438 Broadway · Elmira, NY 14904

$70,000

3 bd · 1.0 ba · 1,497 sqft · SingleFamily public records · 105 Days on market

Built 1920 Fair condition 6,750 sqft lot $47/sqft · 43% below area Est $123k · 43% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Bring your vision to life here at 438 Broadway. Great opportunity for investment or rehab. This property is waiting for the right buyer to restore it to its former charm. Great bones and with a little TLC this could be a perfect home. Located near local amenities, shopping, and major routes. Calling all investors and renovators.

Key facts

• Major routes
• Local amenities
• 6,750 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• LOCAL AMENITIES
• MAJOR ROUTES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $564 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.0% vs local median 9.8% 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: crime F, amenities F, commute 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.
• Zoned schools: Ernie Davis Academy (math 5% / reading 31%, grade F, #691 of 729 statewide, top 95%, 802 students, 66% FRL).
• Market conditions: 125 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 93d 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).
• This rent runs 33% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $28k; list at $70k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 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: 2.11% ✓
• Cap rate: 15.96%
• Cash-on-cash: 34.53%
• DSCR: 2.54
• GRM: 3.9

CMA / ARV

• ARV (median comp): $122,835
• List price: $70,000
• Delta: -43.01%
• 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
413 Balsam St	0.16mi	3/1.5	1,584 (+6%)	1mo	$79,000	$50	80
478 Mount Zoar St	0.21mi	4/1.0 (+1)	1,456 (-3%)	4mo	$35,000	$24	78
551 Lyon St	0.27mi	3/1.0	1,586 (+6%)	4mo	$158,000	$100	74
479 South Ave	0.18mi	3/1.5	1,634 (+9%)	1mo	$120,000	$73	73
309 Broadway St	0.43mi	4/1.0 (+1)	1,468 (-2%)	4mo	$78,000	$53	68
507 Partridge St	0.35mi	3/1.5	1,592 (+6%)	4mo	$106,500	$67	68
779 Dubois St	0.32mi	2/1.0 (-1)	1,350 (-10%)	1mo	$57,000	$42	62
558 Coburn St	0.12mi	4/1.5 (+1)	1,716 (+15%)	2mo	$125,020	$73	61
626 Decker Ave	0.36mi	3/2.0	1,335 (-11%)	4mo	$142,000	$106	58
570 Cypress St	0.42mi	3/1.0	1,307 (-13%)	2mo	$127,200	$97	57
421 Partridge St	0.38mi	3/1.5	1,274 (-15%)	3mo	$47,000	$37	53
778 Southport St	0.60mi	4/1.5 (+1)	1,367 (-9%)	2mo	$165,000	$121	49

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: 30.1%
• Equity multiple: 2.26×
• Total profit: $24,674
• Equity at exit: $10,437

10-year hold

• IRR: 37.4%
• Equity multiple: 4.48×
• Total profit: $68,131
• Equity at exit: $6,052

Cash invested: $19,600 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 25 active · 28 under contract
• Months of supply: 7.1 mo (14%/mo absorbed)
• Median asking: $99,900 ($67/sqft)
• Median days on market: 84 d
• This list price: 24% of active listings are priced below it
• ARV vs active asking: +22.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14904

• Home prices YoY: -9.6%
• Active inventory: 125
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,480 high
• Mortgage (P&I): −$367
• Tax from tax record: −$209 /mo · $2,505/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $564

Break-even live

Break-even rent $766

Max offer price $70,000

Occupancy floor 57%

Sensitivity live

Price	-10% $604	-5% $584	+0% $564	+5% $544	+10% $524
Rent	-10% $447	-5% $506	+0% $564	+5% $622	+10% $681
Rate	-1.0pp $599	-0.5pp $582	base $564	+0.5pp $546	+1.0pp $527

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: $17,500
• Closing costs: $2,100
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	93d	1	0.20mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	93d	1	0.46mi
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	93d	1	0.64mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	93d	1	0.80mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	93d	1	0.94mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	93d	1	1.01mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	93d	1	1.20mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	93d	1	1.21mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	93d	1	1.21mi
1210 W Water St Elmira, NY	2.0	2.0	1340	$1,995	$1.49	93d	1	1.42mi
1254 Charles St Elmira, NY	2.0	1.0	1560	$1,350	$0.87	93d	1	1.45mi

Property features AI

Exterior

• Parking: No garageNo driveway
• Utilities: Sewer connectedPublic water availableWater availability notedElectric water heater
• Home design: 2-story propertyExisting/resale condition
• Construction: Wood sidingStone foundation
• Exterior features: Rectangular lotMain thoroughfare road frontageLot dimensions approximately 45 x 150

Interior

• Kitchen: Refrigerator
• Flooring: Hardwood flooringVaried flooring types
• Bathrooms: 1 full bathroomMain level bathroom present
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining roomAdditional interior features noted in remarks

Listing history 50 events

1. 2026-08-08
   days on market $70,000 Active 105 DOM
2. 2026-08-07
   days on market $70,000 Active 104 DOM
3. 2026-08-06
   days on market $70,000 Active 103 DOM
4. 2026-08-05
   days on market $70,000 Active 102 DOM
5. 2026-08-04
   days on market $70,000 Active 101 DOM
6. 2026-08-03
   days on market $70,000 Active 100 DOM
7. 2026-07-31
   days on market $70,000 Active 97 DOM
8. 2026-07-30
   days on market $70,000 Active 96 DOM
9. 2026-07-30
   price $70,000 Active 95 DOM
10. 2026-07-29
    days on market $80,000 Active 95 DOM
11. 2026-07-27
    days on market $80,000 Active 93 DOM
12. 2026-07-25
    days on market $80,000 Active 91 DOM
13. 2026-07-23
    days on market $80,000 Active 89 DOM
14. 2026-07-22
    days on market $80,000 Active 88 DOM
15. 2026-07-21
    days on market $80,000 Active 87 DOM
16. 2026-07-18
    days on market $80,000 Active 84 DOM
17. 2026-07-16
    days on market $80,000 Active 82 DOM
18. 2026-07-16
    days on market $80,000 Active 81 DOM
19. 2026-07-14
    days on market $80,000 Active 80 DOM
20. 2026-07-13
    days on market $80,000 Active 79 DOM
21. 2026-07-12
    days on market $80,000 Active 78 DOM
22. 2026-07-11
    days on market $80,000 Active 77 DOM
23. 2026-07-10
    days on market $80,000 Active 76 DOM
24. 2026-07-09
    days on market $80,000 Active 75 DOM
25. 2026-07-08
    days on market $80,000 Active 74 DOM
26. 2026-07-07
    days on market $80,000 Active 73 DOM
27. 2026-07-06
    days on market $80,000 Active 72 DOM
28. 2026-07-05
    days on market $80,000 Active 71 DOM
29. 2026-07-04
    days on market $80,000 Active 70 DOM
30. 2026-07-03
    days on market $80,000 Active 69 DOM
31. 2026-07-02
    days on market $80,000 Active 68 DOM
32. 2026-07-01
    days on market $80,000 Active 67 DOM
33. 2026-06-30
    days on market $80,000 Active 66 DOM
34. 2026-06-29
    days on market $80,000 Active 65 DOM
35. 2026-06-28
    days on market $80,000 Active 64 DOM
36. 2026-06-27
    days on market $80,000 Active 63 DOM
37. 2026-06-26
    days on market $80,000 Active 61 DOM
38. 2026-06-22
    days on market $80,000 Active 58 DOM
39. 2026-06-21
    days on market $80,000 Active 57 DOM
40. 2026-06-19
    days on market $80,000 Active 55 DOM
41. 2026-06-18
    days on market $80,000 Active 54 DOM
42. 2026-06-17
    days on market $80,000 Active 53 DOM
43. 2026-06-16
    days on market $80,000 Active 52 DOM
44. 2026-06-15
    days on market $80,000 Active 51 DOM
45. 2026-06-14
    days on market $80,000 Active 49 DOM
46. 2026-06-12
    days on market $80,000 Active 48 DOM
47. 2026-06-09
    days on market $80,000 Active 45 DOM
48. 2026-06-08
    days on market $80,000 Active 44 DOM
49. 2026-06-07
    days on market $80,000 Active 43 DOM
50. 2026-06-05
    days on market $80,000 Active 40 DOM

ⓘ 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: $2,505 · $209/mo
• Projected year-2 tax: $2,505 · $209/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $17,757
• − Mortgage interest: −$3,921
• − Property taxes: −$2,505
• − Insurance: −$350
• − Repairs & maintenance: −$1,421
• − Management: −$1,421
• − Depreciation: −$2,036
• Taxable income: $6,103
• Est. tax owed @ 24.0%: −$1,465
• After-tax cash flow: $5,303/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab Est. rehab $37,425–$67,365 screening

This single-family home requires moderate renovations, focusing on landscaping and exterior painting to enhance its curb appeal and resale value.

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — The roof appears to be missing shingles and has visible damage.
• Major Windows (windows) — The windows are broken and need to be replaced.
• Major Electrical (electrical) — The electrical panel appears to be old and may need to be replaced.
• Major Exterior (exterior) — The exterior of the house is in poor condition, with peeling paint and visible wear.

Repairs flagged

• Minor Landscaping — Overgrown grass needs trimming
• Minor Exterior paint — Red siding shows some discoloration

Value-add opportunities

• Both Landscaping and exterior painting — Improves curb appeal and resale value ↑
• Rental HVAC maintenance — Ensures comfort and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 14/100

Zoned Schools

Elementary Parley Coburn School F NY #2,041/2,108 Nat'l #36,758/41,679 High Broadway Academy

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

C Composite livability gradescore 62/100

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
• County: Chemung · 82,931 people
• City population: 14,276
• Metro: Elmira, NY
• Population (ZIP): 14,276
• Household income: $54,563
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 7% of renters

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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%

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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%

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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

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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

Property features AI

Exterior

• Parking: No garageNo driveway
• Utilities: Sewer connectedPublic water availableWater availability notedElectric water heater
• Home design: 2-story propertyExisting/resale condition
• Construction: Wood sidingStone foundation
• Exterior features: Rectangular lotMain thoroughfare road frontageLot dimensions approximately 45 x 150

Interior

• Kitchen: Refrigerator
• Flooring: Hardwood flooringVaried flooring types
• Bathrooms: 1 full bathroomMain level bathroom present
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining roomAdditional interior features noted in remarks

Price history

+233.3% since first listed

4 events — show timeline

• 2026-04-24 Listed $80,000 UNYREIS
• 2016-06-08 Sold (Public Records) $28,100 Public Records
• 2001-07-03 Sold (Public Records) $27,000 Public Records
• 1991-04-12 Sold (Public Records) $24,000 Public Records

Property tax history

+9.7%/yr

Latest (2025): $2,505 · -8.2% YoY. Source: county tax records.