420 W 5th St · Elmira, NY 14901

$93,900

6 bd · 2.0 ba · 2,330 sqft · MultiFamily public records · 127 Days on market

Built 1920 5,600 sqft lot Est $68k · 39% over

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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
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

SPACIOUS SIDE BY SIDE TWO UNIT WITH 3 BEDROOMS, EA T IN KITCHEN, LIVING ROOM, DINING ROOM, 1ST FL LAU NDRY EACH SIDE. RIGHT UNIT ALSO HAS 1ST FLOOR BATH . FENCED YARD, 2 SPACES OFF STREET PARKING. GREAT POTENTIAL FOR OWNER OCCUPIED OR INVESTOR.

Key facts

• Spacious upper lower
• Large corner yard
• Separated utilities

Tags

• CENTRALLY LOCATED DUPLEX
• SPACIOUS UPPER LOWER
• SEPARATED UTILITIES
• LARGE CORNER YARD

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $94k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $624/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $94k).
• Recommended offer: $83k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.2% 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: 79 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($649 loan paydown + $9k appreciation (10.0% local appreciation)).
• Chemung County population projected at -17% 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 $26k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y ago; this cycle's ask has dropped $16k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $94k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,632 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 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 1920 — 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. 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 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?
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: 2.77% ✓
• Cap rate: 22.25%
• Cash-on-cash: 56.99%
• DSCR: 3.54
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $67,570
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
428 W 4th St	0.09mi	5/2.0 (-1)	2,040 (-12%)	2mo	$44,000	$22	68
360 Davis St	0.37mi	5/3.0 (-1)	2,363 (+1%)	16mo	$68,000	$29	58
356 W Second St	0.37mi	5/3.0 (-1)	2,560 (+10%)	8mo	$120,000	$47	51
317 Roe Ave	0.52mi	5/2.0 (-1)	2,016 (-14%)	0mo	$50,000	$25	48
509 W 1st St	0.43mi	5/2.0 (-1)	2,014 (-14%)	5mo	$50,000	$25	48
1054 College Ave	0.60mi	5/2.0 (-1)	2,214 (-5%)	22mo	$130,000	$59	41

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: 69.6%
• Equity multiple: 5.98×
• Total profit: $130,803
• Equity at exit: $84,593

10-year hold

• IRR: 63.4%
• Equity multiple: 13.28×
• Total profit: $322,926
• Equity at exit: $182,427

Cash invested: $26,292 (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 14901

• Home prices YoY: 15.9%
• Active inventory: 79
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,602 high
• Mortgage (P&I): −$492
• Tax from tax record: −$275 /mo · $3,305/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $1,249

Break-even live

Break-even rent $1,021

Max offer price $93,900

Occupancy floor 47%

Sensitivity live

Price	-10% $1,302	-5% $1,275	+0% $1,249	+5% $1,222	+10% $1,195
Rent	-10% $1,043	-5% $1,146	+0% $1,249	+5% $1,351	+10% $1,454
Rate	-1.0pp $1,296	-0.5pp $1,273	base $1,249	+0.5pp $1,224	+1.0pp $1,200

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.2	$2,602
Total (2 units)			$2,602

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: $23,475
• Closing costs: $2,817
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2025-10-12
   status Pending
2. 2025-09-10
   price $93,900
3. 2025-08-30
   price $99,500
4. 2025-06-06
   listed $110,000 Active
5. 2012-10-30
   soldstatus $43,000
6. 2001-02-02
   soldstatus $35,000 244-char remark

   Show marketing remark (244 chars)

   SPACIOUS SIDE BY SIDE TWO UNIT WITH 3 BEDROOMS, EA T IN KITCHEN, LIVING ROOM, DINING ROOM, 1ST FL LAU NDRY EACH SIDE. RIGHT UNIT ALSO HAS 1ST FLOOR BATH . FENCED YARD, 2 SPACES OFF STREET PARKING. GREAT POTENTIAL FOR OWNER OCCUPIED OR INVESTOR.

7. 2001-02-02
   soldstatus $35,000

   Show marketing remark (244 chars)

   SPACIOUS SIDE BY SIDE TWO UNIT WITH 3 BEDROOMS, EA T IN KITCHEN, LIVING ROOM, DINING ROOM, 1ST FL LAU NDRY EACH SIDE. RIGHT UNIT ALSO HAS 1ST FLOOR BATH . FENCED YARD, 2 SPACES OFF STREET PARKING. GREAT POTENTIAL FOR OWNER OCCUPIED OR INVESTOR.

8. 1999-11-29
   listed $39,900 244-char remark

   Show marketing remark (244 chars)

   SPACIOUS SIDE BY SIDE TWO UNIT WITH 3 BEDROOMS, EA T IN KITCHEN, LIVING ROOM, DINING ROOM, 1ST FL LAU NDRY EACH SIDE. RIGHT UNIT ALSO HAS 1ST FLOOR BATH . FENCED YARD, 2 SPACES OFF STREET PARKING. GREAT POTENTIAL FOR OWNER OCCUPIED OR INVESTOR.

ⓘ 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: $3,305 · $275/mo
• Projected year-2 tax: $3,305 · $275/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 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 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: $31,224
• − Mortgage interest: −$5,260
• − Property taxes: −$3,305
• − Insurance: −$470
• − Repairs & maintenance: −$2,498
• − Management: −$2,498
• − Depreciation: −$2,732
• Taxable income: $14,462
• Est. tax owed @ 24.0%: −$3,471
• After-tax cash flow: $11,513/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): 14,430

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 (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 7% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 4% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Chinese 1%

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: ▲ 32.34%
• Current HPI: 236.2674
• 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

+135.3% since first listed

8 events — show timeline

• 2025-10-12 Pending — UNYREIS
• 2025-09-10 Price Changed $93,900 UNYREIS
• 2025-08-30 Price Changed $99,500 UNYREIS
• 2025-06-06 Listed $110,000 UNYREIS
• 2012-10-30 Sold (Public Records) $43,000 Public Records
• 2001-02-02 Sold (Public Records) $35,000 Public Records
• 2001-02-02 Sold (MLS) $35,000 UNYREIS
• 1999-11-29 Listed $39,900 UNYREIS

Property tax history

+7.3%/yr

Latest (2025): $3,305 · -27.6% YoY. Source: county tax records.