A surprisingly affordable real estate opportunity has appeared in Elmira, New York, where a two-unit property with four bedrooms, two bathrooms, a long-term tenant, and a two-story barn is being offered for just $69,000.
Located at 308 Mount Zoar Street, this historic property offers approximately 1,931 square feet of living space on a 0.34-acre lot. Built in 1900, the home combines traditional character with a layout that could appeal to investors, first-time property buyers, or anyone interested in owning a multifamily residence.
But perhaps the most interesting detail is that one of the apartments already has a tenant who has reportedly lived there for more than 12 years.
Two Separate Apartments Under One Roof
Unlike a traditional single-family home, this property is divided into two residential units, with one apartment on the ground floor and another upstairs.
The lower apartment features one bedroom and is currently occupied by the established tenant. For someone purchasing a rental property, an existing tenancy could offer a potential source of income without immediately needing to advertise for a new occupant.
The upstairs apartment provides three bedrooms, making it suitable for a larger household or potentially another rental arrangement.
An additional screened-in porch adds usable space and gives residents an area to relax while enjoying the outdoors.
Together, the apartments offer four bedrooms and two bathrooms, providing flexibility for different living arrangements.
A Two-Story Barn Adds Even More Possibilities
One of the property’s most distinctive features is the two-story barn located behind the residence.
While many affordable multifamily properties offer limited storage, this building provides additional space for equipment, tools, seasonal belongings, or other storage needs.
Depending on its structural condition and local regulations, the barn could potentially serve additional purposes in the future.
For buyers interested in older properties with unusual outbuildings, this feature may be particularly appealing.
The approximately 0.34-acre lot also provides outdoor space and room for off-street parking.
Practical Features for Everyday Living
The duplex includes separate laundry hookups for each apartment, allowing residents to manage their laundry independently.
Natural-gas forced-air heating provides warmth during New York’s colder months, while public water and community sewer services supply essential utilities.
The property also includes gravel and unpaved parking areas with space for multiple vehicles.
These practical features can make a difference when evaluating a property intended for long-term rental use.
According to the listing description, the residence has been maintained and is presented as a turnkey opportunity, although prospective purchasers should independently verify its condition.
Why the $69,000 Price Is Getting Attention
At an asking price of $69,000, the property costs approximately $36 per square foot based on its reported interior size.
That figure is especially notable considering the building contains two separate apartments rather than a single residence.
For comparison, many buyers across the United States face considerably higher prices for homes offering fewer bedrooms or less living space.
However, a low asking price does not automatically guarantee a profitable investment.
Potential buyers should carefully evaluate the property’s condition, existing lease agreement, rental income, operating expenses, insurance costs, taxes, and any repairs that may be necessary.
Because the building dates back to 1900, inspecting the roof, foundation, plumbing, electrical systems, and heating equipment would be especially important.
Could This Be an Opportunity for a Small Investor?
For someone hoping to enter the rental property market, a duplex can offer a different financial arrangement from purchasing a single-family home.
One possible approach would be renting both apartments, creating two potential income streams from the same property.
Another possibility could involve living in one unit while renting the other, subject to existing lease terms and applicable requirements.
The established downstairs tenancy may be attractive to buyers seeking an occupied rental unit, but its financial value depends on the actual rent collected and the expenses associated with maintaining the property.
The additional barn and off-street parking further distinguish this property from many smaller urban duplexes.
An Affordable Property With an Unusual Combination of Features
With four bedrooms, two bathrooms, nearly 2,000 square feet of living space, a long-term tenant, and a two-story barn, this Elmira duplex offers a combination of features that is not commonly associated with a $69,000 asking price.
Its historic construction, flexible layout, and additional storage space make it worth examining for buyers interested in affordable multifamily real estate.
Whether purchased as a rental investment or considered for a future owner-occupied arrangement, the property demonstrates how some smaller New York housing markets continue to offer homes at prices far below those found in major metropolitan areas.
For anyone searching for a property with multiple living spaces and room for potential rental income, 308 Mount Zoar Street presents an interesting possibility worth investigating.
Listed on Zillow
