206 Watauga Ave · Corning, NY 14830

$169,900

3 bd · 1.0 ba · 1,650 sqft · SingleFamily public records · 33 Days on market

Built 1927 8,040 sqft lot $103/sqft · 6% below area Est $181k · 6% under

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Why this score? — see what drove the B 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 +29.0/30.0
• ARV discount +10.2/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +4.4/5.0
• Schools +4.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-bedroom home in a highly desirable area with off street parking! This property features a spacious 2-car detached garage and a welcoming large covered front porch- perfect for relaxing and enjoying the neighborhood. Inside, you'll find the convenience of first-floor laundry and the added value of hardwood floors hidden beneath the existing carpeting, ready to be revealed. Durable vinyl siding enhances the home's low-maintenance appeal. A fantastic opportunity to make this home your own!

Key facts

• Covered front porch
• Off street parking
• Vinyl siding

Tags

• OFF STREET PARKING
• DETACHED GARAGE
• COVERED FRONT PORCH
• FIRST-FLOOR LAUNDRY
• HARDWOOD FLOORS
• VINYL SIDING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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.
• Zoned schools: William E Severn Elementary School (math 37% / reading 42%, grade F, #1,444 of 2,108 statewide, top 71%, 373 students, 55% FRL); Corning-Painted Post Middle School (math 22% / reading 48%, grade F, #480 of 729 statewide, top 66%, 962 students, 46% FRL); Corning-Painted Post High School (math 93% / reading 98%, grade A+, #82 of 1,100 statewide, top 7%, 1,463 students, 36% FRL).
• Market conditions: 106 active listings in the ZIP; 3 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 38% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $48k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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 1927 — 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 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?
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: 1.38% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.69%
• DSCR: 1.65
• GRM: 6.1

CMA / ARV

• ARV (median comp): $180,761
• List price: $169,900
• Delta: -6.01%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
159 Watauga	0.11mi	2/1.5 (-1)	1,677 (+2%)	15mo	$162,000	$97	73
183 Columbia St	0.22mi	3/2.0	1,586 (-4%)	12mo	$132,000	$83	69
330 E Third St	0.29mi	3/1.5	1,559 (-6%)	15mo	$114,000	$73	63
107 E Second St	0.34mi	3/2.0	1,769 (+7%)	8mo	$132,000	$75	62
65 Glen Ave	0.53mi	3/1.0	1,584 (-4%)	12mo	$162,900	$103	58
273 E Third St	0.22mi	3/1.5	1,452 (-12%)	12mo	$150,000	$103	57
325 E 3rd St	0.30mi	4/2.0 (+1)	1,500 (-9%)	8mo	$185,000	$123	55
335 East Market Ext St	0.54mi	2/1.5 (-1)	1,520 (-8%)	2mo	$30,000	$20	53
385 Watauga Avenue Ext	0.40mi	4/1.5 (+1)	1,798 (+9%)	10mo	$115,000	$64	51
104 W 5th St	0.69mi	3/2.0	1,710 (+4%)	12mo	$222,000	$130	48
241 Walnut St	0.58mi	3/1.5	1,822 (+10%)	8mo	$85,000	$47	47
110 W 5th St	0.71mi	3/2.0	1,805 (+9%)	9mo	$303,000	$168	40

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: 5.2%
• Equity multiple: 1.20×
• Total profit: $9,654
• Equity at exit: $25,333

10-year hold

• IRR: 14.7%
• Equity multiple: 2.19×
• Total profit: $56,541
• Equity at exit: $14,690

Cash invested: $47,572 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,338 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$303 /mo · $3,637/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $582

Break-even live

Break-even rent $1,601

Max offer price $169,900

Occupancy floor 70%

Sensitivity live

Price	-10% $679	-5% $630	+0% $582	+5% $534	+10% $486
Rent	-10% $398	-5% $490	+0% $582	+5% $675	+10% $767
Rate	-1.0pp $668	-0.5pp $626	base $582	+0.5pp $538	+1.0pp $494

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
171 E 1st St Corning, NY	3.0	2.5	1569	$3,352	$2.14	45d	1	0.38mi
265 Denison Pkwy E Corning, NY	1.0–2.0	1.0	910	$1,495	$1.64	45d	1	0.50mi
137 Field St Corning, NY	2.0–3.0	1.0	1125	$1,345	$1.20	45d	3	1.44mi

Listing history 1 events

1. 2026-04-17
   listed $169,900 Active 502-char remark

   Show marketing remark (502 chars)

   Charming 3-bedroom home in a highly desirable area with off street parking! This property features a spacious 2-car detached garage and a welcoming large covered front porch- perfect for relaxing and enjoying the neighborhood. Inside, you'll find the convenience of first-floor laundry and the added value of hardwood floors hidden beneath the existing carpeting, ready to be revealed. Durable vinyl siding enhances the home's low-maintenance appeal. A fantastic opportunity to make this home your own!

ⓘ 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: $3,637 · $303/mo
• Projected year-2 tax: $3,637 · $303/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 7 d/yr ≥94°F today · 15 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: $28,059
• − Mortgage interest: −$9,517
• − Property taxes: −$3,637
• − Insurance: −$850
• − Repairs & maintenance: −$2,245
• − Management: −$2,245
• − Depreciation: −$4,943
• Taxable income: $4,624
• Est. tax owed @ 24.0%: −$1,110
• After-tax cash flow: $5,879/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

• 2026-04-17 Listed $169,900 UNYREIS

Property tax history

+3.2%/yr

Latest (2025): $3,637 · -1.9% YoY. Source: county tax records.