24 Medford St · Binghamton, NY 13903

$40,000

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 5 Days on market

Built 1964 4,585 sqft lot $42/sqft · 67% below area

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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

Listing remarks

Lots of potential! Roll up your sleeves with this Diamond in the rough that has 3 BRs/ 1 BA, Hard wood floors, 1st floor laundry, 2-car carport. Located on a charming well cared for street. Hold Harmless must be signed prior to all showings. Cash only buyers. Being sold as-is.

Key facts

• 4,585 sq ft lot
• Built 1964
• Listed 5 days

Property features AI

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; One story
• Construction: Aluminum siding
• Exterior features: Level lot; Lot dimensions approximately 35 x 131

Interior

• Kitchen: Range; Free-standing range; Refrigerator; Electric water heater
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Range; Electric water heater; Free-standing range; Refrigerator

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $764 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 29.2% 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: Benjamin Franklin Elementary School (math 17% / reading 32%, grade F, #1,846 of 2,108 statewide, top 91%, 399 students, 75% FRL); Binghamton High School (math 71% / reading 79%, grade A-, #631 of 1,100 statewide, top 58%, 1,341 students, 69% FRL).
• Zoned-school proficiency averages 50% at this address vs 37% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Binghamton City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 112 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($277 loan paydown + $4k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $24k; list at $40k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 3.29% ✓
• Cap rate: 29.23%
• Cash-on-cash: 81.91%
• DSCR: 4.64
• GRM: 2.5

CMA / ARV

• ARV (median comp): $121,618
• List price: $40,000
• Delta: -67.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Macon St	0.16mi	3/1.0	875 (-9%)	7mo	$130,000	$149	72
8 Montour St	0.08mi	2/1.0 (-1)	874 (-9%)	12mo	$93,000	$106	66
8 Gates St	0.27mi	3/1.0	1,034 (+8%)	18mo	$120,000	$116	59
89 & 91 Evans Street St	0.63mi	3/1.0	1,043 (+9%)	1mo	$101,000	$97	55
58 Burr Ave	0.37mi	2/1.0 (-1)	852 (-11%)	8mo	$45,500	$53	52
54 Second St	0.58mi	2/1.0 (-1)	900 (-6%)	12mo	$83,000	$92	47
50 Powers Rd	0.53mi	4/1.0 (+1)	1,008 (+5%)	20mo	$70,000	$69	45
5 Espial Dr	0.65mi	2/1.0 (-1)	924 (-4%)	22mo	$110,000	$119	40

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: 91.7%
• Equity multiple: 7.29×
• Total profit: $70,496
• Equity at exit: $36,035

10-year hold

• IRR: 86.5%
• Equity multiple: 16.12×
• Total profit: $169,349
• Equity at exit: $77,711

Cash invested: $11,200 (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 13903

• Home prices YoY: 4.3%
• Active inventory: 112
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,318 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $764

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 37%

Sensitivity live

Price	-10% $792	-5% $778	+0% $764	+5% $751	+10% $737
Rent	-10% $660	-5% $712	+0% $764	+5% $817	+10% $869
Rate	-1.0pp $785	-0.5pp $775	base $764	+0.5pp $754	+1.0pp $744

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37 Bigelow St Unit 1 Binghamton, NY	3.0	1.5	854	$1,500	$1.76	15d	1	0.71mi
27 Tompkins St Unit 9 Binghamton, NY	2.0	1.0	950	$950	$1.00	45d	1	0.74mi
27 Tompkins St Unit 10 Binghamton, NY	2.0	1.0	950	$1,050	$1.11	22d	1	0.74mi
231 Conklin Ave #2 Binghamton, NY	3.0	1.0	700	$1,350	$1.93	45d	1	0.75mi
147 E Frederick St Binghamton, NY	2.0	1.0	800	$1,200	$1.50	15d	1	1.08mi
198 Court St Unit 6 Binghamton, NY	2.0	1.0	550	$1,350	$2.45	45d	1	1.23mi
198 Court St Unit 10 Binghamton, NY	2.0	1.0	700	$1,200	$1.71	22d	1	1.23mi
198 Court St Unit 11 Binghamton, NY	2.0	1.0	550	$1,300	$2.36	45d	1	1.23mi
198 Court St Unit 10 Binghamton, NY	2.0	1.0	550	$1,250	$2.27	45d	1	1.23mi
198 Court St Unit 6 Binghamton, NY	2.0	1.0	700	$1,350	$1.93	22d	1	1.23mi
26 Doubleday St Binghamton, NY	2.0	1.0	1000	$1,350	$1.35	45d	1	1.31mi
26 Doubleday St #2 Binghamton, NY	2.0	1.0	850	$1,400	$1.65	46d	1	1.31mi
1 Euclid Ave Unit 1 Binghamton, NY	3.0	1.0	1100	$1,500	$1.36	45d	1	1.42mi

Listing history 3 events

1. 2026-05-11
   status Pending 277-char remark
2. 2026-05-06
   listed $40,000 Active 277-char remark
3. 2001-01-30
   soldstatus $24,500

ⓘ 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 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: $15,812
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,265
• − Management: −$1,265
• − Depreciation: −$1,164
• Taxable income: $9,077
• Est. tax owed @ 24.0%: −$2,179
• After-tax cash flow: $6,995/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

+63.3% since first listed

3 events — show timeline

• 2026-05-11 Pending — GBAOR
• 2026-05-06 Listed $40,000 GBAOR
• 2001-01-30 Sold (Public Records) $24,500 Public Records

Property tax history

+8.0%/yr

Latest (2025): $3,480 · +0.9% YoY. Source: county tax records.