148 Leach Ave · Hornell, NY 14843

$69,900

3 bd · 1.5 ba · 1,280 sqft · SingleFamily public records · 58 Days on market

Built 1920 1,771 sqft lot Est $93k · 25% under

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Why this score? — see what drove the A- 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.0/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

PAWN THE LAWN MOWER! You'll have freedom from lawn care at 148 Leach Ave! House was well-maintained, 3-bedroom, 1.5 baths with a full laundry room in the lower level! PLUS modern thermal windows. Entire property is not too big to maintain! If you're longing to simplify life, check out the charming red house on Leach Ave, Hornell. Hurry - don't wait - you'll be glad you called for information.

Key facts

• Functional kitchen
• Large walk-up attic
• Move in ready

Tags

• MOVE IN READY
• FUNCTIONAL KITCHEN
• SPACIOUS LAUNDRY ROOM
• LARGE WALK-UP ATTIC
• EASY-MAINTENANCE FENCED YARD

Property features AI

Exterior

• Parking: No garage; No driveway
• Utilities: Public water connected; Sewer connected
• Home design: 2-story home; Existing/resale property
• Construction: Cedar exterior; Stone foundation
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 28 x 61

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Bedrooms: 6 total rooms (includes living and laundry areas)
• Flooring: Carpet; Laminate; Varies
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Separate formal dining room; Separate formal living room; Partial basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $986 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.2% vs local median 13.3% in Hornell — 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 70/100 on livability (#451 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, schools D, crime F.
• Hornell City School District (town): math 33% / reading 49% proficiency, ranked #519 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 59 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($483 loan paydown + $3k appreciation (4.0% local appreciation)).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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.
• Current owner paid $22k; list at $70k implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1920 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F 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?
6. 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.
7. 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.
8. 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: 2.64% ✓
• Cap rate: 23.21%
• Cash-on-cash: 60.43%
• DSCR: 3.69
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $93,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
175 S Leach Ave	0.09mi	3/1.5	1,248 (-2%)	4mo	$22,501	$18	88
98 Catherine St	0.19mi	3/1.0	1,371 (+7%)	5mo	$20,000	$15	73
12 Elmwood Pl	0.34mi	2/1.0 (-1)	1,296 (+1%)	3mo	$18,500	$14	72
22 Cottage Ave	0.35mi	3/1.5	1,340 (+5%)	6mo	$40,000	$30	71
134 E Elm St	0.11mi	3/1.0	1,120 (-12%)	4mo	$57,000	$51	69
68 Catherine St	0.21mi	2/1.0 (-1)	1,166 (-9%)	3mo	$85,000	$73	66
46 Glen Ave	0.30mi	2/1.0 (-1)	1,352 (+6%)	4mo	$40,000	$30	66
176 Greeley Ave	0.47mi	3/1.0	1,204 (-6%)	1mo	$115,000	$96	65
169 Leach Ave	0.07mi	2/1.0 (-1)	1,090 (-15%)	1mo	$105,000	$96	64
153 Sutherby Ave	0.39mi	3/1.5	1,412 (+10%)	2mo	$149,000	$106	63
5 Blaine St	0.37mi	3/2.0	1,142 (-11%)	1mo	$165,000	$144	62
34 School St	0.64mi	3/1.5	1,256 (-2%)	7mo	$125,000	$100	61

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

Projected returns pro-forma

3.95% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 66.3%
• Equity multiple: 4.82×
• Total profit: $74,780
• Equity at exit: $35,227

10-year hold

• IRR: 65.0%
• Equity multiple: 9.89×
• Total profit: $174,042
• Equity at exit: $57,448

Cash invested: $19,572 (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 14843

• Home prices YoY: 1.9%
• Active inventory: 59
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,844 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$76 /mo · $909/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $986

Break-even live

Break-even rent $597

Max offer price $69,900

Occupancy floor 42%

Sensitivity live

Price	-10% $1,025	-5% $1,005	+0% $986	+5% $966	+10% $946
Rent	-10% $840	-5% $913	+0% $986	+5% $1,058	+10% $1,131
Rate	-1.0pp $1,021	-0.5pp $1,003	base $986	+0.5pp $967	+1.0pp $949

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
58 Elm St Hornell, NY	4.0	2.0	1600	$2,495	$1.56	44d	1	0.33mi
54 Bemis Ave Hornell, NY	2.0	1.0	1801	$1,300	$0.72	44d	1	0.61mi
14 Willow Pl Hornell, NY	4.0	2.0	1726	$2,000	$1.16	44d	1	0.81mi

Listing history 4 events

1. 2026-05-01
   status Pending
2. 2026-03-03
   listed $69,900 Active
3. 2014-09-10
   soldstatus $22,000 398-char remark

   Show marketing remark (398 chars)

   PAWN THE LAWN MOWER! You'll have freedom from lawn care at 148 Leach Ave! House was well-maintained, 3-bedroom, 1.5 baths with a full laundry room in the lower level! PLUS modern thermal windows. Entire property is not too big to maintain! If you're longing to simplify life, check out the charming red house on Leach Ave, Hornell. Hurry - don't wait - you'll be glad you called for information.

4. 2014-05-27
   listed $27,900 398-char remark

   Show marketing remark (398 chars)

   PAWN THE LAWN MOWER! You'll have freedom from lawn care at 148 Leach Ave! House was well-maintained, 3-bedroom, 1.5 baths with a full laundry room in the lower level! PLUS modern thermal windows. Entire property is not too big to maintain! If you're longing to simplify life, check out the charming red house on Leach Ave, Hornell. Hurry - don't wait - you'll be glad you called for information.

ⓘ 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: $909 · $76/mo
• Projected year-2 tax: $1,045 · $87/mo
• Expected delta: +$136/yr (+$11/mo · 15.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,131
• − Mortgage interest: −$3,915
• − Property taxes: −$909
• − Insurance: −$350
• − Repairs & maintenance: −$1,770
• − Management: −$1,770
• − Depreciation: −$2,033
• Taxable income: $11,383
• Est. tax owed @ 24.0%: −$2,732
• After-tax cash flow: $9,095/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: Hornell City School District
• NCES district ID: 3614820
• Math proficiency: 33% ▼ -8.00%
• Reading proficiency: 49% ▲ 6.00%
• Median HH income: $40,251
• Composite: 34.33/100
• National rank: #5234
• State rank: #519 of 590 in NY

Livability — Hornell

• Score: 70/100
• State rank: #451
• US rank: #7888

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hornell, NY
• County: Steuben County · 41,193 people
• City population: 12,383
• Metro: Corning, NY
• Population (ZIP): 12,383
• Household income: $57,874
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 415.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · French/Haitian/Cajun 2% Arabic 1% Spanish 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: ▲ 3.95%
• Current HPI: 210.1986
• 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

+150.5% since first listed

4 events — show timeline

• 2026-05-01 Pending — UNYREIS
• 2026-03-03 Listed $69,900 UNYREIS
• 2014-09-10 Sold (MLS) $22,000 WNYREIS
• 2014-05-27 Listed $27,900 WNYREIS

Property tax history

-5.5%/yr

Latest (2025): $909 · -0.4% YoY. Source: county tax records.