223 Lakeview Ave · Syracuse, NY 13204

$149,900

4 bd · 2.0 ba · 1,968 sqft · MultiFamily public records · 32 Days on market

Built 1910 4,356 sqft lot $76/sqft · 22% below area Est $192k · 22% under ↓ 17% since listing

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.0/10.0
• 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

Great Investment! This fully rented multi-family has updated windows, furnace, water heater and siding. It also offers a fully fenced in, large, back yard and a nice front porch! Close to bus line, local stores and restaurants and all other amenities!

Key facts

• Updated siding
• Updated windows
• Front porch

Tags

• UPDATED WINDOWS
• UPDATED FURNACE
• UPDATED WATER HEATER
• UPDATED SIDING
• FULLY FENCED BACK YARD
• FRONT PORCH

Property features AI

Finance

• Financial info: Two-unit building with separate gas and electric meters for each unit; Both units currently rented month-to-month at $875 each; Owner pays hot water and trash collection; Operating expenses include maintenance and water/sewer

Exterior

• Parking: Gravel and paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multi-family building; Resale property
• Construction: Vinyl siding
• Exterior features: Covered porch; Porch; Rectangular residential lot; Near public transit; City street frontage

Interior

• Kitchen: Each unit includes an oven/range and refrigerator; Eat-in kitchen and dining area connected to living room in each unit
• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Carpet; Laminate; Vinyl; Varied flooring
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $1,944/mo this rent would consume 51% 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 $16k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

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

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1910 — 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 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: 1.30% ✓
• Cap rate: 11.02%
• Cash-on-cash: 16.88%
• DSCR: 1.75
• GRM: 6.4

CMA / ARV

• ARV (median comp): $192,385
• List price: $149,900
• Delta: -22.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 Richmond Ave	0.09mi	4/2.0	2,024 (+3%)	14mo	$84,000	$42	80
183 Lakeview Ave	0.12mi	4/2.0	2,044 (+4%)	15mo	$56,027	$27	75
207 Apple St	0.16mi	4/2.0	2,056 (+4%)	20mo	$98,000	$48	69
131 Lakeview Ave	0.20mi	5/2.0 (+1)	2,068 (+5%)	11mo	$100,000	$48	68
199 Lakeview Ave	0.07mi	5/2.0 (+1)	2,034 (+3%)	23mo	$55,000	$27	67
309 Ulster Ave	0.30mi	4/2.0	2,194 (+12%)	1mo	$276,000	$126	66
322 Liberty St	0.30mi	4/2.0	1,871 (-5%)	18mo	$165,000	$88	63
130 Lakeview Ave	0.19mi	4/2.0	2,244 (+14%)	21mo	$45,000	$20	50
111-13 Cody Ave	0.62mi	4/2.0	2,184 (+11%)	10mo	$262,000	$120	44
122 Bryant Ave	0.25mi	5/2.0 (+1)	2,240 (+14%)	23mo	$275,000	$123	41
635 Hamilton St	0.65mi	4/2.0	1,776 (-10%)	22mo	$245,000	$138	36

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: 39.2%
• Equity multiple: 4.09×
• Total profit: $129,493
• Equity at exit: $135,042

10-year hold

• IRR: 35.6%
• Equity multiple: 9.99×
• Total profit: $377,158
• Equity at exit: $291,223

Cash invested: $41,972 (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: 6.4×

Monthly cashflow live

• Estimated rent: $1,944 high
• Mortgage (P&I): −$786
• Tax from tax record: −$97 /mo · $1,160/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $590

Break-even live

Break-even rent $1,196

Max offer price $149,900

Occupancy floor 65%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 9 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	0.33mi
349 Bryant Ave Syracuse, NY	3.0	1.5	1500	$2,300	$1.53	13d	1	0.49mi
214 Rowland St Syracuse, NY	4.0	1.0	2092	$1,800	$0.86	13d	1	1.08mi
104 Kincaid Ave Syracuse, NY	4.0	1.0	1910	$1,600	$0.84	13d	1	1.13mi
318 Kellogg St Unit 2 Syracuse, NY	3.0	1.0	1523	$1,675	$1.10	43d	1	1.14mi
318 Kellogg St Unit 1 Syracuse, NY	3.0	1.0	1523	$1,650	$1.08	43d	1	1.14mi
326 Holland St Unit 1 Syracuse, NY	3.0	1.0	2100	$1,825	$0.87	43d	1	1.20mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	43d	1	1.27mi
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	13d	1	1.34mi

Listing history 11 events

1. 2026-05-30
   status $149,900 Pending 32 DOM
2. 2026-04-27
   listed $149,900 Active 251-char remark
3. 2025-11-11
   historical
4. 2025-11-06
   status Pending
5. 2025-10-09
   price $110,000
6. 2025-10-07
   status Active
7. 2025-09-26
   status Pending
8. 2025-09-16
   status Active
9. 2025-09-16
   price $174,900
10. 2025-09-11
    historical
11. 2025-07-12
    listed $179,900 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: $1,160 · $97/mo
• Projected year-2 tax: $1,846 · $154/mo
• Expected delta: +$687/yr (+$57/mo · 59.2%)

ⓘ 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: $23,326
• − Mortgage interest: −$8,397
• − Property taxes: −$1,160
• − Insurance: −$750
• − Repairs & maintenance: −$1,866
• − Management: −$1,866
• − Depreciation: −$4,361
• Taxable income: $4,928
• Est. tax owed @ 24.0%: −$1,183
• After-tax cash flow: $5,903/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

-16.7% since first listed

11 events — show timeline

• 2026-05-29 Pending — CNYIS
• 2026-04-27 Listed $149,900 CNYIS
• 2025-11-11 Listing Removed — CNYIS
• 2025-11-06 Pending — CNYIS
• 2025-10-09 Price Changed $110,000 CNYIS
• 2025-10-07 Relisted — CNYIS
• 2025-09-26 Pending — CNYIS
• 2025-09-16 Relisted — CNYIS
• 2025-09-16 Price Changed $174,900 CNYIS
• 2025-09-11 Listing Removed — CNYIS
• 2025-07-12 Listed $179,900 CNYIS

Property tax history

+0.8%/yr

Latest (2025): $1,160 · +1.3% YoY. Source: county tax records.