28 Spring Forest Ave Ave · Binghamton, NY 13905

$98,000

4 bd · 2.0 ba · 1,402 sqft · MultiFamily public records · 54 Days on market

Built 1920 3,484 sqft lot $70/sqft · 46% below area Est $181k · 46% 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 +15.0/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Quite neighborhood, Solid Investment Opportunity. Owner Occupy or expand your portfolio. Bring your talent and your tools and make this opportunity your next financial success. Both units are currently occupied, 1st floor vacating May 21st. Convenient location, quick access to major routes and local amenities (Walmart, Visions FCU, Front Street, Downtown Binghamton and Johnson City). This type of rental is in high demand, so act fast and make it yours. Rents are Prorated and anticipate they will be higher.

Key facts

• Quick access
• Convenient location
• 3,484 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• CONVENIENT LOCATION
• QUICK ACCESS

Property features AI

Finance

• Other: Zoning: R2
• Financial info: Each unit currently rented for $850

Exterior

• Parking: Detached garage with 1 parking space
• Utilities: Public water; Public sewer; 220V electric service
• Home design: Duplex residential income property; Level lot
• Construction: Aluminum siding
• Exterior features: Covered porch

Interior

• Kitchen: Oven; Range; Refrigerator; Electric water heater
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Electric water heater; Oven; Range; Refrigerator

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $98k.

Deal economics

• At list price, monthly cash flow is $819 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $95k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.0% 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: Woodrow Wilson School (math 8% / reading 27%, grade F, #2,004 of 2,108 statewide, top 95%, 352 students, 76% FRL) — zoned schools average 76% FRL vs 61% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 37% district-wide (-20 pts) — the specific schools serving this property underperform the Binghamton City School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $98k implies a 390% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,060 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.22% ✓
• Cap rate: 17.00%
• Cash-on-cash: 38.23%
• DSCR: 2.70
• GRM: 3.8

CMA / ARV

• ARV (median comp): $180,713
• List price: $98,000
• Delta: -45.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16 Elm St	0.08mi	5/2.0 (+1)	1,500 (+7%)	8mo	$115,000	$77	73
11 Cypress St	0.09mi	4/2.0	1,584 (+13%)	4mo	$110,000	$69	71
12 Phelps St	0.38mi	5/3.0 (+1)	1,287 (-8%)	16mo	$200,000	$155	47
39 Colfax Ave	0.65mi	4/2.0	1,557 (+11%)	15mo	$125,000	$80	39
4 Charles St	0.56mi	4/3.0	1,582 (+13%)	14mo	$200,000	$126	37
13 Holland St	0.70mi	4/2.0	1,535 (+10%)	23mo	$90,000	$59	33

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: 37.9%
• Equity multiple: 2.75×
• Total profit: $47,936
• Equity at exit: $14,612

10-year hold

• IRR: 47.2%
• Equity multiple: 6.90×
• Total profit: $161,920
• Equity at exit: $8,473

Cash invested: $27,440 (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: 7.5×

Monthly cashflow live

• Estimated rent: $2,176 high
• Mortgage (P&I): −$514
• Tax from tax record: −$290 /mo · $3,480/yr
• Insurance: −$41
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $819

Break-even live

Break-even rent $1,140

Max offer price $98,000

Occupancy floor 57%

Sensitivity live

Price	-10% $874	-5% $846	+0% $819	+5% $791	+10% $763
Rent	-10% $647	-5% $733	+0% $819	+5% $905	+10% $991
Rate	-1.0pp $868	-0.5pp $844	base $819	+0.5pp $793	+1.0pp $768

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,176
Total (2 units)			$2,176

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Erie St Unit 2 Binghamton, NY	3.0	1.0	1075	$1,200	$1.12	44d	1	0.41mi
198 Chapin St Binghamton, NY	4.0	2.0	1500	$1,700	$1.13	22d	1	0.44mi
171 Chapin St Unit 2nd FL Binghamton, NY	4.0	2.0	1135	$3,000	$2.64	44d	1	0.56mi
171 Chapin St Unit 1st FL Binghamton, NY	4.0	1.5	1400	$3,000	$2.14	44d	1	0.56mi
5 Arthur St Unit 1 Binghamton, NY	5.0	2.0	1200	$2,250	$1.88	44d	1	0.86mi
5 Arthur St Unit 2 Binghamton, NY	4.0	1.0	1200	$1,800	$1.50	44d	1	0.86mi
36 Haendel St Unit Second Floor Binghamton, NY	3.0	1.0	1200	$1,450	$1.21	44d	1	0.88mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	44d	1	0.88mi
80 State St Unit A 3-1 3 Bed Binghamton, NY	3.0	3.0	900	$900	$1.00	44d	1	0.94mi
136 Court St Unit 2 Binghamton, NY	4.0	1.0	1373	$3,000	$2.18	44d	1	0.94mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	14d	1	0.99mi
19 Walnut St Binghamton, NY	5.0	2.0	1666	$2,250	$1.35	44d	1	1.01mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	44d	1	1.04mi
73 Leroy St Unit 02 Binghamton, NY	3.0	1.0	1100	$1,950	$1.77	44d	1	1.06mi
296 Main St Unit 6 Binghamton, NY	3.0	1.0	1200	$1,250	$1.04	14d	1	1.08mi
16 Highland Ave Unit 1 Binghamton, NY	3.0	1.0	1400	$1,650	$1.18	44d	1	1.08mi
133 Crestmont Rd Unit 2 Binghamton, NY	3.0	1.0	1300	$1,900	$1.46	44d	1	1.12mi
528 Chenango St Unit 1 Binghamton, NY	3.0	1.0	1250	$1,500	$1.20	14d	1	1.14mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	44d	1	1.18mi
50 Lathrop Ave Unit 2 Binghamton, NY	3.0	1.0	1250	$1,600	$1.28	14d	1	1.22mi
99 Helen St Unit 2 Binghamton, NY	3.0	1.0	1220	$1,600	$1.31	44d	1	1.23mi
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	44d	1	1.25mi
86 Conklin Ave Binghamton, NY	3.0	1.0	1316	$1,600	$1.22	14d	1	1.37mi
29 Laurel Ave Unit 2 Binghamton, NY	3.0	1.5	1500	$2,250	$1.50	44d	1	1.44mi
8 Roosevelt Ave Binghamton, NY	3.0	1.0	1400	$1,450	$1.04	22d	1	1.48mi
8 Roosevelt Ave Unit 2 Binghamton, NY	3.0	1.0	1400	$1,500	$1.07	44d	1	1.48mi

Listing history 19 events

1. 2026-06-21
   days on market $98,000 Active 54 DOM
2. 2026-06-19
   days on market $98,000 Active 52 DOM
3. 2026-06-18
   days on market $98,000 Active 51 DOM
4. 2026-06-17
   days on market $98,000 Active 50 DOM
5. 2026-06-16
   days on market $98,000 Active 49 DOM
6. 2026-06-15
   days on market $98,000 Active 48 DOM
7. 2026-06-14
   days on market $98,000 Active 46 DOM
8. 2026-06-13
   days on market $98,000 Active 45 DOM
9. 2026-06-10
   days on market $98,000 Active 43 DOM
10. 2026-06-09
    days on market $98,000 Active 42 DOM
11. 2026-06-08
    days on market $98,000 Active 41 DOM
12. 2026-06-07
    days on market $98,000 Active 40 DOM
13. 2026-06-03
    days on market $98,000 Active 36 DOM
14. 2026-06-02
    days on market $98,000 Active 35 DOM
15. 2026-06-01
    days on market $98,000 Active 34 DOM
16. 2026-05-31
    days on market $98,000 Active 33 DOM
17. 2026-05-30
    days on market $98,000 Active 32 DOM
18. 2026-04-28
    listed $98,000 Active 511-char remark
19. 2009-02-27
    soldstatus $20,000

ⓘ 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: $3,480 · $290/mo
• Projected year-2 tax: $3,480 · $290/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 8/10 Severe FEMA zone X (shaded) · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°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: $26,112
• − Mortgage interest: −$5,490
• − Property taxes: −$3,480
• − Insurance: −$1,156
• − Repairs & maintenance: −$2,089
• − Management: −$2,089
• − Depreciation: −$2,851
• Taxable income: $8,957
• Est. tax owed @ 24.0%: −$2,150
• After-tax cash flow: $7,675/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

+390.0% since first listed

2 events — show timeline

• 2026-04-28 Listed $98,000 GBAOR
• 2009-02-27 Sold (Public Records) $20,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $3,480 · +0.9% YoY. Source: county tax records.