479 South Ave · Elmira, NY 14904

$125,000

2 bd · 1.0 ba · 1,634 sqft · SingleFamily public records · 64 Days on market

Built 1900 5,900 sqft lot $76/sqft · 14% below area Est $146k · 14% under

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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 +23.1/30.0
• ARV discount +14.0/15.0
• DSCR +7.4/10.0
• 1% rule +6.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained 3-bedroom, 1.5-bath home located on Elmira’s Southside, ready for its next owner! This charming home showcases character dating back to the early 1900s with beautiful hardwood floors and natural woodwork throughout the first floor. As you enter, you’ll appreciate the warm and inviting feel along with the classic details that make this home special. The spacious, updated kitchen offers plenty of storage and comes complete with a refrigerator, range/oven, and dishwasher—perfect for everyday cooking and entertaining. The first floor also features a convenient half bath and first-floor laundry. Upstairs you’ll find three comfortable bedrooms and a full bathroom. Major updates include a new roof in 2022 and a high-efficiency furnace, giving peace of mind to the next owner. Outside, the property offers a blacktop driveway with plenty of parking, a 1-car garage, and a flat backyard ideal for entertaining, relaxing, or outdoor activities. A solid, well-cared-for home with classic charm and practical updates—don’t miss this opportunity!

Key facts

• Natural woodwork
• Half bath
• Updated kitchen

Tags

• HARDWOOD FLOORS
• NATURAL WOODWORK
• UPDATED KITCHEN
• HALF BATH
• FIRST-FLOOR LAUNDRY
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.

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: schools F, crime F, amenities 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: 104 active listings in the ZIP; 10 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

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $36k; list at $125k implies a 247% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.69%
• DSCR: 1.34
• GRM: 7.4

CMA / ARV

• ARV (median comp): $146,146
• List price: $125,000
• Delta: -14.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
551 Lyon St	0.12mi	3/1.0 (+1)	1,586 (-3%)	3mo	$158,000	$100	82
675 Perine St	0.16mi	3/2.0 (+1)	1,624 (-1%)	7mo	$224,560	$138	77
609 Chester St	0.26mi	3/1.5 (+1)	1,618 (-1%)	7mo	$110,000	$68	74
421 Jefferson St	0.24mi	3/1.5 (+1)	1,688 (+3%)	5mo	$85,106	$50	72
461 Beecher St	0.24mi	3/2.0 (+1)	1,584 (-3%)	8mo	$220,000	$139	68
507 Partridge St	0.48mi	3/1.5 (+1)	1,592 (-3%)	3mo	$106,500	$67	64
632 Partridge St	0.57mi	3/2.0 (+1)	1,632 (-0%)	8mo	$155,000	$95	57
254 South Ave	0.31mi	3/1.5 (+1)	1,828 (+12%)	2mo	$109,000	$60	57
806 Mount Zoar St	0.63mi	3/1.0 (+1)	1,684 (+3%)	9mo	$169,000	$100	54
825 Hazel St	0.74mi	3/1.5 (+1)	1,500 (-8%)	4mo	$150,000	$100	41
314 Soper St	0.64mi	3/1.0 (+1)	1,416 (-13%)	8mo	$41,000	$29	36
815 Spruce St	0.68mi	3/1.5 (+1)	1,402 (-14%)	9mo	$180,000	$128	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-5,932
• Equity at exit: $18,638

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $13,365
• Equity at exit: $10,808

Cash invested: $35,000 (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 14904

• Home prices YoY: -9.6%
• Active inventory: 104
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,399 high
• Mortgage (P&I): −$656
• Tax from tax record: −$173 /mo · $2,077/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $224

Break-even live

Break-even rent $1,115

Max offer price $125,000

Occupancy floor 79%

Sensitivity live

Price	-10% $295	-5% $260	+0% $224	+5% $189	+10% $154
Rent	-10% $114	-5% $169	+0% $224	+5% $280	+10% $335
Rate	-1.0pp $287	-0.5pp $256	base $224	+0.5pp $192	+1.0pp $159

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	45d	1	0.26mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	45d	1	0.51mi
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	45d	1	0.64mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	45d	1	0.94mi
715 W Water St Unit A Elmira, NY	2.0	1.0	2246	$1,100	$0.49	45d	1	0.96mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	45d	1	1.19mi
1254 Charles St Elmira, NY	2.0	1.0	1560	$1,350	$0.87	45d	1	1.25mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	45d	1	1.32mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	45d	1	1.36mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	45d	1	1.36mi

Listing history 8 events

1. 2026-05-14
   status Pending 1095-char remark

   Show marketing remark (1095 chars)

   Well-maintained 3-bedroom, 1.5-bath home located on Elmira’s Southside, ready for its next owner! This charming home showcases character dating back to the early 1900s with beautiful hardwood floors and natural woodwork throughout the first floor. As you enter, you’ll appreciate the warm and inviting feel along with the classic details that make this home special. The spacious, updated kitchen offers plenty of storage and comes complete with a refrigerator, range/oven, and dishwasher—perfect for everyday cooking and entertaining. The first floor also features a convenient half bath and first-floor laundry. Upstairs you’ll find three comfortable bedrooms and a full bathroom. Major updates include a new roof in 2022 and a high-efficiency furnace, giving peace of mind to the next owner. Outside, the property offers a blacktop driveway with plenty of parking, a 1-car garage, and a flat backyard ideal for entertaining, relaxing, or outdoor activities. A solid, well-cared-for home with classic charm and practical updates—don’t miss this opportunity!

2. 2026-05-04
   price $125,000 1095-char remark

   Show marketing remark (1095 chars)

   Well-maintained 3-bedroom, 1.5-bath home located on Elmira’s Southside, ready for its next owner! This charming home showcases character dating back to the early 1900s with beautiful hardwood floors and natural woodwork throughout the first floor. As you enter, you’ll appreciate the warm and inviting feel along with the classic details that make this home special. The spacious, updated kitchen offers plenty of storage and comes complete with a refrigerator, range/oven, and dishwasher—perfect for everyday cooking and entertaining. The first floor also features a convenient half bath and first-floor laundry. Upstairs you’ll find three comfortable bedrooms and a full bathroom. Major updates include a new roof in 2022 and a high-efficiency furnace, giving peace of mind to the next owner. Outside, the property offers a blacktop driveway with plenty of parking, a 1-car garage, and a flat backyard ideal for entertaining, relaxing, or outdoor activities. A solid, well-cared-for home with classic charm and practical updates—don’t miss this opportunity!

3. 2026-04-16
   status Active 1095-char remark

   Show marketing remark (1095 chars)

   Well-maintained 3-bedroom, 1.5-bath home located on Elmira’s Southside, ready for its next owner! This charming home showcases character dating back to the early 1900s with beautiful hardwood floors and natural woodwork throughout the first floor. As you enter, you’ll appreciate the warm and inviting feel along with the classic details that make this home special. The spacious, updated kitchen offers plenty of storage and comes complete with a refrigerator, range/oven, and dishwasher—perfect for everyday cooking and entertaining. The first floor also features a convenient half bath and first-floor laundry. Upstairs you’ll find three comfortable bedrooms and a full bathroom. Major updates include a new roof in 2022 and a high-efficiency furnace, giving peace of mind to the next owner. Outside, the property offers a blacktop driveway with plenty of parking, a 1-car garage, and a flat backyard ideal for entertaining, relaxing, or outdoor activities. A solid, well-cared-for home with classic charm and practical updates—don’t miss this opportunity!

4. 2026-04-07
   historical Active Under Contract 1095-char remark

   Show marketing remark (1095 chars)

   Well-maintained 3-bedroom, 1.5-bath home located on Elmira’s Southside, ready for its next owner! This charming home showcases character dating back to the early 1900s with beautiful hardwood floors and natural woodwork throughout the first floor. As you enter, you’ll appreciate the warm and inviting feel along with the classic details that make this home special. The spacious, updated kitchen offers plenty of storage and comes complete with a refrigerator, range/oven, and dishwasher—perfect for everyday cooking and entertaining. The first floor also features a convenient half bath and first-floor laundry. Upstairs you’ll find three comfortable bedrooms and a full bathroom. Major updates include a new roof in 2022 and a high-efficiency furnace, giving peace of mind to the next owner. Outside, the property offers a blacktop driveway with plenty of parking, a 1-car garage, and a flat backyard ideal for entertaining, relaxing, or outdoor activities. A solid, well-cared-for home with classic charm and practical updates—don’t miss this opportunity!

5. 2026-03-11
   listed $129,900 Active 1095-char remark

   Show marketing remark (1095 chars)

   Well-maintained 3-bedroom, 1.5-bath home located on Elmira’s Southside, ready for its next owner! This charming home showcases character dating back to the early 1900s with beautiful hardwood floors and natural woodwork throughout the first floor. As you enter, you’ll appreciate the warm and inviting feel along with the classic details that make this home special. The spacious, updated kitchen offers plenty of storage and comes complete with a refrigerator, range/oven, and dishwasher—perfect for everyday cooking and entertaining. The first floor also features a convenient half bath and first-floor laundry. Upstairs you’ll find three comfortable bedrooms and a full bathroom. Major updates include a new roof in 2022 and a high-efficiency furnace, giving peace of mind to the next owner. Outside, the property offers a blacktop driveway with plenty of parking, a 1-car garage, and a flat backyard ideal for entertaining, relaxing, or outdoor activities. A solid, well-cared-for home with classic charm and practical updates—don’t miss this opportunity!

6. 2006-03-02
   soldstatus $36,000 138-char remark

   Show marketing remark (138 chars)

   LAUNDRY OFF KITCHEN USED TO BE HALF BATH. ABOVE GROUND POOL HAS BEEN SERVICED. HARDWOOD FLOORS AND LARGE KITCHEN. ALL APPLIANCES ARE AS IS

7. 2005-11-07
   listed $37,900 138-char remark

   Show marketing remark (138 chars)

   LAUNDRY OFF KITCHEN USED TO BE HALF BATH. ABOVE GROUND POOL HAS BEEN SERVICED. HARDWOOD FLOORS AND LARGE KITCHEN. ALL APPLIANCES ARE AS IS

8. 1998-03-06
   soldstatus $45,000

ⓘ 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: $2,077 · $173/mo
• Projected year-2 tax: $2,095 · $175/mo
• Expected delta: +$18/yr (+$1/mo · 0.9%)

ⓘ 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 ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $16,786
• − Mortgage interest: −$7,002
• − Property taxes: −$2,077
• − Insurance: −$625
• − Repairs & maintenance: −$1,343
• − Management: −$1,343
• − Depreciation: −$3,636
• Taxable income: $760
• Est. tax owed @ 24.0%: −$182
• After-tax cash flow: $2,510/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): 14,276

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 7% Hispanic / Latino 5% Native American 1%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, Jamaica, Dominican Republic
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -23.33%
• Current HPI: 220.688
• 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

+177.8% since first listed

8 events — show timeline

• 2026-05-14 Pending — UNYREIS
• 2026-05-04 Price Changed $125,000 UNYREIS
• 2026-04-16 Relisted — UNYREIS
• 2026-04-07 Contingent — UNYREIS
• 2026-03-11 Listed $129,900 UNYREIS
• 2006-03-02 Sold (MLS) $36,000 UNYREIS
• 2005-11-07 Listed $37,900 UNYREIS
• 1998-03-06 Sold (Public Records) $45,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $2,077 · -12.7% YoY. Source: county tax records.