314 Roe Ave · Elmira, NY 14901

$89,000

2 bd · 2.0 ba · 1,649 sqft · MultiFamily public records · 36 Days on market

Built 1880 6,696 sqft lot $54/sqft · 28% below area Est $124k · 28% under

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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

Multi-family units

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

Listing remarks

Looking for an affordable 2 unit with separate utilities? Take the time to check out this two unit with so many possibilities! This property is very close to Elmira College and LECOM and also close to bus routes. This is a first floor and second floor unit. This would make for a great investment property and is perfect for a handyman. There is a new medal roof over the large welcoming front porch. Features some attractive woodwork. With some fresh paint and some tlc this could be a great investment. House is selling "as is".

Key facts

• Separate utilities
• Close to bus routes
• Two unit

Tags

• TWO UNIT
• SEPARATE UTILITIES
• CLOSE TO ELMIRA COLLEGE
• CLOSE TO BUS ROUTES
• NEW MEDAL ROOF
• LARGE WELCOMING FRONT PORCH

Property features AI

Finance

• Other: Separate gas and electric meters for each unit (2 of each)
• Financial info: Operating expenses: see remarks; Owner pays: other/see remarks; Rent includes: see remarks

Exterior

• Parking: One parking space
• Utilities: Electricity connected (circuit breaker panel); Public water connected; Sewer connected; Cable available
• Home design: 2-story multi-family (2 units); Residential 2-unit zoning
• Construction: Wood siding; Metal and shingle roof; Stone foundation; Existing construction
• Exterior features: Covered porch

Interior

• Kitchen: Oven/range in at least one unit; Refrigerator in each unit
• Bedrooms: Two 1-bedroom units (each unit listed as 1 bedroom)
• Flooring: Carpet; Hardwood; Vinyl; Varies
• Bathrooms: Two full bathrooms (one full bath per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Has a full basement with dirt floor
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $89k.

Deal economics

• At list price, monthly cash flow is $917 ($11k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.7% 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $10k of equity ($615 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $35k; list at $89k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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. Built in 1880 — 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. 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: 2.47% ✓
• Cap rate: 18.66%
• Cash-on-cash: 44.17%
• DSCR: 2.97
• GRM: 3.4

CMA / ARV

• ARV (median comp): $124,450
• List price: $89,000
• Delta: -28.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
514 Elizabeth St	0.54mi	3/2.0 (+1)	1,634 (-1%)	7mo	$105,000	$64	63

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: 58.7%
• Equity multiple: 5.30×
• Total profit: $107,054
• Equity at exit: $80,178

10-year hold

• IRR: 52.3%
• Equity multiple: 11.82×
• Total profit: $269,626
• Equity at exit: $172,907

Cash invested: $24,920 (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: 6.8×

Monthly cashflow live

• Estimated rent: $2,197 high
• Mortgage (P&I): −$467
• Tax from tax record: −$315 /mo · $3,774/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $917

Break-even live

Break-even rent $1,036

Max offer price $89,000

Occupancy floor 53%

Sensitivity live

Price	-10% $968	-5% $943	+0% $917	+5% $892	+10% $867
Rent	-10% $744	-5% $831	+0% $917	+5% $1,004	+10% $1,091
Rate	-1.0pp $962	-0.5pp $940	base $917	+0.5pp $894	+1.0pp $871

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,198
Total (2 units)			$2,197

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	0.69mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	44d	1	0.69mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	0.86mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	44d	1	0.87mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	44d	1	1.12mi
715 W Water St Unit A Elmira, NY	2.0	1.0	2246	$1,100	$0.49	44d	1	1.33mi

Listing history 18 events

1. 2026-06-19
   days on market $89,000 Active 36 DOM
2. 2026-06-18
   days on market $89,000 Active 35 DOM
3. 2026-06-17
   days on market $89,000 Active 34 DOM
4. 2026-06-16
   days on market $89,000 Active 33 DOM
5. 2026-06-15
   days on market $89,000 Active 32 DOM
6. 2026-06-14
   days on market $89,000 Active 30 DOM
7. 2026-06-12
   days on market $89,000 Active 29 DOM
8. 2026-06-09
   days on market $89,000 Active 26 DOM
9. 2026-06-08
   days on market $89,000 Active 25 DOM
10. 2026-06-07
    days on market $89,000 Active 24 DOM
11. 2026-06-05
    days on market $89,000 Active 21 DOM
12. 2026-06-03
    days on market $89,000 Active 20 DOM
13. 2026-06-02
    days on market $89,000 Active 19 DOM
14. 2026-06-01
    days on market $89,000 Active 18 DOM
15. 2026-05-31
    days on market $89,000 Active 17 DOM
16. 2026-05-30
    days on market $89,000 Active 16 DOM
17. 2026-05-14
    listed $89,000 Active 542-char remark
18. 2016-02-16
    soldstatus $35,000

ⓘ 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: $3,774 · $315/mo
• Projected year-2 tax: $3,774 · $315/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥97°F today · 17 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: $26,364
• − Mortgage interest: −$4,985
• − Property taxes: −$3,774
• − Insurance: −$445
• − Repairs & maintenance: −$2,109
• − Management: −$2,109
• − Depreciation: −$2,589
• Taxable income: $10,352
• Est. tax owed @ 24.0%: −$2,485
• After-tax cash flow: $8,523/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

+154.3% since first listed

2 events — show timeline

• 2026-05-14 Listed $89,000 UNYREIS
• 2016-02-16 Sold (Public Records) $35,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $3,774 · +1.5% YoY. Source: county tax records.