609 Spaulding St · Elmira, NY 14904

$106,000

3 bd · 1.0 ba · 1,326 sqft · SingleFamily public records · 103 Days on market

Built 1920 7,328 sqft lot $80/sqft · 13% above area Est $93k · 13% over

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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 +19.5/30.0
• 1% rule +7.1/10.0
• DSCR +6.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• ARV discount +1.5/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bank-Owned Opportunity with Charm and Potential! Welcome to this traditional three-bedroom, one-and-a-half-bathroom home brimming with character and charm! This bank-owned property is being sold as-is, providing you with a fantastic opportunity to personalize it to your taste. Step inside to discover the inviting formal entry that leads to a spacious formal dining room, perfect for entertaining. Enjoy the convenience of a first-floor laundry and a cozy den, providing ample living space for relaxation and gatherings. The kitchen boasts a delightful Butler’s pantry space, offering extra storage and a convenient workspace. Retaining its original character, this home features architectural details throughout. Outside, you'll appreciate the two-car detached garage and generous parking options for guests. Spacious sunroom and large deck perfect for entertaining. This home is equipped with modern amenities, including a high-efficiency furnace, central air conditioning, and a 200 amp electrical service—all essential for comfortable living. While it does require a little TLC, this property offers the perfect canvas to create your dream home.

Key facts

• Formal dining room
• Formal entry
• Butler's pantry

Tags

• FORMAL ENTRY
• FORMAL DINING ROOM
• FIRST-FLOOR LAUNDRY
• BUTLER'S PANTRY
• ARCHITECTURAL DETAILS
• TWO-CAR DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $106k.

Deal economics

• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $106k).
• Recommended offer: $96k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 10.1% in Elmira — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $733 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $85k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,460 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 7.66%
• Cash-on-cash: 4.90%
• DSCR: 1.22
• GRM: 6.9

CMA / ARV

• ARV (median comp): $93,463
• List price: $106,000
• Delta: 13.41%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
567 Riverside Ave	0.20mi	3/2.0	1,210 (-9%)	1mo	$145,000	$120	72
834 Maple Ave	0.43mi	3/2.0	1,246 (-6%)	1mo	$135,000	$108	65
708 Riverside Ave	0.20mi	4/1.5 (+1)	1,484 (+12%)	6mo	$83,000	$56	58
115 Willys St	0.53mi	3/1.0	1,206 (-9%)	3mo	$84,900	$70	58
420 Schuyler Ave	0.51mi	3/1.0	1,152 (-13%)	2mo	$154,148	$134	52
433 Schuyler Ave	0.52mi	3/1.0	1,156 (-13%)	5mo	$140,500	$122	50
418 Milton St	0.63mi	3/1.0	1,178 (-11%)	4mo	$155,000	$132	49
523 Gaines St	0.53mi	4/1.0 (+1)	1,163 (-12%)	2mo	$94,000	$81	48
750 S Main St	0.65mi	2/1.5 (-1)	1,216 (-8%)	6mo	$72,000	$59	44
310 Cottage Pl	0.71mi	3/1.0	1,178 (-11%)	6mo	$32,000	$27	43
309 Broadway St	0.73mi	4/1.0 (+1)	1,468 (+11%)	3mo	$78,000	$53	41
541 Gaines St	0.61mi	4/1.0 (+1)	1,128 (-15%)	4mo	$93,000	$82	38

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: -8.6%
• Equity multiple: 0.69×
• Total profit: $-9,347
• Equity at exit: $15,805

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $2,271
• Equity at exit: $9,165

Cash invested: $29,680 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,284 high
• Mortgage (P&I): −$556
• Tax from tax record: −$293 /mo · $3,521/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $121

Break-even live

Break-even rent $1,131

Max offer price $106,000

Occupancy floor 86%

Sensitivity live

Price	-10% $181	-5% $151	+0% $121	+5% $91	+10% $61
Rent	-10% $20	-5% $70	+0% $121	+5% $172	+10% $223
Rate	-1.0pp $174	-0.5pp $148	base $121	+0.5pp $94	+1.0pp $66

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: $26,500
• Closing costs: $3,180
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	44d	1	0.42mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	44d	1	0.80mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	44d	1	0.97mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.06mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	1.31mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	44d	1	1.31mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	44d	1	1.31mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	1.36mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	44d	1	1.42mi
1254 Charles St Elmira, NY	2.0	1.0	1560	$1,350	$0.87	44d	1	1.44mi

Listing history 6 events

1. 2026-05-05
   status Pending 1165-char remark

   Show marketing remark (1165 chars)

   Bank-Owned Opportunity with Charm and Potential! Welcome to this traditional three-bedroom, one-and-a-half-bathroom home brimming with character and charm! This bank-owned property is being sold as-is, providing you with a fantastic opportunity to personalize it to your taste. Step inside to discover the inviting formal entry that leads to a spacious formal dining room, perfect for entertaining. Enjoy the convenience of a first-floor laundry and a cozy den, providing ample living space for relaxation and gatherings. The kitchen boasts a delightful Butler’s pantry space, offering extra storage and a convenient workspace. Retaining its original character, this home features architectural details throughout. Outside, you'll appreciate the two-car detached garage and generous parking options for guests. Spacious sunroom and large deck perfect for entertaining. This home is equipped with modern amenities, including a high-efficiency furnace, central air conditioning, and a 200 amp electrical service—all essential for comfortable living. While it does require a little TLC, this property offers the perfect canvas to create your dream home.

2. 2026-01-22
   listed $106,000 Active 1165-char remark

   Show marketing remark (1165 chars)

   Bank-Owned Opportunity with Charm and Potential! Welcome to this traditional three-bedroom, one-and-a-half-bathroom home brimming with character and charm! This bank-owned property is being sold as-is, providing you with a fantastic opportunity to personalize it to your taste. Step inside to discover the inviting formal entry that leads to a spacious formal dining room, perfect for entertaining. Enjoy the convenience of a first-floor laundry and a cozy den, providing ample living space for relaxation and gatherings. The kitchen boasts a delightful Butler’s pantry space, offering extra storage and a convenient workspace. Retaining its original character, this home features architectural details throughout. Outside, you'll appreciate the two-car detached garage and generous parking options for guests. Spacious sunroom and large deck perfect for entertaining. This home is equipped with modern amenities, including a high-efficiency furnace, central air conditioning, and a 200 amp electrical service—all essential for comfortable living. While it does require a little TLC, this property offers the perfect canvas to create your dream home.

3. 2020-08-21
   soldstatus $84,600
4. 2020-08-05
   soldstatus $90,000 517-char remark

   Show marketing remark (517 chars)

   Incredible care and updates for this beautiful-traditional 3 bedroom, 1 bath home. Filled with character, this home offers several spaces you rarely find. Butler's pantry space, first floor laundry, formal entry, formal dining, added den/family room space, along with 2 car detached garage, plenty of parking, vinyl sided, architectural shingles, h/e furnace and central a/c, 200 amp electrical service, deck with awning and more. Do not miss this opportunity to put the finishing touches on such a spectacular home.

5. 2020-06-03
   listed $84,900 517-char remark

   Show marketing remark (517 chars)

   Incredible care and updates for this beautiful-traditional 3 bedroom, 1 bath home. Filled with character, this home offers several spaces you rarely find. Butler's pantry space, first floor laundry, formal entry, formal dining, added den/family room space, along with 2 car detached garage, plenty of parking, vinyl sided, architectural shingles, h/e furnace and central a/c, 200 amp electrical service, deck with awning and more. Do not miss this opportunity to put the finishing touches on such a spectacular home.

6. 1991-05-20
   soldstatus $51,500

ⓘ 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: $3,521 · $293/mo
• Projected year-2 tax: $3,521 · $293/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 6/10 Major FEMA zone X (shaded) · 70% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $15,411
• − Mortgage interest: −$5,938
• − Property taxes: −$3,521
• − Insurance: −$530
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − Depreciation: −$3,084
• Taxable loss: −$127
• Est. tax savings @ 24.0%: +$31
• After-tax cash flow: $1,483/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

+105.8% since first listed

6 events — show timeline

• 2026-05-05 Pending — UNYREIS
• 2026-01-22 Listed $106,000 UNYREIS
• 2020-08-21 Sold (Public Records) $84,600 Public Records
• 2020-08-05 Sold (MLS) $90,000 UNYREIS
• 2020-06-03 Listed $84,900 UNYREIS
• 1991-05-20 Sold (Public Records) $51,500 Public Records

Property tax history

+9.6%/yr

Latest (2025): $3,521 · -14.2% YoY. Source: county tax records.