919-921 W 1st St · West Elmira, NY 14905

$575,000

24 bd · None ba · 3,960 sqft · MultiFamily

Built 1988 Average condition 0.68 ac 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 +3.6/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This eight unit apartment complex is located in West Elmira and consists of two-4 unit buildings plus an 8-bay carport. The apartments are all identical with a good size living room, dining area with sliding doors to a side patio, 2 ice size bedroom, laundry/storage room and a full bath with a tub with shower plus a separate shower and linen closet. The lower units rent for $950/month and the upper units rent for $925/month. The tenants pay all utilities. The landlord pays taxes, insurance, lawn maintenance, snow removal, exterior repairs and general upkeep. Very little turnover, always rented. Excellent investment property.

Key facts

• 0.68 acre lot
• Garage
• Built 1988

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1-bath units multifamily listed at $575k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $369/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $575k).
• Cap rate 12.5% vs local median 4.6% in West 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 72/100 on livability (#341 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A-; Watch: amenities F, commute 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: 39 active listings in the ZIP; 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 $4k of loan paydown is wiped out by about $17k 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 $161k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $575,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.53% ✓
• Cap rate: 12.46%
• Cash-on-cash: 22.02%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 14.7%
• Equity multiple: 1.59×
• Total profit: $95,088
• Equity at exit: $85,734

10-year hold

• IRR: 23.5%
• Equity multiple: 3.02×
• Total profit: $325,586
• Equity at exit: $49,715

Cash invested: $161,000 (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 14905

• Home prices YoY: -9.4%
• Active inventory: 39
• Price-to-rent: 43.7×

Monthly cashflow live

• Estimated rent: $8,769 medium
• Mortgage (P&I): −$3,015
• Tax est. 1.5%: −$719 /mo · $8,625/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,841
• Net cashflow: $2,954

Break-even live

Break-even rent $5,030

Max offer price $575,000

Occupancy floor 61%

Sensitivity live

Price	-10% $3,351	-5% $3,152	+0% $2,954	+5% $2,755	+10% $2,556
Rent	-10% $2,261	-5% $2,607	+0% $2,954	+5% $3,300	+10% $3,647
Rate	-1.0pp $3,243	-0.5pp $3,100	base $2,954	+0.5pp $2,805	+1.0pp $2,653

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$8,768
Total (8 units)			$8,769

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-09
   historical
2. 2026-04-08
   listed $575,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥97°F today · 18 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: $105,228
• − Mortgage interest: −$32,209
• − Property taxes: −$8,625
• − Insurance: −$2,875
• − Repairs & maintenance: −$8,418
• − Management: −$8,418
• − Depreciation: −$16,727
• Taxable income: $27,955
• Est. tax owed @ 24.0%: −$6,709
• After-tax cash flow: $28,736/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.

Condition & rehab AI · 3 photos

Average 55/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance, particularly in landscaping and exterior painting, to improve its curb appeal and rental value.

Repairs flagged

• Minor Landscaping — Overgrown areas need trimming
• Moderate Exterior paint — Slight discoloration on siding

Value-add opportunities

• Both Landscaping and exterior painting — Improves curb appeal and property value
• Rental HVAC maintenance — Ensures comfort and reduces utility costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Overgrown areas need trimming	Minor	$500–3,000
Exterior paint · Slight discoloration on siding	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Landscaping and exterior painting — Improves curb appeal and property value ↑
• Rental HVAC maintenance — Ensures comfort and reduces utility costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — West Elmira

• Score: 72/100
• State rank: #341
• US rank: #5769

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Elmira, NY
• City population: 8,976
• Population (ZIP): 8,976

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 (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 7% Hispanic / Latino 3% Asian 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 93% English-only · Spanish 2% Chinese 1% Russian/Polish/Slavic 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: ▼ -26.09%
• Current HPI: 252.0326
• 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

2 events — show timeline

• 2026-04-09 Listing Removed — UNYREIS
• 2026-04-08 Listed $575,000 UNYREIS