1 - 3 Mather St

Binghamton, NY 13905

$3,699,000F

None bd · 50.0 ba · 54,000 sqft · Built 1970 · Townhouse · Active · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,378/mo
• Mortgage (P&I): −$19,398
• Tax + insurance: −$6,165
• HOA: −$0
• Vac / Maint / Mgmt: −$289
• Net cashflow: $-24,474/mo
• Annual: $-293,689/yr
• Cap rate: -1.65%
• Cash-on-cash: -28.36%
• DSCR: -0.26
• 1% rule: 0.04%
• Cash to close: $1,035,720

Investor read

• This is a ?-bed/50.0-bath townhouse listed at $3.70M. Condition is rated fair.
• 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).
• It's been on market 129 days — a 12% lower offer ($3.26M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (96.3% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• This rent runs 31% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

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