25 Armory Pl · Hornell, NY 14843

$139,999

3 bd · 2.0 ba · 1,696 sqft · SingleFamily public records · 8 Days on market

Built 1925 6,106 sqft lot Est $142k · 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 +23.0/30.0
• ARV discount +8.3/15.0
• DSCR +7.4/10.0
• Appreciation +7.0/10.0
• 1% rule +6.0/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming and well-maintained 3-bedroom, 2-full bathroom home situated on a spacious double lot! This inviting property features a formal dining room, perfect for entertaining, along with a bright sun room that offers a relaxing space to enjoy natural light year-round. The home also includes a welcoming enclosed front porch, adding extra living space and charm. Outside, you’ll find a fully fenced-in backyard, ideal for pets, gatherings, or simply enjoying the outdoors. A detached two-car garage provides plenty of room for parking, storage, or a workshop. The property comes fully equipped with appliances, including a stove, refrigerator, microwave, and washer/dryer combo unit, all of wh

Key facts

• Bright sun room
• Formal dining room
• Enclosed front porch

Tags

• FORMAL DINING ROOM
• BRIGHT SUN ROOM
• ENCLOSED FRONT PORCH
• FULLY FENCED-IN BACKYARD
• DETACHED TWO-CAR GARAGE
• FULLY EQUIPPED WITH APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $249 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 8.4% vs local median 12.6% 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: 61 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d 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).
• This rent runs 32% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $6k of equity ($968 loan paydown + $6k 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 $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,999

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 8.43%
• Cash-on-cash: 7.64%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $142,464
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
78 State St	0.16mi	3/1.5	1,666 (-2%)	9mo	$140,000	$84	80
105 N Church St	0.34mi	3/2.0	1,684 (-1%)	4mo	$190,000	$113	79
137 Thacher St	0.21mi	3/1.5	1,640 (-3%)	6mo	$130,000	$79	78
67 N Main St	0.29mi	3/2.0	1,770 (+4%)	3mo	$157,000	$89	77
16 Washington St	0.07mi	4/1.5 (+1)	1,512 (-11%)	2mo	$111,000	$73	70
73 Platt St	0.38mi	3/1.5	1,750 (+3%)	8mo	$102,000	$58	68
99 Hill St	0.55mi	3/2.0	1,756 (+4%)	10mo	$31,000	$18	60
62 Adsit St	0.29mi	4/2.0 (+1)	1,476 (-13%)	11mo	$116,000	$79	51
37 Pearl St	0.59mi	4/2.0 (+1)	1,616 (-5%)	11mo	$120,000	$74	50
44 Spruce St	0.72mi	4/2.5 (+1)	1,799 (+6%)	5mo	$170,000	$94	45
5 Erie Ct	0.63mi	3/1.5	1,524 (-10%)	12mo	$139,900	$92	41
157 Dennis Ave	0.57mi	4/2.5 (+1)	1,948 (+15%)	8mo	$270,000	$139	35

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: 17.0%
• Equity multiple: 2.02×
• Total profit: $39,922
• Equity at exit: $70,555

10-year hold

• IRR: 17.8%
• Equity multiple: 3.84×
• Total profit: $111,419
• Equity at exit: $115,059

Cash invested: $39,200 (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: 61
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,536 high
• Mortgage (P&I): −$734
• Tax from tax record: −$171 /mo · $2,057/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $249

Break-even live

Break-even rent $1,220

Max offer price $139,999

Occupancy floor 79%

Sensitivity live

Price	-10% $329	-5% $289	+0% $249	+5% $210	+10% $170
Rent	-10% $128	-5% $189	+0% $249	+5% $310	+10% $371
Rate	-1.0pp $320	-0.5pp $285	base $249	+0.5pp $213	+1.0pp $176

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21 Armory Pl Hornell, NY	2.0	1.0	2074	$1,200	$0.58	44d	1	0.02mi
14 Willow Pl Hornell, NY	4.0	2.0	1726	$2,000	$1.16	44d	1	0.17mi
54 Bemis Ave Hornell, NY	2.0	1.0	1801	$1,300	$0.72	44d	1	0.41mi
15 Hakes Ave Unit 102 Hornell, NY	4.0	2.0	2000	$2,195	$1.10	44d	1	0.43mi
58 Elm St Hornell, NY	4.0	2.0	1600	$2,495	$1.56	44d	1	0.63mi

Listing history 2 events

1. 2026-03-20
   status Pending
2. 2026-03-12
   listed $139,999 Active

ⓘ 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: $2,057 · $171/mo
• Projected year-2 tax: $2,211 · $184/mo
• Expected delta: +$155/yr (+$13/mo · 7.5%)

ⓘ 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 · 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: $18,431
• − Mortgage interest: −$7,842
• − Property taxes: −$2,057
• − Insurance: −$700
• − Repairs & maintenance: −$1,474
• − Management: −$1,474
• − Depreciation: −$4,073
• Taxable income: $810
• Est. tax owed @ 24.0%: −$194
• After-tax cash flow: $2,799/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

2 events — show timeline

• 2026-03-20 Pending — UNYREIS
• 2026-03-12 Listed $139,999 UNYREIS

Property tax history

+5.9%/yr

Latest (2025): $2,057 · -2.0% YoY. Source: county tax records.