277 Sunset Dr · Corning, NY 14830

$77,000

4 bd · 2.0 ba · 2,260 sqft · MultiFamily public records · 8 Days on market

Built 1900 4,200 sqft lot $34/sqft · 64% below area

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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 +4.4/5.0
• Schools +4.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 4,200 sq ft lot
• Built 1900
• Listed 8 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Electricity connected; High-speed internet available; Public water connected; Sewer connected
• Home design: Two-story property; Existing condition
• Construction: Vinyl siding; Metal and shingle roof; Stone foundation; Below-grade finished area present
• Exterior features: Deck; Open porch; Gravel driveway; Rectangular residential lot with city street frontage; Lot dimensions approximately 42 x 100

Interior

• Kitchen: Kitchen on first level; Gas water heater
• Bedrooms: Three bedrooms on second level
• Flooring: Carpet; Varied flooring
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Heating details: see remarks
• Interior features: Ceiling fan(s); Pull-down attic stairs; Second kitchen; Has full basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $77k.

Deal economics

• At list price, monthly cash flow is $884 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $77k).
• Cap rate 20.1% vs local median 8.0% in Corning — 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 87/100 on livability (#14 in NY, #334 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: employment D.
• Corning City School District (town): math 44% / reading 53% proficiency, ranked #406 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frederick Carder Elementary School (math 44% / reading 50%, grade D-, #1,195 of 2,108 statewide, top 60%, 406 students, 39% FRL); Corning-Painted Post Middle School (math 22% / reading 48%, grade F, #480 of 729 statewide, top 66%, 962 students, 46% FRL); Corning-Painted Post High School (math 93% / reading 98%, grade A+, #82 of 1,100 statewide, top 7%, 1,463 students, 36% FRL).
• Market conditions: 106 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $532 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Steuben County population projected at -20% 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $52k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.58% ✓
• Cap rate: 20.07%
• Cash-on-cash: 49.22%
• DSCR: 3.19
• GRM: 3.2

CMA / ARV

• ARV (median comp): $216,178
• List price: $77,000
• Delta: -64.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
225 W First St	0.13mi	4/2.0	2,250 (-0%)	9mo	$153,608	$68	86
88 Gorton St	0.70mi	3/3.0 (-1)	2,268 (+0%)	2mo	$215,000	$95	56
257 1st St	0.09mi	5/3.0 (+1)	1,960 (-13%)	10mo	$172,000	$88	56
104-106 W Third St	0.45mi	4/2.0	2,112 (-6%)	21mo	$119,000	$56	50
24 E Fourth St	0.73mi	4/3.0	2,252 (-0%)	22mo	$190,000	$84	43
137 Bridge St	0.57mi	4/3.0	2,037 (-10%)	21mo	$174,000	$85	35
22 W Hazel St	0.68mi	5/2.5 (+1)	2,030 (-10%)	11mo	$106,000	$52	35
129 Bridge St	0.56mi	3/2.0 (-1)	2,021 (-11%)	22mo	$91,392	$45	32

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: 46.9%
• Equity multiple: 3.04×
• Total profit: $43,965
• Equity at exit: $11,481

10-year hold

• IRR: 52.7%
• Equity multiple: 6.16×
• Total profit: $111,303
• Equity at exit: $6,658

Cash invested: $21,560 (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 14830

• Active inventory: 106
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,984 medium
• Mortgage (P&I): −$404
• Tax from tax record: −$247 /mo · $2,963/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $884

Break-even live

Break-even rent $864

Max offer price $77,000

Occupancy floor 50%

Sensitivity live

Price	-10% $928	-5% $906	+0% $884	+5% $862	+10% $841
Rent	-10% $728	-5% $806	+0% $884	+5% $963	+10% $1,041
Rate	-1.0pp $923	-0.5pp $904	base $884	+0.5pp $864	+1.0pp $844

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: $19,250
• Closing costs: $2,310
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-05
   status Pending 377-char remark
2. 2026-04-27
   listed $77,000 Active 377-char remark
3. 2003-11-17
   soldstatus $51,900

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $2,963 · $247/mo
• Projected year-2 tax: $2,963 · $247/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $23,804
• − Mortgage interest: −$4,313
• − Property taxes: −$2,963
• − Insurance: −$385
• − Repairs & maintenance: −$1,904
• − Management: −$1,904
• − Depreciation: −$2,240
• Taxable income: $10,094
• Est. tax owed @ 24.0%: −$2,423
• After-tax cash flow: $8,189/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: Corning City School District
• NCES district ID: 3608400
• Math proficiency: 44% ▼ -12.00%
• Reading proficiency: 53% ▲ 4.00%
• Median HH income: $53,042
• Composite: 41.8/100
• National rank: #3392
• State rank: #406 of 590 in NY

Livability — Corning

• Score: 87/100
• State rank: #14
• US rank: #334

Category grades

Amenities A+ Commute A- Cost of living A Crime B- Employment D Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corning, NY
• County: Steuben County · 41,193 people
• City population: 19,015
• Metro: Corning, NY
• Population (ZIP): 19,015
• Household income: $73,263
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 565.0

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 93,062 people
• By 2030: 89,793 · -3.5%
• By 2040: 82,353 · -11.5%
• By 2050: 74,286 · -20.2%
• By 2075: 55,589 · -40.3%
• By 2100: 37,587 · -59.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 3% Black 3% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 95% English-only · Russian/Polish/Slavic 1% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+31.8) · D 34.1% · R 65.9%
• 2008→2024 swing: -15.0pp toward R · 2008: -16.8pp · 2024: -31.8pp
• All cycles: 2024: R+31.8 2020: R+29.6 2016: R+36.2 2012: R+16.4 2008: R+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.59%
• Current HPI: 173.9857
• Rent YoY: —
• Metro: Corning, NY
• 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

+48.4% since first listed

3 events — show timeline

• 2026-05-05 Pending — UNYREIS
• 2026-04-27 Listed $77,000 UNYREIS
• 2003-11-17 Sold (Public Records) $51,900 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,963 · -1.9% YoY. Source: county tax records.