24 Mather St · Binghamton, NY 13905

$259,000

17 bd · 8.0 ba · 6,654 sqft · MultiFamily public records · 53 Days on market

Built 1917 8,276 sqft lot $39/sqft · 34% below area Est $391k · 34% under

---

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 +21.7/30.0
• ARV discount +15.0/15.0
• 1% rule +8.2/10.0
• DSCR +6.9/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Excellent opportunity for student rental investment. Plenty of on-site parking. Updated electricity & roof (2014).

Key facts

• 8,276 sq ft lot
• Built 1917
• Listed 53 days

Property features AI

Finance

• Other: Zoning: R3
• Financial info: Reported unit rents: $3,250; $3,250; $5,200
• HOA & community: No HOA information provided

Exterior

• Parking: Driveway
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Residential income property — Triplex; Above-grade finished area reported
• Construction: Stucco construction
• Exterior features: Porch (covered); Level lot

Interior

• Kitchen: No specific kitchen appliance list provided beyond gas water heater
• Bedrooms: Units include 5, 5, and 8 bedrooms
• Flooring: Hardwood; Tile
• Bathrooms: Units include 2, 2, and 4 full bathrooms
• Heating & cooling: Steam heating; No cooling
• Interior features: Gas water heater; Hardwood and tile flooring; Basement
• Laundry & utility: No laundry appliance details provided

What this means for you Summary

Snapshot

• This is a 3 × 6-bed/2.7-bath units multifamily listed at $259k.

Deal economics

• At list price, monthly cash flow is $398 ($5k/yr) — positive. Per door: $133/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $259k).
• Recommended offer: $251k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 6.4% in Binghamton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Thomas Jefferson School (math 32% / reading 57%, grade F, #1,277 of 2,108 statewide, top 64%, 264 students, 60% FRL); Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL) — zoned schools at 64% FRL track the district average.
• Zoned-school proficiency averages 60% at this address vs 37% district-wide (+23 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $73k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1; list at $259k implies a 25899900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $251,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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 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: 1.32% ✓
• Cap rate: 8.14%
• Cash-on-cash: 6.58%
• DSCR: 1.29
• GRM: 6.3

CMA / ARV

• ARV (median comp): $391,199
• List price: $259,000
• Delta: -33.79%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $1,729
• Equity at exit: $38,618

10-year hold

• IRR: 15.6%
• Equity multiple: 2.62×
• Total profit: $117,560
• Equity at exit: $22,394

Cash invested: $72,520 (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: 19.0×

Monthly cashflow live

• Estimated rent: $3,408 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$829 /mo · $9,942/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $398

Break-even live

Break-even rent $2,905

Max offer price $259,000

Occupancy floor 83%

Sensitivity live

Price	-10% $544	-5% $471	+0% $398	+5% $324	+10% $251
Rent	-10% $128	-5% $263	+0% $398	+5% $532	+10% $667
Rate	-1.0pp $528	-0.5pp $464	base $398	+0.5pp $331	+1.0pp $262

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	6	2.7	$3,408
Total (3 units)			$3,408

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $259,000 Active 53 DOM
2. 2026-06-19
   days on market $259,000 Active 51 DOM
3. 2026-06-18
   days on market $259,000 Active 50 DOM
4. 2026-06-17
   days on market $259,000 Active 49 DOM
5. 2026-06-16
   days on market $259,000 Active 48 DOM
6. 2026-06-15
   days on market $259,000 Active 47 DOM
7. 2026-06-14
   days on market $259,000 Active 45 DOM
8. 2026-06-13
   days on market $259,000 Active 44 DOM
9. 2026-06-10
   days on market $259,000 Active 42 DOM
10. 2026-06-09
    days on market $259,000 Active 41 DOM
11. 2026-06-08
    days on market $259,000 Active 40 DOM
12. 2026-06-07
    days on market $259,000 Active 39 DOM
13. 2026-06-03
    days on market $259,000 Active 35 DOM
14. 2026-06-02
    days on market $259,000 Active 34 DOM
15. 2026-06-01
    days on market $259,000 Active 33 DOM
16. 2026-05-31
    days on market $259,000 Active 32 DOM
17. 2026-05-30
    days on market $259,000 Active 31 DOM
18. 2026-04-29
    listed $269,000 Active 970-char remark
19. 2025-10-09
    soldstatus $1
20. 2015-12-16
    soldstatus $80,000 120-char remark

    Show marketing remark (120 chars)

    Excellent opportunity for student rental investment. Plenty of on-site parking. Updated electricity & roof (2014).

21. 2015-02-20
    listed $85,000 120-char remark

    Show marketing remark (120 chars)

    Excellent opportunity for student rental investment. Plenty of on-site parking. Updated electricity & roof (2014).

ⓘ 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: $9,942 · $829/mo
• Projected year-2 tax: $9,942 · $829/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 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: $40,896
• − Mortgage interest: −$14,508
• − Property taxes: −$9,942
• − Insurance: −$1,295
• − Repairs & maintenance: −$3,272
• − Management: −$3,272
• − Depreciation: −$7,535
• Taxable income: $1,073
• Est. tax owed @ 24.0%: −$257
• After-tax cash flow: $4,514/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: 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

+204.7% since first listed

5 events — show timeline

• 2026-05-27 Price Changed $259,000 GBAOR
• 2026-04-29 Listed $269,000 GBAOR
• 2025-10-09 Sold (Public Records) $1 Public Records
• 2015-12-16 Sold (MLS) $80,000 GBAOR
• 2015-02-20 Listed $85,000 GBAOR

Property tax history

+2.6%/yr

Latest (2025): $9,942 · +0.9% YoY. Source: county tax records.