42-44 Crosby St · Hornell, NY 14843

$82,500

3 bd · 2.0 ba · 1,902 sqft · MultiFamily public records · 149 Days on market

Built 1900 0.25 ac lot Est $82k · at est.

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.1/15.0
• Appreciation +7.0/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

A two-unit rental property located within the City Of Hornell. It is fully occupied. 1st floor unit has 3 bedrooms and rents for $750 per month. 2nd floor unit has 2 bedrooms and rents for $650 month. No leases, each unit is month to month. One full bathroom in each unit. Municipal water and sewer. Each unit pays for its own heat and electricity. Separate laundry for tenants’ use. Tenants are responsible for yard maintenance and snow removal. Gas fired, hot water heating system. Note: Listing agent is a relative of the seller.

Key facts

• Separate laundry
• Fully occupied
• 0.25 acre lot

Tags

• TWO-UNIT RENTAL PROPERTY
• FULLY OCCUPIED
• SEPARATE LAUNDRY
• MUNICIPAL WATER AND SEWER

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $82k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $697/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $82k).
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.6% vs local median 13.3% in Hornell — 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 70/100 on livability (#451 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, schools D, crime F.
• Hornell City School District (town): math 33% / reading 49% proficiency, ranked #519 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 59 active listings in the ZIP; 5 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 $2,513/mo this rent would consume 52% of the median local household income ($58k/yr) (locally 415% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($570 loan paydown + $3k appreciation (4.0% local appreciation)).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $37k; list at $82k implies a 123% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 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 1900 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 3.05% ✓
• Cap rate: 26.56%
• Cash-on-cash: 72.37%
• DSCR: 4.22
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $81,786
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
239 High St	0.13mi	4/2.0 (+1)	1,998 (+5%)	2mo	$82,000	$41	79
23 Pine St	0.26mi	4/2.0 (+1)	1,856 (-2%)	21mo	$135,000	$73	62
14 Mill St	0.20mi	4/3.0 (+1)	1,812 (-5%)	15mo	$35,000	$19	62
135 E Elm St	0.65mi	4/2.0 (+1)	2,176 (+14%)	20mo	$92,500	$43	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.95% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 77.8%
• Equity multiple: 5.46×
• Total profit: $102,932
• Equity at exit: $41,577

10-year hold

• IRR: 76.6%
• Equity multiple: 11.27×
• Total profit: $237,160
• Equity at exit: $67,803

Cash invested: $23,100 (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 14843

• Home prices YoY: 1.9%
• Active inventory: 59
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,513 medium
• Mortgage (P&I): −$433
• Tax from tax record: −$125 /mo · $1,501/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $1,393

Break-even live

Break-even rent $750

Max offer price $82,500

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,512
Total (2 units)			$2,513

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: $20,625
• Closing costs: $2,475
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
58 Elm St Hornell, NY	4.0	2.0	1600	$2,495	$1.56	43d	1	0.53mi
15 Hakes Ave Unit 102 Hornell, NY	4.0	2.0	2000	$2,195	$1.10	43d	1	0.69mi
54 Bemis Ave Hornell, NY	2.0	1.0	1801	$1,300	$0.72	43d	1	0.86mi
14 Willow Pl Hornell, NY	4.0	2.0	1726	$2,000	$1.16	43d	1	0.87mi
21 Armory Pl Hornell, NY	2.0	1.0	2074	$1,200	$0.58	43d	1	0.92mi

Listing history 6 events

1. 2026-04-08
   status Pending
2. 2026-03-30
   historical Active Under Contract
3. 2025-11-10
   listed $82,500 Active
4. 2009-06-09
   soldstatus $37,000
5. 2005-06-02
   soldstatus $42,300
6. 2005-06-02
   soldstatus $18,500

ⓘ 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: $1,501 · $125/mo
• Projected year-2 tax: $1,501 · $125/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 8 d/yr ≥92°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,156
• − Mortgage interest: −$4,621
• − Property taxes: −$1,501
• − Insurance: −$412
• − Repairs & maintenance: −$2,412
• − Management: −$2,412
• − Depreciation: −$2,400
• Taxable income: $16,396
• Est. tax owed @ 24.0%: −$3,935
• After-tax cash flow: $12,783/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: Hornell City School District
• NCES district ID: 3614820
• Math proficiency: 33% ▼ -8.00%
• Reading proficiency: 49% ▲ 6.00%
• Median HH income: $40,251
• Composite: 34.33/100
• National rank: #5234
• State rank: #519 of 590 in NY

Livability — Hornell

• Score: 70/100
• State rank: #451
• US rank: #7888

Category grades

Amenities C- Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hornell, NY
• County: Steuben County · 41,193 people
• City population: 12,383
• Metro: Corning, NY
• Population (ZIP): 12,383
• Household income: $57,874
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 415.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · French/Haitian/Cajun 2% Arabic 1% Spanish 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: ▲ 3.95%
• Current HPI: 210.1986
• 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

+95.0% since first listed

6 events — show timeline

• 2026-04-08 Pending — UNYREIS
• 2026-03-30 Contingent — UNYREIS
• 2025-11-10 Listed $82,500 UNYREIS
• 2009-06-09 Sold (Public Records) $37,000 Public Records
• 2005-06-02 Sold (Public Records) $18,500 Public Records
• 2005-06-02 Sold (Public Records) $42,300 Public Records

Property tax history

-1.1%/yr

Latest (2025): $1,501 · -0.4% YoY. Source: county tax records.