1 - 3 Mather St · Binghamton, NY 13905

$3,699,000

None bd · 50.0 ba · 54,000 sqft · Townhouse · 129 Days on market

Built 1970 Fair condition 0.33 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.2/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

51-unit student housing complex located on Binghamton’s West Side consisting entirely of two-bedroom units across two buildings. The property is well maintained with updated interiors, including modern cabinetry, hard surface flooring, and clean bathroom finishes. Recent improvements include new roofs totaling approximately $160,000. Utility configurations provide operational flexibility with separately metered electric and individual furnaces at 3 Mather Street. The site is zoned for 54 units, offering potential to add three additional units under existing zoning. Strong West Side location near Main Street with access to SUNY transportation routes, Downtown Binghamton, and neighborhood amenities.

Key facts

• Walk score of 83
• Individual furnaces
• Two bedroom units

Tags

• TWO BEDROOM UNITS
• PROVEN STUDENT RENTAL LOCATION
• NEW ROOFS
• INDIVIDUAL FURNACES
• WALK SCORE OF 83
• PUBLIC BUS ACCESS

What this means for you Summary

Snapshot

• This is a ?-bed/50.0-bath townhouse listed at $3.70M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-24k ($-294k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (95.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (96.3% below list).
• Recommended offer: $138k (96.3% below list) — sets the bar for 1% rule.
• Cap rate -1.6% vs local median 6.4% in Binghamton — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 78/100 on livability (#174 in NY, #2,710 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Binghamton City School District (urban): math 30% / reading 44% proficiency, ranked #557 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Zoned-school proficiency averages 75% at this address vs 37% district-wide (+38 pts) — the actual schools serving this property are materially stronger than the Binghamton City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• This rent runs 31% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $26k of loan paydown is wiped out by about $111k of value loss. Plan a longer hold.
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($3.26M) is reasonable based on typical stale-listing flexibility.

Recommended offer $137,829 (96.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 96% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.04% ✗
• Cap rate: -1.65%
• Cash-on-cash: -28.36%
• DSCR: -0.26
• GRM: 223.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -82.2%
• Equity multiple: -1.08×
• Total profit: $-2,150,861
• Equity at exit: $551,533

10-year hold

• IRR: —
• Equity multiple: -2.71×
• Total profit: $-3,846,859
• Equity at exit: $319,822

Cash invested: $1,035,720 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 223.6×

Monthly cashflow live

• Estimated rent: $1,378 medium
• Mortgage (P&I): −$19,398
• Tax est. 1.5%: −$4,624 /mo · $55,485/yr
• Insurance: −$1,541
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $-24,474

Break-even live

Break-even rent $32,358

Max offer price $157,558

Occupancy floor —

Sensitivity live

Price	-10% $-21,918	-5% $-23,196	+0% $-24,474	+5% $-25,752	+10% $-27,030
Rent	-10% $-24,583	-5% $-24,529	+0% $-24,474	+5% $-24,420	+10% $-24,365
Rate	-1.0pp $-22,611	-0.5pp $-23,533	base $-24,474	+0.5pp $-25,433	+1.0pp $-26,408

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: $924,750
• Closing costs: $110,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $3,699,000 Active 129 DOM
2. 2026-06-19
   days on market $3,699,000 Active 127 DOM
3. 2026-06-18
   days on market $3,699,000 Active 126 DOM
4. 2026-06-17
   days on market $3,699,000 Active 125 DOM
5. 2026-06-16
   days on market $3,699,000 Active 124 DOM
6. 2026-06-15
   days on market $3,699,000 Active 123 DOM
7. 2026-06-14
   days on market $3,699,000 Active 121 DOM
8. 2026-06-13
   days on market $3,699,000 Active 120 DOM
9. 2026-06-10
   days on market $3,699,000 Active 118 DOM
10. 2026-06-09
    days on market $3,699,000 Active 117 DOM
11. 2026-06-08
    days on market $3,699,000 Active 116 DOM
12. 2026-06-07
    days on market $3,699,000 Active 115 DOM
13. 2026-06-03
    days on market $3,699,000 Active 111 DOM
14. 2026-06-02
    days on market $3,699,000 Active 110 DOM
15. 2026-06-01
    days on market $3,699,000 Active 109 DOM
16. 2026-05-31
    days on market $3,699,000 Active 108 DOM
17. 2026-05-30
    days on market $3,699,000 Active 107 DOM
18. 2026-02-12
    listed $3,699,000 Active 712-char remark

    Show marketing remark (712 chars)

    51-unit student housing complex located on Binghamton’s West Side consisting entirely of two-bedroom units across two buildings. The property is well maintained with updated interiors, including modern cabinetry, hard surface flooring, and clean bathroom finishes. Recent improvements include new roofs totaling approximately $160,000. Utility configurations provide operational flexibility with separately metered electric and individual furnaces at 3 Mather Street. The site is zoned for 54 units, offering potential to add three additional units under existing zoning. Strong West Side location near Main Street with access to SUNY transportation routes, Downtown Binghamton, and neighborhood amenities.

19. 2022-02-13
    price $900

ⓘ 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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,539
• − Mortgage interest: −$207,202
• − Property taxes: −$55,485
• − Insurance: −$18,495
• − Repairs & maintenance: −$1,323
• − Management: −$1,323
• − Depreciation: −$107,607
• Taxable loss: −$374,896
• Est. tax savings @ 24.0%: +$89,975
• After-tax cash flow: $-203,714/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 · 12 photos

Fair 45/100 Moderate rehab

A moderate rehab project is needed to improve the appearance and functionality of this 51-unit student housing complex. Repainting, updating fixtures, and landscaping would significantly enhance its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — Dated appearance
• Moderate Bathroom fixtures — Dated appearance
• Moderate Exterior siding — Weathered appearance

Value-add opportunities

• Both Painting and updating kitchen cabinets — Improves aesthetics and functionality
• Both Updating bathroom fixtures — Enhances functionality and aesthetics
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated appearance	Moderate	$3,000–15,000
Bathroom fixtures · Dated appearance	Moderate	$3,000–15,000
Exterior siding · Weathered appearance	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both Painting and updating kitchen cabinets — Improves aesthetics and functionality ↑
• Both Updating bathroom fixtures — Enhances functionality and aesthetics ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value ↑

ⓘ 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: Binghamton City School District
• NCES district ID: 3604870
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 44% ▲ 15.00%
• Median HH income: $30,475
• Composite: 30.09/100
• National rank: #6342
• State rank: #557 of 590 in NY

Livability — Binghamton

• Score: 78/100
• State rank: #174
• US rank: #2710

Category grades

Amenities A+ Commute A+ 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: Binghamton, NY
• County: Broome County · 126,805 people
• City population: 65,170
• Metro: Binghamton, NY
• Population (ZIP): 27,988
• Household income: $53,362
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1875.0

Population outlook (Broome County) Hauer SSP2

• Today (2025): 187,989 people
• By 2030: 183,066 · -2.6%
• By 2040: 172,228 · -8.4%
• By 2050: 163,161 · -13.2%
• By 2075: 153,641 · -18.3%
• By 2100: 140,851 · -25.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 10% Black 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 87% English-only · Other Indo-European 5% Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Broome

• 2024 margin: Toss-up / Even · D 50.2% · R 49.8%
• 2008→2024 swing: -7.6pp toward R · 2008: 8.0pp · 2024: 0.4pp
• All cycles: 2024: D+0.4 2020: D+3.5 2016: R+3.7 2012: D+4.6 2008: D+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.70%
• Current HPI: 298.9847
• Rent YoY: ▲ 11.19%
• Metro: Binghamton, NY
• 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

2 events — show timeline

• 2026-02-12 Listed $3,699,000 GBAOR
• 2022-02-13 Price Changed $900 RENT.