187 W First St

Corning, NY 14830

$140,900A-

4 bd · 3.0 ba · 1,746 sqft · Built 1910 · MultiFamily · Active · 547 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,486/mo
• Mortgage (P&I): −$739
• Tax + insurance: −$306
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $919/mo
• Annual: $11,033/yr
• Cap rate: 14.12%
• Cash-on-cash: 27.97%
• DSCR: 2.24
• 1% rule: 1.76%
• Cash to close: $39,452

Investor read

• This is a 1×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $141k. Condition is rated fair.
• At list price, monthly cash flow is $919 ($11k/yr) — positive. Per door: $460/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $141k).
• It's been on market 547 days — a 12% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 196 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).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• Cap rate 14.1% vs local median 5.9% 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• 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