Elmira, NY — Rental Investment Analysis
🟢STRONG— excellent cash flow marketData: HUD FMR FY2024 + Zillow ZHVI April 2026 + Freddie Mac rates. Last updated June 2026.
Investment Summary
As of 2026, Elmira, NY has a median cap rate of 8.9%, making it one of the top cash-flowing rental markets in the United States.
Elmira is one of the strongest cash flow markets in the data. With a median home price of $133,459, entry costs are low — making it accessible for beginning investors or those buying multiple properties. With 3-bedroom rents around $1,470/month, the 8.9% cap rate tells the story. Expect around +$255/month cash flow after mortgage, taxes, insurance, and reserves.
The market passes the 1% rule (1.08%), which is increasingly rare and signals strong rent-to-price fundamentals. DSCR of 1.40 means the property's income comfortably covers debt service — DSCR loans should be easy to qualify for here.
Bottom line: Buy here if you want reliable monthly income. Elmira is a cash flow market — don't expect rapid appreciation, but the checks come in every month.
Data sources: HUD Fair Market Rents (FY2024), Zillow Home Value Index (April 2026), Freddie Mac Primary Mortgage Market Survey.
Cap Rate
8.9%
Above average
Monthly Cash Flow
+$255
After all expenses
Price-to-Rent
7.8
Investor-friendly
DSCR
1.40
Passes lender test
Key Metrics
- Median Home Price
- $133,459
- Average Rent (3BR)
- $1,470/mo
- Price-to-Rent Ratio
- 7.8(good)
- 1% Rule
- 1.08%(passes)
- Cash-on-Cash Return
- 10.9%
- Vacancy Rate
- 8.0%
Market Strength
- Unemployment Rate
- 4.6%(+0.3% vs national)
- Rent Growth (YoY)
- +2.9%(national avg)
- Population Growth
- -1.15% YoY
Property Tax Rate
1.62%
of assessed value (NY avg)
Median Income
$74,314
household (NY avg)
Rent-to-Income
23.7%
Affordable
Section 8 Max Rent
$1,470/mo
3BR voucher payment
NY Investor Climate
Landlord Friendly
3/10
State Income Tax
Has state tax
Property Tax
1.62% effective
Population Trend
-1.15% (3yr)