209 Lakeview Ave · Syracuse, NY 13204

$154,900

4 bd · 2.0 ba · 1,400 sqft · MultiFamily public records · 19 Days on market

Built 1900 4,356 sqft lot Est $213k · 27% 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: 2 units. confirmed

Listing remarks MLS

EXCELLENT INVESTMENT OPPORTUNITY!! TURNKEY REMODELED TWO-FAMILY PROPERTY, EACH APARTMENT IS HAS 3 BEDROOMS, EAT-IN KITCHEN, LIVINGROOM AND FULL BATHROOM. POTENTIAL ANNUAL RENT OVER 20K.

Key facts

• Close to parks
• Full bathroom
• Eat in kitchen

Tags

• TWO FAMILY PROPERTY
• EAT IN KITCHEN
• FULL BATHROOM
• WESTSIDE GEDDES NEIGHBORHOOD
• CLOSE TO PARKS
• CLOSE TO SHOPPING

Property features AI

Finance

• Other: Owner pays: other (see remarks); Rent includes: see remarks
• Financial info: Gross annual income: $31,356; Operating expenses: $6,200 (includes insurance, maintenance, water/sewer); Both units are leased (rents shown per unit)

Exterior

• Parking: No driveway; on-street parking
• Utilities: Electricity available; Public water connected; Sewer connected
• Home design: Two-story building; Resale property
• Construction: Aluminum and vinyl siding; Asphalt shingle roof; Block foundation; Existing (previously built)
• Exterior features: Fully fenced private yard; Open porch; Patio/porch; See remarks

Interior

• Kitchen: Each unit has an eat-in kitchen; Oven/range and refrigerator in each unit
• Bedrooms: Two 2-bedroom units (bedroom counts listed per unit)
• Flooring: Hardwood; Laminate; Varies by area
• Bathrooms: Two full bathrooms total (one full bath per unit)
• Heating & cooling: Electric baseboard heating
• Interior features: Full basement; Hardwood and laminate flooring throughout (varies by area)
• Laundry & utility: Washer hookup; Dryer available in each unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $662/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.6% 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; 13 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).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $15k 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 $43k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $120k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $152,576 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 1.87% ✓
• Cap rate: 16.56%
• Cash-on-cash: 36.65%
• DSCR: 2.63
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $212,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
195 Lakeview Ave	0.04mi	4/2.0	1,276 (-9%)	21mo	$100,500	$79	66
342 Bryant Ave	0.47mi	4/2.0	1,536 (+10%)	21mo	$233,000	$152	44

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: 55.7%
• Equity multiple: 5.24×
• Total profit: $184,001
• Equity at exit: $139,546

10-year hold

• IRR: 51.2%
• Equity multiple: 12.84×
• Total profit: $513,331
• Equity at exit: $300,937

Cash invested: $43,372 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,893 high
• Mortgage (P&I): −$812
• Tax from tax record: −$84 /mo · $1,006/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $1,325

Break-even live

Break-even rent $1,216

Max offer price $154,900

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,892
Total (2 units)			$2,893

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 Whittier Ave Syracuse, NY	4.0	1.0	1400	$600	$0.43	43d	1	0.26mi
349 Bryant Ave Syracuse, NY	3.0	1.5	1500	$2,300	$1.53	13d	1	0.47mi
202 Cayuga St Unit 1 Syracuse, NY	3.0	1.0	1036	$1,750	$1.69	13d	1	0.57mi
318 Kellogg St Unit 2 Syracuse, NY	3.0	1.0	1523	$1,675	$1.10	43d	1	1.06mi
318 Kellogg St Unit 1 Syracuse, NY	3.0	1.0	1523	$1,650	$1.08	43d	1	1.06mi
122 Putnam St Syracuse, NY	3.0	1.0	1064	$2,050	$1.93	21d	1	1.13mi
410 Chemung St Unit 1 Syracuse, NY	3.0	1.0	1100	$1,500	$1.36	13d	1	1.15mi
121 W End Dr Syracuse, NY	3.0	1.5	1082	$1,500	$1.39	13d	1	1.16mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	43d	1	1.19mi
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	13d	1	1.27mi
416 Pearl St Unit 2 Syracuse, NY	3.0	1.0	900	$2,400	$2.67	13d	1	1.41mi
409 Stolp Ave Syracuse, NY	1.0–3.0	1.0	849	$1,575	$1.86	13d	5	1.44mi
1507 N Salina St Unit 3 Syracuse, NY	3.0	2.0	1030	$1,350	$1.31	43d	1	1.50mi

Listing history 29 events

1. 2026-06-18
   days on market $154,900 Active 19 DOM
2. 2026-06-17
   days on market $154,900 Active 18 DOM
3. 2026-06-16
   days on market $154,900 Active 17 DOM
4. 2026-06-15
   days on market $154,900 Active 16 DOM
5. 2026-06-14
   pricedays on market $154,900 Active 14 DOM
6. 2026-06-13
   days on market $159,900 Active 13 DOM
7. 2026-06-10
   days on market $159,900 Active 11 DOM
8. 2026-06-09
   days on market $159,900 Active 10 DOM
9. 2026-06-08
   days on market $159,900 Active 9 DOM
10. 2026-06-07
    days on market $159,900 Active 8 DOM
11. 2026-05-21
    listed $159,900 Active
12. 2025-09-14
    price $159,900
13. 2025-09-05
    price $162,900
14. 2025-07-30
    price $164,900
15. 2025-07-22
    price $169,900
16. 2025-07-22
    price $171,000
17. 2025-07-07
    price $179,000
18. 2025-07-05
    price $189,000
19. 2025-06-20
    listed $199,000 Active
20. 2023-06-21
    soldstatus $120,000
21. 2023-06-14
    soldstatus $120,000 Closed Sale or Rented 185-char remark

    Show marketing remark (185 chars)

    EXCELLENT INVESTMENT OPPORTUNITY!! TURNKEY REMODELED TWO-FAMILY PROPERTY, EACH APARTMENT IS HAS 3 BEDROOMS, EAT-IN KITCHEN, LIVINGROOM AND FULL BATHROOM. POTENTIAL ANNUAL RENT OVER 20K.

22. 2023-05-06
    status Pending Sale 185-char remark

    Show marketing remark (185 chars)

    EXCELLENT INVESTMENT OPPORTUNITY!! TURNKEY REMODELED TWO-FAMILY PROPERTY, EACH APARTMENT IS HAS 3 BEDROOMS, EAT-IN KITCHEN, LIVINGROOM AND FULL BATHROOM. POTENTIAL ANNUAL RENT OVER 20K.

23. 2023-04-18
    status Under Contract- Do Not Show 185-char remark

    Show marketing remark (185 chars)

    EXCELLENT INVESTMENT OPPORTUNITY!! TURNKEY REMODELED TWO-FAMILY PROPERTY, EACH APARTMENT IS HAS 3 BEDROOMS, EAT-IN KITCHEN, LIVINGROOM AND FULL BATHROOM. POTENTIAL ANNUAL RENT OVER 20K.

24. 2023-04-11
    historical Continue to Show- Under Contract 185-char remark

    Show marketing remark (185 chars)

    EXCELLENT INVESTMENT OPPORTUNITY!! TURNKEY REMODELED TWO-FAMILY PROPERTY, EACH APARTMENT IS HAS 3 BEDROOMS, EAT-IN KITCHEN, LIVINGROOM AND FULL BATHROOM. POTENTIAL ANNUAL RENT OVER 20K.

25. 2023-04-03
    listed $129,000 Active 185-char remark

    Show marketing remark (185 chars)

    EXCELLENT INVESTMENT OPPORTUNITY!! TURNKEY REMODELED TWO-FAMILY PROPERTY, EACH APARTMENT IS HAS 3 BEDROOMS, EAT-IN KITCHEN, LIVINGROOM AND FULL BATHROOM. POTENTIAL ANNUAL RENT OVER 20K.

26. 2021-09-16
    soldstatus $28,000
27. 2021-09-08
    soldstatus $28,000 Closed Sale or Rented
28. 2021-07-03
    status Pending Sale
29. 2021-06-10
    listed $29,900 Active

ⓘ 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: $1,006 · $84/mo
• Projected year-2 tax: $1,812 · $151/mo
• Expected delta: +$806/yr (+$67/mo · 80.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% 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: $34,716
• − Mortgage interest: −$8,677
• − Property taxes: −$1,006
• − Insurance: −$774
• − Repairs & maintenance: −$2,777
• − Management: −$2,777
• − Depreciation: −$4,506
• Taxable income: $14,197
• Est. tax owed @ 24.0%: −$3,407
• After-tax cash flow: $12,490/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

+434.8% since first listed

19 events — show timeline

• 2026-05-21 Listed $159,900 CNYIS
• 2025-09-14 Price Changed $159,900 CNYIS
• 2025-09-05 Price Changed $162,900 CNYIS
• 2025-07-30 Price Changed $164,900 CNYIS
• 2025-07-22 Price Changed $169,900 CNYIS
• 2025-07-22 Price Changed $171,000 CNYIS
• 2025-07-07 Price Changed $179,000 CNYIS
• 2025-07-05 Price Changed $189,000 CNYIS
• 2025-06-20 Listed $199,000 CNYIS
• 2023-06-21 Sold (Public Records) $120,000 Public Records
• 2023-06-14 Sold (MLS) $120,000 CNYIS
• 2023-05-06 Pending — CNYIS
• 2023-04-18 Pending — CNYIS
• 2023-04-11 Contingent — CNYIS
• 2023-04-03 Listed $129,000 CNYIS
• 2021-09-16 Sold (Public Records) $28,000 Public Records
• 2021-09-08 Sold (MLS) $28,000 CNYIS
• 2021-07-03 Pending — CNYIS
• 2021-06-10 Listed $29,900 CNYIS

Property tax history

+1.1%/yr

Latest (2025): $1,006 · +0.0% YoY. Source: county tax records.