457 High St · Elmira, NY 14901

$29,999

4 bd · 2.0 ba · 1,916 sqft · MultiFamily public records · 173 Days on market

Built 1900 3,000 sqft lot Est $54k · 44% 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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 MLS

AFFORDABLE INVESTMENT PROPERTY WITH SCREENED IN PORCHES FOR BOTH UNITS. GREAT POSSIBILITIES . .. OWNER SAYS SELL - MAKE AN OFFER!! UTILITIES ARE NOT ON AT THIS TIME BUT WOULD BE TURNED ON FOR AN INSPECTION. UPSTAIRS UNIT HAS SEPARATE WATER HEATER. SOLD AS IS.

Key facts

• 3,000 sq ft lot
• Built 1900
• Listed 173 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $30k.

Deal economics

• At list price, monthly cash flow is $823 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 41.4% 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: 79 active listings in the ZIP; 3 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 $3k of equity ($207 loan paydown + $3k 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 173 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $20k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $30k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $26,399 (12.0% below list)

Questions for the listing agent

1. It's been on market 173 days. Have you received any prior offers? Is the seller open to a 12% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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. 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.
9. 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.
10. 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: 4.58% ✓
• Cap rate: 41.45%
• Cash-on-cash: 125.55%
• DSCR: 6.59
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $53,648
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
419 High St	0.04mi	4/2.0	1,837 (-4%)	8mo	$36,000	$20	85
112 E Chemung Pl	0.75mi	4/2.0	2,009 (+5%)	7mo	$45,000	$22	51
912 Magee St	0.74mi	4/2.5	1,769 (-8%)	3mo	$109,000	$62	48
768 Linden Pl	0.58mi	3/2.0 (-1)	1,788 (-7%)	13mo	$65,000	$36	46
712 E Washington Ave	0.48mi	3/2.0 (-1)	2,042 (+7%)	19mo	$58,000	$28	46
303 W Clinton St	0.69mi	4/2.0	2,191 (+14%)	15mo	$40,000	$18	31

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: —
• Equity multiple: 9.19×
• Total profit: $68,828
• Equity at exit: $27,025

10-year hold

• IRR: —
• Equity multiple: 20.23×
• Total profit: $161,563
• Equity at exit: $58,281

Cash invested: $8,400 (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: 79
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,375 medium
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$37 /mo · $450/yr
• Insurance: −$12
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $823

Break-even live

Break-even rent $333

Max offer price $29,999

Occupancy floor 35%

Sensitivity live

Price	-10% $844	-5% $834	+0% $823	+5% $813	+10% $803
Rent	-10% $715	-5% $769	+0% $823	+5% $878	+10% $932
Rate	-1.0pp $838	-0.5pp $831	base $823	+0.5pp $816	+1.0pp $808

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: $7,500
• Closing costs: $900
• 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	44d	1	0.49mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	0.77mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	1.13mi

Listing history 8 events

1. 2025-08-20
   status Pending
2. 2025-05-02
   price $29,999
3. 2025-04-01
   price $35,000
4. 2025-03-12
   price $40,000
5. 2025-02-28
   listed $50,000 Active
6. 2005-12-28
   soldstatus $18,000 259-char remark

   Show marketing remark (259 chars)

   AFFORDABLE INVESTMENT PROPERTY WITH SCREENED IN PORCHES FOR BOTH UNITS. GREAT POSSIBILITIES . .. OWNER SAYS SELL - MAKE AN OFFER!! UTILITIES ARE NOT ON AT THIS TIME BUT WOULD BE TURNED ON FOR AN INSPECTION. UPSTAIRS UNIT HAS SEPARATE WATER HEATER. SOLD AS IS.

7. 2005-12-19
   soldstatus $18,000
8. 2005-09-06
   listed $18,500 259-char remark

   Show marketing remark (259 chars)

   AFFORDABLE INVESTMENT PROPERTY WITH SCREENED IN PORCHES FOR BOTH UNITS. GREAT POSSIBILITIES . .. OWNER SAYS SELL - MAKE AN OFFER!! UTILITIES ARE NOT ON AT THIS TIME BUT WOULD BE TURNED ON FOR AN INSPECTION. UPSTAIRS UNIT HAS SEPARATE WATER HEATER. SOLD AS IS.

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 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: $16,498
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$816
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$873
• Taxable income: $10,039
• Est. tax owed @ 24.0%: −$2,409
• After-tax cash flow: $7,470/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

+62.2% since first listed

8 events — show timeline

• 2025-08-20 Pending — UNYREIS
• 2025-05-02 Price Changed $29,999 UNYREIS
• 2025-04-01 Price Changed $35,000 UNYREIS
• 2025-03-12 Price Changed $40,000 UNYREIS
• 2025-02-28 Listed $50,000 UNYREIS
• 2005-12-28 Sold (MLS) $18,000 UNYREIS
• 2005-12-19 Sold (Public Records) $18,000 Public Records
• 2005-09-06 Listed $18,500 UNYREIS

Property tax history

+15.3%/yr

Latest (2025): $2,975 · +44.8% YoY. Source: county tax records.