40 Leroy St · Binghamton, NY 13905

$275,000

7 bd · 3.0 ba · 2,202 sqft · MultiFamily public records · 5 Days on market

Built 1910 5,227 sqft lot Est $222k · 24% over

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Why this score? — see what drove the D+ 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 +19.1/30.0
• 1% rule +6.7/10.0
• DSCR +6.0/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Ample Parking in Back.

Key facts

• Strong rental demand
• Sump pump
• Updated windows

Tags

• UPDATED WINDOWS
• WATER HEATER
• SUMP PUMP
• OFF-STREET PARKING
• STRONG RENTAL DEMAND

Property features AI

Finance

• Financial info: Unit rents: one unit at $1,800, one unit at $715, one unit at $700

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property (triplex)
• Construction: Shingle siding
• Exterior features: Level lot; Lot dimensions approximately 45 x 120; Zoned R3

Interior

• Kitchen: Microwave, oven, range, refrigerator
• Bedrooms: Two 3-bedroom units; One 1-bedroom unit
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: Three full bathrooms total; Each unit has a full bathroom
• Heating & cooling: Forced air heating; Baseboard heating; Ceiling fans; Wall/window air conditioning units
• Interior features: Washer and dryer included; Electric and gas water heaters; Microwave, oven, range, refrigerator; Ceiling fans and wall/window cooling units; Baseboard and forced air heating; Basement; Carpet, hardwood, and vinyl flooring
• Laundry & utility: Washer and dryer; Electric and gas water heaters

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive. Per door: $97/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).

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: Thomas Jefferson School (math 32% / reading 57%, grade F, #1,277 of 2,108 statewide, top 64%, 264 students, 60% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents rising fast (+11.2%/yr); 136 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); 75% 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 $3,229/mo this rent would consume 73% 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 $8k 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 $77k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 11y 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 $78k; list at $275k implies a 250% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $275,000

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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.17% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.53%
• DSCR: 1.20
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $222,402
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
59-59 1/2 Bennett Ave	0.25mi	6/2.0 (-1)	2,160 (-2%)	3mo	$235,000	$109	73
26 Chestnut St	0.20mi	6/2.0 (-1)	2,336 (+6%)	11mo	$237,000	$101	62
135 Laurel Ave	0.62mi	6/3.0 (-1)	2,400 (+9%)	6mo	$175,000	$73	46
124 Beethoven St	0.71mi	8/3.0 (+1)	2,075 (-6%)	19mo	$140,000	$67	37
68 Conklin Ave	0.75mi	7/2.0	1,984 (-10%)	17mo	$270,000	$136	31
53 Rotary Ave	0.68mi	6/2.0 (-1)	1,895 (-14%)	11mo	$192,500	$102	27
62 Conklin Ave	0.73mi	6/5.0 (-1)	2,520 (+14%)	16mo	$250,000	$99	16

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: -2.8%
• Equity multiple: 0.89×
• Total profit: $-8,708
• Equity at exit: $41,003

10-year hold

• IRR: 12.3%
• Equity multiple: 2.23×
• Total profit: $95,028
• Equity at exit: $23,777

Cash invested: $77,000 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $3,229 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$703 /mo · $8,441/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$678
• Net cashflow: $291

Break-even live

Break-even rent $2,861

Max offer price $275,000

Occupancy floor 86%

Sensitivity live

Price	-10% $446	-5% $369	+0% $291	+5% $213	+10% $135
Rent	-10% $36	-5% $163	+0% $291	+5% $418	+10% $546
Rate	-1.0pp $429	-0.5pp $361	base $291	+0.5pp $220	+1.0pp $147

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,228
Total (3 units)			$3,229

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
44 Leroy St Binghamton, NY	6.0	2.0	1772	$3,000	$1.69	21d	1	0.02mi
2 Chapel Pl Binghamton, NY	6.0	3.0	2600	$650	$0.25	44d	1	0.15mi
19 Edwards St Binghamton, NY	7.0	3.0	2989	$600	$0.20	44d	1	0.47mi
16 Highland Ave Unit 2 Binghamton, NY	6.0	1.0	2000	$2,750	$1.38	44d	1	0.78mi

Listing history 6 events

1. 2026-06-19
   days on market $275,000 Active 5 DOM
2. 2026-06-18
   days on market $275,000 Active 4 DOM
3. 2026-06-17
   days on market $275,000 Active 3 DOM
4. 2026-06-16
   days on market $275,000 Active 2 DOM
5. 2026-06-15
   remarks 411-char remark
6. 2026-06-15
   listed $275,000 Active 1 DOM

ⓘ 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: $8,441 · $703/mo
• Projected year-2 tax: $8,441 · $703/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,748
• − Mortgage interest: −$15,404
• − Property taxes: −$8,441
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,100
• − Management: −$3,100
• − Depreciation: −$8,000
• Taxable loss: −$672
• Est. tax savings @ 24.0%: +$161
• After-tax cash flow: $3,651/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: 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

+205.6% since first listed

10 events — show timeline

• 2026-06-14 Listed $275,000 GBAOR
• 2025-09-24 Rental Removed $1,800 APPFOLIO
• 2024-09-06 Listed for Rent $1,800 APPFOLIO
• 2024-09-06 Rental Removed $1,710 APPFOLIO
• 2024-09-03 Listed for Rent $1,710 APPFOLIO
• 2024-03-24 Rental Removed $1,710 APPFOLIO
• 2023-09-08 Listed for Rent $1,710 APPFOLIO
• 2015-05-26 Sold (MLS) $78,500 GBAOR
• 2015-04-19 Listed $74,900 GBAOR
• 2006-12-14 Sold (Public Records) $90,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $8,441 · +0.9% YoY. Source: county tax records.