32 Farr Ave · Johnson City, NY 13790

$175,000

6 bd · 2.0 ba · 2,280 sqft · MultiFamily public records · 114 Days on market

Built 1920 3,920 sqft lot $77/sqft · 46% below area Est $323k · 46% 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 +27.7/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +9.8/10.0
• 1% rule +8.1/10.0
• Rent growth +4.9/5.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

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

Excellent opportunity for investors or owner-occupants alike. This property features separate utilities and a left-side unit with recent updates. Ideally located near shopping, dining options, and the pharmacy school for added convenience.

Key facts

• Recent updates
• Near dining options
• Near pharmacy school

Tags

• RECENT UPDATES
• NEAR SHOPPING
• NEAR DINING OPTIONS
• NEAR PHARMACY SCHOOL

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 6.2% in Johnson City — 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 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.5%/yr); 99 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k 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 + 8.0% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $175k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; 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 $159,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
7. 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.
8. 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.
9. 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: 1.31% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.93%
• DSCR: 1.58
• GRM: 6.3

CMA / ARV

• ARV (median comp): $323,327
• List price: $175,000
• Delta: -45.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
191 West End Ave	0.25mi	6/2.0	2,196 (-4%)	7mo	$81,000	$37	76
6 Lawton Ave	0.31mi	6/2.0	2,400 (+5%)	4mo	$205,000	$85	73
184 West End Ave	0.29mi	5/2.0 (-1)	2,400 (+5%)	7mo	$178,500	$74	67
133 Crestmont Rd	0.58mi	6/2.0	2,202 (-3%)	5mo	$235,000	$107	63
215 Floral Ave	0.34mi	6/2.0	2,041 (-10%)	9mo	$240,000	$118	60
143 Harrison St	0.36mi	5/3.0 (-1)	2,127 (-7%)	11mo	$224,720	$106	54
65 Lake Ave	0.45mi	5/3.0 (-1)	2,160 (-5%)	13mo	$160,000	$74	51
387 Riverside Dr	0.71mi	5/3.0 (-1)	2,130 (-7%)	1mo	$153,300	$72	46
106 Grand Blvd	0.34mi	6/4.0	2,580 (+13%)	10mo	$300,000	$116	46
207 Saint Charles St	0.45mi	6/3.0	2,550 (+12%)	15mo	$179,000	$70	43
15 Orchard Ave	0.65mi	5/3.5 (-1)	2,084 (-9%)	2mo	$285,000	$137	42
12 Narwood St	0.64mi	5/3.0 (-1)	2,500 (+10%)	11mo	$235,000	$94	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 35.3%
• Equity multiple: 3.81×
• Total profit: $137,657
• Equity at exit: $157,654

10-year hold

• IRR: 32.3%
• Equity multiple: 9.41×
• Total profit: $412,016
• Equity at exit: $339,987

Cash invested: $49,000 (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 13790

• Home prices YoY: 6.8%
• Rents YoY: 9.5%
• Active inventory: 99
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,297 high
• Mortgage (P&I): −$918
• Tax from tax record: −$296 /mo · $3,552/yr
• Insurance: −$73
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $472

Break-even live

Break-even rent $1,699

Max offer price $175,000

Occupancy floor 74%

Sensitivity live

Price	-10% $572	-5% $522	+0% $472	+5% $423	+10% $373
Rent	-10% $291	-5% $382	+0% $472	+5% $563	+10% $654
Rate	-1.0pp $561	-0.5pp $517	base $472	+0.5pp $427	+1.0pp $381

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,296
Total (2 units)			$2,297

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Highland Ave Unit 2 Binghamton, NY	6.0	1.0	2000	$2,750	$1.38	44d	1	1.01mi
19 Edwards St Binghamton, NY	7.0	3.0	2989	$600	$0.20	44d	1	1.44mi

Listing history 26 events

1. 2026-06-19
   days on market $175,000 Active 114 DOM
2. 2026-06-18
   days on market $175,000 Active 113 DOM
3. 2026-06-17
   days on market $175,000 Active 112 DOM
4. 2026-06-16
   days on market $175,000 Active 111 DOM
5. 2026-06-15
   days on market $175,000 Active 110 DOM
6. 2026-06-14
   days on market $175,000 Active 108 DOM
7. 2026-06-13
   days on market $175,000 Active 107 DOM
8. 2026-06-10
   days on market $175,000 Active 105 DOM
9. 2026-06-09
   days on market $175,000 Active 104 DOM
10. 2026-06-09
    price $175,000 Active 103 DOM
11. 2026-06-08
    days on market $185,000 Active 103 DOM
12. 2026-06-07
    days on market $185,000 Active 102 DOM
13. 2026-06-05
    days on market $185,000 Active 99 DOM
14. 2026-06-03
    days on market $185,000 Active 98 DOM
15. 2026-06-02
    days on market $185,000 Active 97 DOM
16. 2026-06-01
    days on market $185,000 Active 96 DOM
17. 2026-05-31
    days on market $185,000 Active 95 DOM
18. 2026-05-30
    days on market $185,000 Active 94 DOM
19. 2026-05-13
    price $195,000 239-char remark

    Show marketing remark (239 chars)

    Excellent opportunity for investors or owner-occupants alike. This property features separate utilities and a left-side unit with recent updates. Ideally located near shopping, dining options, and the pharmacy school for added convenience.

20. 2026-04-23
    status Active 239-char remark

    Show marketing remark (239 chars)

    Excellent opportunity for investors or owner-occupants alike. This property features separate utilities and a left-side unit with recent updates. Ideally located near shopping, dining options, and the pharmacy school for added convenience.

21. 2026-04-03
    historical Active Under Contract 239-char remark

    Show marketing remark (239 chars)

    Excellent opportunity for investors or owner-occupants alike. This property features separate utilities and a left-side unit with recent updates. Ideally located near shopping, dining options, and the pharmacy school for added convenience.

22. 2026-03-23
    price $200,000 239-char remark

    Show marketing remark (239 chars)

    Excellent opportunity for investors or owner-occupants alike. This property features separate utilities and a left-side unit with recent updates. Ideally located near shopping, dining options, and the pharmacy school for added convenience.

23. 2026-02-20
    listed $225,000 Active 239-char remark

    Show marketing remark (239 chars)

    Excellent opportunity for investors or owner-occupants alike. This property features separate utilities and a left-side unit with recent updates. Ideally located near shopping, dining options, and the pharmacy school for added convenience.

24. 2023-02-02
    soldstatus $65,000
25. 2019-01-17
    soldstatus $52,000
26. 2003-06-02
    soldstatus $38,500

ⓘ 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: $3,552 · $296/mo
• Projected year-2 tax: $3,552 · $296/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 7/10 Severe FEMA zone X · 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 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: $27,564
• − Mortgage interest: −$9,803
• − Property taxes: −$3,552
• − Insurance: −$1,542
• − Repairs & maintenance: −$2,205
• − Management: −$2,205
• − Depreciation: −$5,091
• Taxable income: $3,167
• Est. tax owed @ 24.0%: −$760
• After-tax cash flow: $4,910/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: Johnson City Central School District
• NCES district ID: 3615900
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $40,514
• Composite: 33.17/100
• National rank: #5545
• State rank: #535 of 590 in NY

Livability — Johnson City

• Score: 76/100
• State rank: #238
• US rank: #3739

Category grades

Amenities C Commute A- Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, NY
• County: Broome County · 126,805 people
• City population: 18,739
• Metro: Binghamton, NY
• Population (ZIP): 18,739
• Household income: $59,045
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 1233.0

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 (75%)
• Race & ethnicity: White 75% Two or more races 9% Asian 8% Black 6% Hispanic / Latino 4%
• Common ancestry: Romanian 6% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Indo-European 4% French/Haitian/Cajun 2% Spanish 2%

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: ▲ 18.06%
• Current HPI: 285.3668
• Rent YoY: ▲ 9.47%
• 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

+406.5% since first listed

8 events — show timeline

• 2026-05-13 Price Changed $195,000 GBAOR
• 2026-04-23 Relisted — GBAOR
• 2026-04-03 Contingent — GBAOR
• 2026-03-23 Price Changed $200,000 GBAOR
• 2026-02-20 Listed $225,000 GBAOR
• 2023-02-02 Sold (Public Records) $65,000 Public Records
• 2019-01-17 Sold (Public Records) $52,000 Public Records
• 2003-06-02 Sold (Public Records) $38,500 Public Records

Property tax history

+2.2%/yr

Latest (2025): $3,552 · +1.7% YoY. Source: county tax records.