121 Chapin St · Binghamton, NY 13905

$419,000

6 bd · 3.0 ba · 2,848 sqft · MultiFamily public records · 60 Days on market

Built 1938 $147/sqft · 18% above area Est $355k · 18% over

---

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).

• Cash flow +16.0/30.0
• Rent growth +5.0/5.0
• DSCR +4.9/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 MLS

TURN KEY 2 unit 7 bedroom property fully rented through May 2027. Offered at approximately an 11.5% cap rate. Listing Broker has ownership interest in the property.

Key facts

• Built 1938
• Listed 59 days

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.2-bath units multifamily listed at $419k.

Deal economics

• At list price, monthly cash flow is $207 ($2k/yr) — positive. Per door: $103/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $398k (5.1% below list).
• Recommended offer: $398k (5.1% below list) — sets the bar for 1% rule.

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: Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Zoned-school proficiency averages 75% at this address vs 37% district-wide (+38 pts) — the actual schools serving this property are materially stronger than the Binghamton City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 $3,977/mo this rent would consume 89% 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 $3k of loan paydown is wiped out by about $13k 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.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($406k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $180k; list at $419k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $397,700 (5.1% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 5% 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 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.95% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.11%
• DSCR: 1.09
• GRM: 8.8

CMA / ARV

• ARV (median comp): $355,311
• List price: $419,000
• Delta: 17.92%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
51 Murray St	0.30mi	6/2.0	2,970 (+4%)	6mo	$160,000	$54	70
25 Clarke St	0.41mi	6/3.0	2,972 (+4%)	7mo	$110,000	$37	68
104 Walnut St	0.28mi	6/3.5	2,952 (+4%)	16mo	$290,000	$98	66
84 Walnut St	0.18mi	7/— (+1)	2,700 (-5%)	16mo	$305,000	$113	65
108 Walnut St	0.31mi	7/2.0 (+1)	3,032 (+6%)	14mo	$237,000	$78	55
33 Oak St	0.32mi	5/4.0 (-1)	3,044 (+7%)	21mo	$330,000	$108	47
36 Kneeland Ave	0.73mi	6/2.0	3,056 (+7%)	8mo	$290,000	$95	44
200 Murray St	0.65mi	6/2.0	2,442 (-14%)	8mo	$92,500	$38	35
26 Murray St	0.43mi	7/3.5 (+1)	3,217 (+13%)	19mo	$190,000	$59	35
2-4 Catherine St	0.47mi	7/2.0 (+1)	3,196 (+12%)	20mo	$235,000	$74	32
109 Seminary Ave	0.45mi	5/2.0 (-1)	2,456 (-14%)	20mo	$299,500	$122	31

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: -7.4%
• Equity multiple: 0.71×
• Total profit: $-33,638
• Equity at exit: $62,474

10-year hold

• IRR: 7.7%
• Equity multiple: 1.71×
• Total profit: $83,651
• Equity at exit: $36,227

Cash invested: $117,320 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $3,977 high
• Mortgage (P&I): −$2,197
• Tax from tax record: −$563 /mo · $6,761/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$835
• Net cashflow: $207

Break-even live

Break-even rent $3,716

Max offer price $419,000

Occupancy floor 90%

Sensitivity live

Price	-10% $444	-5% $325	+0% $207	+5% $88	+10% $-31
Rent	-10% $-108	-5% $49	+0% $207	+5% $364	+10% $521
Rate	-1.0pp $418	-0.5pp $313	base $207	+0.5pp $98	+1.0pp $-12

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.2	$3,978
Total (2 units)			$3,977

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: $104,750
• Closing costs: $12,570
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Chapel Pl Binghamton, NY	6.0	3.0	2600	$650	$0.25	45d	1	0.11mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	45d	1	0.29mi
19 Edwards St Binghamton, NY	7.0	3.0	2989	$600	$0.20	45d	1	0.34mi
16 Highland Ave Unit 2 Binghamton, NY	6.0	1.0	2000	$2,750	$1.38	45d	1	0.74mi
90 Conklin Ave Binghamton, NY	5.0	2.0	2000	$575	$0.29	15d	1	0.93mi

Listing history 11 events

1. 2026-06-10
   days on market $419,000 Active 60 DOM
2. 2026-06-09
   days on market $419,000 Active 59 DOM
3. 2026-06-08
   days on market $419,000 Active 58 DOM
4. 2026-06-07
   days on market $419,000 Active 57 DOM
5. 2026-06-03
   days on market $419,000 Active 53 DOM
6. 2026-06-02
   days on market $419,000 Active 52 DOM
7. 2026-06-01
   days on market $419,000 Active 51 DOM
8. 2026-05-31
   days on market $419,000 Active 50 DOM
9. 2026-05-30
   days on market $419,000 Active 49 DOM
10. 2026-04-11
    listed $419,000 Active 164-char remark

    Show marketing remark (164 chars)

    TURN KEY 2 unit 7 bedroom property fully rented through May 2027. Offered at approximately an 11.5% cap rate. Listing Broker has ownership interest in the property.

11. 2023-06-21
    soldstatus $180,000

ⓘ 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: $6,761 · $563/mo
• Projected year-2 tax: $6,921 · $577/mo
• Expected delta: +$160/yr (+$13/mo · 2.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 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: $47,724
• − Mortgage interest: −$23,471
• − Property taxes: −$6,761
• − Insurance: −$2,095
• − Repairs & maintenance: −$3,818
• − Management: −$3,818
• − Depreciation: −$12,189
• Taxable loss: −$4,427
• Est. tax savings @ 24.0%: +$1,063
• After-tax cash flow: $3,541/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

+132.8% since first listed

2 events — show timeline

• 2026-04-11 Listed $419,000 GBAOR
• 2023-06-21 Sold (Public Records) $180,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $6,761 · +0.9% YoY. Source: county tax records.