16 Pleasant Ave Ave · Binghamton, NY 13901

$219,000

6 bd · 2.0 ba · 2,178 sqft · MultiFamily public records · 30 Days on market

Built 1868 3,486 sqft lot $101/sqft · 13% above area Est $194k · 13% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Check out this fully renovated multi-family home featuring 3-bedroom 1 bathroom in each unit. New flooring throughout, new roof, brand new heating system, new water heater, new energy efficient windows just been installed. Both full bathrooms have just been nicely remodeled. In this property you can find lot of space and comfort together. Contact your favorite Real Estate professional for a private showing today.

Key facts

• Fully renovated
• New flooring
• New water heater

Tags

• FULLY RENOVATED
• NEW FLOORING
• NEW ROOF
• NEW HEATING SYSTEM
• NEW WATER HEATER
• NEW ENERGY EFFICIENT WINDOWS

Property features AI

Finance

• Other: Zoned for multi-unit residential

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Residential income duplex; Above-grade finished area approximately 2,178
• Construction: Aluminum siding
• Exterior features: Front porch; Level lot

Interior

• Bedrooms: 3 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Forced air heating; No cooling
• Interior features: Walk-in closets; Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $219k).
• Recommended offer: $216k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.2% 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: 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: 92 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 $4,198/mo this rent would consume 91% of the median local household income ($56k/yr) (locally 1230% 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 $2k of loan paydown is wiped out by about $7k 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 + 3.0% rent growth), your $61k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago 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 $27k; list at $219k implies a 713% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1868 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,715 (1.5% below list)

Questions for the listing agent

1. Built in 1868 — 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 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: 1.92% ✓
• Cap rate: 16.19%
• Cash-on-cash: 35.34%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $194,027
• List price: $219,000
• Delta: 12.87%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
528 Chenango St	0.38mi	6/2.0	2,488 (+14%)	2mo	$140,000	$56	57
32 Doubleday St	0.51mi	6/2.0	2,277 (+4%)	17mo	$200,000	$88	54
23 Linden St	0.58mi	5/3.0 (-1)	2,304 (+6%)	9mo	$215,000	$93	47

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: 30.9%
• Equity multiple: 2.30×
• Total profit: $79,585
• Equity at exit: $32,654

10-year hold

• IRR: 38.1%
• Equity multiple: 4.55×
• Total profit: $217,647
• Equity at exit: $18,935

Cash invested: $61,320 (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 13901

• Home prices YoY: -5.1%
• Active inventory: 92
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $4,198 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$271 /mo · $3,251/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$882
• Net cashflow: $1,806

Break-even live

Break-even rent $1,912

Max offer price $219,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,197
Total (3 units)			$4,198

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
607 Chenango St Binghamton, NY	5.0	2.5	2500	$2,800	$1.12	13d	1	0.84mi
16 North St Unit 1-1 Binghamton, NY	5.0	2.0	2600	$650	$0.25	43d	1	1.18mi
19 Edwards St Binghamton, NY	7.0	3.0	2989	$600	$0.20	43d	1	1.38mi
2 Chapel Pl Binghamton, NY	6.0	3.0	2600	$650	$0.25	43d	1	1.41mi
90 Conklin Ave Binghamton, NY	5.0	2.0	2000	$575	$0.29	13d	1	1.41mi

Listing history 11 events

1. 2026-06-01
   days on market $219,000 Active 30 DOM
2. 2026-05-31
   days on market $219,000 Active 29 DOM
3. 2026-05-30
   days on market $219,000 Active 28 DOM
4. 2026-05-02
   listed $219,000 Active 416-char remark
5. 2022-08-25
   historical
6. 2022-06-13
   listed $47,000
7. 2022-04-25
   soldstatus $26,950
8. 2021-11-09
   listed $75,000
9. 2013-11-20
   listed $34,999
10. 2013-01-13
    listed $34,900
11. 2006-02-01
    soldstatus $38,500

ⓘ 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: $3,251 · $271/mo
• Projected year-2 tax: $3,476 · $290/mo
• Expected delta: +$225/yr (+$19/mo · 6.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°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: $50,376
• − Mortgage interest: −$12,267
• − Property taxes: −$3,251
• − Insurance: −$1,095
• − Repairs & maintenance: −$4,030
• − Management: −$4,030
• − Depreciation: −$6,371
• Taxable income: $19,331
• Est. tax owed @ 24.0%: −$4,640
• After-tax cash flow: $17,030/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): 19,613
• Household income: $55,523
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 1230.0

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% Two or more races 7% Hispanic / Latino 7% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -16.13%
• Current HPI: 300.7692
• 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

+468.8% since first listed

8 events — show timeline

• 2026-05-02 Listed $219,000 GBAOR
• 2022-08-25 Delisted — GBAOR
• 2022-06-13 Listed $47,000 GBAOR
• 2022-04-25 Sold (Public Records) $26,950 Public Records
• 2021-11-09 Listed $75,000 GBAOR
• 2013-11-20 Listed $34,999 GBAOR
• 2013-01-13 Listed $34,900 GBAOR
• 2006-02-01 Sold (Public Records) $38,500 Public Records

Property tax history

+4.7%/yr

Latest (2025): $3,251 · +0.9% YoY. Source: county tax records.