141 Lakeview Ave · Syracuse, NY 13204

$139,000

4 bd · 2.0 ba · 2,321 sqft · MultiFamily public records · 9 Days on market

Built 1910 3,362 sqft lot Est $193k · 28% 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 +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Multi-family units

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

Listing remarks MLS

Opportunity Knocks!!! Clean Multi-Family with 2 Units to include 3 Bedrooms and 1 Bath in each unit. The Upstairs Unit is vacant and available for Owner Occupy or New Renters. .This Unit Features 3 Bedrooms, 1 Full Bath, Eat-In Kitchen, Living Room, Enclosed Porch and Plenty of Closet Space. The Bottom Unit has Long-Term Tenants and is the same layout as the upstairs unit except it has a Formal Dining instead of Eat-In Kitchen. Separate Utilities with 2 Newer Furnaces, Newer Roof and More. Full basement. Full attic. Great investment. Property is being sold "As Is". Delayed negations until 5/9/2022 @ 5PM

Key facts

• Separate utilities
• Newer furnaces
• Multi-family

Tags

• MULTI-FAMILY
• 2 UNITS
• ENCLOSED PORCH
• PLENTY OF CLOSET SPACE
• SEPARATE UTILITIES
• NEWER FURNACES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $139k.

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 $139k).
• Cap rate 24.8% vs local median 8.2% in Syracuse — 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 77/100 on livability (#187 in NY, #2,869 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F, employment D-.
• Syracuse City School District (urban): math 18% / reading 26% proficiency, ranked #590 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 119 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $3,836/mo this rent would consume 102% of the median local household income ($45k/yr) (locally 2073% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $15k of equity ($961 loan paydown + $14k appreciation (10.0% local appreciation)).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $39k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $80k; list at $139k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,000

Questions for the listing agent

1. Built in 1910 — 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 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?
4. 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?
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 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: 2.76% ✓
• Cap rate: 24.78%
• Cash-on-cash: 66.04%
• DSCR: 3.94
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $192,643
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
139-41 Whittier Ave	0.27mi	4/2.0	2,336 (+1%)	8mo	$286,000	$122	80
113 Eureka St	0.35mi	5/2.0 (+1)	2,280 (-2%)	3mo	$215,000	$94	74
134 N Lowell Ave	0.32mi	4/2.0	2,336 (+1%)	15mo	$255,750	$109	72
309 Ulster Ave	0.40mi	4/2.0	2,194 (-6%)	1mo	$276,000	$126	72
131 Lakeview Ave	0.03mi	5/2.0 (+1)	2,068 (-11%)	11mo	$100,000	$48	66
183 Lakeview Ave	0.05mi	4/2.0	2,044 (-12%)	15mo	$56,027	$27	65
616 Richmond Ave	0.10mi	4/2.0	2,024 (-13%)	14mo	$84,000	$42	62
911 Park Ave	0.21mi	5/2.0 (+1)	2,608 (+12%)	14mo	$165,000	$63	53
206 N Geddes St	0.30mi	5/2.0 (+1)	2,664 (+15%)	5mo	$135,000	$51	52
307 St Marks Ave St	0.61mi	4/2.5	2,406 (+4%)	16mo	$200,000	$83	50
111-13 Cody Ave	0.70mi	4/2.0	2,184 (-6%)	10mo	$262,000	$120	49
413 Merriman Ave	0.69mi	5/2.0 (+1)	2,206 (-5%)	18mo	$94,900	$43	39

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 81.6%
• Equity multiple: 6.97×
• Total profit: $232,409
• Equity at exit: $125,222

10-year hold

• IRR: 77.6%
• Equity multiple: 17.12×
• Total profit: $627,376
• Equity at exit: $270,046

Cash invested: $38,920 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 119
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $3,836 high
• Mortgage (P&I): −$729
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$806
• Net cashflow: $2,142

Break-even live

Break-even rent $1,125

Max offer price $139,000

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,836
Total (2 units)			$3,836

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 Rowland St Syracuse, NY	4.0	1.0	2092	$1,800	$0.86	13d	1	0.91mi
326 Holland St Unit 1 Syracuse, NY	3.0	1.0	2100	$1,825	$0.87	44d	1	1.00mi
104 Kincaid Ave Syracuse, NY	4.0	1.0	1910	$1,600	$0.84	13d	1	1.32mi

Listing history 6 events

1. 2025-09-26
   status Pending
2. 2025-09-15
   listed $139,000 Active
3. 2022-11-28
   soldstatus $80,000
4. 2022-09-16
   soldstatus $80,000 Closed Sale or Rented 621-char remark

   Show marketing remark (621 chars)

   Opportunity Knocks!!! Clean Multi-Family with 2 Units to include 3 Bedrooms and 1 Bath in each unit. The Upstairs Unit is vacant and available for Owner Occupy or New Renters. .This Unit Features 3 Bedrooms, 1 Full Bath, Eat-In Kitchen, Living Room, Enclosed Porch and Plenty of Closet Space. The Bottom Unit has Long-Term Tenants and is the same layout as the upstairs unit except it has a Formal Dining instead of Eat-In Kitchen. Separate Utilities with 2 Newer Furnaces, Newer Roof and More. Full basement. Full attic. Great investment. Property is being sold "As Is". Delayed negations until 5/9/2022 @ 5PM

5. 2022-05-12
   status Under Contract- Do Not Show 621-char remark

   Show marketing remark (621 chars)

   Opportunity Knocks!!! Clean Multi-Family with 2 Units to include 3 Bedrooms and 1 Bath in each unit. The Upstairs Unit is vacant and available for Owner Occupy or New Renters. .This Unit Features 3 Bedrooms, 1 Full Bath, Eat-In Kitchen, Living Room, Enclosed Porch and Plenty of Closet Space. The Bottom Unit has Long-Term Tenants and is the same layout as the upstairs unit except it has a Formal Dining instead of Eat-In Kitchen. Separate Utilities with 2 Newer Furnaces, Newer Roof and More. Full basement. Full attic. Great investment. Property is being sold "As Is". Delayed negations until 5/9/2022 @ 5PM

6. 2022-05-04
   listed $59,900 Active 621-char remark

   Show marketing remark (621 chars)

   Opportunity Knocks!!! Clean Multi-Family with 2 Units to include 3 Bedrooms and 1 Bath in each unit. The Upstairs Unit is vacant and available for Owner Occupy or New Renters. .This Unit Features 3 Bedrooms, 1 Full Bath, Eat-In Kitchen, Living Room, Enclosed Porch and Plenty of Closet Space. The Bottom Unit has Long-Term Tenants and is the same layout as the upstairs unit except it has a Formal Dining instead of Eat-In Kitchen. Separate Utilities with 2 Newer Furnaces, Newer Roof and More. Full basement. Full attic. Great investment. Property is being sold "As Is". Delayed negations until 5/9/2022 @ 5PM

ⓘ 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: $1,220 · $102/mo
• Projected year-2 tax: $1,785 · $149/mo
• Expected delta: +$565/yr (+$47/mo · 46.3%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,032
• − Mortgage interest: −$7,786
• − Property taxes: −$1,220
• − Insurance: −$695
• − Repairs & maintenance: −$3,683
• − Management: −$3,683
• − Depreciation: −$4,044
• Taxable income: $24,922
• Est. tax owed @ 24.0%: −$5,981
• After-tax cash flow: $19,722/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: Syracuse City School District
• NCES district ID: 3628590
• Math proficiency: 18% ▼ -5.00%
• Reading proficiency: 26% ▬ 0.00%
• Median HH income: $32,097
• Composite: 17.83/100
• National rank: #9007
• State rank: #590 of 590 in NY

Livability — Syracuse

• Score: 77/100
• State rank: #187
• US rank: #2869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Syracuse, NY
• County: Onondaga County · 247,257 people
• City population: 152,627
• Metro: Syracuse, NY
• Population (ZIP): 19,440
• Household income: $45,351
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 2073.0

Population outlook (Onondaga County) Hauer SSP2

• Today (2025): 467,894 people
• By 2030: 463,381 · -1.0%
• By 2040: 447,697 · -4.3%
• By 2050: 426,399 · -8.9%
• By 2075: 373,661 · -20.1%
• By 2100: 307,967 · -34.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 26% Hispanic / Latino 17% Two or more races 13% Native American 1%
• Hispanic origin (detail): Puerto Rican 12% Cuban 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 11% Russian/Polish/Slavic 3% Arabic 1%

Political lean MEDSL · Onondaga

• 2024 margin: D (+17.3) · D 58.6% · R 41.4%
• 2008→2024 swing: -3.0pp toward R · 2008: 20.3pp · 2024: 17.3pp
• All cycles: 2024: D+17.3 2020: D+20.6 2016: D+12.8 2012: D+21.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 100.14%
• Current HPI: 416.7272
• Rent YoY: ▲ 8.24%
• Metro: Syracuse, 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

+132.1% since first listed

6 events — show timeline

• 2025-09-26 Pending — CNYIS
• 2025-09-15 Listed $139,000 CNYIS
• 2022-11-28 Sold (Public Records) $80,000 Public Records
• 2022-09-16 Sold (MLS) $80,000 UNYREIS
• 2022-05-12 Pending — UNYREIS
• 2022-05-04 Listed $59,900 UNYREIS

Property tax history

-0.1%/yr

Latest (2025): $1,220 · +0.0% YoY. Source: county tax records.