221 Crete Ave · Elmira, NY 14901

$69,900

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 43 Days on market

Built 1890 9,525 sqft lot $64/sqft · 49% below area Est $137k · 49% under ↓ 13% since listing

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 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

Listing remarks

Attention investors, flippers, and buyers looking for a project! This 2 bedroom, 1 bathroom home is full of potential and ready for someone to bring it back to life. Featuring spacious living areas, original wood flooring, a large backyard, and off-street parking, this property offers a great opportunity to build sweat equity or add to your investment portfolio. Conveniently located near schools, shopping, parks, and everyday amenities. Property needs repairs and updates throughout and is being sold as-is. Endless possibilities for the right buyer!

Key facts

• 9,525 sq ft lot
• 2 garage spots
• Built 1890

Property features AI

Finance

• Other: Lot is rectangular (64 x 150); Residential lot; City street frontage

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Electricity available; Public water (connected); Sewer connected
• Home design: Two-story home; Resale property
• Construction: Wood siding; Shingle roof; Stone foundation; Built (existing)
• Exterior features: Blacktop driveway; Partial fence

Interior

• Kitchen: Water heater (see remarks for additional details)
• Bedrooms: One main-level bedroom
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Heating: see remarks
• Interior features: Separate formal dining room; Separate formal living room
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.

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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($483 loan paydown + $7k 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.74% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• GRM: 4.8

CMA / ARV

• ARV (median comp): $137,320
• List price: $69,900
• Delta: -49.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
448 Braden	0.13mi	3/1.0	1,160 (+6%)	18mo	$95,000	$82	69
1839 Davis St	0.25mi	3/2.0	1,180 (+8%)	5mo	$147,500	$125	67
103 Hope St	0.46mi	3/1.0	1,140 (+4%)	6mo	$127,200	$112	66
213 Chapman Pl	0.21mi	2/1.0 (-1)	1,134 (+4%)	17mo	$125,000	$110	65
115 Garfield St	0.51mi	4/1.0 (+1)	1,114 (+2%)	4mo	$152,000	$136	64
240 Kingsbury Ave	0.12mi	2/1.5 (-1)	979 (-10%)	13mo	$120,000	$123	60
104 E Mccanns Blvd	0.40mi	2/1.0 (-1)	1,000 (-8%)	11mo	$97,000	$97	53
341 Grant St	0.62mi	3/1.0	986 (-10%)	9mo	$90,957	$92	47
325 Noble St	0.55mi	3/1.0	1,237 (+13%)	9mo	$140,000	$113	45
275 W 10th St	0.69mi	3/1.0	960 (-12%)	6mo	$90,000	$94	43
109 Garfield St	0.50mi	2/1.0 (-1)	936 (-14%)	11mo	$89,900	$96	39
125 W 10th St	0.69mi	2/1.0 (-1)	1,188 (+9%)	16mo	$41,000	$35	35

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: 36.3%
• Equity multiple: 3.81×
• Total profit: $54,934
• Equity at exit: $62,971

10-year hold

• IRR: 31.3%
• Equity multiple: 8.61×
• Total profit: $148,924
• Equity at exit: $135,800

Cash invested: $19,572 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,214 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$246 /mo · $2,947/yr
• Insurance: −$29
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $262

Break-even live

Break-even rent $882

Max offer price $69,900

Occupancy floor 73%

Sensitivity live

Price	-10% $302	-5% $282	+0% $262	+5% $243	+10% $223
Rent	-10% $167	-5% $214	+0% $262	+5% $310	+10% $358
Rate	-1.0pp $298	-0.5pp $280	base $262	+0.5pp $244	+1.0pp $226

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
263 W 13th St Unit Lower Elmira Heights, NY	3.0	1.0	900	$1,241	$1.38	44d	1	0.92mi
258 E 14th St Elmira, NY	2.0	1.0	1100	$1,200	$1.09	44d	1	1.01mi
970 Scio St Elmira, NY	2.0	1.0	911	$1,200	$1.32	44d	1	1.19mi

Listing history 17 events

1. 2026-06-19
   days on market $69,900 Active 43 DOM
2. 2026-06-18
   days on market $69,900 Active 42 DOM
3. 2026-06-17
   days on market $69,900 Active 41 DOM
4. 2026-06-16
   days on market $69,900 Active 40 DOM
5. 2026-06-15
   days on market $69,900 Active 39 DOM
6. 2026-06-14
   days on market $69,900 Active 37 DOM
7. 2026-06-12
   days on market $69,900 Active 36 DOM
8. 2026-06-09
   days on market $69,900 Active 33 DOM
9. 2026-06-08
   days on market $69,900 Active 32 DOM
10. 2026-06-07
    pricedays on market $69,900 Active 31 DOM
11. 2026-06-05
    days on market $79,900 Active 28 DOM
12. 2026-06-03
    days on market $79,900 Active 27 DOM
13. 2026-06-02
    days on market $79,900 Active 26 DOM
14. 2026-06-01
    days on market $79,900 Active 25 DOM
15. 2026-05-31
    days on market $79,900 Active 24 DOM
16. 2026-05-30
    days on market $79,900 Active 23 DOM
17. 2026-05-06
    listed $79,900 Active 554-char remark

ⓘ 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: $2,947 · $246/mo
• Projected year-2 tax: $2,947 · $246/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 7/10 Severe FEMA zone X (shaded) · 76% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°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: $14,571
• − Mortgage interest: −$3,915
• − Property taxes: −$2,947
• − Insurance: −$1,016
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$2,033
• Taxable income: $2,328
• Est. tax owed @ 24.0%: −$559
• After-tax cash flow: $2,591/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

-12.5% since first listed

2 events — show timeline

• 2026-06-05 Price Changed $69,900 UNYREIS
• 2026-05-06 Listed $79,900 UNYREIS

Property tax history

+5.9%/yr

Latest (2025): $2,947 · -18.6% YoY. Source: county tax records.