49 Fulton St · Hornell, NY 14843

$239,990

3 bd · 1.5 ba · 1,596 sqft · SingleFamily public records · 1 Days on market

Built 1888 4,299 sqft lot

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Why this score? — see what drove the D 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 +9.4/30.0
• ARV discount +7.5/15.0
• Appreciation +7.0/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0

Listing remarks MLS

4 Bedroom, 2 Bath home with formal dining and living rooms. This home has a large kitchen and first floor laundry room. Off street parking with a one car oversized detached garage. Priced below the current assessment!

Key facts

• Totally renovated
• New furnace
• Downtown amenities

Tags

• SINGLE FAMILY RESIDENCE
• LOCAL PARKS
• SCHOOLS
• DOWNTOWN AMENITIES
• TOTALLY RENOVATED
• NEW FURNACE

Property features AI

Exterior

• Parking: Detached garage; One garage space
• Utilities: High-speed internet available; Public water connected; Sewer connected; Power connected
• Home design: Two stories; Existing construction
• Construction: Composite siding; Block foundation
• Exterior features: Balcony; Covered and open porch; Dirt driveway; Partial fencing; Fence; Near public transit; Rectangular residential lot; City street frontage; See remarks

Interior

• Kitchen: Country kitchen
• Bedrooms: Two main-level bedrooms; In-law suite
• Flooring: Luxury vinyl
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Den; Separate/formal living room; Home office; Country kitchen; Storage; In-law floorplan; See remarks
• Laundry & utility: Main-level laundry; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (32.4% below list).
• Recommended offer: $162k (32.4% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 12.6% in Hornell — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 70/100 on livability (#451 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, crime F, commute F.
• Hornell City School District (town): math 33% / reading 49% proficiency, ranked #519 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Hornell School (309 students, 44% FRL); Hornell Intermediate School (math 20% / reading 43%, grade F, #1,679 of 2,108 statewide, top 80%, 477 students, 64% FRL); Hornell Junior-Senior High School (math 45% / reading 58%, grade D+, #967 of 1,100 statewide, top 88%, 625 students, 53% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 61 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (4.0% local appreciation)).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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.
• Current owner paid $30k; list at $240k implies a 700% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,187 (32.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.68% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.04%
• DSCR: 0.86
• GRM: 12.3

CMA / ARV

• ARV (on-the-fly): $134,064
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 N Church St	0.07mi	3/2.0	1,684 (+6%)	4mo	$190,000	$113	82
16 Washington St	0.26mi	4/1.5 (+1)	1,512 (-5%)	2mo	$111,000	$73	72
137 Thacher St	0.47mi	3/1.5	1,640 (+3%)	6mo	$130,000	$79	68
73 Platt St	0.23mi	3/1.5	1,750 (+10%)	8mo	$102,000	$58	66
78 State St	0.43mi	3/1.5	1,666 (+4%)	9mo	$140,000	$84	65
39 William St	0.07mi	3/2.0	1,364 (-14%)	10mo	$183,500	$135	62
37 Pearl St	0.47mi	4/2.0 (+1)	1,616 (+1%)	11mo	$120,000	$74	60
167 Dennis Ave	0.29mi	2/1.5 (-1)	1,422 (-11%)	12mo	$165,000	$116	54
5 Erie Ct	0.62mi	3/1.5	1,524 (-4%)	12mo	$139,900	$92	53
67 N Main St	0.56mi	3/2.0	1,770 (+11%)	3mo	$157,000	$89	51
62 Adsit St	0.45mi	4/2.0 (+1)	1,476 (-8%)	11mo	$116,000	$79	50
99 Hill St	0.71mi	3/2.0	1,756 (+10%)	10mo	$31,000	$18	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.95% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.45×
• Total profit: $30,232
• Equity at exit: $120,947

10-year hold

• IRR: 9.7%
• Equity multiple: 2.61×
• Total profit: $108,150
• Equity at exit: $197,237

Cash invested: $67,197 (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 14843

• Home prices YoY: 1.9%
• Active inventory: 61
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,622 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$93 /mo · $1,114/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $-170

Break-even live

Break-even rent $1,837

Max offer price $209,950

Occupancy floor —

Sensitivity live

Price	-10% $-34	-5% $-102	+0% $-170	+5% $-238	+10% $-306
Rent	-10% $-298	-5% $-234	+0% $-170	+5% $-106	+10% $-42
Rate	-1.0pp $-49	-0.5pp $-109	base $-170	+0.5pp $-232	+1.0pp $-296

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: $59,998
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Willow Pl Hornell, NY	4.0	2.0	1726	$2,000	$1.16	45d	1	0.17mi
21 Armory Pl Hornell, NY	2.0	1.0	2074	$1,200	$0.58	45d	1	0.25mi
54 Bemis Ave Hornell, NY	2.0	1.0	1801	$1,300	$0.72	45d	1	0.27mi
15 Hakes Ave Unit 102 Hornell, NY	4.0	2.0	2000	$2,195	$1.10	45d	1	0.40mi
58 Elm St Hornell, NY	4.0	2.0	1600	$2,495	$1.56	45d	1	0.63mi

Listing history 2 events

1. 2026-06-21
   remarks 492-char remark
2. 2026-06-21
   listed $239,990 Active 1 DOM

ⓘ 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: $1,114 · $93/mo
• Projected year-2 tax: $2,585 · $215/mo
• Expected delta: +$1,471/yr (+$123/mo · 132.1%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,462
• − Mortgage interest: −$13,443
• − Property taxes: −$1,114
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,557
• − Management: −$1,557
• − Depreciation: −$6,982
• Taxable loss: −$6,390
• Est. tax savings @ 24.0%: +$1,534
• After-tax cash flow: $-507/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: Hornell City School District
• NCES district ID: 3614820
• Math proficiency: 33% ▼ -8.00%
• Reading proficiency: 49% ▲ 6.00%
• Median HH income: $40,251
• Composite: 34.33/100
• National rank: #5234
• State rank: #519 of 590 in NY

Livability — Hornell

• Score: 70/100
• State rank: #451
• US rank: #7888

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hornell, NY
• County: Steuben County · 41,193 people
• City population: 12,383
• Metro: Corning, NY
• Population (ZIP): 12,383
• Household income: $57,874
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 415.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · French/Haitian/Cajun 2% Arabic 1% Spanish 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: ▲ 3.95%
• Current HPI: 210.1986
• 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

+548.6% since first listed

4 events — show timeline

• 2026-06-20 Listed $239,990 UNYREIS
• 2012-12-10 Sold (Public Records) $30,000 Public Records
• 2012-12-07 Sold (MLS) $30,000 UNYREIS
• 2012-06-23 Listed $37,000 UNYREIS

Property tax history

+3.9%/yr

Latest (2025): $1,114 · -0.4% YoY. Source: county tax records.