1106 Grand Central Ave · Elmira, NY 14901

$59,850

4 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 45 Days on market

Built 1890 3,140 sqft lot $32/sqft · at area comps Est $60k · at est. ↓ 5% since listing

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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 +7.8/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

2 story house with first floor bedrooms, on the tax rolls as a 2 unit but was last used as a single family. Located next to an Diven Elementary School. Off street parking.

Key facts

• First floor bedrooms
• 3,140 sq ft lot
• Built 1890

Tags

• FIRST FLOOR BEDROOMS

Property features AI

Exterior

• Parking: No garage
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: 2 stories; Existing construction
• Construction: Vinyl siding; Asphalt roof; Stone foundation; Built (existing)
• Exterior features: Enclosed porch; Covered porch; Porch; Dirt driveway; Rectangular residential lot; City street frontage; Lot dimensions approximately 40 x 78

Interior

• Kitchen: Free-standing range; Oven
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: 2 full bathrooms; 1 bathroom on main level
• Heating & cooling: Gas heating; Forced air; Space heater
• Interior features: Second kitchen; Bedroom on main level; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 30.3% 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: 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: 78 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $6k of equity ($414 loan paydown + $6k 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 $17k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.7% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,054 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.74% ✓
• Cap rate: 30.28%
• Cash-on-cash: 85.68%
• DSCR: 4.81
• GRM: 2.2

CMA / ARV

• ARV (median comp): $60,298
• List price: $59,850
• Delta: -0.74%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 Magee St	0.48mi	4/2.5	1,769 (-6%)	3mo	$109,000	$62	64
313 Roe Ave	0.61mi	3/2.0 (-1)	1,909 (+2%)	1mo	$137,500	$72	62
382 Norton St	0.32mi	4/2.0	1,692 (-10%)	11mo	$27,000	$16	59
768 Linden Pl	0.43mi	3/2.0 (-1)	1,788 (-4%)	13mo	$65,000	$36	57
317 Roe Ave	0.63mi	5/2.0 (+1)	2,016 (+8%)	0mo	$50,000	$25	53
365 E Thurston St	0.48mi	5/2.0 (+1)	2,026 (+8%)	14mo	$79,000	$39	47
712 E Washington Ave	0.40mi	3/2.0 (-1)	2,042 (+9%)	19mo	$58,000	$28	45

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: 95.2%
• Equity multiple: 7.50×
• Total profit: $108,939
• Equity at exit: $53,918

10-year hold

• IRR: 90.2%
• Equity multiple: 16.58×
• Total profit: $261,138
• Equity at exit: $116,275

Cash invested: $16,758 (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: 78
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,241 high
• Mortgage (P&I): −$314
• Tax from tax record: −$235 /mo · $2,820/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $1,197

Break-even live

Break-even rent $726

Max offer price $59,850

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,240
Total (2 units)			$2,241

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: $14,962
• Closing costs: $1,796
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	43d	1	0.97mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	43d	1	0.99mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	43d	1	1.38mi

Listing history 19 events

1. 2026-06-19
   days on market $59,850 Active 45 DOM
2. 2026-06-18
   days on market $59,850 Active 44 DOM
3. 2026-06-17
   days on market $59,850 Active 43 DOM
4. 2026-06-16
   days on market $59,850 Active 42 DOM
5. 2026-06-15
   days on market $59,850 Active 41 DOM
6. 2026-06-14
   days on market $59,850 Active 39 DOM
7. 2026-06-12
   remarks 171-char remark
8. 2026-06-12
   days on market $59,850 Active 38 DOM
9. 2026-06-09
   days on market $59,850 Active 35 DOM
10. 2026-06-09
    price $59,850 Active 34 DOM
11. 2026-06-08
    days on market $63,000 Active 34 DOM
12. 2026-06-07
    days on market $63,000 Active 33 DOM
13. 2026-06-05
    days on market $63,000 Active 30 DOM
14. 2026-06-03
    days on market $63,000 Active 29 DOM
15. 2026-06-02
    days on market $63,000 Active 28 DOM
16. 2026-06-01
    days on market $63,000 Active 27 DOM
17. 2026-05-31
    days on market $63,000 Active 26 DOM
18. 2026-05-30
    days on market $63,000 Active 25 DOM
19. 2026-05-04
    listed $63,000 Active 151-char remark

ⓘ 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: $2,820 · $235/mo
• Projected year-2 tax: $2,820 · $235/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $26,892
• − Mortgage interest: −$3,353
• − Property taxes: −$2,820
• − Insurance: −$299
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − Depreciation: −$1,741
• Taxable income: $14,376
• Est. tax owed @ 24.0%: −$3,450
• After-tax cash flow: $10,909/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

-5.0% since first listed

2 events — show timeline

• 2026-06-08 Price Changed $59,850 UNYREIS
• 2026-05-04 Listed $63,000 UNYREIS

Property tax history

+27.7%/yr

Latest (2025): $2,820 · +21.2% YoY. Source: county tax records.