307 Lormore St · Elmira, NY 14904

$50,000

6 bd · 2.0 ba · 2,608 sqft · MultiFamily public records · 622 Days on market

Built 1900 4,796 sqft lot Est $90k · 44% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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

Discover the potential of this large duplex located in Elmira, New York. This property is ideal for investors looking to maximize rental income or for those seeking a multi-family home with customization opportunities. Each unit has three bedrooms and one bath. The downstairs apartment is a blank canvas, needing everything and offering endless possibilities for renovation. The upstairs apartment is nearly finished and just needs a kitchen.

Key facts

• Large duplex
• Multi-family home
• 4,796 sq ft lot

Tags

• LARGE DUPLEX
• MULTI-FAMILY HOME
• CUSTOMIZATION OPPORTUNITIES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $829/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 46.1% 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: 101 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 622 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $40k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $31k; list at $50k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 622 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 5.07% ✓
• Cap rate: 46.10%
• Cash-on-cash: 142.17%
• DSCR: 7.33
• GRM: 1.6

CMA / ARV

• ARV (median comp): $89,717
• List price: $50,000
• Delta: -44.27%
• 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
300 Lormore St	0.04mi	6/2.0	2,627 (+1%)	3mo	$78,600	$30	94
501 Spaulding St	0.15mi	6/2.0	2,569 (-2%)	16mo	$19,000	$7	77
716-718 Spaulding St	0.41mi	6/2.0	2,259 (-13%)	2mo	$64,000	$28	57
577 Riverside Ave	0.34mi	6/2.0	2,460 (-6%)	23mo	$110,000	$45	56
511 Pennsylvania Ave	0.56mi	6/2.5	2,955 (+13%)	6mo	$85,000	$29	44
215-217 Fulton St	0.54mi	7/3.0 (+1)	2,718 (+4%)	18mo	$100,000	$37	44
401 Franklin St	0.75mi	5/2.0 (-1)	2,505 (-4%)	17mo	$70,000	$28	39
151-153 Boardman St	0.35mi	5/3.0 (-1)	2,953 (+13%)	20mo	$55,000	$19	36
719 S Main St	0.75mi	5/2.0 (-1)	2,217 (-15%)	22mo	$110,000	$50	17

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.97×
• Total profit: $97,579
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 16.80×
• Total profit: $221,158
• Equity at exit: $4,323

Cash invested: $14,000 (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 14904

• Home prices YoY: -9.6%
• Active inventory: 101
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,537 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $1,659

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,693	-5% $1,676	+0% $1,659	+5% $1,641	+10% $1,624
Rent	-10% $1,458	-5% $1,558	+0% $1,659	+5% $1,759	+10% $1,859
Rate	-1.0pp $1,684	-0.5pp $1,671	base $1,659	+0.5pp $1,646	+1.0pp $1,633

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,538
Total (2 units)			$2,537

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $50,000 Active 622 DOM
2. 2026-06-18
   days on market $50,000 Active 621 DOM
3. 2026-06-17
   days on market $50,000 Active 620 DOM
4. 2026-06-16
   days on market $50,000 Active 619 DOM
5. 2026-06-15
   days on market $50,000 Active 618 DOM
6. 2026-06-14
   days on market $50,000 Active 616 DOM
7. 2026-06-12
   days on market $50,000 Active 615 DOM
8. 2026-06-09
   days on market $50,000 Active 612 DOM
9. 2026-06-08
   days on market $50,000 Active 611 DOM
10. 2026-06-07
    days on market $50,000 Active 610 DOM
11. 2026-06-05
    days on market $50,000 Active 607 DOM
12. 2026-06-03
    days on market $50,000 Active 606 DOM
13. 2026-06-02
    days on market $50,000 Active 605 DOM
14. 2026-06-01
    days on market $50,000 Active 604 DOM
15. 2026-05-31
    days on market $50,000 Active 603 DOM
16. 2026-05-30
    days on market $50,000 Active 602 DOM
17. 2026-03-28
    status Active 443-char remark

    Show marketing remark (443 chars)

    Discover the potential of this large duplex located in Elmira, New York. This property is ideal for investors looking to maximize rental income or for those seeking a multi-family home with customization opportunities. Each unit has three bedrooms and one bath. The downstairs apartment is a blank canvas, needing everything and offering endless possibilities for renovation. The upstairs apartment is nearly finished and just needs a kitchen.

18. 2025-08-29
    status Active 443-char remark

    Show marketing remark (443 chars)

    Discover the potential of this large duplex located in Elmira, New York. This property is ideal for investors looking to maximize rental income or for those seeking a multi-family home with customization opportunities. Each unit has three bedrooms and one bath. The downstairs apartment is a blank canvas, needing everything and offering endless possibilities for renovation. The upstairs apartment is nearly finished and just needs a kitchen.

19. 2025-02-09
    status Active 443-char remark

    Show marketing remark (443 chars)

    Discover the potential of this large duplex located in Elmira, New York. This property is ideal for investors looking to maximize rental income or for those seeking a multi-family home with customization opportunities. Each unit has three bedrooms and one bath. The downstairs apartment is a blank canvas, needing everything and offering endless possibilities for renovation. The upstairs apartment is nearly finished and just needs a kitchen.

20. 2024-11-29
    price $50,000 443-char remark

    Show marketing remark (443 chars)

    Discover the potential of this large duplex located in Elmira, New York. This property is ideal for investors looking to maximize rental income or for those seeking a multi-family home with customization opportunities. Each unit has three bedrooms and one bath. The downstairs apartment is a blank canvas, needing everything and offering endless possibilities for renovation. The upstairs apartment is nearly finished and just needs a kitchen.

21. 2024-08-06
    listed $89,900 Active 443-char remark

    Show marketing remark (443 chars)

    Discover the potential of this large duplex located in Elmira, New York. This property is ideal for investors looking to maximize rental income or for those seeking a multi-family home with customization opportunities. Each unit has three bedrooms and one bath. The downstairs apartment is a blank canvas, needing everything and offering endless possibilities for renovation. The upstairs apartment is nearly finished and just needs a kitchen.

22. 2024-02-21
    soldstatus $31,000
23. 2024-02-12
    soldstatus $31,000 370-char remark

    Show marketing remark (370 chars)

    Calling all investors & handymen/women! Great Real estate opportunity in Elmira to rehab and replenish with separated utilities. This upper/lower spacious 2 unit property is waiting to be properly restored and brought back to its full potential. Once restored, rent both units out to maximize your ROI or live in one unit and rent the other out. Take a look today!

24. 2023-09-13
    listed $30,000 370-char remark

    Show marketing remark (370 chars)

    Calling all investors & handymen/women! Great Real estate opportunity in Elmira to rehab and replenish with separated utilities. This upper/lower spacious 2 unit property is waiting to be properly restored and brought back to its full potential. Once restored, rent both units out to maximize your ROI or live in one unit and rent the other out. Take a look today!

25. 2002-12-27
    soldstatus $4,500
26. 2002-06-20
    listed $5,990
27. 1992-03-23
    soldstatus $30,000

ⓘ 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 4/10 Moderate FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $30,444
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$2,436
• − Management: −$2,436
• − Depreciation: −$1,455
• Taxable income: $20,318
• Est. tax owed @ 24.0%: −$4,876
• After-tax cash flow: $15,028/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): 14,276

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 7% Hispanic / Latino 5% Native American 1%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, Jamaica, Dominican Republic
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -23.33%
• Current HPI: 220.688
• 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

+66.7% since first listed

11 events — show timeline

• 2026-03-28 Relisted — NMPA
• 2025-08-29 Relisted — NMPA
• 2025-02-09 Relisted — NMPA
• 2024-11-29 Price Changed $50,000 NMPA
• 2024-08-06 Listed $89,900 NMPA
• 2024-02-21 Sold (Public Records) $31,000 Public Records
• 2024-02-12 Sold (MLS) $31,000 UNYREIS
• 2023-09-13 Listed $30,000 UNYREIS
• 2002-12-27 Sold (MLS) $4,500 UNYREIS
• 2002-06-20 Listed $5,990 UNYREIS
• 1992-03-23 Sold (Public Records) $30,000 Public Records

Property tax history

+7.8%/yr

Latest (2025): $2,788 · -14.8% YoY. Source: county tax records.