176 W Pulteney St · Corning, NY 14830

$140,000

4 bd · 2.0 ba · 2,048 sqft · MultiFamily public records · 47 Days on market

Built 1930 5,522 sqft lot Est $174k · 20% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks MLS

A rare find! This two-unit property in the City of Corning is ready for an owner-occupant or would make an excellent investment. Both units have updated flooring, new electrical service, front porches and off-street parking. Each unit is spacious with more than 1,000 square feet of living space. The second floor has all new vinyl windows. The first floor has kitchen appliances in place. The basement laundry is shared by tenants. Convenient location, too!

Key facts

• Vinyl windows
• Metal roof
• Two-unit

Tags

• TWO-UNIT
• METAL ROOF
• VINYL WINDOWS
• UPDATED ELECTRIC PANEL
• R-70 IN THE ATTIC
• WATER FILTRATION SYSTEM

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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.
• Market conditions: 106 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• At $3,212/mo this rent would consume 53% of the median local household income ($73k/yr) (locally 565% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 29y 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 $100k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.29% ✓
• Cap rate: 18.60%
• Cash-on-cash: 43.97%
• DSCR: 2.96
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $174,080
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 W Hazel St	0.40mi	5/2.5 (+1)	2,030 (-1%)	11mo	$106,000	$52	64
178 W Pulteney St	0.01mi	3/2.0 (-1)	1,800 (-12%)	18mo	$176,000	$98	60
137 Bridge St	0.39mi	4/3.0	2,037 (-0%)	21mo	$174,000	$85	59
7-9 Maple St	0.40mi	3/2.0 (-1)	1,864 (-9%)	4mo	$165,000	$89	58
263 Sly Ave	0.51mi	4/2.0	2,216 (+8%)	8mo	$185,000	$83	56
129 Bridge St	0.39mi	3/2.0 (-1)	2,021 (-1%)	22mo	$91,392	$45	56
66 John St	0.57mi	5/2.0 (+1)	2,090 (+2%)	17mo	$115,000	$55	50
257 1st St	0.57mi	5/3.0 (+1)	1,960 (-4%)	10mo	$172,000	$88	49
225 W First St	0.61mi	4/2.0	2,250 (+10%)	9mo	$153,608	$68	48
88 Gorton St	0.58mi	3/3.0 (-1)	2,268 (+11%)	2mo	$215,000	$95	45

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: 41.0%
• Equity multiple: 2.76×
• Total profit: $68,924
• Equity at exit: $20,874

10-year hold

• IRR: 47.2%
• Equity multiple: 5.55×
• Total profit: $178,343
• Equity at exit: $12,105

Cash invested: $39,200 (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: 7.3×

Monthly cashflow live

• Estimated rent: $3,212 high
• Mortgage (P&I): −$734
• Tax from tax record: −$309 /mo · $3,704/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$675
• Net cashflow: $1,436

Break-even live

Break-even rent $1,394

Max offer price $140,000

Occupancy floor 50%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,212
Total (2 units)			$3,212

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
247 Princeton Ave Corning, NY	3.0	1.0	1504	$1,500	$1.00	44d	1	0.43mi
171 E 1st St Corning, NY	3.0	2.5	1569	$3,352	$2.14	44d	1	1.35mi

Listing history 16 events

1. 2026-06-09
   status $140,000 Pending 47 DOM
2. 2026-06-08
   days on market $140,000 Active Under Contract 47 DOM
3. 2026-06-07
   days on market $140,000 Active Under Contract 46 DOM
4. 2026-06-05
   days on market $140,000 Active Under Contract 43 DOM
5. 2026-06-03
   days on market $140,000 Active Under Contract 42 DOM
6. 2026-06-02
   days on market $140,000 Active Under Contract 41 DOM
7. 2026-06-01
   days on market $140,000 Active Under Contract 40 DOM
8. 2026-05-31
   days on market $140,000 Active Under Contract 39 DOM
9. 2026-05-30
   days on market $140,000 Active Under Contract 38 DOM
10. 2026-04-24
    historical Active Under Contract
11. 2026-04-22
    listed $140,000 Active
12. 2013-08-16
    soldstatus $100,000
13. 2013-08-14
    soldstatus $100,000 459-char remark

    Show marketing remark (459 chars)

    A rare find! This two-unit property in the City of Corning is ready for an owner-occupant or would make an excellent investment. Both units have updated flooring, new electrical service, front porches and off-street parking. Each unit is spacious with more than 1,000 square feet of living space. The second floor has all new vinyl windows. The first floor has kitchen appliances in place. The basement laundry is shared by tenants. Convenient location, too!

14. 2013-05-24
    listed $94,900 459-char remark

    Show marketing remark (459 chars)

    A rare find! This two-unit property in the City of Corning is ready for an owner-occupant or would make an excellent investment. Both units have updated flooring, new electrical service, front porches and off-street parking. Each unit is spacious with more than 1,000 square feet of living space. The second floor has all new vinyl windows. The first floor has kitchen appliances in place. The basement laundry is shared by tenants. Convenient location, too!

15. 2000-06-05
    soldstatus $61,000 241-char remark

    Show marketing remark (241 chars)

    TWO UNIT, 2 CAR DETACHED GARAGE. SPACIOUS 2 BEDRO OM UNITS. WELL MAINTAINED. SEPARATE ELECTRIC. NE W WINDOWS UPSTAIRS, NICE PORCHES, NEW FURNACE '94. ALUMINUM SIDING. PLEASE GIVE 24 HOUR NOTICE. E XTRA INFORMATION SHEET ON FILE. PRICE CHANGE

16. 1997-06-19
    listed $64,900 241-char remark

    Show marketing remark (241 chars)

    TWO UNIT, 2 CAR DETACHED GARAGE. SPACIOUS 2 BEDRO OM UNITS. WELL MAINTAINED. SEPARATE ELECTRIC. NE W WINDOWS UPSTAIRS, NICE PORCHES, NEW FURNACE '94. ALUMINUM SIDING. PLEASE GIVE 24 HOUR NOTICE. E XTRA INFORMATION SHEET ON FILE. PRICE CHANGE

ⓘ 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: $3,704 · $309/mo
• Projected year-2 tax: $3,704 · $309/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 8 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $38,544
• − Mortgage interest: −$7,842
• − Property taxes: −$3,704
• − Insurance: −$700
• − Repairs & maintenance: −$3,084
• − Management: −$3,084
• − Depreciation: −$4,073
• Taxable income: $16,058
• Est. tax owed @ 24.0%: −$3,854
• After-tax cash flow: $13,382/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

+115.7% since first listed

7 events — show timeline

• 2026-04-24 Contingent — UNYREIS
• 2026-04-22 Listed $140,000 UNYREIS
• 2013-08-16 Sold (Public Records) $100,000 Public Records
• 2013-08-14 Sold (MLS) $100,000 UNYREIS
• 2013-05-24 Listed $94,900 UNYREIS
• 2000-06-05 Sold (MLS) $61,000 UNYREIS
• 1997-06-19 Listed $64,900 UNYREIS

Property tax history

+3.5%/yr

Latest (2025): $3,704 · -1.9% YoY. Source: county tax records.