171 River St · Hornell, NY 14843

$84,500

6 bd · 2.0 ba · 2,048 sqft · MultiFamily public records · 149 Days on market

Built 1895 6,534 sqft lot Est $82k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.0/10.0
• ARV discount +6.1/15.0
• 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: 1 unit. estimate disagrees with records

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 $900 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

• 6,534 sq ft lot
• 2 parking spots
• Built 1895

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $84k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $84k).
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.8% vs local median 12.6% 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: 61 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• At $2,772/mo this rent would consume 57% 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 ($584 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 $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k 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 ($74k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $84k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,360 (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. Built in 1895 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.28% ✓
• Cap rate: 28.80%
• Cash-on-cash: 80.37%
• DSCR: 4.58
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $81,920
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Dennis Ave	0.28mi	6/2.0	2,064 (+1%)	10mo	$70,000	$34	77
368 Ontario St	0.45mi	5/2.0 (-1)	2,033 (-1%)	10mo	$99,900	$49	64
153-155 Canisteo Ave	0.21mi	6/2.0	2,352 (+15%)	6mo	$95,000	$40	60
52-54 Erie Ave	0.43mi	5/2.0 (-1)	2,200 (+7%)	20mo	$75,000	$34	46

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: 85.5%
• Equity multiple: 5.88×
• Total profit: $115,476
• Equity at exit: $42,585

10-year hold

• IRR: 84.4%
• Equity multiple: 12.18×
• Total profit: $264,604
• Equity at exit: $69,447

Cash invested: $23,660 (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: 61
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,772 medium
• Mortgage (P&I): −$443
• Tax from tax record: −$127 /mo · $1,523/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$582
• Net cashflow: $1,585

Break-even live

Break-even rent $766

Max offer price $84,500

Occupancy floor 38%

Sensitivity live

Price	-10% $1,632	-5% $1,609	+0% $1,585	+5% $1,561	+10% $1,537
Rent	-10% $1,366	-5% $1,475	+0% $1,585	+5% $1,694	+10% $1,804
Rate	-1.0pp $1,627	-0.5pp $1,606	base $1,585	+0.5pp $1,563	+1.0pp $1,540

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,470
1× unit	2	1	$1,301
Total (2 units)			$2,772

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: $21,125
• Closing costs: $2,535
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-08
   status Pending
2. 2026-03-30
   historical Active Under Contract
3. 2025-11-10
   listed $84,500 Active
4. 2014-08-21
   soldstatus $49,900

ⓘ 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: $1,523 · $127/mo
• Projected year-2 tax: $1,523 · $127/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 18 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: $33,264
• − Mortgage interest: −$4,733
• − Property taxes: −$1,523
• − Insurance: −$422
• − Repairs & maintenance: −$2,661
• − Management: −$2,661
• − Depreciation: −$2,458
• Taxable income: $18,805
• Est. tax owed @ 24.0%: −$4,513
• After-tax cash flow: $14,503/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

+69.3% since first listed

4 events — show timeline

• 2026-04-08 Pending — UNYREIS
• 2026-03-30 Contingent — UNYREIS
• 2025-11-10 Listed $84,500 UNYREIS
• 2014-08-21 Sold (Public Records) $49,900 Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,523 · -0.4% YoY. Source: county tax records.