602 Collins St · Elmira, NY 14904

$36,400

3 bd · 1.5 ba · 1,520 sqft · SingleFamily public records · 23 Days on market

Built 1930 2,318 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT OPPORTUNITY! OWNER OCCUPIED OR INVESTMENT . T HIS HOME OFFERS 3-4 BEDROOMS, ALL NEW REPLACEMENT WINDOWS, FIRST FLOOR LAUNDRY ROOM & HALF BATH, FOR MAL DINING, NICE KITCHEN LAYOUT. WALK-UP ATTIC IS FINISHED AS 4TH BEDROOM. FRONT DECK. BANK OWNED -

Key facts

• Half bath
• Formal dining room
• Fenced yard

Tags

• FENCED YARD
• EAT IN KITCHEN
• FORMAL DINING ROOM
• FIRST FLOOR LAUNDRY ROOM
• HALF BATH
• LARGE LIVING ROOM

Property features AI

Exterior

• Parking: No garage
• Utilities: Cable available; Public water connected; Sewer connected; Water connected
• Home design: Two-story house; Existing/resale property
• Construction: Stucco and wood siding exterior; Block foundation
• Exterior features: Deck; Dirt driveway; Rectangular residential lot; City street frontage; Lot dimensions approximately 46 x 50

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Total of 8 rooms (includes living areas and bedrooms)
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Gas heating; Hot water heating
• Interior features: Attic; Formal dining room; Entrance foyer; Eat-in kitchen; Formal living room; Full basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $36k.

Deal economics

• At list price, monthly cash flow is $709 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• Recommended offer: $36k (1.5% below list) — sets the bar for market timing.
• Cap rate 29.7% 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: 101 active listings in the ZIP; 11 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

• Local home prices are declining (-3.0%/yr); year-one equity from $252 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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 $18k; list at $36k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,854 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 3.34% ✓
• Cap rate: 29.65%
• Cash-on-cash: 83.42%
• DSCR: 4.71
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $110,960
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
551 Lyon St	0.14mi	3/1.0	1,586 (+4%)	3mo	$158,000	$100	82
478 Mount Zoar St	0.35mi	4/1.0 (+1)	1,456 (-4%)	2mo	$35,000	$24	68
507 Partridge St	0.49mi	3/1.5	1,592 (+5%)	3mo	$106,500	$67	67
421 Jefferson St	0.23mi	3/1.5	1,688 (+11%)	5mo	$85,106	$50	67
562 Baty St	0.15mi	3/1.0	1,296 (-15%)	5mo	$111,702	$86	62
309 Broadway St	0.48mi	4/1.0 (+1)	1,468 (-3%)	3mo	$78,000	$53	62
777 Pennsylvania Ave	0.40mi	4/1.5 (+1)	1,620 (+7%)	6mo	$110,000	$68	60
570 Cypress St	0.30mi	3/1.0	1,307 (-14%)	1mo	$127,200	$97	60
558 Coburn St	0.31mi	4/1.5 (+1)	1,716 (+13%)	0mo	$125,020	$73	59
239 Robert St	0.73mi	4/1.0 (+1)	1,512 (-0%)	6mo	$50,000	$33	53
626 Decker Ave	0.58mi	3/2.0	1,335 (-12%)	2mo	$142,000	$106	49
809 Chamberlain St	0.54mi	4/1.0 (+1)	1,328 (-13%)	5mo	$138,192	$104	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 83.8%
• Equity multiple: 4.85×
• Total profit: $39,247
• Equity at exit: $5,427

10-year hold

• IRR: 87.0%
• Equity multiple: 10.06×
• Total profit: $92,359
• Equity at exit: $3,147

Cash invested: $10,192 (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 14904

• Home prices YoY: -9.6%
• Active inventory: 101
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,215 high
• Mortgage (P&I): −$191
• Tax est. 1.5%: −$46 /mo · $546/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $709

Break-even live

Break-even rent $318

Max offer price $36,400

Occupancy floor 37%

Sensitivity live

Price	-10% $734	-5% $721	+0% $709	+5% $696	+10% $683
Rent	-10% $613	-5% $661	+0% $709	+5% $757	+10% $805
Rate	-1.0pp $727	-0.5pp $718	base $709	+0.5pp $699	+1.0pp $690

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: $9,100
• Closing costs: $1,092
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
419 Jefferson St Unit A Elmira, NY	2.0	2.0	1100	$1,995	$1.81	44d	1	0.26mi
550 Spruce St Unit 303 Elmira, NY	2.0	2.0	1350	$1,350	$1.00	44d	1	0.56mi
160 Boardman St Unit B Elmira, NY	2.0	1.0	1727	$800	$0.46	44d	1	0.61mi
363 W Water St #2 Elmira, NY	3.0	1.0	1084	$1,250	$1.15	44d	1	0.94mi
715 W Water St Unit A Elmira, NY	2.0	1.0	2246	$1,100	$0.49	44d	1	1.00mi
514 W 1st St Unit A Elmira, NY	4.0	1.0	1416	$1,275	$0.90	44d	1	1.15mi
454 W 2nd St Unit 1 Elmira, NY	2.0	1.0	1400	$1,000	$0.71	44d	1	1.21mi
1254 Charles St Elmira, NY	2.0	1.0	1560	$1,350	$0.87	44d	1	1.22mi
106 W 2nd St Unit A Elmira, NY	3.0	1.0	1395	$1,400	$1.00	44d	1	1.31mi
357 W Clinton St Unit 1 Elmira, NY	2.0	1.5	1650	$1,500	$0.91	44d	1	1.37mi
355 W Clinton St Unit 1 Elmira, NY	3.0	1.5	1650	$1,400	$0.85	44d	1	1.37mi

Listing history 20 events

1. 2026-06-19
   days on market $36,400 Active 23 DOM
2. 2026-06-18
   days on market $36,400 Active 22 DOM
3. 2026-06-17
   days on market $36,400 Active 21 DOM
4. 2026-06-16
   days on market $36,400 Active 20 DOM
5. 2026-06-15
   days on market $36,400 Active 19 DOM
6. 2026-06-14
   days on market $36,400 Active 17 DOM
7. 2026-06-12
   days on market $36,400 Active 16 DOM
8. 2026-06-09
   days on market $36,400 Active 13 DOM
9. 2026-06-08
   days on market $36,400 Active 12 DOM
10. 2026-06-07
    days on market $36,400 Active 11 DOM
11. 2026-06-05
    days on market $36,400 Active 8 DOM
12. 2026-06-03
    days on market $36,400 Active 7 DOM
13. 2026-06-03
    days on market $36,400 Active 6 DOM
14. 2026-05-15
    listed $36,400 Active
15. 2023-10-11
    historical
16. 2023-04-14
    listed $47,000
17. 2004-05-28
    soldstatus $17,500 258-char remark

    Show marketing remark (258 chars)

    GREAT OPPORTUNITY! OWNER OCCUPIED OR INVESTMENT . T HIS HOME OFFERS 3-4 BEDROOMS, ALL NEW REPLACEMENT WINDOWS, FIRST FLOOR LAUNDRY ROOM & HALF BATH, FOR MAL DINING, NICE KITCHEN LAYOUT. WALK-UP ATTIC IS FINISHED AS 4TH BEDROOM. FRONT DECK. BANK OWNED -

18. 2004-01-19
    listed $24,900 258-char remark

    Show marketing remark (258 chars)

    GREAT OPPORTUNITY! OWNER OCCUPIED OR INVESTMENT . T HIS HOME OFFERS 3-4 BEDROOMS, ALL NEW REPLACEMENT WINDOWS, FIRST FLOOR LAUNDRY ROOM & HALF BATH, FOR MAL DINING, NICE KITCHEN LAYOUT. WALK-UP ATTIC IS FINISHED AS 4TH BEDROOM. FRONT DECK. BANK OWNED -

19. 1995-09-27
    soldstatus $15,000
20. 1992-10-16
    soldstatus $15,000

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $14,584
• − Mortgage interest: −$2,039
• − Property taxes: −$546
• − Insurance: −$182
• − Repairs & maintenance: −$1,167
• − Management: −$1,167
• − Depreciation: −$1,059
• Taxable income: $8,424
• Est. tax owed @ 24.0%: −$2,022
• After-tax cash flow: $6,481/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): 14,276

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 7% Hispanic / Latino 5% Native American 1%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, Jamaica, Dominican Republic
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -23.33%
• Current HPI: 220.688
• 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

+142.7% since first listed

7 events — show timeline

• 2026-05-15 Listed $36,400 UNYREIS
• 2023-10-11 Listing Removed — UNYREIS
• 2023-04-14 Listed $47,000 UNYREIS
• 2004-05-28 Sold (MLS) $17,500 UNYREIS
• 2004-01-19 Listed $24,900 UNYREIS
• 1995-09-27 Sold (Public Records) $15,000 Public Records
• 1992-10-16 Sold (Public Records) $15,000 Public Records

Property tax history

+11.5%/yr

Latest (2025): $2,775 · -14.4% YoY. Source: county tax records.