255 E Miller St · Elmira, NY 14904

$119,000

3 bd · 1.0 ba · 1,512 sqft · SingleFamily public records · 37 Days on market

Built 1920 6,082 sqft lot $79/sqft · 11% below area Est $134k · 11% under ↓ 7% since listing

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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 +27.8/30.0
• ARV discount +12.6/15.0
• DSCR +9.8/10.0
• 1% rule +7.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Three to four bedroom Craftsman style home in a convenient Southside Elmira location! Walking distance to Riverside & Elmira high School. This home features one to two downstairs bedrooms, laundry room, eat in kitchen, dining room and living room with fireplace. Home has vinyl siding and central air. One car garage with covered patio for backyard picnics and large covered front porch to enjoy the summer. Make this home for your family or downsize.

Key facts

• Craftsman style home
• Laundry room
• Eat in kitchen

Tags

• CRAFTSMAN STYLE HOME
• WALKING DISTANCE TO RIVERSIDE
• LAUNDRY ROOM
• EAT IN KITCHEN
• DINING ROOM
• LIVING ROOM WITH FIREPLACE

Property features AI

Exterior

• Parking: Detached garage with electricity; Driveway
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected; High-speed internet available; Cable available
• Home design: One-story home; Existing property condition; Poured foundation
• Construction: Frame construction with vinyl siding; Copper plumbing; Architectural composition shingle roof; Built (existing)
• Exterior features: Covered and open porch; Porch; Blacktop driveway; Irregular residential lot; City street frontage

Interior

• Kitchen: Refrigerator; Oven; Free-standing range
• Bedrooms: 2 bedrooms on the main level
• Flooring: Hardwood; Carpet; Laminate; Vinyl; Varied flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Galley kitchen; Natural woodwork; Window treatments; Drapes; Storm windows; Thermal windows; Has basement with full, walk-out access
• Laundry & utility: Washer; Dryer; Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.

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; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $823 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: 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 $115,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.25% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.05%
• DSCR: 1.58
• GRM: 6.7

CMA / ARV

• ARV (median comp): $134,166
• List price: $119,000
• Delta: -11.30%
• 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
404 Schuyler Ave	0.25mi	3/1.5	1,518 (+0%)	10mo	$32,000	$21	78
708 Riverside Ave	0.26mi	4/1.5 (+1)	1,484 (-2%)	6mo	$83,000	$56	73
704 Maple Ave	0.21mi	3/1.0	1,674 (+11%)	1mo	$69,000	$41	72
717 Spaulding St	0.15mi	3/2.0	1,344 (-11%)	8mo	$70,000	$52	64
752 Robinson St	0.26mi	3/1.0	1,344 (-11%)	8mo	$32,000	$24	63
502 Luce St	0.33mi	3/1.5	1,344 (-11%)	7mo	$115,000	$86	58
314 Soper St	0.67mi	3/1.0	1,416 (-6%)	8mo	$41,000	$29	51
303 Horner St	0.38mi	3/1.0	1,318 (-13%)	12mo	$57,000	$43	51
213 Juanita St	0.59mi	3/1.0	1,320 (-13%)	6mo	$21,000	$16	46
310 Sly St	0.65mi	3/1.5	1,359 (-10%)	6mo	$75,000	$55	46
612 Lewis St	0.64mi	4/1.5 (+1)	1,705 (+13%)	13mo	$70,000	$41	31
114 E Hudson St	0.68mi	4/2.0 (+1)	1,732 (+15%)	10mo	$125,000	$72	27

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: 3.0%
• Equity multiple: 1.11×
• Total profit: $3,818
• Equity at exit: $17,743

10-year hold

• IRR: 12.5%
• Equity multiple: 1.99×
• Total profit: $33,119
• Equity at exit: $10,289

Cash invested: $33,320 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,490 high
• Mortgage (P&I): −$624
• Tax from tax record: −$141 /mo · $1,689/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $362

Break-even live

Break-even rent $1,031

Max offer price $119,000

Occupancy floor 71%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	43d	1	0.62mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	43d	1	0.92mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	43d	1	1.20mi
1254 Charles St Elmira, NY	2.0	1.0	1560	$1,350	$0.87	43d	1	1.23mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	43d	1	1.32mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	43d	1	1.48mi

Listing history 18 events

1. 2026-06-19
   days on market $119,000 Active 37 DOM
2. 2026-06-18
   days on market $119,000 Active 36 DOM
3. 2026-06-17
   days on market $119,000 Active 35 DOM
4. 2026-06-16
   days on market $119,000 Active 34 DOM
5. 2026-06-15
   days on market $119,000 Active 33 DOM
6. 2026-06-14
   days on market $119,000 Active 31 DOM
7. 2026-06-13
   price $119,000 Active 30 DOM
8. 2026-06-12
   days on market $128,000 Active 30 DOM
9. 2026-06-09
   days on market $128,000 Active 27 DOM
10. 2026-06-08
    days on market $128,000 Active 26 DOM
11. 2026-06-07
    days on market $128,000 Active 25 DOM
12. 2026-06-05
    days on market $128,000 Active 22 DOM
13. 2026-06-03
    days on market $128,000 Active 21 DOM
14. 2026-06-02
    days on market $128,000 Active 20 DOM
15. 2026-06-01
    days on market $128,000 Active 19 DOM
16. 2026-05-31
    days on market $128,000 Active 18 DOM
17. 2026-05-30
    days on market $128,000 Active 17 DOM
18. 2026-05-13
    listed $128,000 Active 457-char remark

ⓘ 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: $1,689 · $141/mo
• Projected year-2 tax: $1,850 · $154/mo
• Expected delta: +$161/yr (+$13/mo · 9.5%)

ⓘ 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) · 51% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 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: $17,876
• − Mortgage interest: −$6,666
• − Property taxes: −$1,689
• − Insurance: −$595
• − Repairs & maintenance: −$1,430
• − Management: −$1,430
• − Depreciation: −$3,462
• Taxable income: $2,604
• Est. tax owed @ 24.0%: −$625
• After-tax cash flow: $3,724/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

-7.0% since first listed

3 events — show timeline

• 2026-06-12 Price Changed $119,000 UNYREIS
• 2026-06-12 Price Changed $118,000 UNYREIS
• 2026-05-13 Listed $128,000 UNYREIS

Property tax history

+12.2%/yr

Latest (2025): $1,689 · -19.0% YoY. Source: county tax records.