14 Wales Ave · Binghamton, NY 13901

$135,000

6 bd · 2.0 ba · 2,654 sqft · MultiFamily public records · 79 Days on market

Built 1926 3,049 sqft lot Est $157k · 14% 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 +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Super sized Two Family in quiet neighborhood. Second floor in excellent condition and currently occupied. 1st floor needs TLC. Second floor can only be shown on week ends

Key facts

• Separate utilities
• New furnace
• Close to amenities

Tags

• COVERED FRONT PORCHES
• WASHER AND DRYER HOOKUPS
• SEPARATE UTILITIES
• NEW FURNACE
• DRIVEWAY ON LEFT SIDE
• CLOSE TO AMENITIES

Property features AI

Finance

• Other: Property used for residential income
• Financial info: Each unit currently reporting $900 rent (actual/total shown for one unit)

Exterior

• Parking: Driveway; On-street parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex residential income property; Level lot; Zoned Residential Multi Unit
• Construction: Shake siding; Above-grade finished area approximately 2,654
• Exterior features: Covered porch

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two units each with 3 bedrooms
• Flooring: Hardwood floors; Laminate floors
• Bathrooms: One full bathroom in each unit; Total of 2 full bathrooms (1 per unit)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: High speed internet; Insulated windows
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $755/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.7% 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: Theodore Roosevelt School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 345 students, 74% FRL).
• Market conditions: 92 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $933 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $25k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $135k implies a 221% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% 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 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.29% ✓
• Cap rate: 19.71%
• Cash-on-cash: 47.93%
• DSCR: 3.13
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $156,586
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Wales Ave	0.00mi	6/2.0	2,654 (0%)	1mo	$108,000	$41	99
23 Robinson St	0.12mi	7/4.0 (+1)	2,612 (-2%)	3mo	$90,000	$34	76
121 Eldredge St	0.03mi	5/3.5 (-1)	2,508 (-6%)	16mo	$230,000	$92	65
16 Ely St	0.53mi	6/2.0	2,800 (+6%)	10mo	$75,000	$27	58
32 Doubleday St	0.15mi	6/2.0	2,277 (-14%)	17mo	$200,000	$88	55
54 & 56 Griswold St	0.44mi	6/2.0	3,048 (+15%)	3mo	$216,000	$71	52
93 Pine St	0.24mi	5/2.5 (-1)	3,040 (+14%)	6mo	$120,000	$39	52
42 Moeller St	0.73mi	6/2.0	2,584 (-3%)	15mo	$170,000	$66	49
196 Hawley St	0.46mi	6/2.0	2,984 (+12%)	15mo	$127,000	$43	45
5 Otseningo St	0.56mi	6/2.0	2,380 (-10%)	16mo	$194,000	$82	43
19 Moeller St	0.70mi	5/2.0 (-1)	2,356 (-11%)	4mo	$140,000	$59	40
64 Louisa St	0.72mi	5/3.0 (-1)	2,326 (-12%)	1mo	$105,000	$45	36

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: 45.4%
• Equity multiple: 2.97×
• Total profit: $74,326
• Equity at exit: $20,129

10-year hold

• IRR: 51.3%
• Equity multiple: 5.99×
• Total profit: $188,727
• Equity at exit: $11,672

Cash invested: $37,800 (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 13901

• Home prices YoY: -5.1%
• Active inventory: 92
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,092 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$649
• Net cashflow: $1,510

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,603	-5% $1,556	+0% $1,510	+5% $1,463	+10% $1,416
Rent	-10% $1,265	-5% $1,388	+0% $1,510	+5% $1,632	+10% $1,754
Rate	-1.0pp $1,578	-0.5pp $1,544	base $1,510	+0.5pp $1,475	+1.0pp $1,439

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,092
Total (2 units)			$3,092

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
90 Conklin Ave Binghamton, NY	5.0	2.0	2000	$575	$0.29	14d	1	0.98mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	44d	1	1.06mi
2 Chapel Pl Binghamton, NY	6.0	3.0	2600	$650	$0.25	44d	1	1.22mi
607 Chenango St Binghamton, NY	5.0	2.5	2500	$2,800	$1.12	14d	1	1.29mi
19 Edwards St Binghamton, NY	7.0	3.0	2989	$600	$0.20	44d	1	1.35mi
44 Leroy St Binghamton, NY	6.0	2.0	1772	$3,000	$1.69	22d	1	1.39mi

Listing history 8 events

1. 2026-04-30
   status Pending
2. 2026-04-10
   historical Active Under Contract
3. 2026-03-20
   status Pending
4. 2026-03-03
   price $135,000
5. 2026-02-03
   price $155,000
6. 2026-01-19
   listed $160,000 Active
7. 2021-02-16
   soldstatus $42,000 170-char remark

   Show marketing remark (170 chars)

   Super sized Two Family in quiet neighborhood. Second floor in excellent condition and currently occupied. 1st floor needs TLC. Second floor can only be shown on week ends

8. 2019-08-28
   listed $49,900 170-char remark

   Show marketing remark (170 chars)

   Super sized Two Family in quiet neighborhood. Second floor in excellent condition and currently occupied. 1st floor needs TLC. Second floor can only be shown on week ends

ⓘ 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 · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°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: $37,104
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$2,968
• − Management: −$2,968
• − Depreciation: −$3,927
• Taxable income: $16,978
• Est. tax owed @ 24.0%: −$4,075
• After-tax cash flow: $14,042/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): 19,613
• Household income: $55,523
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 1230.0

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 (80%)
• Race & ethnicity: White 80% Two or more races 7% Hispanic / Latino 7% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -16.13%
• Current HPI: 300.7692
• Rent YoY: —
• 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

+170.5% since first listed

8 events — show timeline

• 2026-04-30 Pending — GBAOR
• 2026-04-10 Contingent — GBAOR
• 2026-03-20 Pending — GBAOR
• 2026-03-03 Price Changed $135,000 GBAOR
• 2026-02-03 Price Changed $155,000 GBAOR
• 2026-01-19 Listed $160,000 GBAOR
• 2021-02-16 Sold (MLS) $42,000 GBAOR
• 2019-08-28 Listed $49,900 GBAOR

Property tax history

+37.2%/yr

Latest (2025): $6,960 · +0.9% YoY. Source: county tax records.