1016 Lancaster Ave #18 · Syracuse, NY 13210

$300,000

6 bd · 2.0 ba · 2,961 sqft · MultiFamily public records · 33 Days on market

Built 1915 5,280 sqft lot Est $429k · 30% 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 +29.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

One of a kind University Area Two-Family. Great for an investor or owner occupant. Off street parking with a 2.5 car garage that could be rented separately for extra income. Each apartment has 3 spacious bedrooms. The upstairs flat boasts Cathedral Ceilings and custom stained glass accents. It also has a loft above the living room which could be used as a 4th bedroom. All utilities are separate and paid by the tenants. Updates include interior painting, some exterior painting, new panel boxes and carpets. Only a few blocks from campus and kitty corner to the Lancaster Market. Currently rented for $2,700/m.

Key facts

• 2.5 car garage
• Separate utilities
• Off street parking

Tags

• OFF STREET PARKING
• 2.5 CAR GARAGE
• CATHEDRAL CEILINGS
• STAINED GLASS ACCENTS
• SEPARATE UTILITIES
• FEW BLOCKS FROM CAMPUS

Property features AI

Finance

• Other: Multiple separate gas and electric meters (2 each); Lot irregularity and near public transit
• Financial info: Operating expenses may include accounting, advertising, insurance, legal, structure maintenance, professional management, and rent

Exterior

• Parking: Garage included; Approximately 2.5 garage spaces; Common paved parking
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available; Circuit breaker electric
• Home design: Two-story multiunit residential (2 units); Residential 2-unit zoning; City street frontage
• Construction: Shake siding and vinyl siding; Asphalt roof; Stone foundation; Built (existing)
• Exterior features: Open porch

Interior

• Kitchen: Eat-in kitchen (one unit); Dining area with kitchen (one unit)
• Bedrooms: Two 3-bedroom units (one with dining area and kitchen; one with eat-in kitchen)
• Flooring: Carpet; Hardwood; Vinyl; Varies
• Bathrooms: Two full bathrooms (total in building); Each 3‑bed unit has 1 full bathroom
• Heating & cooling: Heating present; Electric and gas heating; Baseboard and forced air options
• Interior features: Leaded glass windows; Cathedral ceiling(s)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $520/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 8.2% in Syracuse — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 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.
• Zoned schools: Edward Smith K-8 School (math 13% / reading 39%, grade F, #1,816 of 2,108 statewide, top 86%, 710 students, 69% FRL); Expeditionary Learning Middle School (math 17% / reading 32%, grade F, #611 of 729 statewide, top 88%, 170 students, 76% FRL); Nottingham High School (math 75% / reading 77%, grade A-, #616 of 1,100 statewide, top 57%, 1,226 students, 80% FRL) — zoned schools at 75% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 22% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Syracuse City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+11.2%/yr); 58 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $84k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $45k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; list at $300k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $291,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.24% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.85%
• DSCR: 1.66
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $429,345
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
519 Clarendon St #21	0.48mi	6/2.0	2,744 (-7%)	6mo	$286,000	$104	60
814 Ackerman Ave	0.32mi	6/2.0	2,702 (-9%)	14mo	$360,000	$133	59
539 Clarendon St	0.49mi	6/2.0	3,253 (+10%)	21mo	$390,000	$120	44
704-06 Allen St	0.59mi	6/2.0	2,620 (-12%)	14mo	$380,000	$145	42
105 Robert Dr	0.59mi	6/3.0	2,677 (-10%)	14mo	$395,000	$148	40
245 Fellows Ave	0.73mi	6/6.0	2,764 (-7%)	18mo	$450,000	$163	24

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.44×
• Total profit: $37,186
• Equity at exit: $44,731

10-year hold

• IRR: 23.3%
• Equity multiple: 3.46×
• Total profit: $206,808
• Equity at exit: $25,939

Cash invested: $84,000 (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 13210

• Home prices YoY: -9.0%
• Rents YoY: 11.2%
• Active inventory: 58
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $3,716 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$198 /mo · $2,374/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$780
• Net cashflow: $1,040

Break-even live

Break-even rent $2,400

Max offer price $300,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,209	-5% $1,125	+0% $1,040	+5% $955	+10% $870
Rent	-10% $746	-5% $893	+0% $1,040	+5% $1,186	+10% $1,333
Rate	-1.0pp $1,191	-0.5pp $1,116	base $1,040	+0.5pp $962	+1.0pp $883

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,716
Total (2 units)			$3,716

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
750 Euclid Ave Syracuse, NY	5.0	2.0	2736	$4,100	$1.50	45d	1	0.32mi

Listing history 35 events

1. 2026-06-21
   days on market $300,000 Active 33 DOM
2. 2026-06-19
   status $300,000 Active 30 DOM
3. 2026-06-18
   days on market $300,000 Active Under Contract 30 DOM
4. 2026-06-17
   days on market $300,000 Active Under Contract 29 DOM
5. 2026-06-16
   days on market $300,000 Active Under Contract 28 DOM
6. 2026-06-15
   days on market $300,000 Active Under Contract 27 DOM
7. 2026-06-14
   days on market $300,000 Active Under Contract 25 DOM
8. 2026-06-13
   days on market $300,000 Active Under Contract 24 DOM
9. 2026-06-10
   days on market $300,000 Active Under Contract 22 DOM
10. 2026-06-09
    days on market $300,000 Active Under Contract 21 DOM
11. 2026-06-09
    status $300,000 Active Under Contract 20 DOM
12. 2026-06-08
    days on market $300,000 Active 20 DOM
13. 2026-06-07
    days on market $300,000 Active 19 DOM
14. 2026-06-05
    days on market $300,000 Active 16 DOM
15. 2026-06-03
    price $300,000 Active 14 DOM
16. 2026-06-02
    days on market $345,000 Active 14 DOM
17. 2026-06-01
    days on market $345,000 Active 13 DOM
18. 2026-05-31
    days on market $345,000 Active 12 DOM
19. 2026-05-30
    days on market $345,000 Active 11 DOM
20. 2026-05-19
    listed $345,000 Active
21. 2021-03-10
    historical
22. 2020-09-15
    listed $219,900 Active
23. 2019-10-02
    soldstatus $190,000
24. 2019-09-30
    soldstatus $190,000 Closed Sale or Rented 613-char remark

    Show marketing remark (613 chars)

    One of a kind University Area Two-Family. Great for an investor or owner occupant. Off street parking with a 2.5 car garage that could be rented separately for extra income. Each apartment has 3 spacious bedrooms. The upstairs flat boasts Cathedral Ceilings and custom stained glass accents. It also has a loft above the living room which could be used as a 4th bedroom. All utilities are separate and paid by the tenants. Updates include interior painting, some exterior painting, new panel boxes and carpets. Only a few blocks from campus and kitty corner to the Lancaster Market. Currently rented for $2,700/m.

25. 2019-08-10
    historical Continue to Show- Under Contract 613-char remark

    Show marketing remark (613 chars)

    One of a kind University Area Two-Family. Great for an investor or owner occupant. Off street parking with a 2.5 car garage that could be rented separately for extra income. Each apartment has 3 spacious bedrooms. The upstairs flat boasts Cathedral Ceilings and custom stained glass accents. It also has a loft above the living room which could be used as a 4th bedroom. All utilities are separate and paid by the tenants. Updates include interior painting, some exterior painting, new panel boxes and carpets. Only a few blocks from campus and kitty corner to the Lancaster Market. Currently rented for $2,700/m.

26. 2019-07-24
    listed $209,900 Active 613-char remark

    Show marketing remark (613 chars)

    One of a kind University Area Two-Family. Great for an investor or owner occupant. Off street parking with a 2.5 car garage that could be rented separately for extra income. Each apartment has 3 spacious bedrooms. The upstairs flat boasts Cathedral Ceilings and custom stained glass accents. It also has a loft above the living room which could be used as a 4th bedroom. All utilities are separate and paid by the tenants. Updates include interior painting, some exterior painting, new panel boxes and carpets. Only a few blocks from campus and kitty corner to the Lancaster Market. Currently rented for $2,700/m.

27. 2017-10-13
    historical
28. 2017-08-09
    price $219,900
29. 2017-05-19
    price $224,900
30. 2017-04-14
    listed $229,900 Active
31. 2013-09-06
    historical
32. 2013-09-04
    soldstatus $200,000
33. 2013-08-28
    soldstatus $200,000
34. 2013-05-03
    listed $239,900
35. 2008-12-08
    soldstatus $182,000

ⓘ 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: $2,374 · $198/mo
• Projected year-2 tax: $3,722 · $310/mo
• Expected delta: +$1,348/yr (+$112/mo · 56.8%)

ⓘ 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 · 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: $44,592
• − Mortgage interest: −$16,805
• − Property taxes: −$2,374
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,567
• − Management: −$3,567
• − Depreciation: −$8,727
• Taxable income: $8,052
• Est. tax owed @ 24.0%: −$1,932
• After-tax cash flow: $10,543/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): 19,803
• Household income: $41,738
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 2307.0

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 0.61)
• Race & ethnicity: White 58% Black 18% Asian 9% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 78% English-only · Chinese 5% Spanish 4% Other Indo-European 2%

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: ▼ -37.59%
• Current HPI: 378.0277
• Rent YoY: ▲ 11.18%
• 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

+89.6% since first listed

16 events — show timeline

• 2026-05-19 Listed $345,000 CNYIS
• 2021-03-10 Listing Removed — CNYIS
• 2020-09-15 Listed $219,900 CNYIS
• 2019-10-02 Sold (Public Records) $190,000 Public Records
• 2019-09-30 Sold (MLS) $190,000 CNYIS
• 2019-08-10 Contingent — CNYIS
• 2019-07-24 Listed $209,900 CNYIS
• 2017-10-13 Listing Removed — CNYIS
• 2017-08-09 Price Changed $219,900 CNYIS
• 2017-05-19 Price Changed $224,900 CNYIS
• 2017-04-14 Listed $229,900 CNYIS
• 2013-09-06 Listing Removed — CNYIS
• 2013-09-04 Sold (MLS) $200,000 CNYIS
• 2013-08-28 Sold (Public Records) $200,000 Public Records
• 2013-05-03 Listed $239,900 CNYIS
• 2008-12-08 Sold (Public Records) $182,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $2,374 · +0.0% YoY. Source: county tax records.