108 Lewis St · Canastota, NY 13032

$215,000

3 bd · 2.0 ba · 1,743 sqft · MultiFamily public records · 59 Days on market

Built 1880 0.25 ac lot $123/sqft · 46% above area Est $147k · 46% over

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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 +28.9/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.6/10.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

This well-maintained multi-family home in Canastota offers a fantastic investment or owner-occupant opportunity. The property features two spacious units, each with its own private entrance. The downstairs unit includes 3 comfortable bedrooms and 1 full bathroom, offering convenient single-level living with a functional layout and plenty of natural light. The upstairs unit also boasts 3 bedrooms and 1 full bathroom. This property is ideal for tenants or extended family living. With separate living spaces and strong rental potential, this home is a great addition to any portfolio or a smart way to offset your mortgage. This home has a staircase connecting the two units. This property can be reconfigured into a single family residence as well. Don't miss the opportunity to own this wonderful property!

Key facts

• Private entrance
• Multi-family home
• 0.25 acre lot

Tags

• MULTI-FAMILY HOME
• PRIVATE ENTRANCE
• SEPARATE LIVING SPACES
• STRONG RENTAL POTENTIAL

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive. Per door: $135/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 3.5% in Canastota — 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 73/100 on livability (#332 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment D+, amenities F, commute F.
• Canastota Central School District (town): math 39% / reading 48% proficiency, ranked #473 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 53 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.36% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.57%
• DSCR: 1.65
• GRM: 6.1

CMA / ARV

• ARV (median comp): $147,000
• List price: $215,000
• Delta: 46.26%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 Wilson Ave	0.20mi	3/2.0	1,700 (-2%)	5mo	$100,000	$59	82
121 Chapel St	0.20mi	4/2.0 (+1)	1,902 (+9%)	2mo	$45,000	$24	68
3797 Canal Road Rd	0.64mi	2/2.0 (-1)	1,500 (-14%)	6mo	$95,000	$63	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.3%
• Equity multiple: 3.24×
• Total profit: $134,697
• Equity at exit: $193,689

10-year hold

• IRR: 24.7%
• Equity multiple: 7.38×
• Total profit: $383,889
• Equity at exit: $417,698

Cash invested: $60,200 (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 13032

• Home prices YoY: 5.7%
• Active inventory: 53
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,927 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$365 /mo · $4,374/yr
• Insurance: −$90
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $270

Break-even live

Break-even rent $2,585

Max offer price $215,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,926
Total (2 units)			$2,927

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $215,000 Active 59 DOM
2. 2026-06-17
   days on market $215,000 Active 58 DOM
3. 2026-06-16
   days on market $215,000 Active 57 DOM
4. 2026-06-15
   days on market $215,000 Active 56 DOM
5. 2026-06-13
   days on market $215,000 Active 54 DOM
6. 2026-06-12
   days on market $215,000 Active 53 DOM
7. 2026-06-09
   days on market $215,000 Active 50 DOM
8. 2026-06-08
   days on market $215,000 Active 49 DOM
9. 2026-06-07
   days on market $215,000 Active 48 DOM
10. 2026-06-07
    days on market $215,000 Active 47 DOM
11. 2026-06-04
    days on market $215,000 Active 44 DOM
12. 2026-06-02
    days on market $215,000 Active 43 DOM
13. 2026-06-01
    days on market $215,000 Active 42 DOM
14. 2026-05-31
    days on market $215,000 Active 41 DOM
15. 2026-04-20
    listed $215,000 Active 810-char remark

    Show marketing remark (810 chars)

    This well-maintained multi-family home in Canastota offers a fantastic investment or owner-occupant opportunity. The property features two spacious units, each with its own private entrance. The downstairs unit includes 3 comfortable bedrooms and 1 full bathroom, offering convenient single-level living with a functional layout and plenty of natural light. The upstairs unit also boasts 3 bedrooms and 1 full bathroom. This property is ideal for tenants or extended family living. With separate living spaces and strong rental potential, this home is a great addition to any portfolio or a smart way to offset your mortgage. This home has a staircase connecting the two units. This property can be reconfigured into a single family residence as well. Don't miss the opportunity to own this wonderful property!

16. 2025-05-20
    soldstatus $350,000
17. 2023-06-21
    soldstatus $115,000

ⓘ 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: $4,374 · $365/mo
• Projected year-2 tax: $4,374 · $365/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 5/10 Major FEMA zone AE · 65% 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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,124
• − Mortgage interest: −$12,043
• − Property taxes: −$4,374
• − Insurance: −$6,600
• − Repairs & maintenance: −$2,810
• − Management: −$2,810
• − Depreciation: −$6,255
• Taxable income: $232
• Est. tax owed @ 24.0%: −$56
• After-tax cash flow: $3,188/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: Canastota Central School District
• NCES district ID: 3606390
• Math proficiency: 39% ▼ -6.00%
• Reading proficiency: 48% ▲ 8.00%
• Median HH income: $50,825
• Composite: 37.44/100
• National rank: #4413
• State rank: #473 of 590 in NY

Livability — Canastota

• Score: 73/100
• State rank: #332
• US rank: #5485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canastota, NY
• City population: 12,964
• Population (ZIP): 12,964

Population outlook (Madison County) Hauer SSP2

• Today (2025): 69,528 people
• By 2030: 66,599 · -4.2%
• By 2040: 59,814 · -14.0%
• By 2050: 52,842 · -24.0%
• By 2075: 39,167 · -43.7%
• By 2100: 28,442 · -59.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 2% Black 2%
• Common ancestry: Romanian 5% Iranian 5% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Russian/Polish/Slavic 2% French/Haitian/Cajun 1% Spanish 1%

Political lean MEDSL · Madison

• 2024 margin: R (+13.1) · D 43.5% · R 56.5%
• 2008→2024 swing: -13.9pp toward R · 2008: 0.9pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.6 2016: R+15.9 2012: D+0.3 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 13.44%
• Current HPI: 251.5471
• Rent YoY: —
• Metro: —
• 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

+87.0% since first listed

3 events — show timeline

• 2026-04-20 Listed $215,000 CNYIS
• 2025-05-20 Sold (Public Records) $350,000 Public Records
• 2023-06-21 Sold (Public Records) $115,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $4,374 · +1.8% YoY. Source: county tax records.