203-205 Murray St · Binghamton, NY 13905

$64,999

2 bd · 1.0 ba · 1,448 sqft · SingleFamily public records · 121 Days on market

Built 1900 9,147 sqft lot $45/sqft · 45% below area Est $119k · 45% under

---

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
• 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

Price reduction! This property is being sold in its current condition and is tenant occupied. Two separate parcels 203 Murray St (single-family home) plus 205 Murray St (adjacent lot) — giving you extra space thats a fully fenced yard. Bonus: combined taxes are only $3,151.25, which is hard to beat. The house has 3 bedrooms and 2 full bathrooms, hardwood floors are in great shape, and a furnace installed in 2024.Two parcels, low taxes, and room to improve — this is the kind of setup investors look for when they want real potential without overpaying upfront. Call your agent for a tour. Please allow 24 hour notice.

Key facts

• Two separate parcels
• Furnace installed
• Fully fenced yard

Tags

• FULLY FENCED YARD
• TWO SEPARATE PARCELS
• HARDWOOD FLOORS
• FURNACE INSTALLED

🏷️ Possibly a rental listed for sale. The $64,999 price doesn't fit this home's estimated sale value (~$118,957) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $662 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.5% 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; 29 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 59% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• This rent runs 33% of the median local income ($53k/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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $65k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 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 1900 — 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 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 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: 2.27% ✓
• Cap rate: 19.53%
• Cash-on-cash: 47.28%
• DSCR: 3.10
• GRM: 3.7

CMA / ARV

• ARV (median comp): $118,957
• List price: $64,999
• Delta: -45.36%
• 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
39 Elm St	0.09mi	3/1.0 (+1)	1,366 (-6%)	2mo	$45,000	$33	80
42 Spring Ave	0.19mi	3/1.0 (+1)	1,386 (-4%)	14mo	$90,000	$65	67
184 Oak St	0.14mi	3/1.5 (+1)	1,320 (-9%)	8mo	$120,000	$91	66
53 Thorp St	0.52mi	3/1.5 (+1)	1,445 (-0%)	8mo	$135,000	$93	62
167 Prospect St	0.63mi	3/2.0 (+1)	1,448 (0%)	8mo	$144,000	$99	55
20 Franklin St	0.39mi	3/1.5 (+1)	1,320 (-9%)	9mo	$100,000	$76	53
78 Chestnut St	0.74mi	3/2.0 (+1)	1,445 (-0%)	8mo	$265,000	$183	50
32 May St	0.61mi	3/2.5 (+1)	1,376 (-5%)	12mo	$170,000	$124	42
10 Maple St	0.32mi	3/2.0 (+1)	1,249 (-14%)	14mo	$139,175	$111	41
23 Colfax Ave	0.69mi	3/2.0 (+1)	1,561 (+8%)	8mo	$72,000	$46	39
21 Seymour St	0.72mi	3/1.5 (+1)	1,332 (-8%)	14mo	$152,300	$114	35
162 Prospect Ave	0.65mi	2/1.5	1,240 (-14%)	13mo	$102,000	$82	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: 46.4%
• Equity multiple: 3.17×
• Total profit: $39,462
• Equity at exit: $9,692

10-year hold

• IRR: 54.4%
• Equity multiple: 7.83×
• Total profit: $124,359
• Equity at exit: $5,620

Cash invested: $18,200 (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: 3.7×

Monthly cashflow live

• Estimated rent: $1,476 high
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $662

Break-even live

Break-even rent $639

Max offer price $64,999

Occupancy floor 50%

Sensitivity live

Price	-10% $706	-5% $684	+0% $662	+5% $639	+10% $617
Rent	-10% $545	-5% $603	+0% $662	+5% $720	+10% $778
Rate	-1.0pp $694	-0.5pp $678	base $662	+0.5pp $645	+1.0pp $628

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
167 Oak St Unit 1 Binghamton, NY	2.0	1.0	923	$1,300	$1.41	44d	1	0.24mi
4 Erie St Unit 2 Binghamton, NY	3.0	1.0	1075	$1,200	$1.12	44d	1	0.26mi
171 Chapin St Unit 3rd FL Binghamton, NY	2.0	1.0	1135	$1,500	$1.32	44d	1	0.37mi
46 North St Unit 4 Binghamton, NY	2.0	1.0	1000	$1,600	$1.60	14d	1	0.41mi
186 State St Binghamton, NY	1.0	1.0	1600	$1,950	$1.22	44d	1	0.56mi
80 State St Unit A 3-1 3 Bed Binghamton, NY	3.0	3.0	900	$900	$1.00	44d	1	0.73mi
53 Seminary Ave Unit 1 Binghamton, NY	2.0	1.0	1722	$925	$0.54	22d	1	0.74mi
50 Front St Binghamton, NY	1.0	1.0	1092	$2,450	$2.24	14d	8	0.80mi
26 Doubleday St Binghamton, NY	2.0	1.0	1000	$1,350	$1.35	44d	1	0.81mi
36 Haendel St Unit Second Floor Binghamton, NY	3.0	1.0	1200	$1,450	$1.21	44d	1	0.84mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	44d	1	0.84mi
33 Fayette St Unit 22 Binghamton, NY	2.0	1.0	1350	$1,100	$0.81	14d	1	0.89mi
73 Leroy St Unit 02 Binghamton, NY	3.0	1.0	1100	$1,950	$1.77	44d	1	0.89mi
263 Main St Binghamton, NY	2.0	1.0	920	$1,200	$1.30	14d	1	1.02mi
16 Highland Ave Unit 1 Binghamton, NY	3.0	1.0	1400	$1,650	$1.18	44d	1	1.02mi
50 Lathrop Ave Unit 2 Binghamton, NY	3.0	1.0	1250	$1,600	$1.28	14d	1	1.08mi
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	44d	1	1.09mi
296 Main St Unit 6 Binghamton, NY	3.0	1.0	1200	$1,250	$1.04	14d	1	1.14mi
133 Crestmont Rd Unit 2 Binghamton, NY	3.0	1.0	1300	$1,900	$1.46	44d	1	1.14mi
86 Conklin Ave Binghamton, NY	3.0	1.0	1316	$1,600	$1.22	14d	1	1.17mi
90 Conklin Ave Unit 4 Binghamton, NY	1.0	1.0	1600	$575	$0.36	14d	1	1.18mi
99 Helen St Unit 2 Binghamton, NY	3.0	1.0	1220	$1,600	$1.31	44d	1	1.19mi
528 Chenango St Unit 1 Binghamton, NY	3.0	1.0	1250	$1,500	$1.20	14d	1	1.23mi
29 Laurel Ave Unit 2 Binghamton, NY	3.0	1.5	1500	$2,250	$1.50	44d	1	1.27mi
1 Euclid Ave Unit 1 Binghamton, NY	3.0	1.0	1100	$1,500	$1.36	44d	1	1.32mi
14 Dennison Ave Unit 2 Binghamton, NY	2.0	1.0	1100	$1,150	$1.05	44d	1	1.33mi
27 Tompkins St Unit 10 Binghamton, NY	2.0	1.0	950	$1,050	$1.11	22d	1	1.34mi
27 Tompkins St Unit 9 Binghamton, NY	2.0	1.0	950	$950	$1.00	44d	1	1.34mi
71 Mary St Unit 2 Binghamton, NY	2.0	1.0	1100	$1,300	$1.18	14d	1	1.42mi

Listing history 14 events

1. 2026-06-13
   statusdays on market $64,999 Pending 121 DOM
2. 2026-06-10
   days on market $64,999 Active 120 DOM
3. 2026-06-09
   days on market $64,999 Active 119 DOM
4. 2026-06-08
   days on market $64,999 Active 118 DOM
5. 2026-06-07
   days on market $64,999 Active 117 DOM
6. 2026-06-03
   days on market $64,999 Active 113 DOM
7. 2026-06-02
   days on market $64,999 Active 112 DOM
8. 2026-06-01
   days on market $64,999 Active 111 DOM
9. 2026-05-31
   days on market $64,999 Active 110 DOM
10. 2026-05-30
    days on market $64,999 Active 109 DOM
11. 2026-05-07
    price $64,999 633-char remark

    Show marketing remark (633 chars)

    Price reduction! This property is being sold in its current condition and is tenant occupied. Two separate parcels 203 Murray St (single-family home) plus 205 Murray St (adjacent lot) — giving you extra space thats a fully fenced yard. Bonus: combined taxes are only $3,151.25, which is hard to beat. The house has 3 bedrooms and 2 full bathrooms, hardwood floors are in great shape, and a furnace installed in 2024.Two parcels, low taxes, and room to improve — this is the kind of setup investors look for when they want real potential without overpaying upfront. Call your agent for a tour. Please allow 24 hour notice.

12. 2026-02-10
    listed $69,999 Active 633-char remark

    Show marketing remark (633 chars)

    Price reduction! This property is being sold in its current condition and is tenant occupied. Two separate parcels 203 Murray St (single-family home) plus 205 Murray St (adjacent lot) — giving you extra space thats a fully fenced yard. Bonus: combined taxes are only $3,151.25, which is hard to beat. The house has 3 bedrooms and 2 full bathrooms, hardwood floors are in great shape, and a furnace installed in 2024.Two parcels, low taxes, and room to improve — this is the kind of setup investors look for when they want real potential without overpaying upfront. Call your agent for a tour. Please allow 24 hour notice.

13. 2012-07-05
    soldstatus $40,000
14. 2003-10-30
    soldstatus $48,633

ⓘ 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 8/10 Severe FEMA zone X (shaded) · 77% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $17,716
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$991
• − Repairs & maintenance: −$1,417
• − Management: −$1,417
• − Depreciation: −$1,891
• Taxable income: $7,383
• Est. tax owed @ 24.0%: −$1,772
• After-tax cash flow: $6,167/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

+33.7% since first listed

4 events — show timeline

• 2026-05-07 Price Changed $64,999 GBAOR
• 2026-02-10 Listed $69,999 GBAOR
• 2012-07-05 Sold (Public Records) $40,000 Public Records
• 2003-10-30 Sold (Public Records) $48,633 Public Records

Property tax history

+4.7%/yr

Latest (2025): $3,818 · +0.9% YoY. Source: county tax records.