958 Lake St · Elmira, NY 14901

$75,000

5 bd · 2.5 ba · 3,131 sqft · SingleFamily public records · 82 Days on market

Built 1900 Poor condition 9,724 sqft lot ↓ 6% 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 +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Condition / age +1.0/5.0

Listing remarks MLS

Spacious 3-story single-family home offering 4,679 sq ft of living space on a 9,724 sq ft lot. Formerly operated as a nursing home, this unique property features 11 bedrooms and 3 full bathrooms, presenting a rare opportunity for investors, large households, or potential conversion projects. Major updates include electrical improvements completed in 2020 and brand-new plumbing from the street to the home. The roof was replaced in 2016, and the property has no known foundation issues. Heating is provided by a gas furnace. The home does require repairs and is being sold as-is. Fire damage is present on the rear exterior, affecting the porch and back wall, along with one interior wall that needs replacement. Additionally, approximately 10 windows need to be replaced. There is no central air conditioning. Exterior features include private off-street parking and no garage. With its size, layout, and prior use, this property offers significant potential for redevelopment or restoration. Bring your vision and restore this expansive property to its full potential. #BA & #BR Owner Verified

Key facts

• Brand new plumbing
• Roof replaced
• 9,724 sq ft lot

Tags

• ELECTRICAL IMPROVEMENTS
• BRAND NEW PLUMBING
• ROOF REPLACED
• PRIVATE OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $75k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $853 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.9% 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: 81 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($519 loan paydown + $8k 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.31% ✓
• Cap rate: 19.94%
• Cash-on-cash: 48.73%
• DSCR: 3.17
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 62.5%
• Equity multiple: 5.53×
• Total profit: $95,189
• Equity at exit: $67,566

10-year hold

• IRR: 56.1%
• Equity multiple: 12.32×
• Total profit: $237,655
• Equity at exit: $145,709

Cash invested: $21,000 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 81
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,736 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $853

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 46%

Sensitivity live

Price	-10% $905	-5% $879	+0% $853	+5% $827	+10% $801
Rent	-10% $716	-5% $784	+0% $853	+5% $921	+10% $990
Rate	-1.0pp $891	-0.5pp $872	base $853	+0.5pp $833	+1.0pp $814

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $75,000 Active 82 DOM
2. 2026-06-19
   days on market $75,000 Active 80 DOM
3. 2026-06-18
   days on market $75,000 Active 79 DOM
4. 2026-06-17
   days on market $75,000 Active 78 DOM
5. 2026-06-16
   days on market $75,000 Active 77 DOM
6. 2026-06-15
   days on market $75,000 Active 76 DOM
7. 2026-06-14
   days on market $75,000 Active 74 DOM
8. 2026-06-12
   days on market $75,000 Active 73 DOM
9. 2026-06-09
   days on market $75,000 Active 70 DOM
10. 2026-06-08
    days on market $75,000 Active 69 DOM
11. 2026-06-07
    days on market $75,000 Active 68 DOM
12. 2026-06-05
    days on market $75,000 Active 65 DOM
13. 2026-06-03
    days on market $75,000 Active 64 DOM
14. 2026-06-02
    days on market $75,000 Active 63 DOM
15. 2026-06-01
    days on market $75,000 Active 62 DOM
16. 2026-05-31
    days on market $75,000 Active 61 DOM
17. 2026-05-30
    days on market $75,000 Active 60 DOM
18. 2026-05-11
    price $75,000 1107-char remark

    Show marketing remark (1107 chars)

    Spacious 3-story single-family home offering 4,679 sq ft of living space on a 9,724 sq ft lot. Formerly operated as a nursing home, this unique property features 11 bedrooms and 3 full bathrooms, presenting a rare opportunity for investors, large households, or potential conversion projects. Major updates include electrical improvements completed in 2020 and brand-new plumbing from the street to the home. The roof was replaced in 2016, and the property has no known foundation issues. Heating is provided by a gas furnace. The home does require repairs and is being sold as-is. Fire damage is present on the rear exterior, affecting the porch and back wall, along with one interior wall that needs replacement. Additionally, approximately 10 windows need to be replaced. There is no central air conditioning. Exterior features include private off-street parking and no garage. With its size, layout, and prior use, this property offers significant potential for redevelopment or restoration. Bring your vision and restore this expansive property to its full potential. #BA & #BR Owner Verified

19. 2026-03-31
    listed $85,000 Active 1107-char remark

    Show marketing remark (1107 chars)

    Spacious 3-story single-family home offering 4,679 sq ft of living space on a 9,724 sq ft lot. Formerly operated as a nursing home, this unique property features 11 bedrooms and 3 full bathrooms, presenting a rare opportunity for investors, large households, or potential conversion projects. Major updates include electrical improvements completed in 2020 and brand-new plumbing from the street to the home. The roof was replaced in 2016, and the property has no known foundation issues. Heating is provided by a gas furnace. The home does require repairs and is being sold as-is. Fire damage is present on the rear exterior, affecting the porch and back wall, along with one interior wall that needs replacement. Additionally, approximately 10 windows need to be replaced. There is no central air conditioning. Exterior features include private off-street parking and no garage. With its size, layout, and prior use, this property offers significant potential for redevelopment or restoration. Bring your vision and restore this expansive property to its full potential. #BA & #BR Owner Verified

20. 2023-01-27
    soldstatus $70,000 317-char remark

    Show marketing remark (317 chars)

    Great opportunity for an investment! Formerly known as Cogswell Adult home, this house is very large with several bedrooms (8 plus), two baths and plenty of storage. Currently being rented for a total $1,062/month. Zoning is residential/commercial. Special Permit may be needed for other uses, please check with code.

21. 2022-08-08
    listed $79,900 317-char remark

    Show marketing remark (317 chars)

    Great opportunity for an investment! Formerly known as Cogswell Adult home, this house is very large with several bedrooms (8 plus), two baths and plenty of storage. Currently being rented for a total $1,062/month. Zoning is residential/commercial. Special Permit may be needed for other uses, please check with code.

22. 2020-03-23
    historical
23. 2020-03-10
    listed $1

ⓘ 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 5/10 Major FEMA zone X (shaded) · 24% 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: $20,827
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,666
• − Management: −$1,666
• − Depreciation: −$2,182
• Taxable income: $9,612
• Est. tax owed @ 24.0%: −$2,307
• After-tax cash flow: $7,927/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This 3-story single-family home requires extensive repairs and rebuilding due to significant fire damage, but presents a unique opportunity for investors or large households.

Repairs flagged

• Major Rebuild or repair fire-damaged exterior and porch — Significant structural damage from fire
• Major Repair or replace fire-damaged interior wall — Fire damage to interior wall

Value-add opportunities

• Both Rebuild or repair fire-damaged exterior and porch — Restores curb appeal and functionality
• Both Repair or replace fire-damaged interior wall — Restores interior functionality and safety
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability

Renovation cost estimate screening

Repair item	Severity	Est. cost
Rebuild or repair fire-damaged exterior and porch · Significant structural damage from fire	Major	$15,000–50,000
Repair or replace fire-damaged interior wall · Fire damage to interior wall	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Rebuild or repair fire-damaged exterior and porch — Restores curb appeal and functionality ↑
• Both Repair or replace fire-damaged interior wall — Restores interior functionality and safety ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-6.1% since first listed

6 events — show timeline

• 2026-05-11 Price Changed $75,000 WNYREIS
• 2026-03-31 Listed $85,000 WNYREIS
• 2023-01-27 Sold (MLS) $70,000 UNYREIS
• 2022-08-08 Listed $79,900 UNYREIS
• 2020-03-23 Listing Removed — WNYREIS
• 2020-03-10 Listed $1 WNYREIS

Property tax history

-5.7%/yr

Latest (2025): $3,808 · -12.4% YoY. Source: county tax records.