224 Corliss Ave · Johnson City, NY 13790

$275,000

4 bd · 2.0 ba · 2,520 sqft · MultiFamily public records · 8 Days on market

Built 1940 5,662 sqft lot

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.2/30.0
• Rent growth +4.9/5.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Completely remodeled home in a prime location in Johnson City. This move-in-ready property features a new roof, new boiler, and new electrical panel, along with updates throughout the home. Conveniently located to the highway, hospitals, shopping, and restaurants, this home is great for a primary residence or investment.

Key facts

• New boiler
• Move-in-ready
• New electrical panel

Tags

• REMODELED HOME
• NEW ROOF
• NEW BOILER
• NEW ELECTRICAL PANEL
• PRIME LOCATION
• MOVE-IN-READY

Property features AI

Exterior

• Parking: Detached garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Duplex; Residential income property; Level lot; Zoned UMF 2 family
• Construction: Vinyl siding; Block foundation
• Exterior features: Enclosed deck

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two 2-bedroom units (each unit with 2 bedrooms)
• Flooring: Carpet; Hardwood
• Bathrooms: Two full bathrooms total; each unit has 1 bathroom
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Storm windows; Basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $-429 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (27.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (28.8% below list).
• Recommended offer: $196k (28.8% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 6.2% in Johnson City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson City Elementary/Primary School (496 students, 55% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: Rents rising fast (+9.5%/yr); 99 active listings in the ZIP; 4 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 $29k of equity ($2k loan paydown + $28k 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.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 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 $46k; list at $275k implies a 491% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,871 (28.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.71% ✗
• Cap rate: 4.66%
• Cash-on-cash: -5.82%
• DSCR: 0.74
• GRM: 11.7

CMA / ARV

• ARV (on-the-fly): $95,760
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 St Charles St	0.23mi	4/2.0	2,602 (+3%)	22mo	$100,000	$38	66
203 Hudson St	0.24mi	3/3.0 (-1)	2,206 (-12%)	8mo	$54,000	$24	52
210 Baldwin St	0.31mi	4/2.0	2,142 (-15%)	13mo	$130,000	$61	49

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 21.0%
• Equity multiple: 2.73×
• Total profit: $132,866
• Equity at exit: $247,742

10-year hold

• IRR: 20.2%
• Equity multiple: 6.70×
• Total profit: $438,560
• Equity at exit: $534,265

Cash invested: $77,000 (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 13790

• Home prices YoY: 6.8%
• Rents YoY: 9.5%
• Active inventory: 99
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,959 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$364 /mo · $4,372/yr
• Insurance: −$115
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $-429

Break-even live

Break-even rent $2,502

Max offer price $199,186

Occupancy floor —

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
57 Fowler Ave Johnson City, NY	3.0	2.5	2497	$2,000	$0.80	13d	1	0.78mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	13d	1	1.25mi
74 Matthews St Binghamton, NY	3.0	2.0	2510	$2,300	$0.92	21d	1	1.27mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	44d	1	1.29mi

Listing history 8 events

1. 2026-06-19
   days on market $275,000 Active 8 DOM
2. 2026-06-18
   days on market $275,000 Active 7 DOM
3. 2026-06-17
   days on market $275,000 Active 6 DOM
4. 2026-06-16
   days on market $275,000 Active 5 DOM
5. 2026-06-15
   days on market $275,000 Active 4 DOM
6. 2026-06-14
   days on market $275,000 Active 2 DOM
7. 2026-06-13
   remarks 322-char remark
8. 2026-06-13
   listed $275,000 Active 1 DOM

ⓘ 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: $4,372 · $364/mo
• Projected year-2 tax: $4,510 · $376/mo
• Expected delta: +$138/yr (+$11/mo · 3.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 79% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°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: $23,505
• − Mortgage interest: −$15,404
• − Property taxes: −$4,372
• − Insurance: −$2,042
• − Repairs & maintenance: −$1,880
• − Management: −$1,880
• − Depreciation: −$8,000
• Taxable loss: −$10,073
• Est. tax savings @ 24.0%: +$2,418
• After-tax cash flow: $-2,732/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: Johnson City Central School District
• NCES district ID: 3615900
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $40,514
• Composite: 33.17/100
• National rank: #5545
• State rank: #535 of 590 in NY

Livability — Johnson City

• Score: 76/100
• State rank: #238
• US rank: #3739

Category grades

Amenities C Commute A- Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, NY
• County: Broome County · 126,805 people
• City population: 18,739
• Metro: Binghamton, NY
• Population (ZIP): 18,739
• Household income: $59,045
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1233.0

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 (75%)
• Race & ethnicity: White 75% Two or more races 9% Asian 8% Black 6% Hispanic / Latino 4%
• Common ancestry: Romanian 6% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Indo-European 4% French/Haitian/Cajun 2% Spanish 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: ▲ 18.06%
• Current HPI: 285.3668
• Rent YoY: ▲ 9.47%
• 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

+685.7% since first listed

14 events — show timeline

• 2026-06-11 Listed $275,000 GBAOR
• 2024-10-03 Sold (Public Records) $46,500 Public Records
• 2019-07-24 Sold (MLS) — ODBOR
• 2019-07-24 Listing Removed — UNYREIS
• 2019-07-09 Listed $32,900 ODBOR
• 2019-07-09 Listed $32,900 UNYREIS
• 2019-06-10 Listed $30,900 UNYREIS
• 2019-03-29 Listed $32,900 UNYREIS
• 2019-03-28 Listing Removed — UNYREIS
• 2018-09-28 Listed $35,900 UNYREIS
• 2018-02-28 Listed $42,900 GBAOR
• 2015-06-09 Listed $37,500 GBAOR
• 2005-08-09 Sold (Public Records) $50,000 Public Records
• 1999-01-05 Sold (Public Records) $35,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $4,372 · +1.7% YoY. Source: county tax records.