170 Park Ave · Corning, NY 14830

$175,000

4 bd · 2.0 ba · 1,986 sqft · MultiFamily public records · 15 Days on market

Built 1900 3,996 sqft lot $88/sqft · 25% below area Est $233k · 25% 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

Fully rented, affordable 2 unit in a convenient location, walking distance to Market St. & many local conveniences. Freshly painted exterior, lower level unit has many upgrades, upper unit needs a little TLC. Separate utilities & off street parking in the back.

Key facts

• Updating siding
• Updating flooring
• Updating windows

Tags

• UPDATING SIDING
• UPDATING WINDOWS
• UPDATING ROOF
• UPDATING FLOORING
• OFF-STREET PARKING
• CONVENIENT ACCESS TO PARKS

Property features AI

Finance

• Financial info: Owner pays water; water included in rent; Operating expenses include water/sewer; Two units with separate gas and electric meters; Each unit currently rents for $1,400

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property
• Construction: Fiber cement exterior; Existing construction
• Exterior features: Deck; Rectangular lot

Interior

• Kitchen: Each unit includes an oven/range and refrigerator
• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Carpet; Varies by area
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Forced air heating; Electric and gas heating options
• Interior features: Full basement; Carpet and varied flooring
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $735/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.4% 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; 1 comparable units currently listed for rent nearby; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• At $3,370/mo this rent would consume 55% 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 $5k 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 $49k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago 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.
• Current owner paid $48k; list at $175k implies a 265% 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 $172,375 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.93% ✓
• Cap rate: 16.37%
• Cash-on-cash: 35.99%
• DSCR: 2.60
• GRM: 4.3

CMA / ARV

• ARV (median comp): $232,549
• List price: $175,000
• Delta: -24.75%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
360 E 1st St	0.03mi	4/2.0	2,099 (+6%)	2mo	$70,000	$33	88
224 E 3rd St	0.37mi	4/2.0	1,960 (-1%)	7mo	$155,000	$79	75
211, 213-215 Conhocton St	0.21mi	4/2.0	2,248 (+13%)	10mo	$247,200	$110	60
196-198 Steuben St	0.21mi	4/2.0	1,836 (-8%)	23mo	$195,000	$106	59

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: 31.7%
• Equity multiple: 2.33×
• Total profit: $65,285
• Equity at exit: $26,093

10-year hold

• IRR: 38.8%
• Equity multiple: 4.62×
• Total profit: $177,541
• Equity at exit: $15,131

Cash invested: $49,000 (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: 8.7×

Monthly cashflow live

• Estimated rent: $3,370 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$202 /mo · $2,424/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$708
• Net cashflow: $1,470

Break-even live

Break-even rent $1,510

Max offer price $175,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,370
Total (2 units)			$3,370

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
171 E 1st St Corning, NY	3.0	2.5	1569	$3,352	$2.14	44d	1	0.41mi

Listing history 7 events

1. 2026-05-06
   listed $175,000 Active 552-char remark
2. 2018-03-14
   soldstatus $48,000
3. 2018-03-12
   soldstatus $48,000 272-char remark

   Show marketing remark (272 chars)

   Fully rented, affordable 2 unit in a convenient location, walking distance to Market St. & many local conveniences. Freshly painted exterior, lower level unit has many upgrades, upper unit needs a little TLC. Separate utilities & off street parking in the back.

4. 2017-12-01
   listed $49,900 272-char remark

   Show marketing remark (272 chars)

   Fully rented, affordable 2 unit in a convenient location, walking distance to Market St. & many local conveniences. Freshly painted exterior, lower level unit has many upgrades, upper unit needs a little TLC. Separate utilities & off street parking in the back.

5. 2015-06-04
   soldstatus $36,000
6. 2015-06-03
   soldstatus $36,000

   Show marketing remark (151 chars)

   Income property with long term tenant. There is off street parking behind the house and Denison Park is a few steps away for activities or relaxation.

7. 2013-09-05
   listed $40,000

   Show marketing remark (151 chars)

   Income property with long term tenant. There is off street parking behind the house and Denison Park is a few steps away for activities or relaxation.

ⓘ 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: $2,424 · $202/mo
• Projected year-2 tax: $2,691 · $224/mo
• Expected delta: +$267/yr (+$22/mo · 11.0%)

ⓘ 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 7 d/yr ≥94°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: $40,440
• − Mortgage interest: −$9,803
• − Property taxes: −$2,424
• − Insurance: −$875
• − Repairs & maintenance: −$3,235
• − Management: −$3,235
• − Depreciation: −$5,091
• Taxable income: $15,777
• Est. tax owed @ 24.0%: −$3,786
• After-tax cash flow: $13,849/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

+337.5% since first listed

8 events — show timeline

• 2026-05-26 Pending — UNYREIS
• 2026-05-06 Listed $175,000 UNYREIS
• 2018-03-14 Sold (Public Records) $48,000 Public Records
• 2018-03-12 Sold (MLS) $48,000 UNYREIS
• 2017-12-01 Listed $49,900 UNYREIS
• 2015-06-04 Sold (Public Records) $36,000 Public Records
• 2015-06-03 Sold (MLS) $36,000 UNYREIS
• 2013-09-05 Listed $40,000 UNYREIS

Property tax history

+7.1%/yr

Latest (2025): $2,424 · -1.9% YoY. Source: county tax records.