148 E 2nd St · Oswego, NY 13126

$58,000

5 bd · 2.0 ba · 2,524 sqft · MultiFamily public records · 30 Days on market

Built 1870 2,310 sqft lot

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Appreciation +3.9/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Unfortunately a fire has occurred in this stunning home, but this could be a great DIY project to turn this beautiful home back to its original design. When you walk in you will see all the charm this home had/ has to offer. Still has great bones and the opportunity to start fresh. This home is located on a corner lot and has fantastic curb appeal. Come in and see what your imaginations can do! This home has a new Boiler new water service along with sewer repair

Key facts

• New boiler
• New water service
• Sewer repair

Tags

• CORNER LOT
• NEW BOILER
• NEW WATER SERVICE
• SEWER REPAIR

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $58k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $58k).
• Recommended offer: $57k (1.5% below list) — sets the bar for market timing.
• Cap rate 46.1% vs local median 8.8% in Oswego — 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 75/100 on livability (#265 in NY, #4,189 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, commute F.
• Oswego City School District (town): math 39% / reading 51% proficiency, ranked #465 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+19.2%/yr); 168 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• At $2,957/mo this rent would consume 54% of the median local household income ($65k/yr) (locally 1341% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-2.2%/yr); year-one equity from $401 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.2% appreciation + 8.0% rent growth), your $16k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,130 (1.5% below list)

Questions for the listing agent

1. Built in 1870 — 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: 5.10% ✓
• Cap rate: 46.12%
• Cash-on-cash: 142.23%
• DSCR: 7.33
• GRM: 1.6

CMA / ARV

• ARV (on-the-fly): $153,964
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
148 E 2nd St	0.00mi	5/2.0	2,534 (+0%)	0mo	$50,000	$20	99
103 E 7th St	0.32mi	6/2.0 (+1)	2,438 (-3%)	13mo	$148,000	$61	64
306 W 3rd St	0.64mi	6/2.0 (+1)	2,508 (-1%)	11mo	$163,000	$65	55
222 W 3rd St	0.41mi	4/3.0 (-1)	2,741 (+9%)	17mo	$200,000	$73	43
231 Duer St	0.48mi	6/2.0 (+1)	2,804 (+11%)	18mo	$138,000	$49	39

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

Projected returns pro-forma

-2.25% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.05×
• Total profit: $130,704
• Equity at exit: $10,597

10-year hold

• IRR: —
• Equity multiple: 22.22×
• Total profit: $344,617
• Equity at exit: $8,427

Cash invested: $16,240 (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 13126

• Home prices YoY: -0.8%
• Rents YoY: 19.2%
• Active inventory: 168
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,957 high
• Mortgage (P&I): −$304
• Tax from tax record: −$83 /mo · $995/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $1,925

Break-even live

Break-even rent $521

Max offer price $58,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,958	-5% $1,941	+0% $1,925	+5% $1,908	+10% $1,892
Rent	-10% $1,691	-5% $1,808	+0% $1,925	+5% $2,042	+10% $2,158
Rate	-1.0pp $1,954	-0.5pp $1,940	base $1,925	+0.5pp $1,910	+1.0pp $1,894

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$2,958
Total (2 units)			$2,957

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: $14,500
• Closing costs: $1,740
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
152 W 7th St Unit A Oswego, NY	4.0	2.5	2340	$2,300	$0.98	14d	1	0.62mi
175 W 8th St Unit 1 A Oswego, NY	5.0	2.0	1800	$2,625	$1.46	44d	1	0.63mi
105 W Oneida St Unit A Oswego, NY	4.0	2.0	1800	$2,540	$1.41	14d	1	0.69mi
103 W 8th St Unit A Oswego, NY	4.0	2.0	1800	$2,400	$1.33	14d	1	0.72mi
137 W Mohawk St Oswego, NY	5.0	2.5	1904	$2,875	$1.51	44d	1	0.80mi
9 Lathrop St Unit A Oswego, NY	4.0	2.0	2100	$2,500	$1.19	14d	1	0.81mi
138 W Cayuga St Unit A Oswego, NY	4.0	2.0	2000	$2,300	$1.15	14d	1	0.84mi
144 W Bridge St Unit A Oswego, NY	4.0	2.0	2000	$2,400	$1.20	14d	1	0.86mi
153 W Bridge St Unit A Oswego, NY	4.0	1.5	1800	$2,340	$1.30	14d	1	0.90mi
85 Liberty St Unit A Oswego, NY	4.0	2.0	1800	$2,500	$1.39	14d	1	0.90mi
148 W Seneca St Unit A Oswego, NY	4.0	2.0	1800	$2,400	$1.33	14d	1	0.91mi

Listing history 6 events

1. 2025-09-21
   status Pending
2. 2025-09-09
   historical
3. 2024-08-05
   status Pending
4. 2024-07-15
   historical Active Under Contract
5. 2024-07-06
   listed $58,000 Active
6. 2015-04-22
   soldstatus $40,100

ⓘ 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: $995 · $83/mo
• Projected year-2 tax: $995 · $83/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,484
• − Mortgage interest: −$3,249
• − Property taxes: −$995
• − Insurance: −$290
• − Repairs & maintenance: −$2,839
• − Management: −$2,839
• − Depreciation: −$1,687
• Taxable income: $23,586
• Est. tax owed @ 24.0%: −$5,661
• After-tax cash flow: $17,437/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: Oswego City School District
• NCES district ID: 3622050
• Math proficiency: 39% ▼ -7.00%
• Reading proficiency: 51% ▲ 9.00%
• Median HH income: $45,835
• Composite: 38.2/100
• National rank: #4257
• State rank: #465 of 590 in NY

Livability — Oswego

• Score: 75/100
• State rank: #265
• US rank: #4189

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oswego, NY
• County: Oswego County · 36,495 people
• City population: 36,495
• Metro: Syracuse, NY
• Population (ZIP): 36,495
• Household income: $65,346
• Rent vs Own: 34.5% rent · 65.5% own
• Severe rent burden: 1341.0

Population outlook (Oswego County) Hauer SSP2

• Today (2025): 114,465 people
• By 2030: 109,968 · -3.9%
• By 2040: 99,205 · -13.3%
• By 2050: 87,979 · -23.1%
• By 2075: 65,100 · -43.1%
• By 2100: 47,117 · -58.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Two or more races 5% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 6% Lithuanian 4% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 3% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Oswego

• 2024 margin: Strong R (+24.2) · D 37.9% · R 62.1%
• 2008→2024 swing: -26.6pp toward R · 2008: 2.5pp · 2024: -24.2pp
• All cycles: 2024: R+24.2 2020: R+20.2 2016: R+23.2 2012: D+7.9 2008: D+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.25%
• Current HPI: 295.5134
• Rent YoY: ▲ 19.18%
• 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

+44.6% since first listed

6 events — show timeline

• 2025-09-21 Pending — CNYIS
• 2025-09-09 Listing Removed — CNYIS
• 2024-08-05 Pending — CNYIS
• 2024-07-15 Contingent — CNYIS
• 2024-07-06 Listed $58,000 CNYIS
• 2015-04-22 Sold (Public Records) $40,100 Public Records

Property tax history

+3.4%/yr

Latest (2025): $995 · -40.5% YoY. Source: county tax records.