63 Lathrop Ave · Binghamton, NY 13905

$195,000

4 bd · 2.0 ba · 2,314 sqft · MultiFamily public records · 10 Days on market

Built 1920 6,098 sqft lot Est $213k · 8% 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 +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 2 units. confirmed

Listing remarks

This lovely two family home is located on Binghamtons West side. Upper and lower twin floorplans. Both have enclosed sun porches for added living space. Hardwood floors throughout, gas fireplace on first floor and wood fireplace on 2nd. Laundry on site for both tenants, 2 car garage and a full walk up attic. All utilities are seperated except water.

Key facts

• Gas fireplace
• Enclosed sun porches
• Wood fireplace

Tags

• ENCLOSED SUN PORCHES
• HARDWOOD FLOORS
• GAS FIREPLACE
• WOOD FIREPLACE
• LAUNDRY ON SITE
• TWO CAR GARAGE

Property features AI

Finance

• Financial info: Each unit currently rents for $800 (two 2-bed/1-bath units)

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex (residential income property)
• Construction: Cedar construction; Concrete perimeter foundation; Built above grade finished area
• Exterior features: Covered, enclosed porch; Level lot; Workshop (other structure)

Interior

• Kitchen: Refrigerator; Range; Microwave; Dishwasher; Gas water heater
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood; Vinyl
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Forced air heating; Ceiling fan(s)
• Interior features: Fireplace (gas and wood-burning); Basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive. Per door: $378/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Cap rate 10.9% vs local median 6.4% in Binghamton — 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 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: Horace Mann School (math 22% / reading 32%, grade F, #1,786 of 2,108 statewide, top 86%, 243 students, 72% FRL).
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 69% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $3,099/mo this rent would consume 70% of the median local household income ($53k/yr) (locally 1875% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $55k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $69k; list at $195k implies a 183% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $195,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.59% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.62%
• DSCR: 1.74
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $212,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Bennett Ave	0.31mi	4/2.0	2,332 (+1%)	5mo	$217,500	$93	80
83 Leroy St	0.28mi	4/2.0	2,166 (-6%)	8mo	$200,000	$92	70
32 Haendel St	0.62mi	4/2.0	2,312 (-0%)	2mo	$170,000	$74	70
99 Leroy St	0.20mi	4/2.0	2,604 (+12%)	9mo	$260,000	$100	62
7 Goethe St	0.65mi	4/2.0	2,240 (-3%)	3mo	$180,000	$80	62
109 Seminary Ave	0.24mi	5/2.0 (+1)	2,456 (+6%)	20mo	$299,500	$122	57
70 Thorp St	0.71mi	4/2.0	2,368 (+2%)	8mo	$35,000	$15	57
39 Schubert St	0.50mi	4/2.0	2,072 (-10%)	8mo	$175,000	$84	52
57 Rotary Ave	0.23mi	3/2.0 (-1)	2,024 (-12%)	14mo	$220,000	$109	52
6 Highland Ave	0.46mi	5/2.0 (+1)	2,120 (-8%)	12mo	$165,000	$78	50
109 Beethoven St	0.47mi	4/3.0	2,600 (+12%)	12mo	$225,000	$87	43
36 Oak St	0.61mi	4/2.0	2,168 (-6%)	23mo	$241,500	$111	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.61×
• Total profit: $33,194
• Equity at exit: $29,075

10-year hold

• IRR: 27.0%
• Equity multiple: 4.05×
• Total profit: $166,505
• Equity at exit: $16,860

Cash invested: $54,600 (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: 10.5×

Monthly cashflow live

• Estimated rent: $3,099 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$588 /mo · $7,059/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $756

Break-even live

Break-even rent $2,142

Max offer price $195,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,100
Total (2 units)			$3,099

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	43d	1	0.19mi
22 Ayres St Binghamton, NY	4.0	2.0	2333	$2,560	$1.10	43d	1	0.42mi
19 Walnut St Binghamton, NY	5.0	2.0	1666	$2,250	$1.35	43d	1	0.43mi
13 Chapin St Binghamton, NY	4.0	3.0	2452	$4,000	$1.63	43d	1	0.47mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	43d	1	0.66mi
74 Matthews St Binghamton, NY	3.0	2.0	2510	$2,300	$0.92	21d	1	0.73mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	43d	1	0.75mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	43d	1	0.85mi
57 Fowler Ave Johnson City, NY	3.0	2.5	2497	$2,000	$0.80	13d	1	1.28mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	43d	1	1.32mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	13d	1	1.35mi
90 Conklin Ave Binghamton, NY	5.0	2.0	2000	$575	$0.29	13d	1	1.37mi
520 Murray Hill Rd Vestal, NY	4.0	3.0	2400	$3,595	$1.50	43d	1	1.46mi

Listing history 9 events

1. 2026-06-09
   status $195,000 Pending 10 DOM
2. 2026-06-08
   days on market $195,000 Active 10 DOM
3. 2026-06-07
   days on market $195,000 Active 9 DOM
4. 2026-06-03
   days on market $195,000 Active 5 DOM
5. 2026-06-02
   days on market $195,000 Active 4 DOM
6. 2026-06-01
   days on market $195,000 Active 3 DOM
7. 2026-05-31
   days on market $195,000 Active 2 DOM
8. 2026-05-29
   listed $195,000 Active
9. 2005-03-08
   soldstatus $69,000

ⓘ 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: $7,059 · $588/mo
• Projected year-2 tax: $7,059 · $588/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 4/10 Moderate FEMA zone X · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $37,188
• − Mortgage interest: −$10,923
• − Property taxes: −$7,059
• − Insurance: −$975
• − Repairs & maintenance: −$2,975
• − Management: −$2,975
• − Depreciation: −$5,673
• Taxable income: $6,608
• Est. tax owed @ 24.0%: −$1,586
• After-tax cash flow: $7,487/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

+182.6% since first listed

2 events — show timeline

• 2026-05-29 Listed $195,000 GBAOR
• 2005-03-08 Sold (Public Records) $69,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $7,059 · +0.9% YoY. Source: county tax records.