87 E 2nd St

Corning, NY 14830

$199,900C+

4 bd · 1.5 ba · 1,612 sqft · Built 1862 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,583/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$353
• HOA: −$0
• Vac / Maint / Mgmt: −$542
• Net cashflow: $640/mo
• Annual: $7,676/yr
• Cap rate: 10.13%
• Cash-on-cash: 13.71%
• DSCR: 1.61
• 1% rule: 1.29%
• Cash to close: $55,972

Investor read

• This is a 4-bed/1.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1862 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 106 active listings in the ZIP; 4 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).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 22y 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 $125k; list at $200k implies a 60% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.1% vs local median 8.0% in Corning — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 42% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1862 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.