111 Eldredge St St

Binghamton, NY 13901

$219,900C+

4 bd · 2.0 ba · 2,014 sqft · Built 1900 · MultiFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,610/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$382
• HOA: −$0
• Vac / Maint / Mgmt: −$548
• Net cashflow: $527/mo
• Annual: $6,325/yr
• Cap rate: 9.17%
• Cash-on-cash: 10.27%
• DSCR: 1.46
• 1% rule: 1.19%
• Cash to close: $61,572

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k.
• At list price, monthly cash flow is $527 ($6k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 36 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• 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: Theodore Roosevelt School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 345 students, 74% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 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); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Current owner paid $22k; list at $220k implies a 877% gain — meaningful room to come down on a strong offer.
• Cap rate 9.2% 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.
• At $2,610/mo this rent would consume 56% of the median local household income ($56k/yr) (locally 1230% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.