87 Crestmont Rd · Binghamton, NY 13905

$199,000

5 bd · 2.0 ba · 2,612 sqft · MultiFamily public records · 12 Days on market

Built 1911 6,098 sqft lot $76/sqft · 47% below area Est $379k · 47% 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 +28.8/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

great 2 family west side 1 floor 2 bedroom living , dining , kitchen with addition of first floor family room , 2nd floor 3 bedroom living dining kitchen , 1 car detached garage a must see

Key facts

• 6,098 sq ft lot
• Garage
• Built 1911

Property features AI

Finance

• Other: Total finished above-grade area reported (2,612) — size detail provided by listing
• Financial info: Current rent listed for one unit: $1,100

Exterior

• Parking: Detached garage (1 garage space)
• Security: No security features provided
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property (duplex)
• Construction: Stucco exterior
• Exterior features: Level lot; Lot dimensions approximately 50 x 125; Lot area about 0.14 acres; Zoned M

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: One unit with 1 bathroom; One unit with 1 bathroom
• Heating & cooling: Hot water heat; No central air
• Interior features: Gas water heater
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive. Per door: $335/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Cap rate 10.3% 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: 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.
• Zoned schools: Thomas Jefferson School (math 32% / reading 57%, grade F, #1,277 of 2,108 statewide, top 64%, 264 students, 60% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% 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 $3,124/mo this rent would consume 70% 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 $6k 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 $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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 $53k; list at $199k implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1911 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.57% ✓
• Cap rate: 10.34%
• Cash-on-cash: 14.44%
• DSCR: 1.64
• GRM: 5.3

CMA / ARV

• ARV (median comp): $378,919
• List price: $199,000
• Delta: -47.48%
• 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
161 Schubert St	0.25mi	6/4.0 (+1)	2,640 (+1%)	6mo	$176,000	$67	69
36 Orton Ave	0.27mi	6/2.0 (+1)	2,744 (+5%)	10mo	$115,000	$42	66
6 Lawton Ave	0.35mi	6/2.0 (+1)	2,400 (-8%)	4mo	$205,000	$85	62
32 Grand Blvd	0.28mi	6/3.0 (+1)	2,752 (+5%)	9mo	$250,000	$91	62
184 West End Ave	0.42mi	5/2.0	2,400 (-8%)	7mo	$178,500	$74	61
3 Mozart St	0.36mi	6/2.0 (+1)	2,384 (-9%)	4mo	$120,000	$50	60
32 Haendel St	0.39mi	4/2.0 (-1)	2,312 (-12%)	2mo	$170,000	$74	56
106 Grand Blvd	0.47mi	6/4.0 (+1)	2,580 (-1%)	10mo	$300,000	$116	54
7 Goethe St	0.43mi	4/2.0 (-1)	2,240 (-14%)	3mo	$180,000	$80	49
135 Laurel Ave	0.54mi	6/3.0 (+1)	2,400 (-8%)	6mo	$175,000	$73	47
70 Thorp St	0.67mi	4/2.0 (-1)	2,368 (-9%)	8mo	$35,000	$15	42
25 Clarke St	0.64mi	6/3.0 (+1)	2,972 (+14%)	7mo	$110,000	$37	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: 11.5%
• Equity multiple: 1.49×
• Total profit: $27,265
• Equity at exit: $29,672

10-year hold

• IRR: 24.8%
• Equity multiple: 3.78×
• Total profit: $155,107
• Equity at exit: $17,206

Cash invested: $55,720 (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: 10.6×

Monthly cashflow live

• Estimated rent: $3,124 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$671 /mo · $8,053/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $670

Break-even live

Break-even rent $2,275

Max offer price $199,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,124
Total (2 units)			$3,124

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	44d	1	0.05mi
16 Highland Ave Unit 2 Binghamton, NY	6.0	1.0	2000	$2,750	$1.38	44d	1	0.31mi
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	13d	1	0.72mi
22 Ayres St Binghamton, NY	4.0	2.0	2333	$2,560	$1.10	44d	1	1.06mi
44 Leroy St Binghamton, NY	6.0	2.0	1772	$3,000	$1.69	21d	1	1.09mi
2 Chapel Pl Binghamton, NY	6.0	3.0	2600	$650	$0.25	44d	1	1.15mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	44d	1	1.15mi
13 Chapin St Binghamton, NY	4.0	3.0	2452	$4,000	$1.63	44d	1	1.21mi
520 Murray Hill Rd Vestal, NY	4.0	3.0	2400	$3,595	$1.50	44d	1	1.47mi

Listing history 8 events

1. 2026-05-14
   status Pending 188-char remark
2. 2026-05-02
   listed $199,000 Active 188-char remark
3. 2026-04-03
   status Active
4. 2026-04-03
   price $199,900
5. 2026-03-04
   status Pending
6. 2026-02-18
   price $259,900
7. 2026-01-12
   listed $279,900 Active
8. 2019-04-18
   soldstatus $53,000

ⓘ 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: $8,053 · $671/mo
• Projected year-2 tax: $8,053 · $671/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 ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $37,488
• − Mortgage interest: −$11,147
• − Property taxes: −$8,053
• − Insurance: −$995
• − Repairs & maintenance: −$2,999
• − Management: −$2,999
• − Depreciation: −$5,789
• Taxable income: $5,505
• Est. tax owed @ 24.0%: −$1,321
• After-tax cash flow: $6,723/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

+275.5% since first listed

8 events — show timeline

• 2026-05-14 Pending — GBAOR
• 2026-05-02 Listed $199,000 GBAOR
• 2026-04-03 Relisted — GBAOR
• 2026-04-03 Price Changed $199,900 GBAOR
• 2026-03-04 Pending — GBAOR
• 2026-02-18 Price Changed $259,900 GBAOR
• 2026-01-12 Listed $279,900 GBAOR
• 2019-04-18 Sold (Public Records) $53,000 Public Records

Property tax history

+18.0%/yr

Latest (2025): $8,053 · +0.9% YoY. Source: county tax records.