252 W 2nd St · Corning, NY 14830

$224,900

6 bd · 2.0 ba · 2,446 sqft · MultiFamily public records · 431 Days on market

Built 1886 5,675 sqft lot $92/sqft · 11% below area Est $254k · 11% 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 +12.7/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• 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

Nice two-unit in Corning's southside hill neighborhood. The first floor apartment has three bedrooms, with a spacious living room and dining room. This unit comes with a refrigerator, range, washer and dryer. There is also a small screened porch on the back of the unit. The second floor unit two bedrooms with a spacious living room and dining room. This unit comes with a refrigerator and range with hookups for laundry. It also has a small porch. There is off-street parking with a gravel driveway. And, here is a one-car garage with a large deck next to it.

Key facts

• Large deck
• Small screened porch
• One-car garage

Tags

• SMALL SCREENED PORCH
• OFF-STREET PARKING
• GRAVEL DRIVEWAY
• ONE-CAR GARAGE
• LARGE DECK

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $845 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• At $3,218/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 $2k of loan paydown is wiped out by about $7k 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 $63k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 431 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 26y 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 $182k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 431 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.43% ✓
• Cap rate: 10.80%
• Cash-on-cash: 16.10%
• DSCR: 1.72
• GRM: 5.8

CMA / ARV

• ARV (median comp): $253,986
• List price: $224,900
• Delta: -11.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
148 W 3rd St	0.25mi	5/3.0 (-1)	2,740 (+12%)	1mo	$149,485	$55	59
234-236 Chestnut St	0.39mi	6/2.0	2,690 (+10%)	22mo	$163,000	$61	47
123 Bridge St	0.72mi	6/3.0	2,720 (+11%)	17mo	$200,000	$74	30

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: 7.1%
• Equity multiple: 1.28×
• Total profit: $17,502
• Equity at exit: $33,533

10-year hold

• IRR: 16.5%
• Equity multiple: 2.35×
• Total profit: $85,082
• Equity at exit: $19,445

Cash invested: $62,972 (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: 11.1×

Monthly cashflow live

• Estimated rent: $3,218 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$424 /mo · $5,091/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $845

Break-even live

Break-even rent $2,149

Max offer price $224,900

Occupancy floor 69%

Sensitivity live

Price	-10% $972	-5% $909	+0% $845	+5% $781	+10% $718
Rent	-10% $591	-5% $718	+0% $845	+5% $972	+10% $1,099
Rate	-1.0pp $958	-0.5pp $902	base $845	+0.5pp $787	+1.0pp $727

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,687
1× unit	2	1.5	$1,531
Total (2 units)			$3,218

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 47 events

1. 2026-06-19
   days on market $224,900 Active 431 DOM
2. 2026-06-18
   days on market $224,900 Active 430 DOM
3. 2026-06-17
   days on market $224,900 Active 429 DOM
4. 2026-06-16
   days on market $224,900 Active 428 DOM
5. 2026-06-15
   days on market $224,900 Active 427 DOM
6. 2026-06-14
   days on market $224,900 Active 425 DOM
7. 2026-06-12
   days on market $224,900 Active 424 DOM
8. 2026-06-09
   days on market $224,900 Active 421 DOM
9. 2026-06-08
   days on market $224,900 Active 420 DOM
10. 2026-06-07
    days on market $224,900 Active 419 DOM
11. 2026-06-05
    days on market $224,900 Active 416 DOM
12. 2026-06-03
    days on market $224,900 Active 415 DOM
13. 2026-06-02
    days on market $224,900 Active 414 DOM
14. 2026-06-01
    days on market $224,900 Active 413 DOM
15. 2026-05-31
    days on market $224,900 Active 412 DOM
16. 2026-05-30
    days on market $224,900 Active 411 DOM
17. 2026-04-27
    status Active 561-char remark

    Show marketing remark (561 chars)

    Nice two-unit in Corning's southside hill neighborhood. The first floor apartment has three bedrooms, with a spacious living room and dining room. This unit comes with a refrigerator, range, washer and dryer. There is also a small screened porch on the back of the unit. The second floor unit two bedrooms with a spacious living room and dining room. This unit comes with a refrigerator and range with hookups for laundry. It also has a small porch. There is off-street parking with a gravel driveway. And, here is a one-car garage with a large deck next to it.

18. 2026-04-13
    historical Active Under Contract 561-char remark

    Show marketing remark (561 chars)

    Nice two-unit in Corning's southside hill neighborhood. The first floor apartment has three bedrooms, with a spacious living room and dining room. This unit comes with a refrigerator, range, washer and dryer. There is also a small screened porch on the back of the unit. The second floor unit two bedrooms with a spacious living room and dining room. This unit comes with a refrigerator and range with hookups for laundry. It also has a small porch. There is off-street parking with a gravel driveway. And, here is a one-car garage with a large deck next to it.

19. 2025-10-06
    price $224,900 561-char remark

    Show marketing remark (561 chars)

    Nice two-unit in Corning's southside hill neighborhood. The first floor apartment has three bedrooms, with a spacious living room and dining room. This unit comes with a refrigerator, range, washer and dryer. There is also a small screened porch on the back of the unit. The second floor unit two bedrooms with a spacious living room and dining room. This unit comes with a refrigerator and range with hookups for laundry. It also has a small porch. There is off-street parking with a gravel driveway. And, here is a one-car garage with a large deck next to it.

20. 2025-04-14
    listed $229,900 Active 561-char remark

    Show marketing remark (561 chars)

    Nice two-unit in Corning's southside hill neighborhood. The first floor apartment has three bedrooms, with a spacious living room and dining room. This unit comes with a refrigerator, range, washer and dryer. There is also a small screened porch on the back of the unit. The second floor unit two bedrooms with a spacious living room and dining room. This unit comes with a refrigerator and range with hookups for laundry. It also has a small porch. There is off-street parking with a gravel driveway. And, here is a one-car garage with a large deck next to it.

21. 2022-03-23
    soldstatus $182,000
22. 2022-03-21
    soldstatus $182,000 560-char remark

    Show marketing remark (560 chars)

    Lots of changes in this solid investment property on Corning's Southside Hill!. Brand new concrete in the garage, upstairs furnace, carpet, many windows, front porch and steps, new gravel driveway, laundry room, lots of new wiring, lighting, pressure washing & a lot more! Downstairs is a 3Br unit with its own huge laundry currently rented for $1250. Upstairs is a 2 bedroom w/ its own dedicated laundry, & a walk-up attic as well rented for $1250. Some hardwoods, and a nice shared deck in the back for the tenants. Showings start date 01/04/2022.

23. 2021-12-31
    listed $184,900 560-char remark

    Show marketing remark (560 chars)

    Lots of changes in this solid investment property on Corning's Southside Hill!. Brand new concrete in the garage, upstairs furnace, carpet, many windows, front porch and steps, new gravel driveway, laundry room, lots of new wiring, lighting, pressure washing & a lot more! Downstairs is a 3Br unit with its own huge laundry currently rented for $1250. Upstairs is a 2 bedroom w/ its own dedicated laundry, & a walk-up attic as well rented for $1250. Some hardwoods, and a nice shared deck in the back for the tenants. Showings start date 01/04/2022.

24. 2021-03-18
    soldstatus $158,000
25. 2021-03-15
    soldstatus $158,000
26. 2021-03-15
    soldstatus $158,000
27. 2021-03-15
    soldstatus $158,000
28. 2021-01-29
    listed $167,000
29. 2021-01-28
    listed $167,000
30. 2021-01-28
    listed $167,000
31. 2020-10-09
    soldstatus $132,000
32. 2019-03-04
    soldstatus $127,500
33. 2019-03-01
    soldstatus $127,500
34. 2019-01-17
    listed $127,500
35. 2011-09-30
    soldstatus $116,000
36. 2011-09-28
    soldstatus $116,000
37. 2011-04-11
    listed $118,500
38. 2010-12-17
    historical
39. 2009-11-10
    listed $118,000
40. 2006-08-14
    soldstatus $110,000
41. 2006-08-04
    soldstatus $110,000
42. 2006-03-10
    listed $114,000
43. 2006-03-10
    historical
44. 2005-11-02
    listed $114,000
45. 2001-01-31
    soldstatus $79,500
46. 2001-01-25
    soldstatus $79,500
47. 2000-10-30
    listed $79,500

ⓘ 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: $5,091 · $424/mo
• Projected year-2 tax: $5,091 · $424/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 ≥93°F today · 15 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: $38,616
• − Mortgage interest: −$12,598
• − Property taxes: −$5,091
• − Insurance: −$1,124
• − Repairs & maintenance: −$3,089
• − Management: −$3,089
• − Depreciation: −$6,543
• Taxable income: $7,081
• Est. tax owed @ 24.0%: −$1,700
• After-tax cash flow: $8,439/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

+182.9% since first listed

31 events — show timeline

• 2026-04-27 Relisted — UNYREIS
• 2026-04-13 Contingent — UNYREIS
• 2025-10-06 Price Changed $224,900 UNYREIS
• 2025-04-14 Listed $229,900 UNYREIS
• 2022-03-23 Sold (Public Records) $182,000 Public Records
• 2022-03-21 Sold (MLS) $182,000 UNYREIS
• 2021-12-31 Listed $184,900 UNYREIS
• 2021-03-18 Sold (Public Records) $158,000 Public Records
• 2021-03-15 Sold (MLS) $158,000 UNYREIS
• 2021-03-15 Sold (MLS) $158,000 IBRMLS
• 2021-03-15 Sold (MLS) $158,000 IBRMLS
• 2021-01-29 Listed $167,000 UNYREIS
• 2021-01-28 Listed $167,000 IBRMLS
• 2021-01-28 Listed $167,000 IBRMLS
• 2020-10-09 Sold (Public Records) $132,000 Public Records
• 2019-03-04 Sold (Public Records) $127,500 Public Records
• 2019-03-01 Sold (MLS) $127,500 UNYREIS
• 2019-01-17 Listed $127,500 UNYREIS
• 2011-09-30 Sold (Public Records) $116,000 Public Records
• 2011-09-28 Sold (MLS) $116,000 UNYREIS
• 2011-04-11 Listed $118,500 UNYREIS
• 2010-12-17 Listing Removed — UNYREIS
• 2009-11-10 Listed $118,000 UNYREIS
• 2006-08-14 Sold (Public Records) $110,000 Public Records
• 2006-08-04 Sold (MLS) $110,000 UNYREIS
• 2006-03-10 Listing Removed — UNYREIS
• 2006-03-10 Listed $114,000 UNYREIS
• 2005-11-02 Listed $114,000 UNYREIS
• 2001-01-31 Sold (Public Records) $79,500 Public Records
• 2001-01-25 Sold (MLS) $79,500 UNYREIS
• 2000-10-30 Listed $79,500 UNYREIS

Property tax history

+4.4%/yr

Latest (2025): $5,091 · -1.9% YoY. Source: county tax records.