187 W First St · Corning, NY 14830

$140,900

4 bd · 3.0 ba · 1,746 sqft · MultiFamily public records · 547 Days on market

Built 1910 Fair condition 5,227 sqft lot $81/sqft · 32% below area Est $207k · 32% under

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Why this score? — see what drove the A- 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
• Schools +5.9/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Well maintained 2 unit property conveniently located on the Corning City South Side. The larger unit is a 3 bedroom, 1 bath featuring a large kitchen with a large deck. The 2nd unit is a studio that has been completely renovated with new flooring & windows also with a large deck, both with a beautiful view of downtown Corning. Newer furnaces & new roof. Washer & dryer in studio convey.

Key facts

• Large deck
• Newer furnaces
• New flooring

Tags

• LARGE KITCHEN
• LARGE DECK
• COMPLETELY RENOVATED
• NEW FLOORING
• NEW WINDOWS
• NEWER FURNACES

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $141k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $872 ($10k/yr) — positive. Per door: $436/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $141k).
• Recommended offer: $124k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 6.6% 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: 171 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $974 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 ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 547 days — a 12% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y ago; this cycle's ask has dropped $14k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $113k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,992 (12.0% below list)

Questions for the listing agent

1. It's been on market 547 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.72% ✓
• Cap rate: 13.72%
• Cash-on-cash: 26.52%
• DSCR: 2.18
• GRM: 4.8

CMA / ARV

• ARV (median comp): $206,966
• List price: $140,900
• Delta: -31.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 W Third St	0.24mi	4/2.0	1,632 (-6%)	17mo	$145,000	$89	60
173 Walnut St	0.29mi	4/2.0	1,536 (-12%)	5mo	$130,000	$85	58
257 1st St	0.16mi	5/3.0 (+1)	1,960 (+12%)	14mo	$172,000	$88	56
7-9 Maple St	0.73mi	3/2.0 (-1)	1,864 (+7%)	7mo	$165,000	$89	39
178 W Pulteney St	0.67mi	3/2.0 (-1)	1,800 (+3%)	21mo	$176,000	$98	37
16 Moresque Ln	0.69mi	3/2.0 (-1)	1,498 (-14%)	17mo	$21,000	$14	21

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: 20.4%
• Equity multiple: 1.83×
• Total profit: $32,787
• Equity at exit: $21,009

10-year hold

• IRR: 28.6%
• Equity multiple: 3.54×
• Total profit: $100,391
• Equity at exit: $12,182

Cash invested: $39,452 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 6 under contract
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $142,250 ($87/sqft)
• Median days on market: 54 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +35.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14830

• Active inventory: 171
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,426 high
• Mortgage (P&I): −$739
• Tax from tax record: −$247 /mo · $2,963/yr
• Insurance: −$59
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $872

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,256
1× unit	1	1	$1,170
Total (2 units)			$2,426

Break-even live

Break-even rent $1,322

Max offer price $140,900

Occupancy floor 59%

Sensitivity live

Price	-10% $952	-5% $912	+0% $872	+5% $832	+10% $792
Rent	-10% $680	-5% $776	+0% $872	+5% $968	+10% $1,064
Rate	-1.0pp $943	-0.5pp $908	base $872	+0.5pp $835	+1.0pp $798

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: $35,225
• Closing costs: $4,227
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 W 2nd St Corning, NY	2.0	1.0	792	$950	$1.20	2d	1	0.08mi
237 W 3rd St Unit 201 Corning, NY	2.0	1.0	2076	$1,550	$0.75	5d	1	0.17mi
125 W Market St Corning, NY	1.0	1.0	1026	$1,600	$1.56	139d	1	0.20mi
291 Sunset Dr Unit 101 Corning, NY	2.0	1.0	853	$1,150	$1.35	5d	1	0.22mi
262 Washington St Unit Upper Corning, NY	1.0	1.0	1930	$950	$0.49	139d	1	0.34mi
147 Pine St Corning, NY	3.0	1.0–3.0	—	$2,300	—	1d	1	0.41mi
201 Pine St Unit 102 Corning, NY	2.0	2.0	11558	$2,000	$0.17	5d	1	0.43mi
137 Field St Corning, NY	2.0–3.0	1.0	1125	$1,295	$1.15	139d	3	0.51mi
107 W Pulteney St Apt 203 Corning, NY	2.0	1.0	500	$945	$1.89	139d	1	0.60mi
29 E Pulteney St Corning, NY	1.0	1.0	—	$875	—	139d	1	0.60mi
90 E Market St Unit 2 Corning, NY	2.0	1.0	1044	$2,000	$1.92	5d	1	0.62mi
84 Gorton St Corning, NY	2.0	1.0	1909	$975	$0.51	1d	1	0.74mi
265 Denison Pkwy E Corning, NY	1.0–2.0	1.0	910	$1,275	$1.40	1d	1	1.03mi
197 Fuller Ave Corning, NY	1.0	1.0	600	$900	$1.50	1d	1	1.05mi
311 Denison Pkwy E Unit 201 Corning, NY	1.0	1.0	920	$1,350	$1.47	139d	1	1.10mi
311 E Market Street Ext #201 Corning, NY	1.0	1.0	1458	$1,100	$0.75	5d	1	1.11mi
327 Diatreta Ln #101 Corning, NY	1.0	1.0	600	$895	$1.49	139d	1	1.13mi
215 Conhocton St Corning, NY	2.0	1.0	1248	$1,550	$1.24	5d	1	1.18mi

Listing history 50 events

1. 2026-08-14
   days on market $140,900 Active 547 DOM
2. 2026-08-13
   days on market $140,900 Active 546 DOM
3. 2026-08-12
   days on market $140,900 Active 545 DOM
4. 2026-08-11
   days on market $140,900 Active 544 DOM
5. 2026-08-10
   days on market $140,900 Active 543 DOM
6. 2026-08-09
   days on market $140,900 Active 542 DOM
7. 2026-08-08
   days on market $140,900 Active 541 DOM
8. 2026-08-07
   days on market $140,900 Active 540 DOM
9. 2026-08-06
   days on market $140,900 Active 539 DOM
10. 2026-08-05
    days on market $140,900 Active 538 DOM
11. 2026-08-04
    days on market $140,900 Active 537 DOM
12. 2026-08-03
    days on market $140,900 Active 536 DOM
13. 2026-07-31
    days on market $140,900 Active 533 DOM
14. 2026-07-29
    days on market $140,900 Active 531 DOM
15. 2026-07-27
    days on market $140,900 Active 529 DOM
16. 2026-07-25
    days on market $140,900 Active 527 DOM
17. 2026-07-23
    days on market $140,900 Active 525 DOM
18. 2026-07-22
    days on market $140,900 Active 524 DOM
19. 2026-07-21
    days on market $140,900 Active 523 DOM
20. 2026-07-18
    days on market $140,900 Active 520 DOM
21. 2026-07-16
    days on market $140,900 Active 518 DOM
22. 2026-07-16
    days on market $140,900 Active 517 DOM
23. 2026-07-14
    days on market $140,900 Active 516 DOM
24. 2026-07-13
    days on market $140,900 Active 515 DOM
25. 2026-07-12
    days on market $140,900 Active 514 DOM
26. 2026-07-11
    days on market $140,900 Active 513 DOM
27. 2026-07-10
    days on market $140,900 Active 512 DOM
28. 2026-07-09
    days on market $140,900 Active 511 DOM
29. 2026-07-08
    days on market $140,900 Active 510 DOM
30. 2026-07-07
    days on market $140,900 Active 509 DOM
31. 2026-07-06
    days on market $140,900 Active 508 DOM
32. 2026-07-05
    days on market $140,900 Active 507 DOM
33. 2026-07-04
    days on market $140,900 Active 506 DOM
34. 2026-07-03
    days on market $140,900 Active 505 DOM
35. 2026-07-02
    days on market $140,900 Active 504 DOM
36. 2026-07-01
    days on market $140,900 Active 503 DOM
37. 2026-06-30
    days on market $140,900 Active 502 DOM
38. 2026-06-29
    days on market $140,900 Active 501 DOM
39. 2026-06-28
    days on market $140,900 Active 500 DOM
40. 2026-06-27
    days on market $140,900 Active 499 DOM
41. 2026-06-26
    pricedays on market $140,900 Active 497 DOM
42. 2026-06-22
    days on market $145,900 Active 494 DOM
43. 2026-06-19
    days on market $145,900 Active 491 DOM
44. 2026-06-18
    days on market $145,900 Active 490 DOM
45. 2026-06-17
    days on market $145,900 Active 489 DOM
46. 2026-06-16
    days on market $145,900 Active 488 DOM
47. 2026-06-15
    days on market $145,900 Active 487 DOM
48. 2026-06-14
    days on market $145,900 Active 485 DOM
49. 2026-06-12
    days on market $145,900 Active 484 DOM
50. 2026-06-09
    days on market $145,900 Active 481 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: $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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 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: $29,112
• − Mortgage interest: −$7,893
• − Property taxes: −$2,963
• − Insurance: −$704
• − Repairs & maintenance: −$2,329
• − Management: −$2,329
• − Depreciation: −$4,099
• Taxable income: $8,795
• Est. tax owed @ 24.0%: −$2,111
• After-tax cash flow: $8,353/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab Est. rehab $43,650–$78,570 screening

This multi-family property requires significant exterior repairs and maintenance, including painting, roof replacement, and HVAC upgrades. These improvements would significantly enhance its resale and rental value.

Repairs flagged

• Major exterior siding — Severe weathering and staining
• Major roof — No photos of the roof, but based on exterior condition, likely in poor condition
• Major HVAC/mechanicals — No photos of the HVAC/mechanicals, but based on exterior condition, likely in poor condition

Value-add opportunities

• Both paint exterior siding — Fresh paint can improve curb appeal and property value ↑
• Both repair roof — A new roof can significantly increase the property's value and reduce maintenance costs ↑
• Both replace HVAC/mechanicals — Upgrading HVAC systems can improve comfort and energy efficiency, attracting more tenants ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 59/100

Zoned Schools

Elementary Frederick Carder Elementary School D- NY #1,195/2,108 Nat'l #14,504/41,679 Middle Corning-Painted Post Middle School F NY #480/729 Nat'l #7,460/14,009 High Corning-Painted Post High School A+ NY #82/1,100 Nat'l #115/17,239

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

A Composite livability gradescore 87/100

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 · 93,062 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: 5% of renters

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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%

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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%

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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

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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

+147.3% since first listed

22 events — show timeline

• 2025-06-10 Price Changed $145,900 UNYREIS
• 2025-04-24 Price Changed $149,900 UNYREIS
• 2025-01-27 Listed $155,000 UNYREIS
• 2023-08-16 Sold (Public Records) $113,000 Public Records
• 2023-07-21 Sold (MLS) $113,000 UNYREIS
• 2023-04-28 Listed $119,000 UNYREIS
• 2023-01-18 Listing Removed — UNYREIS
• 2022-11-01 Listed $110,000 UNYREIS
• 2012-05-18 Sold (Public Records) $70,000 Public Records
• 2012-05-10 Sold (MLS) $70,000 UNYREIS
• 2012-03-16 Listed $74,900 UNYREIS
• 2012-02-08 Listing Removed — UNYREIS
• 2011-08-08 Listed $69,900 UNYREIS
• 2009-03-02 Sold (Public Records) $41,000 Public Records
• 2009-01-29 Sold (MLS) $41,000 UNYREIS
• 2008-06-28 Listed $47,000 UNYREIS
• 2008-03-27 Listing Removed — UNYREIS
• 2007-09-27 Listed $48,900 UNYREIS
• 2007-09-26 Listing Removed — UNYREIS
• 2007-03-31 Listing Removed — UNYREIS
• 2007-03-26 Listed $55,000 UNYREIS
• 2006-09-25 Listed $59,000 UNYREIS

Property tax history

+4.3%/yr

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