148 Terry St · Hornell, NY 14843

$114,999

2 bd · 1.5 ba · 1,824 sqft · SingleFamily public records · 36 Days on market

Built 1900 3,872 sqft lot Est $120k · at est.

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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 +17.2/30.0
• ARV discount +9.5/15.0
• Appreciation +7.0/10.0
• DSCR +5.4/10.0
• 1% rule +4.8/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Adorable home, so many updated, Move in ready!!!! Perfect for you!! Home has been totally remodeled, new roof, new windows, flooring, kitchen, bathrooms, Fenced in yard, nice back deck area for relaxing, Storage shed for your lawn equipment. Very private!! Buyers Must meet Average Median Income (AMI), Close to everything,

Key facts

• Front porch
• Renovated kitchen
• Storage shed

Tags

• RENOVATED KITCHEN
• MUDROOM ENTRY
• FIRST-FLOOR LAUNDRY
• FULLY FENCED BACKYARD
• STORAGE SHED
• FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $83 ($994/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (1.6% below list).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 13.3% in Hornell — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 2 comparable units currently listed for rent nearby; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($795 loan paydown + $5k 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 $32k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, 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 36 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $78k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $111,549 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 7.16%
• Cash-on-cash: 3.09%
• DSCR: 1.14
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $120,384
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
67 Oak St	0.23mi	3/1.5 (+1)	1,822 (-0%)	12mo	$50,000	$27	74
313 Arlington Pl	0.39mi	3/2.0 (+1)	1,896 (+4%)	4mo	$72,000	$38	66
151 Canisteo Ave	0.17mi	3/2.0 (+1)	1,972 (+8%)	10mo	$130,000	$66	63
85 Front St	0.17mi	3/2.0 (+1)	1,568 (-14%)	2mo	$160,000	$102	60
73 Platt St	0.72mi	3/1.5 (+1)	1,750 (-4%)	8mo	$102,000	$58	48
33 E Vanscoter St	0.49mi	3/2.0 (+1)	2,002 (+10%)	10mo	$73,000	$36	45
99 Hill St	0.72mi	3/2.0 (+1)	1,756 (-4%)	10mo	$31,000	$18	44
56 Sawyer St	0.66mi	3/2.0 (+1)	1,960 (+8%)	11mo	$149,900	$76	40
439 Canisteo St	0.66mi	3/1.5 (+1)	1,592 (-13%)	10mo	$142,200	$89	34
258 High St	0.67mi	3/3.0 (+1)	1,682 (-8%)	14mo	$130,000	$77	33
335 Canisteo St	0.56mi	3/1.0 (+1)	1,556 (-15%)	14mo	$74,900	$48	31
316 Grand St	0.66mi	3/2.0 (+1)	1,550 (-15%)	11mo	$149,900	$97	28

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: 12.9%
• Equity multiple: 1.78×
• Total profit: $25,029
• Equity at exit: $57,956

10-year hold

• IRR: 14.3%
• Equity multiple: 3.32×
• Total profit: $74,791
• Equity at exit: $94,512

Cash invested: $32,200 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,131 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$160 /mo · $1,918/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $83

Break-even live

Break-even rent $1,026

Max offer price $114,999

Occupancy floor 88%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
54 Bemis Ave Hornell, NY	2.0	1.0	1801	$1,300	$0.72	44d	1	0.68mi
21 Armory Pl Hornell, NY	2.0	1.0	2074	$1,200	$0.58	44d	1	1.00mi

Listing history 4 events

1. 2026-04-04
   status Pending
2. 2026-02-26
   listed $114,999 Active
3. 2021-01-15
   soldstatus $77,500 323-char remark

   Show marketing remark (323 chars)

   Adorable home, so many updated, Move in ready!!!! Perfect for you!! Home has been totally remodeled, new roof, new windows, flooring, kitchen, bathrooms, Fenced in yard, nice back deck area for relaxing, Storage shed for your lawn equipment. Very private!! Buyers Must meet Average Median Income (AMI), Close to everything,

4. 2020-04-09
   listed $84,900 323-char remark

   Show marketing remark (323 chars)

   Adorable home, so many updated, Move in ready!!!! Perfect for you!! Home has been totally remodeled, new roof, new windows, flooring, kitchen, bathrooms, Fenced in yard, nice back deck area for relaxing, Storage shed for your lawn equipment. Very private!! Buyers Must meet Average Median Income (AMI), Close to everything,

ⓘ 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: $1,918 · $160/mo
• Projected year-2 tax: $1,931 · $161/mo
• Expected delta: +$13/yr (+$1/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 (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: $13,575
• − Mortgage interest: −$6,442
• − Property taxes: −$1,918
• − Insurance: −$575
• − Repairs & maintenance: −$1,086
• − Management: −$1,086
• − Depreciation: −$3,345
• Taxable loss: −$877
• Est. tax savings @ 24.0%: +$211
• After-tax cash flow: $1,205/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

+35.5% since first listed

4 events — show timeline

• 2026-04-04 Pending — UNYREIS
• 2026-02-26 Listed $114,999 UNYREIS
• 2021-01-15 Sold (MLS) $77,500 UNYREIS
• 2020-04-09 Listed $84,900 UNYREIS

Property tax history

+3.9%/yr

Latest (2025): $1,918 · -0.4% YoY. Source: county tax records.