28 Spring Forest Ave Ave · Binghamton, NY 13905

$98,000

4 bd · 2.0 ba · 1,402 sqft · MultiFamily public records · 60 Days on market

Built 1920 Fair condition 3,484 sqft lot Garage $70/sqft · 36% below area Est $153k · 36% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.2/5.0
• 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

What this means for you Summary

Snapshot

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

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 5.9% 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); Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Market conditions: Rents rising fast (+11.2%/yr); 199 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $2,176/mo this rent would consume 49% of the median local household income ($53k/yr) — 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 $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 60 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 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.22% ✓
• Cap rate: 17.00%
• Cash-on-cash: 38.23%
• DSCR: 2.70
• GRM: 3.8

CMA / ARV

• ARV (median comp): $152,630
• List price: $98,000
• Delta: -35.79%
• 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
13 Everett St	0.23mi	3/2.0 (-1)	1,392 (-1%)	1mo	$75,000	$54	83
16 Elm St	0.08mi	5/2.0 (+1)	1,500 (+7%)	10mo	$115,000	$77	72
11 Cypress St	0.09mi	4/2.0	1,584 (+13%)	6mo	$110,000	$69	69
12 Phelps St	0.38mi	5/3.0 (+1)	1,287 (-8%)	17mo	$200,000	$155	45
39 Colfax Ave	0.65mi	4/2.0	1,557 (+11%)	17mo	$125,000	$80	38
4 Charles St	0.56mi	4/3.0	1,582 (+13%)	16mo	$200,000	$126	35

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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 3 active · 2 under contract
• Months of supply: 4.5 mo (22%/mo absorbed)
• Median asking: $144,900 ($115/sqft)
• Median days on market: 36 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -5.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 199
• 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

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

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

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 Lydia St Unit 2-F Binghamton, NY	1.0	1.0	650	$1,100	$1.69	70d	1	0.16mi
28 Lydia St Unit 1-R Binghamton, NY	2.0	1.0	770	$1,200	$1.56	93d	1	0.16mi
19 Mygatt St Apt 2 Binghamton, NY	1.0	1.0	—	$1,050	—	70d	1	0.24mi
19 Mygatt St Apt 8 Binghamton, NY	2.0	1.0	—	$1,200	—	70d	1	0.24mi
4 Erie St Unit 2 Binghamton, NY	3.0	1.0	1075	$1,200	$1.12	93d	1	0.41mi
167 Oak St Unit 1 Binghamton, NY	2.0	1.0	923	$1,300	$1.41	93d	1	0.45mi
110 Walnut St Unit 4 Binghamton, NY	2.0	1.0	—	$950	—	93d	1	0.52mi
32 Edwards St Unit T-1-2 Binghamton, NY	1.0	1.0	550	$600	$1.09	93d	1	0.53mi
32 Edwards St Unit E-1 Binghamton, NY	1.0	1.0	—	$750	—	93d	1	0.53mi
32 Edwards St Unit E-1-1 Binghamton, NY	1.0	1.0	625	$700	$1.12	93d	1	0.53mi
171 Chapin St Unit 3rd FL Binghamton, NY	2.0	1.0	1135	$1,500	$1.32	93d	1	0.56mi
100 Walnut St Unit 2-L Binghamton, NY	1.0	1.0	600	$850	$1.42	93d	1	0.57mi
100 Walnut St Unit 2R Binghamton, NY	1.0	1.0	500	$750	$1.50	93d	1	0.57mi
46 North St Unit 4 Binghamton, NY	2.0	1.0	1000	$1,600	$1.60	62d	1	0.57mi
19 Seymour St Apt 3 Binghamton, NY	1.0	1.0	—	$900	—	62d	1	0.60mi
5 Colfax Ave Binghamton, NY	1.0	1.0	300	$400	$1.33	62d	1	0.63mi
82 Walnut St Unit 5 Binghamton, NY	1.0	1.0	680	$950	$1.40	93d	1	0.67mi
82 Walnut St #7 Binghamton, NY	1.0	1.0	650	$900	$1.38	93d	1	0.67mi
14 Way St Unit 3 Binghamton, NY	1.0	1.0	—	$850	—	62d	1	0.71mi
186 State St Binghamton, NY	1.0	1.0	1600	$1,950	$1.22	93d	1	0.75mi
27 Cedar St Unit 4 Binghamton, NY	1.0	1.0	—	$850	—	62d	1	0.78mi
27 Cedar St Unit 1 Binghamton, NY	3.0	1.0	—	$1,200	—	62d	1	0.78mi
7 Court St Binghamton, NY	6.0	1.0–6.0	—	$1,060	—	62d	1	0.80mi
274 Chenango St Unit 1 Binghamton, NY	1.0	1.0	850	$1,200	$1.41	93d	1	0.81mi
274 Chenango St Unit 4 Binghamton, NY	1.0	1.0	550	$950	$1.73	62d	1	0.81mi
159 Washington St Binghamton, NY	1.0	1.0	725	$1,372	$1.89	93d	4	0.82mi
135 Beethoven St Unit 1 Binghamton, NY	1.0	1.0	—	$1,000	—	93d	1	0.85mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	93d	1	0.88mi
36 Haendel St Unit Second Floor Binghamton, NY	3.0	1.0	1200	$1,450	$1.21	93d	1	0.88mi
26 Doubleday St Binghamton, NY	2.0	1.0	1000	$1,350	$1.35	93d	1	0.90mi
26 Doubleday St #2 Binghamton, NY	2.0	1.0	850	$1,400	$1.65	93d	1	0.90mi
128 Washington St Apt 3F Binghamton, NY	1.0	1.0	500	$1,195	$2.39	62d	1	0.90mi
53 Seminary Ave Unit 1 Binghamton, NY	2.0	1.0	1722	$925	$0.54	70d	1	0.91mi
81 State St Binghamton, NY	3.0	2.0	—	$950	—	93d	1	0.91mi
81 State St Unit 2 Binghamton, NY	2.0	2.0	800	$1,000	$1.25	93d	1	0.91mi
120 Henry St Unit 2 Binghamton, NY	2.0	1.0	—	$1,300	—	93d	1	0.91mi
80 State St Binghamton, NY	1.0	1.0	—	$1,300	—	93d	1	0.92mi
30 Doubleday St Unit 4 Binghamton, NY	2.0	1.0	—	$1,100	—	93d	1	0.92mi
80 State St Unit A 3 Grand Studio Binghamton, NY	1.0	1.0	500	$950	$1.90	93d	1	0.94mi
80 State St Unit A 6 1 Bed Binghamton, NY	1.0	1.0	650	$1,000	$1.54	93d	1	0.94mi

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 waterPublic sewer220V electric service
• Home design: Duplex residential income propertyLevel lot
• Construction: Aluminum siding
• Exterior features: Covered porch

Interior

• Kitchen: OvenRangeRefrigeratorElectric water heater
• Bedrooms: Two 2-bedroom units
• Flooring: HardwoodVinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heatingNo central cooling
• Interior features: Electric water heaterOvenRangeRefrigerator

Listing history 23 events

1. 2026-06-28
   days on market $98,000 Active 60 DOM
2. 2026-06-27
   days on market $98,000 Active 59 DOM
3. 2026-06-25
   days on market $98,000 Active 57 DOM
4. 2026-06-23
   days on market $98,000 Active 55 DOM
5. 2026-06-21
   days on market $98,000 Active 54 DOM
6. 2026-06-19
   days on market $98,000 Active 52 DOM
7. 2026-06-18
   days on market $98,000 Active 51 DOM
8. 2026-06-17
   days on market $98,000 Active 50 DOM
9. 2026-06-16
   days on market $98,000 Active 49 DOM
10. 2026-06-15
    days on market $98,000 Active 48 DOM
11. 2026-06-14
    days on market $98,000 Active 46 DOM
12. 2026-06-13
    days on market $98,000 Active 45 DOM
13. 2026-06-10
    days on market $98,000 Active 43 DOM
14. 2026-06-09
    days on market $98,000 Active 42 DOM
15. 2026-06-08
    days on market $98,000 Active 41 DOM
16. 2026-06-07
    days on market $98,000 Active 40 DOM
17. 2026-06-03
    days on market $98,000 Active 36 DOM
18. 2026-06-02
    days on market $98,000 Active 35 DOM
19. 2026-06-01
    days on market $98,000 Active 34 DOM
20. 2026-05-31
    days on market $98,000 Active 33 DOM
21. 2026-05-30
    days on market $98,000 Active 32 DOM
22. 2026-04-28
    listed $98,000 Active 511-char remark
23. 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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab Est. rehab $35,050–$63,090 screening

This multi-family property requires significant repairs and updates to its roof, exterior, flooring, interior walls, HVAC, and landscaping. A comprehensive renovation is needed to improve its condition and increase its resale and rental value.

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — The roof appears to be old and possibly leaking, indicated by the dark patches on the ground.
• Major Windows (windows) — The windows seem to be old and possibly in need of replacement, as they appear to be in a state of disrepair.
• Major Electrical (electrical) — The electrical panel is not visible, but the house's age and the state of the exterior suggest it may be outdated and in need of replacement.
• Major Plumbing (plumbing) — The exterior of the house shows signs of water damage, which could indicate issues with the plumbing system.

Repairs flagged

• Major roof — The roof footprint suggests potential wear
• Major exterior — The roof footprint suggests potential wear
• Major flooring — The roof footprint suggests potential wear
• Major interior walls/paint — The roof footprint suggests potential wear
• Major HVAC/mechanicals — The roof footprint suggests potential wear
• Major landscaping/curb appeal — The roof footprint suggests potential wear

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and value ↑
• Both exterior painting — A fresh coat of paint would enhance curb appeal and value ↑
• Both HVAC system upgrade — A new HVAC system would improve comfort and energy efficiency ↑
• Both landscaping — A well-maintained yard would enhance curb appeal and attract tenants ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 41/100

Zoned Schools

Elementary Woodrow Wilson School F NY #2,004/2,108 Nat'l #35,051/41,679 Middle West Middle School F NY #537/729 Nat'l #8,750/14,009 High Binghamton High School A- NY #631/1,100 Nat'l #1,551/17,239

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

B Composite livability gradescore 78/100

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 · 187,989 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: 12% of renters

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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%

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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%

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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

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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

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 waterPublic sewer220V electric service
• Home design: Duplex residential income propertyLevel lot
• Construction: Aluminum siding
• Exterior features: Covered porch

Interior

• Kitchen: OvenRangeRefrigeratorElectric water heater
• Bedrooms: Two 2-bedroom units
• Flooring: HardwoodVinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heatingNo central cooling
• Interior features: Electric water heaterOvenRangeRefrigerator

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.