250 Lormore St · Elmira, NY 14904

$74,900

4 bd · 2.0 ba · 2,190 sqft · Townhouse public records · 16 Days on market

Built 1900 6,901 sqft lot

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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
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• 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

Perfect opportunity to have a tenant pay your mortgage. This lower/upper multi-home has separate utilities. Beautiful hardwood floors throughout and is very roomy. The lower level has 3/4 bedrooms. There a two spacious bedrooms on the lower level and one more bedroom on its upper floor. (You can possibly have a 4th bedroom on the upper). The upstairs apartment has one bedroom and is also very spacious. Close to shopping and the park.

Key facts

• Access to parks
• Hardwood floors
• Built 1900

Tags

• MULTI-FAMILY PROPERTY
• HARDWOOD FLOORS
• SEPARATE LIVING SPACES
• QUIET DEAD-END STREET
• CONVENIENT ACCESS TO SHOPPING
• ACCESS TO PARKS

Property features AI

Finance

• Other: Owner pays water (water included in rent)
• Financial info: Two-unit multifamily property with separate electric and gas meters for each unit; Unit 1 (1 bed, 1 bath) rents for $650 month-to-month; Unit 2 (3 bed, 1 bath) rents for $950

Exterior

• Parking: Unpaved parking
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property
• Construction: Composite siding; Metal roof; Built existing (year built details listed as existing)
• Exterior features: Corner, rectangular lot (approx. 55 x 125)

Interior

• Kitchen: Eat-in kitchen in one unit; Standard kitchen in second unit
• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Flooring: Carpet; Hardwood; Resilient flooring; Varies by area
• 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 materials
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $75k.

Deal economics

• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.

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: 104 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $518 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 $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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 $55k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $73,776 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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 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?
5. 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?
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: 1.79% ✓
• Cap rate: 12.11%
• Cash-on-cash: 20.77%
• DSCR: 1.92
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $45,990
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
371 Fulton St	0.42mi	3/2.0 (-1)	2,041 (-7%)	2mo	$43,500	$21	63

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: 13.3%
• Equity multiple: 1.53×
• Total profit: $11,115
• Equity at exit: $11,168

10-year hold

• IRR: 22.2%
• Equity multiple: 2.91×
• Total profit: $39,983
• Equity at exit: $6,476

Cash invested: $20,972 (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: 104
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,343 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$274 /mo · $3,291/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $363

Break-even live

Break-even rent $884

Max offer price $74,900

Occupancy floor 68%

Sensitivity live

Price	-10% $405	-5% $384	+0% $363	+5% $342	+10% $321
Rent	-10% $257	-5% $310	+0% $363	+5% $416	+10% $469
Rate	-1.0pp $401	-0.5pp $382	base $363	+0.5pp $344	+1.0pp $324

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	1.03mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	1.06mi

Listing history 13 events

1. 2026-06-02
   status $74,900 Pending 16 DOM
2. 2026-06-01
   days on market $74,900 Active 16 DOM
3. 2026-05-31
   days on market $74,900 Active 15 DOM
4. 2026-05-30
   days on market $74,900 Active 14 DOM
5. 2026-05-16
   listed $74,900 Active
6. 2020-12-29
   soldstatus $55,000
7. 2020-12-22
   soldstatus $56,000 437-char remark

   Show marketing remark (437 chars)

   Perfect opportunity to have a tenant pay your mortgage. This lower/upper multi-home has separate utilities. Beautiful hardwood floors throughout and is very roomy. The lower level has 3/4 bedrooms. There a two spacious bedrooms on the lower level and one more bedroom on its upper floor. (You can possibly have a 4th bedroom on the upper). The upstairs apartment has one bedroom and is also very spacious. Close to shopping and the park.

8. 2020-03-04
   listed $65,000 437-char remark

   Show marketing remark (437 chars)

   Perfect opportunity to have a tenant pay your mortgage. This lower/upper multi-home has separate utilities. Beautiful hardwood floors throughout and is very roomy. The lower level has 3/4 bedrooms. There a two spacious bedrooms on the lower level and one more bedroom on its upper floor. (You can possibly have a 4th bedroom on the upper). The upstairs apartment has one bedroom and is also very spacious. Close to shopping and the park.

9. 2010-01-28
   historical
10. 2009-03-03
    listed $57,000
11. 2008-10-07
    historical
12. 2007-11-18
    listed $64,900
13. 1991-12-10
    soldstatus $39,000

ⓘ 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: $3,291 · $274/mo
• Projected year-2 tax: $3,291 · $274/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 6/10 Major FEMA zone X (shaded) · 74% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 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: $16,120
• − Mortgage interest: −$4,196
• − Property taxes: −$3,291
• − Insurance: −$374
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$2,179
• Taxable income: $3,501
• Est. tax owed @ 24.0%: −$840
• After-tax cash flow: $3,516/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): 14,276

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

+92.1% since first listed

9 events — show timeline

• 2026-05-16 Listed $74,900 UNYREIS
• 2020-12-29 Sold (Public Records) $55,000 Public Records
• 2020-12-22 Sold (MLS) $56,000 UNYREIS
• 2020-03-04 Listed $65,000 UNYREIS
• 2010-01-28 Listing Removed — UNYREIS
• 2009-03-03 Listed $57,000 UNYREIS
• 2008-10-07 Listing Removed — UNYREIS
• 2007-11-18 Listed $64,900 UNYREIS
• 1991-12-10 Sold (Public Records) $39,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $3,291 · -7.7% YoY. Source: county tax records.