406 Dewitt Ave · Elmira, NY 14901

$129,900

3 bd · 3.0 ba · 2,452 sqft · MultiFamily public records · 17 Days on market

Built 1910 4,702 sqft lot $53/sqft · 147% above area

---

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 +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

Multi-family units

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

Listing remarks

Potential for $3,800 per month gross rents! Excellent opportunity to acquire a well-maintained mixed-use 4-unit property in Elmira featuring three residential apartments and one commercial space. The building has been recently updated with modern flooring, refreshed interiors, and overall well-maintained units, making it ideal for both seasoned investors and owner-operators. The residential portion consists of one 1-bedroom apartment renting for $900/month (utilities included except garbage), one 2-bedroom/1-bath apartment renting for $1,200/month (utilities included except garbage), and one 2-bedroom/1-bath apartment renting for $900/month plus gas and garbage. One unit features a beaut

Key facts

• Income potential
• Commercial space
• Updated interiors

Tags

• WELL-MAINTAINED UNITS
• UPDATED INTERIORS
• COMMERCIAL SPACE
• INCOME POTENTIAL

Property features AI

Finance

• Other: Owner pays: other/see remarks; Rent includes: see remarks
• Financial info: Four total units in the building; Unit rents shown for some units: $900, $1,200 (unit-level rent information provided); Operating expense details: see remarks

Exterior

• Parking: Garage with 2 spaces; Additional parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing/resale property; Composite siding
• Construction: Composite siding construction
• Exterior features: Rectangular lot with 50 x 94 dimensions; Main thoroughfare road frontage

Interior

• Kitchen: Gas water heater (appliance noted)
• Bedrooms: Units include 1-bedroom and 2-bedroom layouts
• Flooring: Luxury vinyl flooring
• Bathrooms: Three full bathrooms and one half bathroom (building total)
• Heating & cooling: Gas heating; Forced air heating; Wall furnaces
• Interior features: Full basement
• Laundry & utility: Multiple separate utility meters (2 gas meters, 1 electric meter)

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $511/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 25.2% 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: crime F, 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.
• Zoned schools: Ernie Davis Academy (math 5% / reading 31%, grade F, #691 of 729 statewide, top 95%, 802 students, 66% FRL).
• Market conditions: 81 active listings in the ZIP; 4 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 $14k of equity ($898 loan paydown + $13k 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 $36k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $130k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,951 (1.5% below list)

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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.88% ✓
• Cap rate: 25.19%
• Cash-on-cash: 67.50%
• DSCR: 4.00
• GRM: 2.9

CMA / ARV

• ARV (median comp): $52,654
• List price: $129,900
• Delta: 171.59%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
503 Lake St	0.24mi	4/2.0 (+1)	2,386 (-3%)	11mo	$111,340	$47	66
303 W Clinton St	0.67mi	4/2.0 (+1)	2,191 (-11%)	15mo	$40,000	$18	30

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: 78.8%
• Equity multiple: 6.53×
• Total profit: $201,119
• Equity at exit: $117,024

10-year hold

• IRR: 72.9%
• Equity multiple: 14.47×
• Total profit: $489,918
• Equity at exit: $252,367

Cash invested: $36,372 (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: 81
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $3,743 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$176 /mo · $2,108/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$786
• Net cashflow: $2,046

Break-even live

Break-even rent $1,153

Max offer price $129,900

Occupancy floor 40%

Sensitivity live

Price	-10% $2,119	-5% $2,083	+0% $2,046	+5% $2,009	+10% $1,972
Rent	-10% $1,750	-5% $1,898	+0% $2,046	+5% $2,194	+10% $2,342
Rate	-1.0pp $2,111	-0.5pp $2,079	base $2,046	+0.5pp $2,012	+1.0pp $1,978

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$3,744
Total (4 units)			$3,743

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	45d	1	0.74mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	45d	1	0.75mi
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	45d	1	0.93mi
715 W Water St Unit A Elmira, NY	2.0	1.0	2246	$1,100	$0.49	45d	1	1.40mi

Listing history 21 events

1. 2026-06-21
   days on market $129,900 Active 17 DOM
2. 2026-06-19
   days on market $129,900 Active 15 DOM
3. 2026-06-18
   price $129,900 Active 14 DOM
4. 2026-06-18
   days on market $139,900 Active 14 DOM
5. 2026-06-17
   days on market $139,900 Active 13 DOM
6. 2026-06-16
   days on market $139,900 Active 12 DOM
7. 2026-06-16
   price $139,900 Active 11 DOM
8. 2026-06-15
   days on market $149,900 Active 11 DOM
9. 2026-06-14
   days on market $149,900 Active 9 DOM
10. 2026-06-12
    days on market $149,900 Active 8 DOM
11. 2026-06-09
    days on market $149,900 Active 5 DOM
12. 2026-06-08
    days on market $149,900 Active 4 DOM
13. 2026-06-07
    days on market $149,900 Active 3 DOM
14. 2026-06-05
    pricestatusdays on marketlisting id $149,900 Active 1 DOM
15. 2026-05-04
    status Pending 1736-char remark
16. 2026-04-23
    price $143,000 1736-char remark
17. 2026-03-24
    price $159,900 1736-char remark
18. 2026-03-03
    price $189,900 1736-char remark
19. 2026-02-23
    listed $199,900 Active 1736-char remark
20. 2022-10-03
    soldstatus $80,000
21. 1992-04-22
    soldstatus $31,000

ⓘ 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: $2,108 · $176/mo
• Projected year-2 tax: $2,152 · $179/mo
• Expected delta: +$44/yr (+$4/mo · 2.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $44,916
• − Mortgage interest: −$7,276
• − Property taxes: −$2,108
• − Insurance: −$650
• − Repairs & maintenance: −$3,593
• − Management: −$3,593
• − Depreciation: −$3,779
• Taxable income: $23,916
• Est. tax owed @ 24.0%: −$5,740
• After-tax cash flow: $18,811/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

+319.0% since first listed

11 events — show timeline

• 2026-06-18 Price Changed $129,900 UNYREIS
• 2026-06-15 Price Changed $139,900 UNYREIS
• 2026-06-04 Listed $149,900 UNYREIS
• 2026-05-04 Pending — UNYREIS
• 2026-04-29 Listing Removed — UNYREIS
• 2026-04-23 Price Changed $143,000 UNYREIS
• 2026-03-24 Price Changed $159,900 UNYREIS
• 2026-03-03 Price Changed $189,900 UNYREIS
• 2026-02-23 Listed $199,900 UNYREIS
• 2022-10-03 Sold (Public Records) $80,000 Public Records
• 1992-04-22 Sold (Public Records) $31,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $2,108 · -39.4% YoY. Source: county tax records.