213-215 Walnut St

Corning, NY 14830

$200,000B+

6 bd · 2.5 ba · 3,600 sqft · Built 1880 · MultiFamily · Pending · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,477/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$353
• HOA: −$0
• Vac / Maint / Mgmt: −$940
• Net cashflow: $2,135/mo
• Annual: $25,624/yr
• Cap rate: 19.10%
• Cash-on-cash: 45.76%
• DSCR: 3.04
• 1% rule: 2.24%
• Cash to close: $56,000

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $200k.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• It's been on market 73 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• 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 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 106 active listings in the ZIP; 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.
• Current owner paid $83k; list at $200k implies a 141% 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 ~3 years — after that, you're playing with house money.
• Cap rate 19.1% 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.
• At $4,477/mo this rent would consume 73% 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.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.