370 E Thurston St · Elmira, NY 14901

$50,000

4 bd · 1.0 ba · 2,126 sqft · SingleFamily public records · 43 Days on market

Built 1900 9,821 sqft lot $24/sqft · 33% below area Est $75k · 33% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks MLS

Opportunity is Knocking! 3bdrm 2 bath home with over 2000 sq ft of living space! New 200 Amp Electrical Service May 2024, New Water Meter, Furnace and Hot Water Tank New two years ago. New Toilets and sinks in bathrooms. New Flooring in Kitchen, baths and entryway. Survey done in 2024. DRY Basement! PVC Main line. Water Line from house to road less than 10 years old! Great for primary residence or investment! Large Yard! Being Sold AS IS Cash or rehab loan only.

Key facts

• New furnace
• New toilets
• New water meter

Tags

• NEW ELECTRICAL SERVICE
• NEW WATER METER
• NEW FURNACE
• NEW HOT WATER TANK
• NEW TOILETS
• NEW SINKS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.4% 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: 78 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

• In year one you build about $5k of equity ($346 loan paydown + $5k appreciation (10.0% local appreciation)).
• Chemung County population projected at -17% 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 10y 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 $40k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; 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 $48,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.80% ✓
• Cap rate: 23.37%
• Cash-on-cash: 60.98%
• DSCR: 3.71
• GRM: 3.0

CMA / ARV

• ARV (median comp): $74,792
• List price: $50,000
• Delta: -33.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1213 Magee St	0.50mi	3/2.0 (-1)	1,908 (-10%)	6mo	$189,361	$99	46
756 Carpenter St	0.67mi	4/2.0	1,896 (-11%)	2mo	$105,000	$55	45

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: 73.1%
• Equity multiple: 6.19×
• Total profit: $72,595
• Equity at exit: $45,044

10-year hold

• IRR: 67.0%
• Equity multiple: 13.73×
• Total profit: $178,249
• Equity at exit: $97,139

Cash invested: $14,000 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 78
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$112 /mo · $1,338/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $711

Break-even live

Break-even rent $499

Max offer price $50,000

Occupancy floor 44%

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: $12,500
• Closing costs: $1,500
• 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	1.44mi

Listing history 18 events

1. 2026-05-08
   status Active 470-char remark

   Show marketing remark (470 chars)

   Opportunity is Knocking! 3bdrm 2 bath home with over 2000 sq ft of living space! New 200 Amp Electrical Service May 2024, New Water Meter, Furnace and Hot Water Tank New two years ago. New Toilets and sinks in bathrooms. New Flooring in Kitchen, baths and entryway. Survey done in 2024. DRY Basement! PVC Main line. Water Line from house to road less than 10 years old! Great for primary residence or investment! Large Yard! Being Sold AS IS Cash or rehab loan only.

2. 2026-04-20
   historical Active Under Contract 470-char remark

   Show marketing remark (470 chars)

   Opportunity is Knocking! 3bdrm 2 bath home with over 2000 sq ft of living space! New 200 Amp Electrical Service May 2024, New Water Meter, Furnace and Hot Water Tank New two years ago. New Toilets and sinks in bathrooms. New Flooring in Kitchen, baths and entryway. Survey done in 2024. DRY Basement! PVC Main line. Water Line from house to road less than 10 years old! Great for primary residence or investment! Large Yard! Being Sold AS IS Cash or rehab loan only.

3. 2026-04-15
   listed $50,000 Active 470-char remark

   Show marketing remark (470 chars)

   Opportunity is Knocking! 3bdrm 2 bath home with over 2000 sq ft of living space! New 200 Amp Electrical Service May 2024, New Water Meter, Furnace and Hot Water Tank New two years ago. New Toilets and sinks in bathrooms. New Flooring in Kitchen, baths and entryway. Survey done in 2024. DRY Basement! PVC Main line. Water Line from house to road less than 10 years old! Great for primary residence or investment! Large Yard! Being Sold AS IS Cash or rehab loan only.

4. 2024-05-15
   soldstatus $40,000
5. 2024-05-14
   soldstatus $40,000 117-char remark

   Show marketing remark (117 chars)

   4 bedroom house, in need of TLC but can make a great investment, can easily be rehabed for flip or rental, large yard

6. 2023-10-11
   listed $37,000 117-char remark

   Show marketing remark (117 chars)

   4 bedroom house, in need of TLC but can make a great investment, can easily be rehabed for flip or rental, large yard

7. 2022-10-24
   soldstatus $29,000
8. 2022-04-04
   listed $32,900
9. 2021-05-09
   historical
10. 2020-03-11
    listed $29,900
11. 2019-09-13
    soldstatus $16,999
12. 2019-07-03
    listed $16,999
13. 2018-05-01
    historical
14. 2018-02-28
    listed $25,000
15. 2017-10-24
    historical
16. 2017-02-02
    listed $33,000
17. 2016-02-03
    historical
18. 2016-01-11
    listed $33,000

ⓘ 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: $1,338 · $112/mo
• Projected year-2 tax: $1,338 · $112/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 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $16,800
• − Mortgage interest: −$2,801
• − Property taxes: −$1,338
• − Insurance: −$250
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$1,455
• Taxable income: $8,269
• Est. tax owed @ 24.0%: −$1,984
• After-tax cash flow: $6,553/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): 14,430

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 (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 7% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 4% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Chinese 1%

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: ▲ 32.34%
• Current HPI: 236.2674
• 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

+51.5% since first listed

18 events — show timeline

• 2026-05-08 Relisted — UNYREIS
• 2026-04-20 Contingent — UNYREIS
• 2026-04-15 Listed $50,000 UNYREIS
• 2024-05-15 Sold (Public Records) $40,000 Public Records
• 2024-05-14 Sold (MLS) $40,000 UNYREIS
• 2023-10-11 Listed $37,000 UNYREIS
• 2022-10-24 Sold (MLS) $29,000 UNYREIS
• 2022-04-04 Listed $32,900 UNYREIS
• 2021-05-09 Listing Removed — UNYREIS
• 2020-03-11 Listed $29,900 UNYREIS
• 2019-09-13 Sold (MLS) $16,999 UNYREIS
• 2019-07-03 Listed $16,999 UNYREIS
• 2018-05-01 Listing Removed — UNYREIS
• 2018-02-28 Listed $25,000 UNYREIS
• 2017-10-24 Listing Removed — UNYREIS
• 2017-02-02 Listed $33,000 UNYREIS
• 2016-02-03 Listing Removed — UNYREIS
• 2016-01-11 Listed $33,000 UNYREIS

Property tax history

+2.6%/yr

Latest (2025): $1,338 · -44.9% YoY. Source: county tax records.