17 W 1st St · Corning, NY 14830

$240,000

4 bd · 2.5 ba · 2,743 sqft · MultiFamily public records · 30 Days on market

Built 1880 10,395 sqft lot Est $208k · 15% over

---

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 +30.0/30.0
• 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
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Nestled on the desirable Southside Hill, this charming Victorian multi-family home offers a perfect blend of historic character and incredible investment potential. Currently configured as two exceptionally spacious units, the property was originally a three-unit residence and could easily be converted back by a savvy investor looking to maximize rental income. Alternatively, it serves as an ideal opportunity for an owner-occupant looking to live in one unit while letting the tenant cover the mortgage. Inside, both units boast beautiful original hardwood floors and the timeless architectural charm unique to the Victorian era, while featuring practical layouts with two bedrooms and one full

Key facts

• Newer furnace
• Newer roof
• Historic character

Tags

• HISTORIC CHARACTER
• ORIGINAL HARDWOOD FLOORS
• NEWER ROOF
• NEWER FURNACE
• NEW HOT WATER HEATERS
• REPLACEMENT WINDOWS

Property features AI

Finance

• Financial info: Two total units in the building; Separate gas and electric meters for each unit; Operating expense details: see remarks; Owner/responsible payments: other (see remarks); rent includes: see remarks

Exterior

• Parking: Paved parking; On-street parking available; Two or more parking spaces
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Two-story multifamily building; Resale property; City street frontage; Rectangular residential lot approximately 0.24 acres (63 x 165)
• Construction: Shake and vinyl siding; Blown-in insulation; PEX plumbing; Stone foundation; Architectural shingle roof; Existing (previously built)
• Exterior features: Balcony; Enclosed porch; Covered porch; Porch

Interior

• Kitchen: Eat-in kitchen in one unit; Formal dining room in the other unit
• Bedrooms: Two 2-bedroom units (each unit with 2 bedrooms)
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: Two full bathrooms and one half bathroom in the building (unit breakdown: one unit with 1 full bath; one unit with 1 full bath and 1 half bath)
• Heating & cooling: Gas forced-air heating
• Interior features: Ceiling fan(s); Hardwood, laminate and varied flooring; Full, partially finished basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $240k).
• Recommended offer: $236k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.5% 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; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• At $4,657/mo this rent would consume 76% 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 $2k of loan paydown is wiped out by about $7k 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 $67k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $236,400 (1.5% below list)

Questions for the listing agent

1. Built in 1880 — 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 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?
4. 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.
5. 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.
6. 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: 1.94% ✓
• Cap rate: 16.49%
• Cash-on-cash: 36.43%
• DSCR: 2.62
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $208,468
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
148 W 3rd St	0.33mi	5/3.0 (+1)	2,740 (-0%)	1mo	$149,485	$55	77
134 Bridge St	0.74mi	4/4.0	2,644 (-4%)	22mo	$202,000	$76	35

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: 32.2%
• Equity multiple: 2.36×
• Total profit: $91,087
• Equity at exit: $35,785

10-year hold

• IRR: 39.3%
• Equity multiple: 4.67×
• Total profit: $246,845
• Equity at exit: $20,751

Cash invested: $67,200 (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 14830

• Active inventory: 106
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $4,657 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$281 /mo · $3,367/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$978
• Net cashflow: $2,040

Break-even live

Break-even rent $2,075

Max offer price $240,000

Occupancy floor 51%

Sensitivity live

Price	-10% $2,176	-5% $2,108	+0% $2,040	+5% $1,972	+10% $1,904
Rent	-10% $1,672	-5% $1,856	+0% $2,040	+5% $2,224	+10% $2,408
Rate	-1.0pp $2,161	-0.5pp $2,101	base $2,040	+0.5pp $1,978	+1.0pp $1,914

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,656
Total (3 units)			$4,657

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $240,000 Active 30 DOM
2. 2026-06-18
   days on market $240,000 Active 29 DOM
3. 2026-06-17
   days on market $240,000 Active 28 DOM
4. 2026-06-16
   days on market $240,000 Active 27 DOM
5. 2026-06-15
   days on market $240,000 Active 26 DOM
6. 2026-06-14
   days on market $240,000 Active 24 DOM
7. 2026-06-12
   days on market $240,000 Active 23 DOM
8. 2026-06-09
   days on market $240,000 Active 20 DOM
9. 2026-06-08
   days on market $240,000 Active 19 DOM
10. 2026-06-07
    days on market $240,000 Active 18 DOM
11. 2026-06-05
    days on market $240,000 Active 15 DOM
12. 2026-06-03
    days on market $240,000 Active 14 DOM
13. 2026-06-02
    days on market $240,000 Active 13 DOM
14. 2026-06-01
    days on market $240,000 Active 12 DOM
15. 2026-05-31
    days on market $240,000 Active 11 DOM
16. 2026-05-30
    days on market $240,000 Active 10 DOM
17. 2026-05-20
    listed $240,000 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: $3,367 · $281/mo
• Projected year-2 tax: $3,712 · $309/mo
• Expected delta: +$344/yr (+$29/mo · 10.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 17 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: $55,884
• − Mortgage interest: −$13,444
• − Property taxes: −$3,367
• − Insurance: −$1,200
• − Repairs & maintenance: −$4,471
• − Management: −$4,471
• − Depreciation: −$6,982
• Taxable income: $21,950
• Est. tax owed @ 24.0%: −$5,268
• After-tax cash flow: $19,210/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

1 event — show timeline

• 2026-05-20 Listed $240,000 UNYREIS

Property tax history

+4.3%/yr

Latest (2025): $3,367 · -1.9% YoY. Source: county tax records.