Up and down 2 unit. This is a money maker. Good investment or live in and let the tenant pay the mortgage.

4. 2018-07-10
   listed $27,900 106-char remark

   Show marketing remark (106 chars)

   Up and down 2 unit. This is a money maker. Good investment or live in and let the tenant pay the mortgage.

5. 2018-01-16
   historical
6. 2017-09-25
   listed $34,900
7. 2000-10-06
   soldstatus $24,468
8. 2000-09-27
   soldstatus $24,468
9. 1999-05-17
   listed $30,000

ⓘ 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: $2,157 · $180/mo
• Projected year-2 tax: $2,157 · $180/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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $31,260
• − Mortgage interest: −$3,809
• − Property taxes: −$2,157
• − Insurance: −$340
• − Repairs & maintenance: −$2,501
• − Management: −$2,501
• − Depreciation: −$1,978
• Taxable income: $17,974
• Est. tax owed @ 24.0%: −$4,314
• After-tax cash flow: $13,605/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): 14,430

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 (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 7% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 4% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Chinese 1%

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: ▲ 32.34%
• Current HPI: 236.2674
• 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

+126.7% since first listed

9 events — show timeline

• 2026-05-21 Listed $68,000 UNYREIS
• 2019-04-05 Sold (Public Records) $27,342 Public Records
• 2019-04-04 Sold (MLS) $27,900 UNYREIS
• 2018-07-10 Listed $27,900 UNYREIS
• 2018-01-16 Listing Removed — UNYREIS
• 2017-09-25 Listed $34,900 UNYREIS
• 2000-10-06 Sold (Public Records) $24,468 Public Records
• 2000-09-27 Sold (MLS) $24,468 UNYREIS
• 1999-05-17 Listed $30,000 UNYREIS

Property tax history

+9.0%/yr

Latest (2025): $2,157 · -16.9% YoY. Source: county tax records.