521 Luce St · Elmira, NY 14904

$119,000

2 bd · 1.0 ba · 1,284 sqft · SingleFamily public records · 9 Days on market

Built 1900 0.47 ac lot $93/sqft · 12% below area Est $135k · 12% 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 +25.8/30.0
• ARV discount +12.8/15.0
• DSCR +8.6/10.0
• 1% rule +8.1/10.0
• 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

Step into this beautifully renovated single-family home at 521 Luce St! No detail was overlooked in this top-to-bottom transformation, featuring a bright and modern interior with all-new flooring and a fresh, neutral paint palette throughout. The heart of the home is the fully updated kitchen, complete with new cabinets, new appliances, and updated fixtures and outlets for modern convenience. This 2-bedroom, 1-bath home also includes a versatile first-floor office or bonus room, perfect for working from home. Outside, you’ll find a massive 0.46-acre lot—an absolute rarity in the city—offering endless space for recreation, gardening, or expansion.

Key facts

• First-floor office
• Massive lot
• Updated kitchen

Tags

• RENOVATED SINGLE-FAMILY HOME
• UPDATED KITCHEN
• FIRST-FLOOR OFFICE
• MASSIVE LOT

Property features AI

Exterior

• Parking: No garage
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: 2-story house; Existing/resale property
• Construction: Vinyl siding; Stone foundation; Architectural, rolled/hot mop, and shingle roofing
• Exterior features: Blacktop driveway; Near public transit; Rectangular residential lot with city street frontage

Interior

• Kitchen: Gas oven; Gas range; Microwave; Refrigerator
• Bedrooms: 7 total rooms (includes living spaces such as family room and laundry)
• Flooring: Vinyl; Varies
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Gas forced-air heating
• Interior features: Eat-in kitchen; Partially finished basement
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).

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; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $823 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; 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 $119,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.31% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.38%
• DSCR: 1.46
• GRM: 6.4

CMA / ARV

• ARV (median comp): $134,949
• List price: $119,000
• Delta: -11.82%
• 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
502 Luce St	0.04mi	3/1.5 (+1)	1,344 (+5%)	7mo	$115,000	$86	78
752 Robinson St	0.12mi	3/1.0 (+1)	1,344 (+5%)	8mo	$32,000	$24	75
834 Maple Ave	0.34mi	3/2.0 (+1)	1,246 (-3%)	1mo	$135,000	$108	70
567 Riverside Ave	0.33mi	3/2.0 (+1)	1,210 (-6%)	1mo	$145,000	$120	66
236 E Miller St	0.43mi	3/1.0 (+1)	1,248 (-3%)	7mo	$120,840	$97	64
420 Schuyler Ave	0.30mi	3/1.0 (+1)	1,152 (-10%)	2mo	$154,148	$134	62
433 Schuyler Ave	0.26mi	3/1.0 (+1)	1,156 (-10%)	5mo	$140,500	$122	62
418 Milton St	0.43mi	3/1.0 (+1)	1,178 (-8%)	4mo	$155,000	$132	58
602 Post St	0.24mi	3/1.5 (+1)	1,134 (-12%)	8mo	$127,500	$112	56
212 Mechanic St	0.59mi	2/1.0	1,172 (-9%)	8mo	$28,000	$24	52
115 Willys St	0.71mi	3/1.0 (+1)	1,206 (-6%)	3mo	$84,900	$70	50
310 Sly St	0.71mi	3/1.5 (+1)	1,359 (+6%)	6mo	$75,000	$55	45

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: -0.7%
• Equity multiple: 0.98×
• Total profit: $-826
• Equity at exit: $17,743

10-year hold

• IRR: 9.1%
• Equity multiple: 1.70×
• Total profit: $23,317
• Equity at exit: $10,289

Cash invested: $33,320 (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: 6.4×

Monthly cashflow live

• Estimated rent: $1,558 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$269 /mo · $3,227/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $288

Break-even live

Break-even rent $1,193

Max offer price $119,000

Occupancy floor 76%

Sensitivity live

Price	-10% $356	-5% $322	+0% $288	+5% $255	+10% $221
Rent	-10% $165	-5% $227	+0% $288	+5% $350	+10% $411
Rate	-1.0pp $348	-0.5pp $319	base $288	+0.5pp $257	+1.0pp $226

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	44d	1	0.88mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	44d	1	1.26mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.36mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	44d	1	1.37mi

Listing history 1 events

1. 2026-05-06
   listed $119,000 Active 672-char remark

ⓘ 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: $3,227 · $269/mo
• Projected year-2 tax: $3,227 · $269/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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $18,695
• − Mortgage interest: −$6,666
• − Property taxes: −$3,227
• − Insurance: −$595
• − Repairs & maintenance: −$1,496
• − Management: −$1,496
• − Depreciation: −$3,462
• Taxable income: $1,755
• Est. tax owed @ 24.0%: −$421
• After-tax cash flow: $3,038/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

2 events — show timeline

• 2026-05-22 Pending — UNYREIS
• 2026-05-06 Listed $119,000 UNYREIS

Property tax history

+6.0%/yr

Latest (2025): $3,227 · -30.1% YoY. Source: county tax records.