919-921 W 1st St

West Elmira, NY 14905

$575,000B-

24 bd · None ba · 3,960 sqft · Built 1988 · MultiFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,769/mo
• Mortgage (P&I): −$3,015
• Tax + insurance: −$958
• HOA: −$0
• Vac / Maint / Mgmt: −$1,841
• Net cashflow: $2,954/mo
• Annual: $35,446/yr
• Cap rate: 12.46%
• Cash-on-cash: 22.02%
• DSCR: 1.98
• 1% rule: 1.53%
• Cash to close: $161,000

Investor read

• This is a 8 × 2-bed/1-bath units multifamily listed at $575k. Condition is rated average.
• 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).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• 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.
• 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.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

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