504 Matthews St

Elmira, NY 14901

$25,000C-

6 bd · 2.0 ba · 2,012 sqft · Built 1860 · MultiFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,561/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$538
• Net cashflow: $1,795/mo
• Annual: $21,539/yr
• Cap rate: 95.11%
• Cash-on-cash: 317.21%
• DSCR: 15.11
• 1% rule: 10.24%
• Cash to close: $7,000

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $25k.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $897/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $25k).
• It's been on market 18 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($173 loan paydown + $2k appreciation (10.0% local appreciation)).
• 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: crime F, amenities F, commute 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.
• Zoned schools: Ernie Davis Academy (math 5% / reading 31%, grade F, #691 of 729 statewide, top 95%, 802 students, 66% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 81 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 13y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 95.1% 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.