62 Gerard Ave · Binghamton, NY 13905

$180,000

4 bd · 2.0 ba · 1,798 sqft · SingleFamily public records · 88 Days on market

Built 1900 2,750 sqft lot $100/sqft · 67% above area

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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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 62 Gerard Avenue — a fully renovated two-family home tucked at the end of a cul-de-sac on Binghamton's West Side. Whether you're looking to owner-occupy or invest, this is the turnkey opportunity you've been waiting for. Every inch of this property has been thoughtfully redone — modern finishes, updated flooring, and beautifully renovated kitchens and bathrooms featuring custom tile work throughout. Move-in ready means exactly that: nothing to fix, nothing to update, just move in and start collecting rent. The numbers make sense, too. West Side two-bedroom units consistently rent for $1,100–$1,200 per month, meaning rental income can cover a significant portion of your mortgage from day one. And with annual property taxes of just $1,560, your cash flow and affordability are nearly impossible to match anywhere else in the market. Renovated. Cash flowing. Cul-de-sac. West Side. Properties like this don't sit — schedule your showing today.

Key facts

• Fully renovated
• Renovated kitchens
• Two-family home

Tags

• FULLY RENOVATED
• TWO-FAMILY HOME
• CUL-DE-SAC
• RENOVATED KITCHENS
• CUSTOM TILE WORK

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 6.4% in Binghamton — 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 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: schools D, 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.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $2,162/mo this rent would consume 49% of the median local household income ($53k/yr) (locally 1875% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $180k implies a 152% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.20% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.73%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

• ARV (median comp): $107,918
• List price: $180,000
• Delta: 66.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 Mygatt St	0.23mi	4/1.5	1,666 (-7%)	9mo	$50,000	$30	67
68 Thorp St	0.31mi	5/1.5 (+1)	1,854 (+3%)	8mo	$41,000	$22	67
9 Mcdonald Ave	0.43mi	3/1.5 (-1)	1,786 (-1%)	8mo	$140,000	$78	65
16 Haendel St	0.52mi	5/2.0 (+1)	1,828 (+2%)	4mo	$135,000	$74	64
210 Clinton St	0.37mi	4/2.0	2,010 (+12%)	2mo	$85,000	$42	62
22 Holland St	0.66mi	4/2.0	1,825 (+2%)	9mo	$162,500	$89	59
5 King Ave	0.50mi	3/1.0 (-1)	1,836 (+2%)	11mo	$105,000	$57	55
12 Schubert St	0.52mi	3/1.5 (-1)	1,688 (-6%)	11mo	$170,000	$101	50
48 Davis St	0.65mi	3/1.5 (-1)	1,750 (-3%)	11mo	$260,000	$149	49
9 Holland St	0.65mi	4/2.0	1,612 (-10%)	11mo	$110,000	$68	43
23 Colfax Ave	0.60mi	3/2.0 (-1)	1,561 (-13%)	8mo	$72,000	$46	38
33 Davis St	0.61mi	3/2.0 (-1)	1,550 (-14%)	13mo	$231,000	$149	33

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.6%
• Equity multiple: 1.27×
• Total profit: $13,665
• Equity at exit: $26,839

10-year hold

• IRR: 19.9%
• Equity multiple: 3.07×
• Total profit: $104,389
• Equity at exit: $15,563

Cash invested: $50,400 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,162 high
• Mortgage (P&I): −$944
• Tax from tax record: −$196 /mo · $2,356/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $493

Break-even live

Break-even rent $1,538

Max offer price $180,000

Occupancy floor 72%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
198 Chapin St Binghamton, NY	4.0	2.0	1500	$1,700	$1.13	21d	1	0.12mi
171 Chapin St Unit 1st FL Binghamton, NY	4.0	1.5	1400	$3,000	$2.14	43d	1	0.15mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	43d	1	0.25mi
19 Walnut St Binghamton, NY	5.0	2.0	1666	$2,250	$1.35	43d	1	0.57mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	43d	1	0.60mi
22 Ayres St Binghamton, NY	4.0	2.0	2333	$2,560	$1.10	43d	1	0.66mi
16 Highland Ave Unit 1 Binghamton, NY	3.0	1.0	1400	$1,650	$1.18	43d	1	0.75mi
50 Lathrop Ave Unit 2 Binghamton, NY	3.0	1.0	1250	$1,600	$1.28	13d	1	0.79mi
136 Court St Unit 2 Binghamton, NY	4.0	1.0	1373	$3,000	$2.18	43d	1	0.81mi
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	43d	1	0.81mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	43d	1	0.88mi
13 Chapin St Binghamton, NY	4.0	3.0	2452	$4,000	$1.63	43d	1	0.90mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	43d	1	0.93mi
133 Crestmont Rd Unit 2 Binghamton, NY	3.0	1.0	1300	$1,900	$1.46	43d	1	0.96mi
29 Laurel Ave Unit 2 Binghamton, NY	3.0	1.5	1500	$2,250	$1.50	43d	1	1.00mi
74 Matthews St Binghamton, NY	3.0	2.0	2510	$2,300	$0.92	21d	1	1.01mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	13d	1	1.03mi
86 Conklin Ave Binghamton, NY	3.0	1.0	1316	$1,600	$1.22	13d	1	1.13mi
90 Conklin Ave Binghamton, NY	5.0	2.0	2000	$575	$0.29	13d	1	1.15mi

Listing history 4 events

1. 2026-05-31
   days on market $180,000 Active 88 DOM
2. 2026-05-30
   days on market $180,000 Active 87 DOM
3. 2026-03-04
   listed $180,000 Active 985-char remark

   Show marketing remark (985 chars)

   Welcome to 62 Gerard Avenue — a fully renovated two-family home tucked at the end of a cul-de-sac on Binghamton's West Side. Whether you're looking to owner-occupy or invest, this is the turnkey opportunity you've been waiting for. Every inch of this property has been thoughtfully redone — modern finishes, updated flooring, and beautifully renovated kitchens and bathrooms featuring custom tile work throughout. Move-in ready means exactly that: nothing to fix, nothing to update, just move in and start collecting rent. The numbers make sense, too. West Side two-bedroom units consistently rent for $1,100–$1,200 per month, meaning rental income can cover a significant portion of your mortgage from day one. And with annual property taxes of just $1,560, your cash flow and affordability are nearly impossible to match anywhere else in the market. Renovated. Cash flowing. Cul-de-sac. West Side. Properties like this don't sit — schedule your showing today.

4. 2025-07-14
   soldstatus $71,500

ⓘ 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: $2,356 · $196/mo
• Projected year-2 tax: $2,699 · $225/mo
• Expected delta: +$343/yr (+$29/mo · 14.5%)

ⓘ 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 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: $25,947
• − Mortgage interest: −$10,083
• − Property taxes: −$2,356
• − Insurance: −$900
• − Repairs & maintenance: −$2,076
• − Management: −$2,076
• − Depreciation: −$5,236
• Taxable income: $3,220
• Est. tax owed @ 24.0%: −$773
• After-tax cash flow: $5,142/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): 27,988
• Household income: $53,362
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1875.0

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 (68%)
• Race & ethnicity: White 68% Asian 10% Black 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 87% English-only · Other Indo-European 5% Spanish 2% Other Asian/Pacific 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: ▼ -134.70%
• Current HPI: 298.9847
• Rent YoY: ▲ 11.19%
• 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

+151.7% since first listed

2 events — show timeline

• 2026-03-04 Listed $180,000 GBAOR
• 2025-07-14 Sold (Public Records) $71,500 Public Records

Property tax history

+4.7%/yr

Latest (2025): $2,356 · +0.9% YoY. Source: county tax records.