422 Watauga Avenue Ext · Corning, NY 14830

$197,000

4 bd · 2.0 ba · 2,415 sqft · MultiFamily public records · 174 Days on market

Built 1920 7,650 sqft lot $82/sqft · 5% below area Est $234k · 16% under

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Why this score? — see what drove the C 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 +18.1/30.0
• ARV discount +14.6/15.0
• DSCR +5.7/10.0
• 1% rule +5.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Currently used as a single-family residence but zoned for two-family use. Discover the versatility and charm of this well-maintained home. The existing gas line and plumbing remain upstairs, providing a seamless option for buyers wishing to convert the property back to a multi-family layout. Fenced in yard, sidewalk to the off street parking in the rear of home, 2+ concrete parking space. The second floor offers three spacious bedrooms and a full bath, creating a comfortable and private living area. The first floor features a traditional layout with a formal dining room, den, and living room. A newly remodeled first-floor bathroom includes convenient in-home laundry. A bar-style swing door leads you into the inviting bar and recreation room, perfect for entertaining. From there, enjoy easy access to the covered deck for outdoor relaxation and gatherings. Behind the bar area, another swing-style door opens into a bright, heated sunroom equipped with a gas heater, providing year-round enjoyment. This unique property offers exceptional flexibility, abundant living space, and features ideal for both everyday comfort and hosting. A must-see opportunity for buyers seeking character, usability, and future potential. Blocks to Historical Market Street! Home Warranty Included.

Key facts

• Covered deck
• Off street parking
• In-home laundry

Tags

• ZONED FOR TWO-FAMILY USE
• FENCED IN YARD
• OFF STREET PARKING
• IN-HOME LAUNDRY
• BAR AND RECREATION ROOM
• COVERED DECK

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $197k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $197k).
• Recommended offer: $173k (12.0% below list) — sets the bar for market timing.

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: William E Severn Elementary School (math 37% / reading 42%, grade F, #1,444 of 2,108 statewide, top 71%, 373 students, 55% 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: 106 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• It's been on market 174 days — a 12% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 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 1920 — 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: 1.00% ✓
• Cap rate: 7.35%
• Cash-on-cash: 3.77%
• DSCR: 1.17
• GRM: 8.3

CMA / ARV

• ARV (median comp): $233,723
• List price: $197,000
• Delta: -15.71%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211, 213-215 Conhocton St	0.19mi	4/2.0	2,248 (-7%)	10mo	$247,200	$110	71
360 E 1st St	0.23mi	4/2.0	2,099 (-13%)	2mo	$70,000	$33	66

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: -10.4%
• Equity multiple: 0.62×
• Total profit: $-20,830
• Equity at exit: $29,373

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-3,726
• Equity at exit: $17,033

Cash invested: $55,160 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,978 medium
• Mortgage (P&I): −$1,033
• Tax from tax record: −$274 /mo · $3,286/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $173

Break-even live

Break-even rent $1,758

Max offer price $197,000

Occupancy floor 86%

Sensitivity live

Price	-10% $285	-5% $229	+0% $173	+5% $118	+10% $62
Rent	-10% $17	-5% $95	+0% $173	+5% $252	+10% $330
Rate	-1.0pp $273	-0.5pp $224	base $173	+0.5pp $122	+1.0pp $70

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: $49,250
• Closing costs: $5,910
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-15
   status Pending 1288-char remark

   Show marketing remark (1288 chars)

   Currently used as a single-family residence but zoned for two-family use. Discover the versatility and charm of this well-maintained home. The existing gas line and plumbing remain upstairs, providing a seamless option for buyers wishing to convert the property back to a multi-family layout. Fenced in yard, sidewalk to the off street parking in the rear of home, 2+ concrete parking space. The second floor offers three spacious bedrooms and a full bath, creating a comfortable and private living area. The first floor features a traditional layout with a formal dining room, den, and living room. A newly remodeled first-floor bathroom includes convenient in-home laundry. A bar-style swing door leads you into the inviting bar and recreation room, perfect for entertaining. From there, enjoy easy access to the covered deck for outdoor relaxation and gatherings. Behind the bar area, another swing-style door opens into a bright, heated sunroom equipped with a gas heater, providing year-round enjoyment. This unique property offers exceptional flexibility, abundant living space, and features ideal for both everyday comfort and hosting. A must-see opportunity for buyers seeking character, usability, and future potential. Blocks to Historical Market Street! Home Warranty Included.

2. 2026-01-13
   price $197,000 815-char remark

   Show marketing remark (1288 chars)

   Currently used as a single-family residence but zoned for two-family use. Discover the versatility and charm of this well-maintained home. The existing gas line and plumbing remain upstairs, providing a seamless option for buyers wishing to convert the property back to a multi-family layout. Fenced in yard, sidewalk to the off street parking in the rear of home, 2+ concrete parking space. The second floor offers three spacious bedrooms and a full bath, creating a comfortable and private living area. The first floor features a traditional layout with a formal dining room, den, and living room. A newly remodeled first-floor bathroom includes convenient in-home laundry. A bar-style swing door leads you into the inviting bar and recreation room, perfect for entertaining. From there, enjoy easy access to the covered deck for outdoor relaxation and gatherings. Behind the bar area, another swing-style door opens into a bright, heated sunroom equipped with a gas heater, providing year-round enjoyment. This unique property offers exceptional flexibility, abundant living space, and features ideal for both everyday comfort and hosting. A must-see opportunity for buyers seeking character, usability, and future potential. Blocks to Historical Market Street! Home Warranty Included.

3. 2026-01-13
   price $197,000 1288-char remark

   Show marketing remark (1288 chars)

   Currently used as a single-family residence but zoned for two-family use. Discover the versatility and charm of this well-maintained home. The existing gas line and plumbing remain upstairs, providing a seamless option for buyers wishing to convert the property back to a multi-family layout. Fenced in yard, sidewalk to the off street parking in the rear of home, 2+ concrete parking space. The second floor offers three spacious bedrooms and a full bath, creating a comfortable and private living area. The first floor features a traditional layout with a formal dining room, den, and living room. A newly remodeled first-floor bathroom includes convenient in-home laundry. A bar-style swing door leads you into the inviting bar and recreation room, perfect for entertaining. From there, enjoy easy access to the covered deck for outdoor relaxation and gatherings. Behind the bar area, another swing-style door opens into a bright, heated sunroom equipped with a gas heater, providing year-round enjoyment. This unique property offers exceptional flexibility, abundant living space, and features ideal for both everyday comfort and hosting. A must-see opportunity for buyers seeking character, usability, and future potential. Blocks to Historical Market Street! Home Warranty Included.

4. 2025-11-22
   listed $198,900 Active 1288-char remark

   Show marketing remark (815 chars)

   Discover the versatility of this well-maintained home, currently used as a single-family residence but zoned for two-family use. Gas line and plumbing remain upstairs for an easy conversion back to multi-family. Enjoy a fenced yard, sidewalk to rear off-street parking, and 2+ concrete spaces. The second floor offers three bedrooms and a full bath. The first floor includes a formal dining room, den, living room, and a newly remodeled bath with laundry. A bar-style swing door leads to a bar and rec room with access to a covered deck. Another swing door opens to a bright, heated sunroom with a gas heater for year-round enjoyment. This property offers excellent flexibility, abundant living space, and features ideal for comfort and entertaining. Just blocks from Historic Market Street! Home warranty included.

5. 2025-11-22
   listed $198,900 Active 815-char remark

   Show marketing remark (815 chars)

   Discover the versatility of this well-maintained home, currently used as a single-family residence but zoned for two-family use. Gas line and plumbing remain upstairs for an easy conversion back to multi-family. Enjoy a fenced yard, sidewalk to rear off-street parking, and 2+ concrete spaces. The second floor offers three bedrooms and a full bath. The first floor includes a formal dining room, den, living room, and a newly remodeled bath with laundry. A bar-style swing door leads to a bar and rec room with access to a covered deck. Another swing door opens to a bright, heated sunroom with a gas heater for year-round enjoyment. This property offers excellent flexibility, abundant living space, and features ideal for comfort and entertaining. Just blocks from Historic Market Street! Home warranty included.

ⓘ 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: $3,286 · $274/mo
• Projected year-2 tax: $3,308 · $276/mo
• Expected delta: +$21/yr (+$2/mo · 0.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% 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: $23,734
• − Mortgage interest: −$11,035
• − Property taxes: −$3,286
• − Insurance: −$985
• − Repairs & maintenance: −$1,899
• − Management: −$1,899
• − Depreciation: −$5,731
• Taxable loss: −$1,101
• Est. tax savings @ 24.0%: +$264
• After-tax cash flow: $2,345/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

-1.0% since first listed

5 events — show timeline

• 2026-05-15 Pending — UNYREIS
• 2026-01-13 Price Changed $197,000 NMPA
• 2026-01-13 Price Changed $197,000 UNYREIS
• 2025-11-22 Listed $198,900 NMPA
• 2025-11-22 Listed $198,900 UNYREIS

Property tax history

+2.9%/yr

Latest (2025): $3,286 · -1.9% YoY. Source: county tax records.