9 Hancock St · Binghamton, NY 13903

$195,000

3 bd · 2.0 ba · 1,628 sqft · MultiFamily public records · 41 Days on market

Built 1900 6,098 sqft lot Est $130k · 50% over

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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 +22.6/30.0
• Appreciation +10.0/10.0
• 1% rule +7.4/10.0
• DSCR +7.3/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Nice two family on a fully fenced lot with separate utilities. Each unit has two bedrooms, large living room & kitchen and plenty of closet space. Hardwood floors, updated bathrooms, updated boilers. Electric, plumbing, windows & water heaters have been updated. Large private yard and oversized detached garage. Convenient location, could be great investment or owner occupy!

Key facts

• Two-family home
• Large private lot
• Outdoor space

Tags

• TWO-FAMILY HOME
• HARDWOOD FLOORS
• LARGE PRIVATE LOT
• FULLY FENCED YARD
• OUTDOOR SPACE
• CONVENIENTLY LOCATED

Property features AI

Finance

• Financial info: Two 2-bedroom/1-bath units; one unit listed with actual rent $950

Exterior

• Parking: Detached oversized garage; Driveway; Garage with 1 parking space
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex residential income property
• Construction: Aluminum siding; Wood siding
• Exterior features: Deck; Covered porch; Enclosed porch; Fenced yard; Level lot

Interior

• Kitchen: Gas water heater (serves kitchen appliances)
• Bedrooms: Two-bedroom units (each unit listed as 2 bedrooms)
• Flooring: Hardwood flooring; Laminate flooring
• Bathrooms: One full bathroom in each unit; Two full bathrooms total on property
• Heating & cooling: Baseboard heating; Ceiling fan(s) for cooling
• Interior features: Storm windows; Insulated windows; Gas water heater; Basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive. Per door: $166/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.

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: Benjamin Franklin Elementary School (math 17% / reading 32%, grade F, #1,846 of 2,108 statewide, top 91%, 399 students, 75% FRL); Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Zoned-school proficiency averages 50% at this address vs 37% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Binghamton City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 112 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $39k; list at $195k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.24% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.32%
• DSCR: 1.33
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $130,240
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8 Grand St	0.19mi	4/2.0 (+1)	1,788 (+10%)	2mo	$105,000	$59	68
2 Carlton St	0.02mi	4/2.0 (+1)	1,728 (+6%)	20mo	$175,000	$101	67
6 Jay St St	0.46mi	4/2.0 (+1)	1,687 (+4%)	0mo	$140,000	$83	67
34 Evans St	0.36mi	4/2.0 (+1)	1,752 (+8%)	10mo	$42,000	$24	57
51 Tremont Ave	0.38mi	4/2.0 (+1)	1,440 (-12%)	4mo	$70,000	$49	55
91 Mary St	0.58mi	4/2.0 (+1)	1,656 (+2%)	16mo	$132,000	$80	52
142 Hawley St	0.42mi	3/2.0	1,820 (+12%)	14mo	$84,000	$46	49
29 Pearl Ave	0.48mi	3/2.0	1,440 (-12%)	22mo	$143,000	$99	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.6%
• Equity multiple: 3.34×
• Total profit: $127,589
• Equity at exit: $175,671

10-year hold

• IRR: 25.7%
• Equity multiple: 7.58×
• Total profit: $359,415
• Equity at exit: $378,842

Cash invested: $54,600 (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 13903

• Home prices YoY: 4.3%
• Active inventory: 112
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,427 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$481 /mo · $5,767/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $333

Break-even live

Break-even rent $2,006

Max offer price $195,000

Occupancy floor 81%

Sensitivity live

Price	-10% $443	-5% $388	+0% $333	+5% $278	+10% $223
Rent	-10% $141	-5% $237	+0% $333	+5% $429	+10% $525
Rate	-1.0pp $431	-0.5pp $383	base $333	+0.5pp $282	+1.0pp $231

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,426
Total (2 units)			$2,427

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86 Conklin Ave Binghamton, NY	3.0	1.0	1316	$1,600	$1.22	15d	1	0.16mi
1 Euclid Ave Unit 1 Binghamton, NY	3.0	1.0	1100	$1,500	$1.36	45d	1	0.21mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	45d	1	0.46mi
71 Mary St Unit 2 Binghamton, NY	2.0	1.0	1100	$1,300	$1.18	15d	1	0.49mi
33 Fayette St Unit 22 Binghamton, NY	2.0	1.0	1350	$1,100	$0.81	15d	1	0.53mi
136 Court St Unit 2 Binghamton, NY	4.0	1.0	1373	$3,000	$2.18	45d	1	0.55mi
31 Indiana St Binghamton, NY	3.0	1.5	1232	$1,500	$1.22	45d	1	0.90mi
171 Chapin St Unit 2nd FL Binghamton, NY	4.0	2.0	1135	$3,000	$2.64	45d	1	1.15mi
171 Chapin St Unit 3rd FL Binghamton, NY	2.0	1.0	1135	$1,500	$1.32	45d	1	1.15mi
171 Chapin St Unit 1st FL Binghamton, NY	4.0	1.5	1400	$3,000	$2.14	45d	1	1.15mi
198 Chapin St Binghamton, NY	4.0	2.0	1500	$1,700	$1.13	23d	1	1.18mi
53 Seminary Ave Unit 1 Binghamton, NY	2.0	1.0	1722	$925	$0.54	23d	1	1.18mi
5 Arthur St Unit 2 Binghamton, NY	4.0	1.0	1200	$1,800	$1.50	45d	1	1.19mi
73 Leroy St Unit 02 Binghamton, NY	3.0	1.0	1100	$1,950	$1.77	45d	1	1.21mi
4 Erie St Unit 2 Binghamton, NY	3.0	1.0	1075	$1,200	$1.12	45d	1	1.30mi
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	45d	1	1.31mi
29 Laurel Ave Unit 2 Binghamton, NY	3.0	1.5	1500	$2,250	$1.50	45d	1	1.37mi
50 Lathrop Ave Unit 2 Binghamton, NY	3.0	1.0	1250	$1,600	$1.28	15d	1	1.46mi

Listing history 24 events

1. 2026-06-21
   days on market $195,000 Active 41 DOM
2. 2026-06-19
   days on market $195,000 Active 39 DOM
3. 2026-06-18
   days on market $195,000 Active 38 DOM
4. 2026-06-17
   days on market $195,000 Active 37 DOM
5. 2026-06-16
   days on market $195,000 Active 36 DOM
6. 2026-06-15
   days on market $195,000 Active 35 DOM
7. 2026-06-14
   days on market $195,000 Active 33 DOM
8. 2026-06-13
   days on market $195,000 Active 32 DOM
9. 2026-06-10
   days on market $195,000 Active 30 DOM
10. 2026-06-09
    days on market $195,000 Active 29 DOM
11. 2026-06-08
    days on market $195,000 Active 28 DOM
12. 2026-06-07
    days on market $195,000 Active 27 DOM
13. 2026-06-03
    days on market $195,000 Active 23 DOM
14. 2026-06-02
    days on market $195,000 Active 22 DOM
15. 2026-06-01
    days on market $195,000 Active 21 DOM
16. 2026-05-31
    days on market $195,000 Active 20 DOM
17. 2026-05-30
    days on market $195,000 Active 19 DOM
18. 2026-05-20
    status Active
19. 2026-05-15
    historical Active Under Contract
20. 2026-05-11
    price $195,000
21. 2026-05-11
    listed $180,000 Active
22. 2016-10-14
    soldstatus $39,000 388-char remark

    Show marketing remark (388 chars)

    Nice two family on a fully fenced lot with separate utilities. Each unit has two bedrooms, large living room & kitchen and plenty of closet space. Hardwood floors, updated bathrooms, updated boilers. Electric, plumbing, windows & water heaters have been updated. Large private yard and oversized detached garage. Convenient location, could be great investment or owner occupy!

23. 2016-07-23
    listed $49,900 388-char remark

    Show marketing remark (388 chars)

    Nice two family on a fully fenced lot with separate utilities. Each unit has two bedrooms, large living room & kitchen and plenty of closet space. Hardwood floors, updated bathrooms, updated boilers. Electric, plumbing, windows & water heaters have been updated. Large private yard and oversized detached garage. Convenient location, could be great investment or owner occupy!

24. 2005-01-20
    soldstatus $55,000

ⓘ 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: $5,767 · $481/mo
• Projected year-2 tax: $5,767 · $481/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°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: $29,124
• − Mortgage interest: −$10,923
• − Property taxes: −$5,767
• − Insurance: −$975
• − Repairs & maintenance: −$2,330
• − Management: −$2,330
• − Depreciation: −$5,673
• Taxable income: $1,127
• Est. tax owed @ 24.0%: −$270
• After-tax cash flow: $3,725/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): 17,569
• Household income: $66,278
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 602.0

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% Black 9% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 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: ▲ 11.68%
• Current HPI: 286.1001
• 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

+254.5% since first listed

7 events — show timeline

• 2026-05-20 Relisted — GBAOR
• 2026-05-15 Contingent — GBAOR
• 2026-05-11 Price Changed $195,000 GBAOR
• 2026-05-11 Listed $180,000 GBAOR
• 2016-10-14 Sold (MLS) $39,000 GBAOR
• 2016-07-23 Listed $49,900 GBAOR
• 2005-01-20 Sold (Public Records) $55,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $5,767 · +0.9% YoY. Source: county tax records.