403 Walnut St · Elmira, NY 14901

$249,000

9 bd · 9.0 ba · 3,052 sqft · MultiFamily · 37 Days on market

Built 1952 Fair condition $82/sqft · 57% above 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks MLS

This is an amazing opportunity for your dream business. Currently used as a fitness studio with 2 one bedroom apartments. The property sits on two large city lots. This allows for 10+ parking spots. The potential options for this building are endless. The current studio space is ~1800sqft with a half bath and storage space. Behind the parking lot is a fenced yard area that could be used for various outdoor events. Build your dream and let the 2 apartments pay for the building. OPEN HOUSE SUNDAY 3/2 at 1PM

Key facts

• Strong updates
• Ample parking
• Separated utilities

Tags

• 3 UNIT INVESTMENT PROPERTY
• STRONG UPDATES
• AMPLE PARKING
• DETACHED GARAGE
• COIN OPERATED LAUNDRY ROOM
• SEPARATED UTILITIES

Property features AI

Finance

• Financial info: Three-unit multifamily property with separate electric meters for each unit and a single gas meter; Each unit currently listed with $950 rent (actual/total); Operating expense details: see remarks; Owner pays: see remarks; Rent includes: see remarks

Exterior

• Parking: See remarks for parking details
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property
• Construction: Vinyl siding; Flat and shingle roof
• Exterior features: Rectangular lot; Main thoroughfare frontage; Lot dimensions approximately 200 x 43

Interior

• Kitchen: Eat-in kitchen in one unit
• Bedrooms: Three 1-bedroom units
• Flooring: Carpet; Laminate; Vinyl; Varies
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Ductless cooling; Ductless heating; Gas heating; Forced air; Wall furnace
• Interior features: Varied interior finishes; see remarks; Other interior features
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $249k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $403/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $249k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 10.1% in Elmira — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 $27k of equity ($2k loan paydown + $25k 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 $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $110k; list at $249k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $241,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.49% ✓
• Cap rate: 12.12%
• Cash-on-cash: 20.83%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (median comp): $158,968
• List price: $249,000
• Delta: 56.64%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.8%
• Equity multiple: 4.05×
• Total profit: $212,741
• Equity at exit: $224,319

10-year hold

• IRR: 34.3%
• Equity multiple: 9.12×
• Total profit: $565,989
• Equity at exit: $483,752

Cash invested: $69,720 (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: 16.8×

Monthly cashflow live

• Estimated rent: $3,710 high
• Mortgage (P&I): −$1,306
• Tax est. 1.5%: −$311 /mo · $3,735/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$779
• Net cashflow: $1,210

Break-even live

Break-even rent $2,178

Max offer price $249,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,382	-5% $1,296	+0% $1,210	+5% $1,124	+10% $1,038
Rent	-10% $917	-5% $1,064	+0% $1,210	+5% $1,357	+10% $1,503
Rate	-1.0pp $1,336	-0.5pp $1,273	base $1,210	+0.5pp $1,146	+1.0pp $1,080

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$3,711
Total (3 units)			$3,710

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $249,000 Active 37 DOM
2. 2026-06-18
   days on market $249,000 Active 36 DOM
3. 2026-06-17
   days on market $249,000 Active 35 DOM
4. 2026-06-16
   days on market $249,000 Active 34 DOM
5. 2026-06-15
   days on market $249,000 Active 33 DOM
6. 2026-06-14
   days on market $249,000 Active 31 DOM
7. 2026-06-12
   days on market $249,000 Active 30 DOM
8. 2026-06-09
   days on market $249,000 Active 27 DOM
9. 2026-06-08
   days on market $249,000 Active 26 DOM
10. 2026-06-07
    days on market $249,000 Active 25 DOM
11. 2026-06-05
    days on market $249,000 Active 22 DOM
12. 2026-06-03
    days on market $249,000 Active 21 DOM
13. 2026-06-02
    days on market $249,000 Active 20 DOM
14. 2026-06-01
    days on market $249,000 Active 19 DOM
15. 2026-05-31
    days on market $249,000 Active 18 DOM
16. 2026-05-30
    days on market $249,000 Active 17 DOM
17. 2026-05-12
    listed $249,000 Active 1733-char remark
18. 2024-07-19
    soldstatus $110,000 510-char remark

    Show marketing remark (510 chars)

    This is an amazing opportunity for your dream business. Currently used as a fitness studio with 2 one bedroom apartments. The property sits on two large city lots. This allows for 10+ parking spots. The potential options for this building are endless. The current studio space is ~1800sqft with a half bath and storage space. Behind the parking lot is a fenced yard area that could be used for various outdoor events. Build your dream and let the 2 apartments pay for the building. OPEN HOUSE SUNDAY 3/2 at 1PM

19. 2024-02-29
    listed $114,900 510-char remark

    Show marketing remark (510 chars)

    This is an amazing opportunity for your dream business. Currently used as a fitness studio with 2 one bedroom apartments. The property sits on two large city lots. This allows for 10+ parking spots. The potential options for this building are endless. The current studio space is ~1800sqft with a half bath and storage space. Behind the parking lot is a fenced yard area that could be used for various outdoor events. Build your dream and let the 2 apartments pay for the building. OPEN HOUSE SUNDAY 3/2 at 1PM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $44,520
• − Mortgage interest: −$13,948
• − Property taxes: −$3,735
• − Insurance: −$1,245
• − Repairs & maintenance: −$3,562
• − Management: −$3,562
• − Depreciation: −$7,244
• Taxable income: $11,225
• Est. tax owed @ 24.0%: −$2,694
• After-tax cash flow: $11,827/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

The property requires significant exterior repairs and maintenance, including painting and landscaping, to improve its condition and value.

Repairs flagged

• Major Paint and siding — Peeling paint and siding issues.
• Major Landscaping — Overgrown grass and lack of landscaping.

Value-add opportunities

• Both Painting and repainting the exterior — Painting the exterior would improve curb appeal and increase both resale and rental value.
• Both Landscaping and yard maintenance — Landscaping and maintaining the yard would improve curb appeal and increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint and siding · Peeling paint and siding issues.	Major	$15,000–50,000
Landscaping · Overgrown grass and lack of landscaping.	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Painting and repainting the exterior — Painting the exterior would improve curb appeal and increase both resale and rental value. ↑
• Both Landscaping and yard maintenance — Landscaping and maintaining the yard would improve curb appeal and increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+116.7% since first listed

3 events — show timeline

• 2026-05-12 Listed $249,000 UNYREIS
• 2024-07-19 Sold (MLS) $110,000 UNYREIS
• 2024-02-29 Listed $114,900 UNYREIS