6 Meadow Ln · Gang Mills, NY 14870

$129,500

3 bd · 1.5 ba · 1,268 sqft · SingleFamily public records · 5 Days on market

Built 1974 8,400 sqft lot Est $155k · 16% 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 +25.4/30.0
• ARV discount +14.8/15.0
• 1% rule +9.2/10.0
• DSCR +8.4/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this 3-bedroom ranch nestled on a quiet cul-de-sac in a convenient Painted Post / Town of Erwin location close to shopping, dining, parks, schools, and everyday amenities. Enjoy 1 floor living with a comfortable floor plan featuring a good-sized eat-in kitchen, ready for casual meals and gatherings. Enjoy the benefits of a newer furnace, low maintenance vinyl siding, central air, and an attached one car garage. The fully fenced backyard provides a great space for pets, play, gardening, and outdoor entertainment. Whether you're just starting out, downsizing, or looking for 1 floor living, this home is ready for your updates and its next owner. Priced well below appraised and asses

Key facts

• Newer furnace
• Quiet cul-de-sac
• Eat-in kitchen

Tags

• QUIET CUL-DE-SAC
• EAT-IN KITCHEN
• NEWER FURNACE
• LOW MAINTENANCE VINYL SIDING
• CENTRAL AIR
• FULLY FENCED BACKYARD

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Single-story home; Vinyl siding; Asphalt roof; Existing (well-maintained resale property); Poured foundation
• Construction: Vinyl siding construction; Asphalt roof; Poured foundation; Built as existing/resale (year built details: existing)
• Exterior features: Deck; Fully fenced yard; Blacktop driveway; Located on a cul-de-sac; Rectangular residential lot, 70 x 120

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Vinyl; Varied flooring
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Gas forced-air heating; Central air conditioning; Circuit breaker electrical
• Interior features: Eat-in kitchen; Separate/formal living room; Thermal windows; Full basement
• Laundry & utility: Washer and dryer located in the basement; Gas water heater (rented)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).

Location & tenants

• Location reads 68/100 on livability (#532 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: cost of living C-, health & safety D, amenities F.
• 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: Erwin Valley Elementary School (math 49% / reading 55%, grade C-, #988 of 2,108 statewide, top 49%, 373 students, 33% 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).
• Zoned-school proficiency averages 61% at this address vs 48% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Corning City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-1.4%/yr); 44 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $895 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price.

Recommended offer $129,500

Questions for the listing agent

1. Built in 1974 — 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 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. 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 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: 1.42% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.85%
• DSCR: 1.44
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $154,696
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20 Erwin St	0.12mi	3/1.5	1,230 (-3%)	2mo	$194,500	$158	88
461 S Hamilton St	0.08mi	3/1.5	1,200 (-5%)	2mo	$140,000	$117	86
475 S Hamilton St	0.11mi	2/1.0 (-1)	1,209 (-5%)	22mo	$133,500	$110	61
14 Meadow Ln	0.06mi	2/1.5 (-1)	1,106 (-13%)	18mo	$175,000	$158	56
68 Erwin St	0.39mi	2/1.0 (-1)	1,100 (-13%)	3mo	$131,500	$120	50
10 Cherry Cir	0.13mi	4/2.0 (+1)	1,444 (+14%)	19mo	$164,945	$114	48
183 Beartown Rd	0.69mi	2/1.0 (-1)	1,308 (+3%)	18mo	$160,000	$122	40
192 Beartown Rd	0.74mi	3/1.0	1,166 (-8%)	22mo	$169,500	$145	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.80×
• Total profit: $-7,245
• Equity at exit: $19,309

10-year hold

• IRR: -1.0%
• Equity multiple: 0.94×
• Total profit: $-2,002
• Equity at exit: $11,197

Cash invested: $36,260 (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 14870

• Home prices YoY: -28.8%
• Rents YoY: -1.4%
• Active inventory: 44
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,842 medium
• Mortgage (P&I): −$679
• Tax from tax record: −$425 /mo · $5,095/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $298

Break-even live

Break-even rent $1,465

Max offer price $129,500

Occupancy floor 79%

Sensitivity live

Price	-10% $371	-5% $334	+0% $298	+5% $261	+10% $224
Rent	-10% $152	-5% $225	+0% $298	+5% $370	+10% $443
Rate	-1.0pp $363	-0.5pp $330	base $298	+0.5pp $264	+1.0pp $230

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12 Pondview Ct Painted Post, NY	3.0	1.0–2.0	948	$1,890	$1.99	45d	27	0.74mi

Listing history 5 events

1. 2026-06-12
   statusdays on market $129,500 Pending 5 DOM
2. 2026-06-09
   days on market $129,500 Active 4 DOM
3. 2026-06-08
   days on market $129,500 Active 3 DOM
4. 2026-06-07
   remarks 699-char remark
5. 2026-06-07
   listed $129,500 Active 2 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: $5,095 · $425/mo
• Projected year-2 tax: $5,095 · $425/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 17 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: $22,104
• − Mortgage interest: −$7,254
• − Property taxes: −$5,095
• − Insurance: −$648
• − Repairs & maintenance: −$1,768
• − Management: −$1,768
• − Depreciation: −$3,767
• Taxable income: $1,803
• Est. tax owed @ 24.0%: −$433
• After-tax cash flow: $3,137/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 — Gang Mills

• Score: 68/100
• State rank: #532
• US rank: #9596

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gang Mills, NY
• County: Steuben County · 41,193 people
• City population: 10,086
• Metro: Corning, NY
• Population (ZIP): 9,795
• Household income: $84,476
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 289.0

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 (84%)
• Race & ethnicity: White 84% Asian 8% Two or more races 5% Black 2% Hispanic / Latino 2%
• Common ancestry: Romanian 7% Italian 3% Slovak 2%
• Foreign-born: 8% · China, South Korea, Canada
• Languages at home: 90% English-only · Chinese 4% Other Indo-European 2% Korean 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: ▼ -70.45%
• Current HPI: 174.2287
• Rent YoY: ▼ -1.35%
• 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

1 event — show timeline

• 2026-06-04 Listed $129,500 UNYREIS

Property tax history

+1.2%/yr

Latest (2025): $5,095 · +2.8% YoY. Source: county tax records.