206 Steuben St · Horseheads, NY 14845

$185,000

4 bd · 2.0 ba · 2,008 sqft · SingleFamily public records · 218 Days on market

Built 1937 9,583 sqft lot Est $209k · 11% 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 +30.0/30.0
• ARV discount +12.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come home, sit on your big front porch and listen to the concerts at Teal Park. Centrally located in the Village of Horseheads, near Hanover Square. This home has 4 bedrooms with the possibility of an extra bedroom. The 2 car garage and bonus shed make for lots of storage space. Fenced in yard. The beautiful knotty pine floors upstairs are a must see!

Key facts

• Walk-in closet
• Private balcony
• Updated kitchen

Tags

• UPDATED KITCHEN
• PRIVATE EXTERIOR ENTRANCE
• KNOTTY PINE FLOORS
• WALK-IN CLOSET
• PRIVATE BALCONY
• FENCED-IN BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.3% 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: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).

Forward outlook

• 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.
• Chemung County population projected at -17% 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 $52k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 218 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $30k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $114k; list at $185k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.43% ✓
• Cap rate: 20.32%
• Cash-on-cash: 50.08%
• DSCR: 3.23
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $208,832
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 Steuben St	0.00mi	4/2.0	2,008 (0%)	1mo	$185,000	$92	100
808 Center St	0.29mi	3/3.0 (-1)	1,983 (-1%)	7mo	$227,500	$115	69
2220 Grand Central Ave	0.29mi	3/1.5 (-1)	1,872 (-7%)	2mo	$205,000	$110	67
104 W Mill St	0.09mi	3/2.0 (-1)	1,728 (-14%)	5mo	$180,000	$104	63
506 W Broad St	0.34mi	4/1.5	1,776 (-12%)	6mo	$96,000	$54	58
624 W Broad St	0.48mi	4/2.5	2,170 (+8%)	7mo	$250,000	$115	56
2208 Grand Central Ave	0.34mi	4/1.5	2,232 (+11%)	14mo	$232,500	$104	52
553 W Franklin St	0.53mi	3/1.5 (-1)	1,810 (-10%)	0mo	$245,000	$135	52
334 West Ave	0.70mi	3/2.0 (-1)	1,972 (-2%)	10mo	$199,000	$101	51
1021 Hulett St	0.51mi	3/1.5 (-1)	1,890 (-6%)	14mo	$155,000	$82	48
1020 S Main St	0.61mi	3/2.0 (-1)	1,904 (-5%)	13mo	$254,000	$133	47
125 Boorom Pl	0.57mi	5/3.0 (+1)	2,213 (+10%)	18mo	$225,000	$102	32

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: 47.8%
• Equity multiple: 3.08×
• Total profit: $107,851
• Equity at exit: $27,584

10-year hold

• IRR: 53.5%
• Equity multiple: 6.25×
• Total profit: $271,775
• Equity at exit: $15,995

Cash invested: $51,800 (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 14845

• Home prices YoY: -24.9%
• Active inventory: 92
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $4,500 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$346 /mo · $4,151/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$945
• Net cashflow: $2,162

Break-even live

Break-even rent $1,763

Max offer price $185,000

Occupancy floor 47%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
911 S Main St Horseheads, NY	4.0	3.0	2945	$4,500	$1.53	43d	1	0.49mi

Listing history 12 events

1. 2026-04-28
   status Pending
2. 2026-04-20
   price $185,000
3. 2026-03-02
   status Active
4. 2026-02-25
   historical Active Under Contract
5. 2026-02-12
   price $195,000
6. 2025-10-20
   price $205,000
7. 2025-09-22
   listed $215,000 Active
8. 2022-04-27
   soldstatus $114,000
9. 2022-04-12
   soldstatus $114,000 353-char remark

   Show marketing remark (353 chars)

   Come home, sit on your big front porch and listen to the concerts at Teal Park. Centrally located in the Village of Horseheads, near Hanover Square. This home has 4 bedrooms with the possibility of an extra bedroom. The 2 car garage and bonus shed make for lots of storage space. Fenced in yard. The beautiful knotty pine floors upstairs are a must see!

10. 2021-08-09
    listed $124,900 353-char remark

    Show marketing remark (353 chars)

    Come home, sit on your big front porch and listen to the concerts at Teal Park. Centrally located in the Village of Horseheads, near Hanover Square. This home has 4 bedrooms with the possibility of an extra bedroom. The 2 car garage and bonus shed make for lots of storage space. Fenced in yard. The beautiful knotty pine floors upstairs are a must see!

11. 2004-04-29
    historical
12. 2003-10-29
    listed $65,500

ⓘ 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: $4,151 · $346/mo
• Projected year-2 tax: $4,151 · $346/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 ≥96°F today · 16 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: $54,000
• − Mortgage interest: −$10,363
• − Property taxes: −$4,151
• − Insurance: −$925
• − Repairs & maintenance: −$4,320
• − Management: −$4,320
• − Depreciation: −$5,382
• Taxable income: $24,540
• Est. tax owed @ 24.0%: −$5,890
• After-tax cash flow: $20,053/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

• Census place: Horseheads, NY
• Population (ZIP): 20,552

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 (90%)
• Race & ethnicity: White 90% Two or more races 5% Asian 2% Hispanic / Latino 2% Black 2%
• Common ancestry: Romanian 6% Slovak 2% Iranian 2%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 2% Other Asian/Pacific 1% Other Indo-European 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: ▼ -82.23%
• Current HPI: 247.777
• 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

+182.4% since first listed

12 events — show timeline

• 2026-04-28 Pending — UNYREIS
• 2026-04-20 Price Changed $185,000 UNYREIS
• 2026-03-02 Relisted — UNYREIS
• 2026-02-25 Contingent — UNYREIS
• 2026-02-12 Price Changed $195,000 UNYREIS
• 2025-10-20 Price Changed $205,000 UNYREIS
• 2025-09-22 Listed $215,000 UNYREIS
• 2022-04-27 Sold (Public Records) $114,000 Public Records
• 2022-04-12 Sold (MLS) $114,000 UNYREIS
• 2021-08-09 Listed $124,900 UNYREIS
• 2004-04-29 Listing Removed — UNYREIS
• 2003-10-29 Listed $65,500 UNYREIS

Property tax history

+5.9%/yr

Latest (2025): $4,151 · +3.2% YoY. Source: county tax records.