57 Ely St · Binghamton, NY 13904

$119,000

4 bd · 3.0 ba · 2,192 sqft · MultiFamily public records · 161 Days on market

Built 1930 6,098 sqft lot Est $140k · 15% under

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Why this score? — see what drove the A 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 +14.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Nice three-family with covered front and side porches, plus a one-car detached garage for additional rental income. Centrally located near shops, restaurants, parks, schools, and on the city bus route. Whether you’re looking to expand your investment portfolio or live in one unit while renting the others, this home delivers strong rental potential in a central location.

Key facts

• Centrally located
• 6,098 sq ft lot
• Garage

Tags

• COVERED FRONT AND SIDE PORCHES
• ONE CAR DETACHED GARAGE
• CENTRALLY LOCATED
• STRONG RENTAL POTENTIAL

Property features AI

Finance

• Other: Zoned for multi-family
• Financial info: Unit rents: $1,050 (2-bed unit), $850 (1-bed unit), $650 (1-bed unit)

Exterior

• Parking: One-car garage; Driveway
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property; Triplex
• Construction: 2,192 above-grade finished area
• Exterior features: Covered porch

Interior

• Bedrooms: Two-bedroom unit; One-bedroom unit; One-bedroom unit
• Flooring: Carpet; Vinyl
• Bathrooms: Three full bathrooms (total across building); One full bathroom (two-bedroom unit); One full bathroom (each one-bedroom unit)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Gas water heater; Carpet and vinyl flooring
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $792/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.3% 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: Calvin Coolidge School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 312 students, 72% FRL).
• Market conditions: 41 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($823 loan paydown + $12k appreciation (10.0% local appreciation)).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $31k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 3.40% ✓
• Cap rate: 30.26%
• Cash-on-cash: 85.61%
• DSCR: 4.81
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $140,288
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
64 Louisa St	0.20mi	5/3.0 (+1)	2,326 (+6%)	1mo	$105,000	$45	75
9 Allen St	0.62mi	4/3.0	2,184 (-0%)	5mo	$150,000	$69	66
12-14 George St	0.08mi	4/3.0	2,400 (+10%)	18mo	$252,000	$105	66
42 George St	0.12mi	4/2.0	2,044 (-7%)	18mo	$145,000	$71	64
14 Emmett St	0.59mi	4/2.0	2,220 (+1%)	4mo	$90,000	$41	63
19 Moeller St	0.31mi	5/2.0 (+1)	2,356 (+8%)	4mo	$140,000	$59	61
90 Broad Ave	0.22mi	4/2.0	1,872 (-15%)	5mo	$230,000	$123	57
13 Sturges St	0.69mi	4/2.0	2,194 (+0%)	12mo	$105,000	$48	54
43 Howard Ave	0.30mi	4/2.0	1,944 (-11%)	11mo	$165,000	$85	54
34 Gaylord St	0.47mi	4/2.0	2,465 (+12%)	7mo	$112,000	$45	48
122 Bevier St #1	0.72mi	5/2.5 (+1)	2,180 (-0%)	17mo	$140,000	$64	44
5 Bigelow St	0.56mi	4/2.0	1,920 (-12%)	15mo	$80,000	$42	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 95.0%
• Equity multiple: 7.49×
• Total profit: $216,272
• Equity at exit: $107,205

10-year hold

• IRR: 90.1%
• Equity multiple: 16.54×
• Total profit: $517,946
• Equity at exit: $231,191

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 13904

• Home prices YoY: 17.1%
• Active inventory: 41
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $4,050 medium
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$850
• Net cashflow: $2,377

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 36%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$4,050
Total (3 units)			$4,050

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 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51 2nd St Binghamton, NY	3.0	2.5	2333	$2,200	$0.94	13d	1	0.98mi
8 Roosevelt Ave Unit 2 Binghamton, NY	3.0	1.0	1400	$1,500	$1.07	43d	1	1.04mi
8 Roosevelt Ave Binghamton, NY	3.0	1.0	1400	$1,450	$1.04	21d	1	1.04mi
607 Chenango St Binghamton, NY	5.0	2.5	2500	$2,800	$1.12	13d	1	1.17mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	43d	1	1.19mi
100 Felters Rd Binghamton, NY	4.0	2.5	2000	$2,500	$1.25	43d	1	1.38mi
90 Conklin Ave Binghamton, NY	5.0	2.0	2000	$575	$0.29	13d	1	1.41mi
40 Fuller St Unit 40A Binghamton, NY	3.0	2.0	1600	$2,700	$1.69	21d	1	1.50mi

Listing history 9 events

1. 2026-04-30
   status Pending
2. 2026-04-21
   price $119,000
3. 2026-01-19
   price $130,000
4. 2025-11-20
   listed $150,000 Active
5. 2025-10-20
   status Pending
6. 2025-07-30
   listed $165,000 Active
7. 2019-06-26
   listed $50,150
8. 2017-09-29
   listed $50,150
9. 2017-01-19
   listed $59,000

ⓘ 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 6/10 Major FEMA zone X · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 17 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: $48,600
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$3,888
• − Management: −$3,888
• − Depreciation: −$3,462
• Taxable income: $28,316
• Est. tax owed @ 24.0%: −$6,796
• After-tax cash flow: $21,729/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
• City population: 65,170
• Population (ZIP): 9,138

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 (73%)
• Race & ethnicity: White 73% Black 12% Hispanic / Latino 8% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Hispanic 8% Romanian 3% Slovak 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · French/Haitian/Cajun 5% Spanish 4% Chinese 2%

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: ▲ 40.85%
• Current HPI: 280.3184
• 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

+101.7% since first listed

9 events — show timeline

• 2026-04-30 Pending — GBAOR
• 2026-04-21 Price Changed $119,000 GBAOR
• 2026-01-19 Price Changed $130,000 GBAOR
• 2025-11-20 Listed $150,000 GBAOR
• 2025-10-20 Pending — GBAOR
• 2025-07-30 Listed $165,000 GBAOR
• 2019-06-26 Listed $50,150 GBAOR
• 2017-09-29 Listed $50,150 GBAOR
• 2017-01-19 Listed $59,000 GBAOR

Property tax history

+4.6%/yr

Latest (2025): $6,015 · +0.1% YoY. Source: county tax records.