273 W Chemung Pl · Elmira, NY 14904

$64,900

4 bd · 3.0 ba · 2,449 sqft · MultiFamily public records · 57 Days on market

Built 1900 3,402 sqft lot $27/sqft · 49% below area Est $128k · 49% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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 MLS

Nice corner lot. Great income potential, investment, needs SOME TLC. . Don't let this one slip by!

Key facts

• Newer roof
• 3,402 sq ft lot
• Built 1900

Tags

• NEWER ROOF

Property features AI

Finance

• Other: Operating expense details: see remarks
• Financial info: All utilities paid by owner; Each unit currently listed with $650 actual rent (three units)

Exterior

• Parking: On-street parking
• Utilities: Electricity connected; Sewer connected; Public water connected; Cable available; High-speed internet available
• Home design: 2-story multifamily building; Resale property; Shingle roof
• Construction: Wood siding construction; Existing (previously built)
• Exterior features: Irregular residential lot; City street frontage; Lot dimensions approximately 63 x 54

Interior

• Kitchen: Eat-in kitchens in each unit
• Bedrooms: One 2-bedroom unit; Two 1-bedroom units
• Flooring: Hardwood; Vinyl; Varies
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating; Forced air
• Interior features: Ceiling fan(s)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $65k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 49.7% vs local median 10.1% in Elmira — 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 62/100 on livability (#832 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Elmira City School District (urban): math 23% / reading 35% proficiency, ranked #580 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 101 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $14k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $65k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $62,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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. 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.
7. 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.
8. 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: 5.45% ✓
• Cap rate: 49.65%
• Cash-on-cash: 154.85%
• DSCR: 7.89
• GRM: 1.5

CMA / ARV

• ARV (median comp): $127,604
• List price: $64,900
• Delta: -49.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 Harmon St	0.11mi	4/2.0	2,095 (-14%)	3mo	$24,900	$12	64
407 Elm St	0.60mi	4/2.0	2,372 (-3%)	5mo	$105,000	$44	59
109 Harmon St	0.11mi	4/2.0	2,155 (-12%)	15mo	$45,000	$21	58
356 W Second St	0.52mi	5/3.0 (+1)	2,560 (+4%)	8mo	$120,000	$47	57
514 W Gray St	0.50mi	4/2.0	2,672 (+9%)	5mo	$167,000	$63	54
360 Davis St	0.50mi	5/3.0 (+1)	2,363 (-4%)	16mo	$68,000	$29	53
502 Davis St	0.62mi	4/2.0	2,527 (+3%)	15mo	$36,000	$14	49
401 Franklin St	0.54mi	5/2.0 (+1)	2,505 (+2%)	17mo	$70,000	$28	48
303 W Clinton St	0.67mi	4/2.0	2,191 (-10%)	15mo	$40,000	$18	35
406 Baty St	0.74mi	4/2.0	2,548 (+4%)	24mo	$75,000	$29	35
307 South Ave	0.66mi	5/2.0 (+1)	2,168 (-12%)	12mo	$100,000	$46	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.64×
• Total profit: $138,887
• Equity at exit: $9,677

10-year hold

• IRR: —
• Equity multiple: 18.25×
• Total profit: $313,469
• Equity at exit: $5,611

Cash invested: $18,172 (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 14904

• Home prices YoY: -9.6%
• Active inventory: 101
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $3,536 high
• Mortgage (P&I): −$340
• Tax est. 1.5%: −$81 /mo · $974/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$743
• Net cashflow: $2,345

Break-even live

Break-even rent $568

Max offer price $64,900

Occupancy floor 29%

Sensitivity live

Price	-10% $2,390	-5% $2,367	+0% $2,345	+5% $2,323	+10% $2,300
Rent	-10% $2,066	-5% $2,205	+0% $2,345	+5% $2,485	+10% $2,624
Rate	-1.0pp $2,378	-0.5pp $2,361	base $2,345	+0.5pp $2,328	+1.0pp $2,311

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,340
1× unit	2	1	$1,197
Total (3 units)			$3,536

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	0.64mi

Listing history 26 events

1. 2026-06-19
   days on market $64,900 Active 57 DOM
2. 2026-06-18
   days on market $64,900 Active 56 DOM
3. 2026-06-17
   days on market $64,900 Active 55 DOM
4. 2026-06-16
   days on market $64,900 Active 54 DOM
5. 2026-06-15
   days on market $64,900 Active 53 DOM
6. 2026-06-14
   days on market $64,900 Active 51 DOM
7. 2026-06-12
   days on market $64,900 Active 50 DOM
8. 2026-06-09
   days on market $64,900 Active 47 DOM
9. 2026-06-08
   days on market $64,900 Active 46 DOM
10. 2026-06-07
    days on market $64,900 Active 45 DOM
11. 2026-06-05
    days on market $64,900 Active 42 DOM
12. 2026-06-03
    days on market $64,900 Active 41 DOM
13. 2026-06-02
    days on market $64,900 Active 40 DOM
14. 2026-06-01
    days on market $64,900 Active 39 DOM
15. 2026-05-31
    days on market $64,900 Active 38 DOM
16. 2026-05-30
    days on market $64,900 Active 37 DOM
17. 2026-05-14
    price $64,900 186-char remark
18. 2026-04-23
    listed $79,000 Active 186-char remark
19. 2021-09-27
    soldstatus $30,000 98-char remark

    Show marketing remark (98 chars)

    Nice corner lot. Great income potential, investment, needs SOME TLC. . Don't let this one slip by!

20. 2021-09-23
    soldstatus $30,000
21. 2021-05-14
    listed $39,900 98-char remark

    Show marketing remark (98 chars)

    Nice corner lot. Great income potential, investment, needs SOME TLC. . Don't let this one slip by!

22. 2016-08-03
    historical
23. 2015-08-07
    listed $62,000
24. 2015-07-31
    historical
25. 2013-10-07
    listed $67,000
26. 2003-02-03
    soldstatus $28,900

ⓘ 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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,432
• − Mortgage interest: −$3,635
• − Property taxes: −$974
• − Insurance: −$324
• − Repairs & maintenance: −$3,395
• − Management: −$3,395
• − Depreciation: −$1,888
• Taxable income: $28,821
• Est. tax owed @ 24.0%: −$6,917
• After-tax cash flow: $21,222/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: Elmira City School District
• NCES district ID: 3610560
• Math proficiency: 23% ▼ -7.00%
• Reading proficiency: 35% ▲ 7.00%
• Median HH income: $40,180
• Composite: 24.39/100
• National rank: #7688
• State rank: #580 of 590 in NY

Livability — Elmira

• Score: 62/100
• State rank: #832
• US rank: #16139

Category grades

Amenities F Commute F 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: Elmira, NY
• City population: 14,276
• Population (ZIP): 14,276

Population outlook (Chemung County) Hauer SSP2

• Today (2025): 82,931 people
• By 2030: 80,356 · -3.1%
• By 2040: 74,745 · -9.9%
• By 2050: 69,012 · -16.8%
• By 2075: 55,689 · -32.8%
• By 2100: 41,428 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 7% Hispanic / Latino 5% Native American 1%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, Jamaica, Dominican Republic
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Chemung

• 2024 margin: R (+16.8) · D 41.6% · R 58.4%
• 2008→2024 swing: -15.6pp toward R · 2008: -1.2pp · 2024: -16.8pp
• All cycles: 2024: R+16.8 2020: R+13.4 2016: R+20.0 2012: R+2.9 2008: R+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.33%
• Current HPI: 220.688
• 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

+124.6% since first listed

10 events — show timeline

• 2026-05-14 Price Changed $64,900 UNYREIS
• 2026-04-23 Listed $79,000 UNYREIS
• 2021-09-27 Sold (MLS) $30,000 UNYREIS
• 2021-09-23 Sold (Public Records) $30,000 Public Records
• 2021-05-14 Listed $39,900 UNYREIS
• 2016-08-03 Listing Removed — UNYREIS
• 2015-08-07 Listed $62,000 UNYREIS
• 2015-07-31 Listing Removed — UNYREIS
• 2013-10-07 Listed $67,000 UNYREIS
• 2003-02-03 Sold (Public Records) $28,900 Public Records

Property tax history

+8.7%/yr

Latest (2025): $3,465 · -20.6% YoY. Source: county tax records.