5 Mather St · Binghamton, NY 13905

$899,000

15 bd · 15.0 ba · 11,408 sqft · MultiFamily public records · 57 Days on market

Built 1965 8,276 sqft lot $79/sqft · 6% below area Est $718k · 25% 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
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Offered for sale is this fully leased and turnkey Student Housing complex on the West Side of Binghamton. This is an excellent West Side location. Only 2 buildings from Main Street. Walking distance to the bus lines and all of Downtown Binghamton's Restaurants, Shops, Night Clubs and amenities. This is zoned as a 12 Unit building. It could be easily divided into 9 units. It is currently being used as a 6 Unit with 3, 4 Bed Units and 3, 1 Bed Units. The one bed units can be considered 2 bed units, increasing rents significantly. The current owner is using them as one bed. This complex has 15 Bathrooms, one for each actively leased bed and 9 Kitchens. Solid rent roll and rental history. All current rents are below market.

Key facts

• In-building laundry
• On-site maintenance
• Expansion potential

Tags

• STEPS FROM MAIN STREET
• IN-BUILDING LAUNDRY
• ZONED FOR 12 UNITS
• EXPANSION POTENTIAL
• ON-SITE MAINTENANCE

Property features AI

Finance

• Other: Zoning: MULTI 12 UNIT
• Financial info: Multi-unit property with a mix of 1-bedroom and 3-bedroom units and reported rents per unit (examples: $850, $900, $975, $1,800, $1,950)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property (apartment); Possible commercial use; Stucco construction
• Construction: Stucco exterior; Above-grade finished area approximately 8,556
• Exterior features: Fenced lot; Level lot

Interior

• Kitchen: Range; Refrigerator; Gas water heater
• Bedrooms: Multiple units including 1-bedroom and 3-bedroom layouts
• Flooring: Hardwood
• Bathrooms: Multiple full bathrooms across units (unit counts vary)
• Heating & cooling: Hot water heating; Wall/window air conditioning units; No central cooling
• Interior features: High speed internet; Storm windows; Insulated windows
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 15-bed/15.0-bath multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $5k ($55k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $899k).
• Recommended offer: $872k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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: 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.
• Zoned schools: Horace Mann School (math 22% / reading 32%, grade F, #1,786 of 2,108 statewide, top 86%, 243 students, 72% FRL).
• Market conditions: Rents rising fast (+11.2%/yr); 136 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• At $14,067/mo this rent would consume 316% of the median local household income ($53k/yr) (locally 1875% 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 $6k of loan paydown is wiped out by about $27k 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 + 8.0% rent growth), your $252k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($872k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $50k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $625k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $872,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.56% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.80%
• DSCR: 1.97
• GRM: 5.3

CMA / ARV

• ARV (median comp): $717,812
• List price: $899,000
• Delta: 25.24%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 1.88×
• Total profit: $220,395
• Equity at exit: $134,044

10-year hold

• IRR: 31.7%
• Equity multiple: 4.60×
• Total profit: $907,067
• Equity at exit: $77,729

Cash invested: $251,720 (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 13905

• Home prices YoY: -31.1%
• Rents YoY: 11.2%
• Active inventory: 136
• Price-to-rent: 50.8×

Monthly cashflow live

• Estimated rent: $14,067 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$1,450 /mo · $17,399/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,954
• Net cashflow: $4,574

Break-even live

Break-even rent $8,277

Max offer price $899,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$8,850
▸ 3× units	3	1	$5,214
Total (9 units)			$14,067

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $899,000 Active 57 DOM
2. 2026-06-18
   days on market $899,000 Active 56 DOM
3. 2026-06-17
   days on market $899,000 Active 55 DOM
4. 2026-06-16
   days on market $899,000 Active 54 DOM
5. 2026-06-15
   days on market $899,000 Active 53 DOM
6. 2026-06-14
   days on market $899,000 Active 51 DOM
7. 2026-06-13
   days on market $899,000 Active 50 DOM
8. 2026-06-10
   days on market $899,000 Active 48 DOM
9. 2026-06-09
   days on market $899,000 Active 47 DOM
10. 2026-06-08
    days on market $899,000 Active 46 DOM
11. 2026-06-07
    days on market $899,000 Active 45 DOM
12. 2026-06-03
    days on market $899,000 Active 41 DOM
13. 2026-06-03
    price $899,000 Active 40 DOM
14. 2026-06-02
    days on market $949,000 Active 40 DOM
15. 2026-06-01
    days on market $949,000 Active 39 DOM
16. 2026-05-31
    days on market $949,000 Active 38 DOM
17. 2026-05-30
    days on market $949,000 Active 37 DOM
18. 2026-04-23
    listed $949,000 Active 786-char remark
19. 2025-02-04
    price $745,000
20. 2024-12-14
    listed $775,000 Active
21. 2022-10-19
    soldstatus $625,000
22. 2022-09-23
    soldstatus $625,000 Closed

    Show marketing remark (729 chars)

    Offered for sale is this fully leased and turnkey Student Housing complex on the West Side of Binghamton. This is an excellent West Side location. Only 2 buildings from Main Street. Walking distance to the bus lines and all of Downtown Binghamton's Restaurants, Shops, Night Clubs and amenities. This is zoned as a 12 Unit building. It could be easily divided into 9 units. It is currently being used as a 6 Unit with 3, 4 Bed Units and 3, 1 Bed Units. The one bed units can be considered 2 bed units, increasing rents significantly. The current owner is using them as one bed. This complex has 15 Bathrooms, one for each actively leased bed and 9 Kitchens. Solid rent roll and rental history. All current rents are below market.

23. 2022-06-24
    historical

    Show marketing remark (729 chars)

    Offered for sale is this fully leased and turnkey Student Housing complex on the West Side of Binghamton. This is an excellent West Side location. Only 2 buildings from Main Street. Walking distance to the bus lines and all of Downtown Binghamton's Restaurants, Shops, Night Clubs and amenities. This is zoned as a 12 Unit building. It could be easily divided into 9 units. It is currently being used as a 6 Unit with 3, 4 Bed Units and 3, 1 Bed Units. The one bed units can be considered 2 bed units, increasing rents significantly. The current owner is using them as one bed. This complex has 15 Bathrooms, one for each actively leased bed and 9 Kitchens. Solid rent roll and rental history. All current rents are below market.

24. 2022-06-16
    listed $625,000

    Show marketing remark (729 chars)

    Offered for sale is this fully leased and turnkey Student Housing complex on the West Side of Binghamton. This is an excellent West Side location. Only 2 buildings from Main Street. Walking distance to the bus lines and all of Downtown Binghamton's Restaurants, Shops, Night Clubs and amenities. This is zoned as a 12 Unit building. It could be easily divided into 9 units. It is currently being used as a 6 Unit with 3, 4 Bed Units and 3, 1 Bed Units. The one bed units can be considered 2 bed units, increasing rents significantly. The current owner is using them as one bed. This complex has 15 Bathrooms, one for each actively leased bed and 9 Kitchens. Solid rent roll and rental history. All current rents are below market.

ⓘ 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: $17,399 · $1,450/mo
• Projected year-2 tax: $17,399 · $1,450/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 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $168,804
• − Mortgage interest: −$50,358
• − Property taxes: −$17,399
• − Insurance: −$4,495
• − Repairs & maintenance: −$13,504
• − Management: −$13,504
• − Depreciation: −$26,153
• Taxable income: $43,390
• Est. tax owed @ 24.0%: −$10,414
• After-tax cash flow: $44,474/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): 27,988
• Household income: $53,362
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1875.0

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 (68%)
• Race & ethnicity: White 68% Asian 10% Black 10% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 87% English-only · Other Indo-European 5% Spanish 2% Other Asian/Pacific 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: ▼ -134.70%
• Current HPI: 298.9847
• Rent YoY: ▲ 11.19%
• 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

+43.8% since first listed

8 events — show timeline

• 2026-06-02 Price Changed $899,000 GBAOR
• 2026-04-23 Listed $949,000 GBAOR
• 2025-02-04 Price Changed $745,000 GBAOR
• 2024-12-14 Listed $775,000 GBAOR
• 2022-10-19 Sold (Public Records) $625,000 Public Records
• 2022-09-23 Sold (MLS) $625,000 GBAOR
• 2022-06-24 Delisted — GBAOR
• 2022-06-16 Listed $625,000 GBAOR

Property tax history

+0.8%/yr

Latest (2025): $17,399 · +0.9% YoY. Source: county tax records.