1103 Leland St · Southport, NY 14904

$124,745

2 bd · 1.0 ba · 1,356 sqft · SingleFamily public records · 163 Days on market

Built 1928 0.33 ac lot $92/sqft · 18% below area Est $153k · 18% under ↓ 8% since listing

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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 +22.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +7.1/10.0
• Livability +3.2/5.0
• 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

Price Change!! Charming 3 BR home near Broadway school and shopping. Large kitchen with breakfast nook, large living and dining room with a staircase leading to 2 bedrooms on 2nd floor as well as a walk-in attic space for storage. An attached 1 car garage with a large 2 story barn in the backyard was used for a woodshop.

Key facts

• Breakfast nook
• Large dining room
• Attached garage

Tags

• LARGE KITCHEN
• BREAKFAST NOOK
• LARGE LIVING ROOM
• LARGE DINING ROOM
• WALK-IN ATTIC SPACE
• ATTACHED GARAGE

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 $163 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 6.5% in Southport — 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 65/100 on livability (#690 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, employment D, health & safety D.
• 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: 101 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

• Local home prices are declining (-3.0%/yr); year-one equity from $863 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 163 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; flood insurance adds $56/mo; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,775 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 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 1928 — 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D 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?
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 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: 1.21% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.51%
• DSCR: 1.33
• GRM: 6.9

CMA / ARV

• ARV (median comp): $152,612
• List price: $124,745
• Delta: -18.26%
• 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
815 Spruce St	0.24mi	3/1.5 (+1)	1,402 (+3%)	9mo	$180,000	$128	69
825 Broadway St	0.34mi	3/1.0 (+1)	1,271 (-6%)	4mo	$65,000	$51	65
810 Sycamore St	0.13mi	2/1.0	1,544 (+14%)	7mo	$125,000	$81	65
955 Sebring Ave	0.35mi	3/1.0 (+1)	1,400 (+3%)	11mo	$143,100	$102	65
71 Dalrymple Ave	0.40mi	1/1.0 (-1)	1,326 (-2%)	11mo	$122,000	$92	64
825 Hazel St	0.17mi	3/1.5 (+1)	1,500 (+11%)	4mo	$150,000	$100	64
570 Cypress St	0.63mi	3/1.0 (+1)	1,307 (-4%)	1mo	$127,200	$97	59
1017 Smith St	0.40mi	3/2.0 (+1)	1,250 (-8%)	5mo	$132,979	$106	55
712 Cypress	0.50mi	3/1.0 (+1)	1,446 (+7%)	10mo	$141,000	$98	53
760 Spruce St	0.33mi	3/1.0 (+1)	1,523 (+12%)	10mo	$112,000	$74	50
777 Laurel St	0.41mi	3/1.0 (+1)	1,152 (-15%)	6mo	$145,000	$126	46
629 Stacia	0.50mi	3/1.0 (+1)	1,176 (-13%)	9mo	$134,900	$115	42

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: -7.5%
• Equity multiple: 0.72×
• Total profit: $-9,712
• Equity at exit: $18,600

10-year hold

• IRR: 2.2%
• Equity multiple: 1.15×
• Total profit: $5,407
• Equity at exit: $10,786

Cash invested: $34,929 (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: 101
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,503 medium
• Mortgage (P&I): −$654
• Tax from tax record: −$263 /mo · $3,156/yr
• Insurance: −$52
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $163

Break-even live

Break-even rent $1,297

Max offer price $124,745

Occupancy floor 84%

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: $31,186
• Closing costs: $3,742
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	43d	1	0.65mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	43d	1	1.15mi
1254 Charles St Elmira, NY	2.0	1.0	1560	$1,350	$0.87	43d	1	1.17mi

Listing history 18 events

1. 2026-06-19
   days on market $124,745 Active 163 DOM
2. 2026-06-18
   days on market $124,745 Active 162 DOM
3. 2026-06-17
   days on market $124,745 Active 161 DOM
4. 2026-06-16
   days on market $124,745 Active 160 DOM
5. 2026-06-15
   days on market $124,745 Active 159 DOM
6. 2026-06-14
   days on market $124,745 Active 157 DOM
7. 2026-06-12
   days on market $124,745 Active 156 DOM
8. 2026-06-09
   days on market $124,745 Active 153 DOM
9. 2026-06-08
   days on market $124,745 Active 152 DOM
10. 2026-06-07
    days on market $124,745 Active 151 DOM
11. 2026-06-05
    days on market $124,745 Active 148 DOM
12. 2026-06-03
    days on market $124,745 Active 147 DOM
13. 2026-06-02
    days on market $124,745 Active 146 DOM
14. 2026-06-01
    days on market $124,745 Active 145 DOM
15. 2026-05-31
    days on market $124,745 Active 144 DOM
16. 2026-05-30
    days on market $124,745 Active 143 DOM
17. 2026-03-05
    price $124,745 323-char remark

    Show marketing remark (323 chars)

    Price Change!! Charming 3 BR home near Broadway school and shopping. Large kitchen with breakfast nook, large living and dining room with a staircase leading to 2 bedrooms on 2nd floor as well as a walk-in attic space for storage. An attached 1 car garage with a large 2 story barn in the backyard was used for a woodshop.

18. 2026-01-05
    listed $134,900 Active 323-char remark

    Show marketing remark (323 chars)

    Price Change!! Charming 3 BR home near Broadway school and shopping. Large kitchen with breakfast nook, large living and dining room with a staircase leading to 2 bedrooms on 2nd floor as well as a walk-in attic space for storage. An attached 1 car garage with a large 2 story barn in the backyard was used for a woodshop.

ⓘ 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: $3,156 · $263/mo
• Projected year-2 tax: $3,156 · $263/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 7/10 Severe FEMA zone X (shaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 17 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: $18,041
• − Mortgage interest: −$6,988
• − Property taxes: −$3,156
• − Insurance: −$1,290
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$3,629
• Taxable income: $91
• Est. tax owed @ 24.0%: −$22
• After-tax cash flow: $1,934/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 — Southport

• Score: 65/100
• State rank: #690
• US rank: #13026

Category grades

Amenities F Commute F Cost of living A+ Crime D- Employment D Housing A Health & safety D User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southport, NY
• 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

-7.5% since first listed

2 events — show timeline

• 2026-03-05 Price Changed $124,745 NMPA
• 2026-01-05 Listed $134,900 NMPA

Property tax history

+12.8%/yr

Latest (2025): $3,156 · +242.0% YoY. Source: county tax records.