5 True Ave Ave · Binghamton, NY 13905

$215,000

4 bd · 2.0 ba · 1,800 sqft · MultiFamily public records · 78 Days on market

Built 1936 0.33 ac lot $119/sqft · at area comps Est $211k · at est.

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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 +19.3/30.0
• ARV discount +6.6/15.0
• DSCR +6.1/10.0
• 1% rule +5.7/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• 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 MLS

Well-Maintained Duplex – Fully Occupied Investment Opportunity This well-cared-for duplex is located on a quiet dead-end street and features a huge yard, perfect for tenant enjoyment and added tenant appeal. Both units are fully occupied with tenants who have a strong rental history and are current on rent, providing immediate and steady income for the new owner. The property also offers a partially finished basement with dedicated office space, providing additional functionality and value. Current rents are below market, presenting an excellent opportunity for increased cash flow with future adjustments. With its stable occupancy, desirable location, and strong upside potential, this property is a smart addition to any investor’s portfolio.

Key facts

• Huge yard
• 0.33 acre lot
• Built 1936

Tags

• HUGE YARD
• PARTIALLY FINISHED BASEMENT
• DEDICATED OFFICE SPACE
• QUIET DEAD-END STREET

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $179 ($2k/yr) — positive. Per door: $89/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $202k (6.0% below list) — sets the bar for market timing.

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.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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 $2,291/mo this rent would consume 52% 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 $60k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 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 $85k; list at $215k implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.07% ✓
• Cap rate: 7.60%
• Cash-on-cash: 4.67%
• DSCR: 1.21
• GRM: 7.8

CMA / ARV

• ARV (median comp): $210,726
• List price: $215,000
• Delta: 2.03%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
241 Prospect St	0.30mi	4/2.0	2,028 (+13%)	10mo	$130,000	$64	57
69 Colfax Ave	0.40mi	3/2.0 (-1)	1,970 (+9%)	8mo	$138,000	$70	54
30 Holland St	0.49mi	3/2.0 (-1)	1,752 (-3%)	22mo	$97,000	$55	49
39 Colfax Ave	0.52mi	4/2.0	1,557 (-14%)	15mo	$125,000	$80	41
45 Charlotte St	0.74mi	4/4.0	1,800 (0%)	20mo	$48,888	$27	41
13 Holland St	0.53mi	4/2.0	1,535 (-15%)	23mo	$90,000	$59	32

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: -4.7%
• Equity multiple: 0.81×
• Total profit: $-11,219
• Equity at exit: $32,057

10-year hold

• IRR: 10.4%
• Equity multiple: 2.01×
• Total profit: $60,505
• Equity at exit: $18,589

Cash invested: $60,200 (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: 15.6×

Monthly cashflow live

• Estimated rent: $2,291 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$358 /mo · $4,302/yr
• Insurance: −$90
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $179

Break-even live

Break-even rent $2,065

Max offer price $215,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,290
Total (2 units)			$2,291

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Baxter St Unit Left Binghamton, NY	4.0	2.5	1800	$1,500	$0.83	13d	1	0.27mi
133 Crestmont Rd Unit 2 Binghamton, NY	3.0	1.0	1300	$1,900	$1.46	43d	1	0.74mi
36 Haendel St Unit 1 Binghamton, NY	3.0	1.0	1600	$1,650	$1.03	43d	1	0.94mi
129 Helen St Unit 1 Binghamton, NY	4.0	2.0	1850	$2,200	$1.19	43d	1	0.97mi
74 Matthews St Binghamton, NY	3.0	2.0	2510	$2,300	$0.92	21d	1	1.08mi
16 Highland Ave Unit 1 Binghamton, NY	3.0	1.0	1400	$1,650	$1.18	43d	1	1.13mi
198 Chapin St Binghamton, NY	4.0	2.0	1500	$1,700	$1.13	21d	1	1.28mi
171 Chapin St Unit 1st FL Binghamton, NY	4.0	1.5	1400	$3,000	$2.14	43d	1	1.33mi
57 Fowler Ave Johnson City, NY	3.0	2.5	2497	$2,000	$0.80	13d	1	1.35mi
50 Crocker Ave Johnson City, NY	4.0	2.0	1411	$2,000	$1.42	21d	1	1.38mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	43d	1	1.43mi

Listing history 21 events

1. 2026-06-19
   days on market $215,000 Active 78 DOM
2. 2026-06-18
   days on market $215,000 Active 77 DOM
3. 2026-06-17
   days on market $215,000 Active 76 DOM
4. 2026-06-16
   days on market $215,000 Active 75 DOM
5. 2026-06-15
   days on market $215,000 Active 74 DOM
6. 2026-06-14
   days on market $215,000 Active 72 DOM
7. 2026-06-13
   days on market $215,000 Active 71 DOM
8. 2026-06-10
   days on market $215,000 Active 69 DOM
9. 2026-06-09
   days on market $215,000 Active 68 DOM
10. 2026-06-08
    days on market $215,000 Active 67 DOM
11. 2026-06-07
    days on market $215,000 Active 66 DOM
12. 2026-06-05
    days on market $215,000 Active 63 DOM
13. 2026-06-03
    days on market $215,000 Active 62 DOM
14. 2026-06-02
    days on market $215,000 Active 61 DOM
15. 2026-06-01
    days on market $215,000 Active 60 DOM
16. 2026-05-31
    days on market $215,000 Active 59 DOM
17. 2026-05-30
    days on market $215,000 Active 58 DOM
18. 2026-03-30
    listed $215,000 Active 766-char remark

    Show marketing remark (766 chars)

    Well-Maintained Duplex – Fully Occupied Investment Opportunity This well-cared-for duplex is located on a quiet dead-end street and features a huge yard, perfect for tenant enjoyment and added tenant appeal. Both units are fully occupied with tenants who have a strong rental history and are current on rent, providing immediate and steady income for the new owner. The property also offers a partially finished basement with dedicated office space, providing additional functionality and value. Current rents are below market, presenting an excellent opportunity for increased cash flow with future adjustments. With its stable occupancy, desirable location, and strong upside potential, this property is a smart addition to any investor’s portfolio.

19. 2025-11-30
    status Active
20. 2025-09-03
    listed $215,000 Active
21. 2012-12-28
    soldstatus $85,000

ⓘ 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: $4,302 · $358/mo
• Projected year-2 tax: $4,302 · $358/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 8/10 Severe FEMA zone X · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 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: $27,492
• − Mortgage interest: −$12,043
• − Property taxes: −$4,302
• − Insurance: −$1,742
• − Repairs & maintenance: −$2,199
• − Management: −$2,199
• − Depreciation: −$6,255
• Taxable loss: −$1,248
• Est. tax savings @ 24.0%: +$299
• After-tax cash flow: $2,445/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: Johnson City Central School District
• NCES district ID: 3615900
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $40,514
• Composite: 33.17/100
• National rank: #5545
• State rank: #535 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

• 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

+152.9% since first listed

4 events — show timeline

• 2026-03-30 Listed $215,000 GBAOR
• 2025-11-30 Relisted — GBAOR
• 2025-09-03 Listed $215,000 GBAOR
• 2012-12-28 Sold (Public Records) $85,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $4,302 · -2.6% YoY. Source: county tax records.