33 Mill St · Binghamton, NY 13903

$130,000

4 bd · 3.0 ba · 2,252 sqft · MultiFamily public records · 99 Days on market

Built 1910 6,534 sqft lot $58/sqft · 55% below area ↓ 41% since listing

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Surprisingly very nice 3 family apartment building on the southside of Binghamton. Steps away form the bus lines and convenient location. Two very long term tenants that keep their apartments super clean and maintained. A third unit is ready to rent or move into. Exterior could use some work. Mechanically sound with updated water heaters and furnaces.

Key facts

• Updated furnaces
• Convenient location
• 6,534 sq ft lot

Tags

• CONVENIENT LOCATION
• UPDATED WATER HEATERS
• UPDATED FURNACES

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $818/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 29.5% 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: 112 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $4,613/mo this rent would consume 84% of the median local household income ($66k/yr) (locally 602% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $14k of equity ($899 loan paydown + $13k appreciation (10.0% local appreciation)).
• Broome County population projected at -13% 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 $36k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 3.55% ✓
• Cap rate: 29.47%
• Cash-on-cash: 82.77%
• DSCR: 4.68
• GRM: 2.3

CMA / ARV

• ARV (median comp): $291,461
• List price: $130,000
• Delta: -55.40%
• 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
5 Parsons St	0.04mi	4/4.0	2,064 (-8%)	1mo	$205,000	$99	79
12 Birch St	0.24mi	4/2.0	2,292 (+2%)	20mo	$135,150	$59	65
86 Mary St	0.38mi	4/2.0	2,296 (+2%)	13mo	$145,000	$63	64
30 Telegraph St	0.25mi	4/2.0	2,116 (-6%)	15mo	$129,900	$61	62
6 John St	0.39mi	4/2.0	1,970 (-12%)	2mo	$155,000	$79	55
12 Jay St	0.66mi	4/2.0	2,316 (+3%)	7mo	$130,000	$56	55
22 Hancock St	0.23mi	5/2.0 (+1)	2,028 (-10%)	11mo	$125,000	$62	54
67 Park Ave	0.63mi	5/2.0 (+1)	2,352 (+4%)	14mo	$206,000	$88	43
88 Pennsylvania Ave	0.68mi	3/3.0 (-1)	2,058 (-9%)	9mo	$90,000	$44	41
71 S Washington St	0.36mi	5/2.0 (+1)	1,926 (-14%)	14mo	$157,000	$82	38
50 Rush Ave	0.69mi	5/2.0 (+1)	2,061 (-8%)	12mo	$207,000	$100	35
155 Hawley St	0.63mi	3/2.0 (-1)	1,958 (-13%)	14mo	$120,000	$61	28

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: 90.8%
• Equity multiple: 7.25×
• Total profit: $227,418
• Equity at exit: $117,114

10-year hold

• IRR: 85.7%
• Equity multiple: 16.03×
• Total profit: $547,236
• Equity at exit: $252,561

Cash invested: $36,400 (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 13903

• Home prices YoY: 4.3%
• Active inventory: 112
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $4,613 high
• Mortgage (P&I): −$682
• Tax from tax record: −$398 /mo · $4,772/yr
• Insurance: −$54
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$969
• Net cashflow: $2,455

Break-even live

Break-even rent $1,505

Max offer price $130,000

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$4,614
Total (3 units)			$4,613

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
90 Conklin Ave Binghamton, NY	5.0	2.0	2000	$575	$0.29	13d	1	0.19mi
113 Hawley St Binghamton, NY	4.0	1.5	1637	$2,000	$1.22	44d	1	0.56mi
51 2nd St Binghamton, NY	3.0	2.5	2333	$2,200	$0.94	13d	1	0.79mi
13 Chapin St Binghamton, NY	4.0	3.0	2452	$4,000	$1.63	44d	1	0.97mi
22 Ayres St Binghamton, NY	4.0	2.0	2333	$2,560	$1.10	44d	1	1.01mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	44d	1	1.06mi
19 Walnut St Binghamton, NY	5.0	2.0	1666	$2,250	$1.35	44d	1	1.06mi
26 Johnson Ave Unit 1 Binghamton, NY	3.0	1.0	1633	$1,600	$0.98	44d	1	1.23mi

Listing history 22 events

1. 2026-06-19
   days on market $130,000 Active 99 DOM
2. 2026-06-18
   days on market $130,000 Active 98 DOM
3. 2026-06-17
   days on market $130,000 Active 97 DOM
4. 2026-06-16
   days on market $130,000 Active 96 DOM
5. 2026-06-15
   pricedays on market $130,000 Active 95 DOM
6. 2026-06-14
   days on market $140,000 Active 93 DOM
7. 2026-06-13
   days on market $140,000 Active 92 DOM
8. 2026-06-10
   days on market $140,000 Active 90 DOM
9. 2026-06-09
   days on market $140,000 Active 89 DOM
10. 2026-06-08
    days on market $140,000 Active 88 DOM
11. 2026-06-07
    days on market $140,000 Active 87 DOM
12. 2026-06-03
    days on market $140,000 Active 83 DOM
13. 2026-06-02
    days on market $140,000 Active 82 DOM
14. 2026-06-01
    days on market $140,000 Active 81 DOM
15. 2026-05-31
    days on market $140,000 Active 80 DOM
16. 2026-05-30
    days on market $140,000 Active 79 DOM
17. 2026-04-22
    price $140,000 353-char remark

    Show marketing remark (353 chars)

    Surprisingly very nice 3 family apartment building on the southside of Binghamton. Steps away form the bus lines and convenient location. Two very long term tenants that keep their apartments super clean and maintained. A third unit is ready to rent or move into. Exterior could use some work. Mechanically sound with updated water heaters and furnaces.

18. 2026-03-12
    listed $150,000 Active 353-char remark

    Show marketing remark (353 chars)

    Surprisingly very nice 3 family apartment building on the southside of Binghamton. Steps away form the bus lines and convenient location. Two very long term tenants that keep their apartments super clean and maintained. A third unit is ready to rent or move into. Exterior could use some work. Mechanically sound with updated water heaters and furnaces.

19. 2024-06-07
    soldstatus $135,000 Closed 177-char remark

    Show marketing remark (177 chars)

    Maintained 3 Family with Separate Utilites on Binghamtons West Side. 2 Car Detached Garage, Parking, Close to Everything! Call your Favorite Realtor Today for a Private Showing!

20. 2024-02-08
    status Pending 177-char remark

    Show marketing remark (177 chars)

    Maintained 3 Family with Separate Utilites on Binghamtons West Side. 2 Car Detached Garage, Parking, Close to Everything! Call your Favorite Realtor Today for a Private Showing!

21. 2024-01-18
    listed $155,000 Active 177-char remark

    Show marketing remark (177 chars)

    Maintained 3 Family with Separate Utilites on Binghamtons West Side. 2 Car Detached Garage, Parking, Close to Everything! Call your Favorite Realtor Today for a Private Showing!

22. 2021-06-25
    soldstatus $237,000

ⓘ 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: $4,772 · $398/mo
• Projected year-2 tax: $4,772 · $398/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 7/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 17 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: $55,356
• − Mortgage interest: −$7,282
• − Property taxes: −$4,772
• − Insurance: −$1,316
• − Repairs & maintenance: −$4,428
• − Management: −$4,428
• − Depreciation: −$3,782
• Taxable income: $29,346
• Est. tax owed @ 24.0%: −$7,043
• After-tax cash flow: $22,418/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): 17,569
• Household income: $66,278
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 602.0

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 (80%)
• Race & ethnicity: White 80% Black 9% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Arabic 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: ▲ 11.68%
• Current HPI: 286.1001
• Rent YoY: —
• 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

-40.9% since first listed

6 events — show timeline

• 2026-04-22 Price Changed $140,000 GBAOR
• 2026-03-12 Listed $150,000 GBAOR
• 2024-06-07 Sold (MLS) $135,000 GBAOR
• 2024-02-08 Pending — GBAOR
• 2024-01-18 Listed $155,000 GBAOR
• 2021-06-25 Sold (Public Records) $237,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $4,772 · +0.9% YoY. Source: county tax records.