264 Brand St · Elmira, NY 14904

$40,000

3 bd · 1.5 ba · 1,431 sqft · SingleFamily public records · 619 Days on market

Built 1900 2,347 sqft lot $28/sqft · 43% below area Est $70k · 43% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.1/5.0
• 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

Attention Investors!! Prime opportunity to restore and revitalize a property on Elmira's south side. With the interior completely gutted, this home is a blank slate ready for your vision. Located close to all amenities, it's perfect for a rental property or a first-time home. Don't miss out on transforming this shell into a shining asset!

Key facts

• Blank slate ready
• 2,347 sq ft lot
• Built 1900

Tags

• BLANK SLATE READY
• CLOSE TO ALL AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.5% 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: 101 active listings in the ZIP; 9 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 $277 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 619 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $20k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $4k; list at $40k implies a 830% gain — meaningful room to come down on a strong offer.

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 $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 619 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.11% ✓
• Cap rate: 27.51%
• Cash-on-cash: 75.78%
• DSCR: 4.37
• GRM: 2.7

CMA / ARV

• ARV (median comp): $69,898
• List price: $40,000
• Delta: -42.77%
• 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
310 Sly St	0.25mi	3/1.5	1,359 (-5%)	6mo	$75,000	$55	75
717 Spaulding St	0.26mi	3/2.0	1,344 (-6%)	8mo	$70,000	$52	69
708 Riverside Ave	0.34mi	4/1.5 (+1)	1,484 (+4%)	6mo	$83,000	$56	68
752 Robinson St	0.46mi	3/1.0	1,344 (-6%)	8mo	$32,000	$24	60
502 Luce St	0.54mi	3/1.5	1,344 (-6%)	7mo	$115,000	$86	59
309 Broadway St	0.61mi	4/1.0 (+1)	1,468 (+3%)	3mo	$78,000	$53	58
213 Juanita St	0.57mi	3/1.0	1,320 (-8%)	6mo	$21,000	$16	53
236 E Miller St	0.42mi	3/1.0	1,248 (-13%)	7mo	$120,840	$97	52
834 Maple Ave	0.58mi	3/2.0	1,246 (-13%)	0mo	$135,000	$108	49
421 Partridge St	0.74mi	3/1.5	1,274 (-11%)	1mo	$47,000	$37	46
506 Luce St	0.58mi	4/1.0 (+1)	1,220 (-15%)	8mo	$126,000	$103	35
750 S Main St	0.68mi	2/1.5 (-1)	1,216 (-15%)	6mo	$72,000	$59	33

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: 75.7%
• Equity multiple: 4.45×
• Total profit: $38,586
• Equity at exit: $5,964

10-year hold

• IRR: 79.4%
• Equity multiple: 9.19×
• Total profit: $91,685
• Equity at exit: $3,458

Cash invested: $11,200 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,245 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $707

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 38%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	43d	1	0.33mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	43d	1	0.76mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	43d	1	0.81mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	43d	1	0.89mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	43d	1	1.14mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	43d	1	1.15mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	43d	1	1.16mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	43d	1	1.21mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	43d	1	1.40mi

Listing history 32 events

1. 2026-06-19
   days on market $40,000 Active 619 DOM
2. 2026-06-18
   days on market $40,000 Active 618 DOM
3. 2026-06-17
   days on market $40,000 Active 617 DOM
4. 2026-06-16
   days on market $40,000 Active 616 DOM
5. 2026-06-15
   days on market $40,000 Active 615 DOM
6. 2026-06-14
   days on market $40,000 Active 613 DOM
7. 2026-06-12
   days on market $40,000 Active 612 DOM
8. 2026-06-09
   days on market $40,000 Active 609 DOM
9. 2026-06-08
   days on market $40,000 Active 608 DOM
10. 2026-06-07
    days on market $40,000 Active 607 DOM
11. 2026-06-05
    days on market $40,000 Active 604 DOM
12. 2026-06-03
    days on market $40,000 Active 603 DOM
13. 2026-06-02
    days on market $40,000 Active 602 DOM
14. 2026-06-01
    days on market $40,000 Active 601 DOM
15. 2026-05-31
    days on market $40,000 Active 600 DOM
16. 2026-05-30
    days on market $40,000 Active 599 DOM
17. 2026-03-28
    status Active 341-char remark

    Show marketing remark (341 chars)

    Attention Investors!! Prime opportunity to restore and revitalize a property on Elmira's south side. With the interior completely gutted, this home is a blank slate ready for your vision. Located close to all amenities, it's perfect for a rental property or a first-time home. Don't miss out on transforming this shell into a shining asset!

18. 2025-08-29
    status Active 341-char remark

    Show marketing remark (341 chars)

    Attention Investors!! Prime opportunity to restore and revitalize a property on Elmira's south side. With the interior completely gutted, this home is a blank slate ready for your vision. Located close to all amenities, it's perfect for a rental property or a first-time home. Don't miss out on transforming this shell into a shining asset!

19. 2025-02-12
    status Active 341-char remark

    Show marketing remark (341 chars)

    Attention Investors!! Prime opportunity to restore and revitalize a property on Elmira's south side. With the interior completely gutted, this home is a blank slate ready for your vision. Located close to all amenities, it's perfect for a rental property or a first-time home. Don't miss out on transforming this shell into a shining asset!

20. 2024-11-29
    price $40,000 341-char remark

    Show marketing remark (341 chars)

    Attention Investors!! Prime opportunity to restore and revitalize a property on Elmira's south side. With the interior completely gutted, this home is a blank slate ready for your vision. Located close to all amenities, it's perfect for a rental property or a first-time home. Don't miss out on transforming this shell into a shining asset!

21. 2024-08-09
    listed $59,900 Active 341-char remark

    Show marketing remark (341 chars)

    Attention Investors!! Prime opportunity to restore and revitalize a property on Elmira's south side. With the interior completely gutted, this home is a blank slate ready for your vision. Located close to all amenities, it's perfect for a rental property or a first-time home. Don't miss out on transforming this shell into a shining asset!

22. 2022-06-01
    historical
23. 2021-10-26
    listed $29,900
24. 2019-04-01
    historical
25. 2019-01-15
    listed $24,900
26. 2018-08-03
    soldstatus $4,300
27. 2018-01-13
    listed $12,100
28. 2004-09-28
    soldstatus $25,000
29. 2004-08-13
    soldstatus $25,000
30. 2003-11-06
    listed $27,000
31. 1999-12-07
    soldstatus $39,500
32. 1992-08-05
    soldstatus $15,000

ⓘ 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 · 15 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: $14,943
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − Depreciation: −$1,164
• Taxable income: $8,348
• Est. tax owed @ 24.0%: −$2,003
• After-tax cash flow: $6,484/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 — 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): 14,276

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

+166.7% since first listed

16 events — show timeline

• 2026-03-28 Relisted — NMPA
• 2025-08-29 Relisted — NMPA
• 2025-02-12 Relisted — NMPA
• 2024-11-29 Price Changed $40,000 NMPA
• 2024-08-09 Listed $59,900 NMPA
• 2022-06-01 Listing Removed — UNYREIS
• 2021-10-26 Listed $29,900 UNYREIS
• 2019-04-01 Listing Removed — UNYREIS
• 2019-01-15 Listed $24,900 UNYREIS
• 2018-08-03 Sold (MLS) $4,300 UNYREIS
• 2018-01-13 Listed $12,100 UNYREIS
• 2004-09-28 Sold (Public Records) $25,000 Public Records
• 2004-08-13 Sold (MLS) $25,000 UNYREIS
• 2003-11-06 Listed $27,000 UNYREIS
• 1999-12-07 Sold (Public Records) $39,500 Public Records
• 1992-08-05 Sold (Public Records) $15,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $2,366 · -14.3% YoY. Source: county tax records.