40 Hilltop Ln

Binghamton, NY 13865

$155,000C-

4 bd · 2.0 ba · 960 sqft · Built 1980 · MultiFamily · Pending · 212 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,676/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$360
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $151/mo
• Annual: $1,818/yr
• Cap rate: 7.47%
• Cash-on-cash: 4.19%
• DSCR: 1.19
• 1% rule: 1.08%
• Cash to close: $43,400

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $155k.
• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 212 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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.
• Windsor Central School District (rural): math 58% / reading 63% proficiency, ranked #236 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: A F Palmer Elementary School / Windsor Central Middle School (math 50% / reading 58%, grade C, #973 of 2,108 statewide, top 46%, 541 students, 49% FRL); Windsor Central High School (math 98% / reading 95%, grade A+, #59 of 1,100 statewide, top 6%, 502 students, 37% FRL).
• Zoned-school proficiency averages 75% at this address vs 60% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Windsor Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 41 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.