504 Columbia St · Elmira, NY 14901

$49,900

3 bd · 1.0 ba · 1,153 sqft · SingleFamily public records · 139 Days on market

Built 1880 3,792 sqft lot $43/sqft · 44% below area Est $89k · 44% 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

Welcome to 504 Columbia Street in Elmira, NY. This 3-bedroom, 1-bath home has 1,153 sq ft of living space. Featuring a first floor bedroom, laundry room, and bathroom, and two additional rooms upstairs. When the weather gets warm, you'll enjoy the covered front porch and fenced in back yard. Close to local amenities like LECOM, the LECOM Event Center, Elmira College, grocery stores and public transit. Put a bit of elbow grease into it and enjoy instant equity.

Key facts

• Covered front porch
• Laundry room
• Fenced in back yard

Tags

• FIRST FLOOR BEDROOM
• LAUNDRY ROOM
• COVERED FRONT PORCH
• FENCED IN BACK YARD
• LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $612 ($7k/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: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.4% 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; 7 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

• In year one you build about $5k of equity ($345 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 139 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $50k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 2.57% ✓
• Cap rate: 22.35%
• Cash-on-cash: 57.35%
• DSCR: 3.55
• GRM: 3.2

CMA / ARV

• ARV (median comp): $88,511
• List price: $49,900
• Delta: -43.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
347 Irvine Pl	0.51mi	3/1.0	1,167 (+1%)	5mo	$30,000	$26	70
715 Walnut St	0.43mi	2/1.0 (-1)	1,180 (+2%)	12mo	$50,000	$42	61
340 Webber Pl	0.61mi	3/1.0	1,131 (-2%)	9mo	$115,000	$102	61
823 Johnson St	0.46mi	3/1.5	1,179 (+2%)	18mo	$33,000	$28	58
339 Lorenzo Pl	0.64mi	3/1.0	1,152 (-0%)	18mo	$86,000	$75	55
316 Lorenzo Pl	0.66mi	3/1.0	1,176 (+2%)	18mo	$25,000	$21	51
823 Canal St	0.55mi	2/— (-1)	1,242 (+8%)	8mo	$12,000	$10	50
403 Roe Ave	0.71mi	3/1.5	1,272 (+10%)	11mo	$148,000	$116	38
321 Roe Ave	0.69mi	2/1.0 (-1)	1,040 (-10%)	13mo	$81,000	$78	36

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: 65.8%
• Equity multiple: 5.74×
• Total profit: $66,225
• Equity at exit: $44,954

10-year hold

• IRR: 59.5%
• Equity multiple: 12.77×
• Total profit: $164,462
• Equity at exit: $96,945

Cash invested: $13,972 (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: 3.2×

Monthly cashflow live

• Estimated rent: $1,282 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $612

Break-even live

Break-even rent $507

Max offer price $49,900

Occupancy floor 47%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	0.26mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	44d	1	0.29mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	44d	1	0.38mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	0.43mi
410 E 2nd St Unit FS3W Elmira, NY	3.0	1.0	800	$1,250	$1.56	44d	1	0.55mi
970 Scio St Elmira, NY	2.0	1.0	911	$1,200	$1.32	44d	1	0.88mi
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	44d	1	1.06mi

Listing history 20 events

1. 2026-06-09
   days on market $49,900 Active 139 DOM
2. 2026-06-08
   days on market $49,900 Active 138 DOM
3. 2026-06-07
   days on market $49,900 Active 137 DOM
4. 2026-06-05
   days on market $49,900 Active 134 DOM
5. 2026-06-03
   days on market $49,900 Active 133 DOM
6. 2026-06-02
   days on market $49,900 Active 132 DOM
7. 2026-06-01
   days on market $49,900 Active 131 DOM
8. 2026-05-31
   days on market $49,900 Active 130 DOM
9. 2026-05-30
   days on market $49,900 Active 129 DOM
10. 2026-01-21
    price $49,900 464-char remark

    Show marketing remark (464 chars)

    Welcome to 504 Columbia Street in Elmira, NY. This 3-bedroom, 1-bath home has 1,153 sq ft of living space. Featuring a first floor bedroom, laundry room, and bathroom, and two additional rooms upstairs. When the weather gets warm, you'll enjoy the covered front porch and fenced in back yard. Close to local amenities like LECOM, the LECOM Event Center, Elmira College, grocery stores and public transit. Put a bit of elbow grease into it and enjoy instant equity.

11. 2026-01-21
    listed $59,900 Active 464-char remark

    Show marketing remark (464 chars)

    Welcome to 504 Columbia Street in Elmira, NY. This 3-bedroom, 1-bath home has 1,153 sq ft of living space. Featuring a first floor bedroom, laundry room, and bathroom, and two additional rooms upstairs. When the weather gets warm, you'll enjoy the covered front porch and fenced in back yard. Close to local amenities like LECOM, the LECOM Event Center, Elmira College, grocery stores and public transit. Put a bit of elbow grease into it and enjoy instant equity.

12. 2026-01-18
    historical
13. 2025-11-29
    price $55,000
14. 2025-07-18
    listed $59,900 Active
15. 2022-07-19
    soldstatus $29,000
16. 2022-07-15
    soldstatus $29,000
17. 2022-04-29
    listed $34,900
18. 2021-10-06
    soldstatus $19,000
19. 2021-09-29
    soldstatus $19,000
20. 2021-07-09
    listed $24,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $15,382
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$916
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$1,452
• Taxable income: $7,009
• Est. tax owed @ 24.0%: −$1,682
• After-tax cash flow: $5,665/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

+100.4% since first listed

11 events — show timeline

• 2026-01-21 Price Changed $49,900 UNYREIS
• 2026-01-21 Listed $59,900 UNYREIS
• 2026-01-18 Listing Removed — UNYREIS
• 2025-11-29 Price Changed $55,000 UNYREIS
• 2025-07-18 Listed $59,900 UNYREIS
• 2022-07-19 Sold (Public Records) $29,000 Public Records
• 2022-07-15 Sold (MLS) $29,000 UNYREIS
• 2022-04-29 Listed $34,900 UNYREIS
• 2021-10-06 Sold (Public Records) $19,000 Public Records
• 2021-09-29 Sold (MLS) $19,000 UNYREIS
• 2021-07-09 Listed $24,900 UNYREIS

Property tax history

+29.4%/yr

Latest (2025): $2,912 · +0.0% YoY. Source: county tax records.