194 Genesee St · Auburn, NY 13021

$349,900

4 bd · 0.0 ba · 7,811 sqft · MultiFamily public records · 115 Days on market

Built 1920 1.00 ac lot $45/sqft · at area comps Est $350k · at est.

---

Why this score? — see what drove the D 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 +14.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional mixed-use investment opportunity in a prime Auburn location! This five-unit building at 194 W Genesee St sits just steps from downtown, offering outstanding visibility, convenience, and long-term upside potential. The property is currently configured as four residential apartments, with two units combined and utilized as a commercial office space. The space has the potential to be converted back to two separate apartments — creating the opportunity for a full five-unit residential income property and increased cash flow. Each unit features soaring ceilings that enhance the natural light and create a spacious, open feel rarely found in properties of this era. The building does require cosmetic updates and some improvements, but the fundamentals are strong — making it an ideal value-add opportunity for an investor looking to build equity and maximize returns. Major mechanical updates include all new furnaces, offering peace of mind and efficiency. Additional highlights include a one-car attached garage for storage and a large private parking lot accommodating six or more vehicles — a significant asset this close to downtown. With its flexible layout, prime location, strong rental potential, and room to add value, this property is a smart investment opportunity with substantial upside. Bring your vision and transform this into a high-performing income producer. This is a duplicate listing with MLS # S1663310

Key facts

• Soaring ceilings
• Natural light
• Five-unit building

Tags

• FIVE-UNIT BUILDING
• PRIME AUBURN LOCATION
• FOUR RESIDENTIAL APARTMENTS
• COMMERCIAL OFFICE SPACE
• SOARING CEILINGS
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $63 ($760/yr) — positive. Per door: $32/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $308k (12.0% below list).
• Recommended offer: $308k (12.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 74/100 on livability (#298 in NY, #4,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities D-, commute F.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $3,078/mo this rent would consume 61% of the median local household income ($61k/yr) (locally 1449% 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 (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $90k; list at $350k implies a 289% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $307,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.88% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.78%
• DSCR: 1.03
• GRM: 9.5

CMA / ARV

• ARV (median comp): $350,000
• List price: $349,900
• Delta: -0.03%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-52,650
• Equity at exit: $52,171

10-year hold

• IRR: -6.5%
• Equity multiple: 0.59×
• Total profit: $-40,589
• Equity at exit: $30,253

Cash invested: $97,972 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $3,078 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$388 /mo · $4,651/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $63

Break-even live

Break-even rent $2,998

Max offer price $349,900

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$3,078
Total (2 units)			$3,078

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $349,900 Active 115 DOM
2. 2026-06-18
   days on market $349,900 Active 114 DOM
3. 2026-06-17
   days on market $349,900 Active 113 DOM
4. 2026-06-16
   days on market $349,900 Active 112 DOM
5. 2026-06-15
   days on market $349,900 Active 111 DOM
6. 2026-06-14
   days on market $349,900 Active 109 DOM
7. 2026-06-12
   days on market $349,900 Active 108 DOM
8. 2026-06-09
   days on market $349,900 Active 105 DOM
9. 2026-06-08
   days on market $349,900 Active 104 DOM
10. 2026-06-07
    days on market $349,900 Active 103 DOM
11. 2026-06-05
    days on market $349,900 Active 100 DOM
12. 2026-06-03
    days on market $349,900 Active 99 DOM
13. 2026-06-02
    days on market $349,900 Active 98 DOM
14. 2026-06-01
    days on market $349,900 Active 97 DOM
15. 2026-05-31
    days on market $349,900 Active 96 DOM
16. 2026-05-30
    days on market $349,900 Active 95 DOM
17. 2026-05-04
    price $374,900 1458-char remark

    Show marketing remark (1458 chars)

    Exceptional mixed-use investment opportunity in a prime Auburn location! This five-unit building at 194 W Genesee St sits just steps from downtown, offering outstanding visibility, convenience, and long-term upside potential. The property is currently configured as four residential apartments, with two units combined and utilized as a commercial office space. The space has the potential to be converted back to two separate apartments — creating the opportunity for a full five-unit residential income property and increased cash flow. Each unit features soaring ceilings that enhance the natural light and create a spacious, open feel rarely found in properties of this era. The building does require cosmetic updates and some improvements, but the fundamentals are strong — making it an ideal value-add opportunity for an investor looking to build equity and maximize returns. Major mechanical updates include all new furnaces, offering peace of mind and efficiency. Additional highlights include a one-car attached garage for storage and a large private parking lot accommodating six or more vehicles — a significant asset this close to downtown. With its flexible layout, prime location, strong rental potential, and room to add value, this property is a smart investment opportunity with substantial upside. Bring your vision and transform this into a high-performing income producer. This is a duplicate listing with MLS # S1663310

18. 2026-02-24
    listed $399,900 Active 1458-char remark

    Show marketing remark (1458 chars)

    Exceptional mixed-use investment opportunity in a prime Auburn location! This five-unit building at 194 W Genesee St sits just steps from downtown, offering outstanding visibility, convenience, and long-term upside potential. The property is currently configured as four residential apartments, with two units combined and utilized as a commercial office space. The space has the potential to be converted back to two separate apartments — creating the opportunity for a full five-unit residential income property and increased cash flow. Each unit features soaring ceilings that enhance the natural light and create a spacious, open feel rarely found in properties of this era. The building does require cosmetic updates and some improvements, but the fundamentals are strong — making it an ideal value-add opportunity for an investor looking to build equity and maximize returns. Major mechanical updates include all new furnaces, offering peace of mind and efficiency. Additional highlights include a one-car attached garage for storage and a large private parking lot accommodating six or more vehicles — a significant asset this close to downtown. With its flexible layout, prime location, strong rental potential, and room to add value, this property is a smart investment opportunity with substantial upside. Bring your vision and transform this into a high-performing income producer. This is a duplicate listing with MLS # S1663310

19. 1999-09-17
    soldstatus $90,000

ⓘ 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: $4,651 · $388/mo
• Projected year-2 tax: $5,282 · $440/mo
• Expected delta: +$631/yr (+$53/mo · 13.6%)

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

Taxation est. · year 1

• Rental income: $36,936
• − Mortgage interest: −$19,600
• − Property taxes: −$4,651
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,955
• − Management: −$2,955
• − Depreciation: −$10,179
• Taxable loss: −$5,153
• Est. tax savings @ 24.0%: +$1,237
• After-tax cash flow: $1,997/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: Auburn City School District
• NCES district ID: 3603480
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $43,567
• Composite: 29.71/100
• National rank: #6452
• State rank: #558 of 590 in NY

Livability — Auburn

• Score: 74/100
• State rank: #298
• US rank: #4814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, NY
• County: Cayuga County · 37,247 people
• City population: 37,247
• Metro: Auburn, NY
• Population (ZIP): 37,247
• Household income: $60,712
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1449.0

Population outlook (Cayuga County) Hauer SSP2

• Today (2025): 74,820 people
• By 2030: 72,402 · -3.2%
• By 2040: 66,917 · -10.6%
• By 2050: 61,007 · -18.5%
• By 2075: 48,047 · -35.8%
• By 2100: 34,512 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Subsaharan African 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Cayuga

• 2024 margin: R (+13.0) · D 43.5% · R 56.5%
• 2008→2024 swing: -21.5pp toward R · 2008: 8.5pp · 2024: -13.0pp
• All cycles: 2024: R+13.0 2020: R+9.2 2016: R+13.2 2012: D+10.8 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.53%
• Current HPI: 338.5537
• Rent YoY: —
• Metro: Auburn, 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

+316.6% since first listed

3 events — show timeline

• 2026-05-04 Price Changed $374,900 CNYIS
• 2026-02-24 Listed $399,900 CNYIS
• 1999-09-17 Sold (Public Records) $90,000 Public Records

Property tax history

+0.0%/yr

Latest (2015): $4,651 · +0.0% YoY. Source: county tax records.