187 W First St · Corning, NY 14830

$145,900

4 bd · 3.0 ba · 1,746 sqft · MultiFamily public records · 491 Days on market

Built 1910 5,227 sqft lot $84/sqft · 38% below area Est $236k · 38% 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: 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 $146k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $603/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $146k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).
• At $2,884/mo this rent would consume 47% 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 $1k 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 $41k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 491 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $113k; 29% 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 $128,392 (12.0% below list)

Questions for the listing agent

1. It's been on market 491 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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.98% ✓
• Cap rate: 16.21%
• Cash-on-cash: 35.41%
• DSCR: 2.58
• GRM: 4.2

CMA / ARV

• ARV (median comp): $236,454
• List price: $145,900
• Delta: -38.30%
• 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%)	14mo	$145,000	$89	62
173 Walnut St	0.29mi	4/2.0	1,536 (-12%)	2mo	$130,000	$85	61
257 1st St	0.16mi	5/3.0 (+1)	1,960 (+12%)	10mo	$172,000	$88	58
7-9 Maple St	0.73mi	3/2.0 (-1)	1,864 (+7%)	4mo	$165,000	$89	42
178 W Pulteney St	0.67mi	3/2.0 (-1)	1,800 (+3%)	18mo	$176,000	$98	40
16 Moresque Ln	0.69mi	3/2.0 (-1)	1,498 (-14%)	14mo	$21,000	$14	24

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: 31.1%
• Equity multiple: 2.30×
• Total profit: $53,222
• Equity at exit: $21,754

10-year hold

• IRR: 38.2%
• Equity multiple: 4.56×
• Total profit: $145,550
• Equity at exit: $12,615

Cash invested: $40,852 (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: 8.2×

Monthly cashflow live

• Estimated rent: $2,884 high
• Mortgage (P&I): −$765
• Tax from tax record: −$247 /mo · $2,963/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$606
• Net cashflow: $1,206

Break-even live

Break-even rent $1,358

Max offer price $145,900

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,485
1× unit	1	1	$1,399
Total (2 units)			$2,884

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
137 Field St Corning, NY	2.0–3.0	1.0	1125	$1,345	$1.20	43d	3	0.51mi
171 E 1st St Corning, NY	3.0	2.5	1569	$3,352	$2.14	43d	1	0.81mi
209 Oneida Pl Corning, NY	3.0	1.5	1200	$2,000	$1.67	43d	1	0.87mi
247 Princeton Ave Corning, NY	3.0	1.0	1504	$1,500	$1.00	43d	1	1.06mi

Listing history 38 events

1. 2026-06-19
   days on market $145,900 Active 491 DOM
2. 2026-06-18
   days on market $145,900 Active 490 DOM
3. 2026-06-17
   days on market $145,900 Active 489 DOM
4. 2026-06-16
   days on market $145,900 Active 488 DOM
5. 2026-06-15
   days on market $145,900 Active 487 DOM
6. 2026-06-14
   days on market $145,900 Active 485 DOM
7. 2026-06-12
   days on market $145,900 Active 484 DOM
8. 2026-06-09
   days on market $145,900 Active 481 DOM
9. 2026-06-08
   days on market $145,900 Active 480 DOM
10. 2026-06-07
    days on market $145,900 Active 479 DOM
11. 2026-06-05
    days on market $145,900 Active 476 DOM
12. 2026-06-03
    days on market $145,900 Active 475 DOM
13. 2026-06-02
    days on market $145,900 Active 474 DOM
14. 2026-06-01
    days on market $145,900 Active 473 DOM
15. 2026-05-31
    days on market $145,900 Active 472 DOM
16. 2026-05-30
    days on market $145,900 Active 471 DOM
17. 2025-06-10
    price $145,900 406-char remark

    Show marketing remark (406 chars)

    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.

18. 2025-04-24
    price $149,900 406-char remark

    Show marketing remark (406 chars)

    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.

19. 2025-01-27
    listed $155,000 Active 406-char remark

    Show marketing remark (406 chars)

    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.

20. 2023-08-16
    soldstatus $113,000
21. 2023-07-21
    soldstatus $113,000 420-char remark

    Show marketing remark (420 chars)

    Well maintained property, conveniently locating in the City of Corning. The larger unit is a 3 bed, 1 Bath upper/lower, featuring a spacious kitchen with 2 large decks and a beautiful view of downtown Corning. The second unit is a studio that has been completely renovated, with new flooring and replacement windows. Furnaces are newer and have been regularly maintained. Washer/Dryer in studio convey with the property.

22. 2023-04-28
    listed $119,000 420-char remark

    Show marketing remark (420 chars)

    Well maintained property, conveniently locating in the City of Corning. The larger unit is a 3 bed, 1 Bath upper/lower, featuring a spacious kitchen with 2 large decks and a beautiful view of downtown Corning. The second unit is a studio that has been completely renovated, with new flooring and replacement windows. Furnaces are newer and have been regularly maintained. Washer/Dryer in studio convey with the property.

23. 2023-01-18
    historical
24. 2022-11-01
    listed $110,000
25. 2012-05-18
    soldstatus $70,000
26. 2012-05-10
    soldstatus $70,000
27. 2012-03-16
    listed $74,900
28. 2012-02-08
    historical
29. 2011-08-08
    listed $69,900
30. 2009-03-02
    soldstatus $41,000
31. 2009-01-29
    soldstatus $41,000
32. 2008-06-28
    listed $47,000
33. 2008-03-27
    historical
34. 2007-09-27
    listed $48,900
35. 2007-09-26
    historical
36. 2007-03-31
    historical
37. 2007-03-26
    listed $55,000
38. 2006-09-25
    listed $59,000

ⓘ 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: $34,608
• − Mortgage interest: −$8,173
• − Property taxes: −$2,963
• − Insurance: −$730
• − Repairs & maintenance: −$2,769
• − Management: −$2,769
• − Depreciation: −$4,244
• Taxable income: $12,961
• Est. tax owed @ 24.0%: −$3,111
• After-tax cash flow: $11,356/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

+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.