2548 Corning Rd · Horseheads, NY 14903

$90,000

4 bd · 2.5 ba · 1,741 sqft · SingleFamily public records · 12 Days on market

Built 1950 0.52 ac lot $52/sqft · 61% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Lots of living space here. Just move and enjoy this very nice 3-4 Bedroom with a Master suite. Newly remodeled kitchen w/ granite counter tops. Basement is partially finished for TV area/ game room etc. Many updates including a New metal roof in 2017, Central Air, Plus you will have tons of space for all the cars, trucks and misc. items in one of the garages, 3 car garage and a 2 car garage.

Key facts

• 0.52 acre lot
• 3 garage spots
• Built 1950

Property features AI

Finance

• Other: Lot slopes down; Approximately 0.52 acres (lot about 150 x 150); Above-grade finished area and below-grade finished area reported

Exterior

• Parking: 3-car garage; 1-space carport
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Stone exterior
• Exterior features: Covered porch

Interior

• Flooring: Hardwood floors; Vinyl floors
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $675 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 15.3% vs local median 5.1% in Horseheads — 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 69/100 on livability (#494 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, schools B; Watch: crime D+, health & safety D, amenities F.
• Horseheads Central School District (suburban): math 44% / reading 58% proficiency, ranked #347 of 590 in NY (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 26 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($622 loan paydown + $3k appreciation (3.8% local appreciation)).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1950 — 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 B-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. Crime grade is D 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: 1.82% ✓
• Cap rate: 15.29%
• Cash-on-cash: 32.13%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (median comp): $228,092
• List price: $90,000
• Delta: -60.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 Manor Dr	0.58mi	4/2.0	1,862 (+7%)	20mo	$232,500	$125	43
916 Center St	0.73mi	3/1.0 (-1)	1,665 (-4%)	17mo	$209,900	$126	33
375 Philo Rd	0.63mi	3/1.0 (-1)	1,988 (+14%)	22mo	$208,000	$105	18

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.8% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.2%
• Equity multiple: 3.29×
• Total profit: $57,701
• Equity at exit: $44,582

10-year hold

• IRR: 38.4%
• Equity multiple: 6.58×
• Total profit: $140,618
• Equity at exit: $72,092

Cash invested: $25,200 (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 14903

• Home prices YoY: 1.6%
• Active inventory: 26
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,641 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $675

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 54%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-14
   status Pending 291-char remark
2. 2026-05-02
   listed $90,000 Active 291-char remark
3. 2022-12-06
   historical
4. 2022-06-06
   listed $169,900
5. 2021-01-13
   soldstatus $148,900

   Show marketing remark (395 chars)

   Lots of living space here. Just move and enjoy this very nice 3-4 Bedroom with a Master suite. Newly remodeled kitchen w/ granite counter tops. Basement is partially finished for TV area/ game room etc. Many updates including a New metal roof in 2017, Central Air, Plus you will have tons of space for all the cars, trucks and misc. items in one of the garages, 3 car garage and a 2 car garage.

6. 2021-01-11
   soldstatus $148,900
7. 2020-05-04
   listed $148,900

   Show marketing remark (395 chars)

   Lots of living space here. Just move and enjoy this very nice 3-4 Bedroom with a Master suite. Newly remodeled kitchen w/ granite counter tops. Basement is partially finished for TV area/ game room etc. Many updates including a New metal roof in 2017, Central Air, Plus you will have tons of space for all the cars, trucks and misc. items in one of the garages, 3 car garage and a 2 car garage.

8. 1995-09-19
   soldstatus $61,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,695
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,576
• − Management: −$1,576
• − Depreciation: −$2,618
• Taxable income: $7,084
• Est. tax owed @ 24.0%: −$1,700
• After-tax cash flow: $6,395/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: Horseheads Central School District
• NCES district ID: 3614850
• Math proficiency: 44% ▼ -19.00%
• Reading proficiency: 58% ▲ 3.00%
• Median HH income: $60,594
• Composite: 44.58/100
• National rank: #2781
• State rank: #347 of 590 in NY

Livability — Horseheads

• Score: 69/100
• State rank: #494
• US rank: #8689

Category grades

Amenities F Commute F Cost of living A Crime D+ Employment C+ Housing A+ Health & safety D User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,140

Population outlook (Chemung County) Hauer SSP2

• Today (2025): 82,931 people
• By 2030: 80,356 · -3.1%
• By 2040: 74,745 · -9.9%
• By 2050: 69,012 · -16.8%
• By 2075: 55,689 · -32.8%
• By 2100: 41,428 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 7% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Chemung

• 2024 margin: R (+16.8) · D 41.6% · R 58.4%
• 2008→2024 swing: -15.6pp toward R · 2008: -1.2pp · 2024: -16.8pp
• All cycles: 2024: R+16.8 2020: R+13.4 2016: R+20.0 2012: R+2.9 2008: R+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.80%
• Current HPI: 234.7884
• Rent YoY: —
• Metro: —
• 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

+47.5% since first listed

8 events — show timeline

• 2026-05-14 Pending — GBAOR
• 2026-05-02 Listed $90,000 GBAOR
• 2022-12-06 Listing Removed — UNYREIS
• 2022-06-06 Listed $169,900 UNYREIS
• 2021-01-13 Sold (MLS) $148,900 UNYREIS
• 2021-01-11 Sold (Public Records) $148,900 Public Records
• 2020-05-04 Listed $148,900 UNYREIS
• 1995-09-19 Sold (Public Records) $61,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $5,317 · +14.9% YoY. Source: county tax records.