2 & 4 Erie St · Binghamton, NY 13905

$240,000

6 bd · 2.0 ba · 2,016 sqft · MultiFamily · 47 Days on market

Built 1900 Fair condition 0.34 ac lot $119/sqft · 17% above area Est $204k · 17% over

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Why this score? — see what drove the C- 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 +24.9/30.0
• DSCR +8.1/10.0
• 1% rule +6.5/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This unique mixed-use property is a excellent opportunity for investors/owner-occupants to combine business and residential income. The property has a commercial warehouse, and a 2 apartment house, also an addtional parcel of vacant land with an enclosed pole barn. The warehouse has over 2,600 square feet , including dedicated office areas and a large garage bay with two 1/2 bathrooms already in place. The building is well-suited for a variety of uses such as a machine shop, print shop, small engine repair, or storage unit. The adjacent vacant lot adds more value with a enclosed pole barn. Perfect for additional storage, equipment, or expansion potential. The two-unit apartment house has two 3 bedrooms, 1-bath units. 1st flr unit is currently rented at 1,200, the 2nd flr unit is vacant. The aparments have seperate utilities. Whether you're looking to live where you work, expand a business operation, or invest in a property with multiple income streams, this property has just that.

Key facts

• Commercial warehouse
• Mixed-use property
• Large garage bay

Tags

• MIXED-USE PROPERTY
• COMMERCIAL WAREHOUSE
• ENCLOSED POLE BARN
• DEDICATED OFFICE AREAS
• LARGE GARAGE BAY
• TWO 1/2 BATHROOMS

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $240k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $515 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 6.4% in Binghamton — 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 78/100 on livability (#174 in NY, #2,710 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Binghamton City School District (urban): math 30% / reading 44% proficiency, ranked #557 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Zoned-school proficiency averages 75% at this address vs 37% district-wide (+38 pts) — the actual schools serving this property are materially stronger than the Binghamton City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $2,752/mo this rent would consume 62% of the median local household income ($53k/yr) (locally 1875% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $67k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $232,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — 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 D-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: 1.15% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.21%
• DSCR: 1.41
• GRM: 7.3

CMA / ARV

• ARV (median comp): $204,445
• List price: $240,000
• Delta: 17.39%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
127 Walnut St	0.07mi	6/2.0	1,820 (-10%)	5mo	$245,000	$135	76
198 Chapin St	0.12mi	5/3.0 (-1)	2,146 (+6%)	8mo	$193,000	$90	68
198 Chapin St #2	0.12mi	5/3.0 (-1)	2,145 (+6%)	8mo	$193,000	$90	68
15 Elm St	0.33mi	6/3.0	1,846 (-8%)	2mo	$99,000	$54	65
240 Oak St	0.45mi	6/2.0	1,828 (-9%)	5mo	$80,000	$44	60
17 Haendel St	0.57mi	5/2.0 (-1)	2,154 (+7%)	0mo	$245,000	$114	56
20 Elm St	0.33mi	6/2.0	2,304 (+14%)	8mo	$171,000	$74	54
37 Haendel St	0.65mi	6/2.0	2,256 (+12%)	13mo	$191,000	$85	39
18 Wilson St	0.73mi	5/2.0 (-1)	2,121 (+5%)	17mo	$190,000	$90	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.13×
• Total profit: $8,527
• Equity at exit: $35,785

10-year hold

• IRR: 17.0%
• Equity multiple: 2.73×
• Total profit: $116,065
• Equity at exit: $20,751

Cash invested: $67,200 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $2,752 high
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $515

Break-even live

Break-even rent $2,099

Max offer price $240,000

Occupancy floor 76%

Sensitivity live

Price	-10% $681	-5% $598	+0% $515	+5% $433	+10% $350
Rent	-10% $298	-5% $407	+0% $515	+5% $624	+10% $733
Rate	-1.0pp $636	-0.5pp $577	base $515	+0.5pp $453	+1.0pp $390

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,752
Total (2 units)			$2,752

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Edwards St Binghamton, NY	7.0	3.0	2989	$600	$0.20	45d	1	0.22mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	45d	1	0.30mi
2 Chapel Pl Binghamton, NY	6.0	3.0	2600	$650	$0.25	45d	1	0.52mi
44 Leroy St Binghamton, NY	6.0	2.0	1772	$3,000	$1.69	22d	1	0.64mi
19 Walnut St Binghamton, NY	5.0	2.0	1666	$2,250	$1.35	45d	1	0.64mi
16 Highland Ave Unit 2 Binghamton, NY	6.0	1.0	2000	$2,750	$1.38	45d	1	0.78mi
90 Conklin Ave Binghamton, NY	5.0	2.0	2000	$575	$0.29	14d	1	1.20mi

Listing history 1 events

1. 2026-04-10
   listed $240,000 Active 995-char remark

   Show marketing remark (995 chars)

   This unique mixed-use property is a excellent opportunity for investors/owner-occupants to combine business and residential income. The property has a commercial warehouse, and a 2 apartment house, also an addtional parcel of vacant land with an enclosed pole barn. The warehouse has over 2,600 square feet , including dedicated office areas and a large garage bay with two 1/2 bathrooms already in place. The building is well-suited for a variety of uses such as a machine shop, print shop, small engine repair, or storage unit. The adjacent vacant lot adds more value with a enclosed pole barn. Perfect for additional storage, equipment, or expansion potential. The two-unit apartment house has two 3 bedrooms, 1-bath units. 1st flr unit is currently rented at 1,200, the 2nd flr unit is vacant. The aparments have seperate utilities. Whether you're looking to live where you work, expand a business operation, or invest in a property with multiple income streams, this property has just that.

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

Taxation est. · year 1

• Rental income: $33,024
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,642
• − Management: −$2,642
• − Depreciation: −$6,982
• Taxable income: $2,515
• Est. tax owed @ 24.0%: −$604
• After-tax cash flow: $5,582/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 · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate rehabilitation to improve its curb appeal and functionality, with a focus on the exterior and electrical systems.

Repairs flagged

• Major Awning — Missing awning on front door
• Major Electrical — Exposed electrical wires

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace awning — Improves curb appeal and functionality
• Both Replace electrical — Ensures safety and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Awning · Missing awning on front door	Major	$15,000–50,000
Electrical · Exposed electrical wires	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace awning — Improves curb appeal and functionality ↑
• Both Replace electrical — Ensures safety and functionality ↑

ⓘ 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: Binghamton City School District
• NCES district ID: 3604870
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 44% ▲ 15.00%
• Median HH income: $30,475
• Composite: 30.09/100
• National rank: #6342
• State rank: #557 of 590 in NY

Livability — Binghamton

• Score: 78/100
• State rank: #174
• US rank: #2710

Category grades

Amenities A+ Commute A+ 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: Binghamton, NY
• County: Broome County · 126,805 people
• City population: 65,170
• Metro: Binghamton, NY
• Population (ZIP): 27,988
• Household income: $53,362
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1875.0

Population outlook (Broome County) Hauer SSP2

• Today (2025): 187,989 people
• By 2030: 183,066 · -2.6%
• By 2040: 172,228 · -8.4%
• By 2050: 163,161 · -13.2%
• By 2075: 153,641 · -18.3%
• By 2100: 140,851 · -25.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 10% Black 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 87% English-only · Other Indo-European 5% Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Broome

• 2024 margin: Toss-up / Even · D 50.2% · R 49.8%
• 2008→2024 swing: -7.6pp toward R · 2008: 8.0pp · 2024: 0.4pp
• All cycles: 2024: D+0.4 2020: D+3.5 2016: R+3.7 2012: D+4.6 2008: D+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.70%
• Current HPI: 298.9847
• Rent YoY: ▲ 11.19%
• Metro: Binghamton, NY
• 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

1 event — show timeline

• 2026-04-10 Listed $240,000 GBAOR