116 Lyon St · Fulton, NY 13069

$48,000

20 bd · 16.0 ba · 2,096 sqft · MultiFamily public records · 22 Days on market

Built 1957 0.25 ac lot $23/sqft · 72% below area ↓ 20% since listing

---

Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 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

Looking for a great rental property? The property is fully rented with tenants whom have been on premise for years!! Property does need some TLC and therefore being sold AS IS! Schedule your showing today! Thank you for showing!

Key facts

• 0.25 acre lot
• 2 parking spots
• Built 1957

Property features AI

Finance

• Financial info: Multifamily property with 2 total units; Separate gas and electric meters: 4 gas meters, 4 electric meters; Operating expense details: see remarks; Owner-paid items/rent inclusions: see remarks

Exterior

• Parking: Two or more parking spaces
• Utilities: Sewer connected; Water available (public); Circuit breaker electrical service
• Home design: Two-story building; Existing property
• Construction: Vinyl siding; Stone foundation; Built (existing structure)
• Exterior features: Irregular residential lot; City street frontage; Lot dimensions approximately 50 x 220

Interior

• Kitchen: Eat-in kitchens in both units
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Carpet; Vinyl; Varied flooring
• Bathrooms: Four full bathrooms total (each unit has 2 full bathrooms)
• 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 × 5-bed/?-bath units multifamily listed at $48k.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $48k).
• Recommended offer: $47k (1.5% below list) — sets the bar for market timing.
• Cap rate 107.8% vs local median 6.9% in Fulton — 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 61/100 on livability (#907 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, schools D-, crime F.
• Fulton City School District (town): math 29% / reading 43% proficiency, ranked #554 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 115 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($332 loan paydown + $3k appreciation (6.8% local appreciation)).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,280 (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 1957 — 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: 11.59% ✓
• Cap rate: 107.83%
• Cash-on-cash: 362.63%
• DSCR: 17.14
• GRM: 0.7

CMA / ARV

• ARV (median comp): $170,334
• List price: $48,000
• Delta: -71.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

6.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 21.44×
• Total profit: $274,776
• Equity at exit: $32,469

10-year hold

• IRR: —
• Equity multiple: 46.04×
• Total profit: $605,392
• Equity at exit: $60,970

Cash invested: $13,440 (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 13069

• Home prices YoY: 2.3%
• Active inventory: 115
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $5,561 medium
• Mortgage (P&I): −$252
• Tax est. 1.5%: −$60 /mo · $720/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,168
• Net cashflow: $4,061

Break-even live

Break-even rent $420

Max offer price $48,000

Occupancy floor 22%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	—	$5,560
Total (4 units)			$5,561

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-07
   statusdays on market $48,000 Pending 22 DOM
2. 2026-06-02
   days on market $48,000 Active 21 DOM
3. 2026-06-01
   days on market $48,000 Active 20 DOM
4. 2026-05-31
   days on market $48,000 Active 19 DOM
5. 2026-05-30
   days on market $48,000 Active 18 DOM
6. 2026-05-12
   listed $48,000 Active 304-char remark
7. 2021-12-05
   soldstatus $59,900 Closed Sale or Rented 228-char remark

   Show marketing remark (228 chars)

   Looking for a great rental property? The property is fully rented with tenants whom have been on premise for years!! Property does need some TLC and therefore being sold AS IS! Schedule your showing today! Thank you for showing!

8. 2021-09-27
   status Pending Sale 228-char remark

   Show marketing remark (228 chars)

   Looking for a great rental property? The property is fully rented with tenants whom have been on premise for years!! Property does need some TLC and therefore being sold AS IS! Schedule your showing today! Thank you for showing!

9. 2021-09-14
   historical 228-char remark

   Show marketing remark (228 chars)

   Looking for a great rental property? The property is fully rented with tenants whom have been on premise for years!! Property does need some TLC and therefore being sold AS IS! Schedule your showing today! Thank you for showing!

10. 2021-09-13
    listed $59,900 Active 228-char remark

    Show marketing remark (228 chars)

    Looking for a great rental property? The property is fully rented with tenants whom have been on premise for years!! Property does need some TLC and therefore being sold AS IS! Schedule your showing today! Thank you for showing!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,732
• − Mortgage interest: −$2,689
• − Property taxes: −$720
• − Insurance: −$240
• − Repairs & maintenance: −$5,339
• − Management: −$5,339
• − Depreciation: −$1,396
• Taxable income: $51,010
• Est. tax owed @ 24.0%: −$12,242
• After-tax cash flow: $36,495/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: Fulton City School District
• NCES district ID: 3611700
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 43% ▲ 5.00%
• Median HH income: $43,337
• Composite: 30.49/100
• National rank: #6220
• State rank: #554 of 590 in NY

Livability — Fulton

• Score: 61/100
• State rank: #907
• US rank: #17723

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fulton, NY
• Population (ZIP): 23,176

Population outlook (Oswego County) Hauer SSP2

• Today (2025): 114,465 people
• By 2030: 109,968 · -3.9%
• By 2040: 99,205 · -13.3%
• By 2050: 87,979 · -23.1%
• By 2075: 65,100 · -43.1%
• By 2100: 47,117 · -58.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 6% Romanian 6% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Oswego

• 2024 margin: Strong R (+24.2) · D 37.9% · R 62.1%
• 2008→2024 swing: -26.6pp toward R · 2008: 2.5pp · 2024: -24.2pp
• All cycles: 2024: R+24.2 2020: R+20.2 2016: R+23.2 2012: D+7.9 2008: D+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.75%
• Current HPI: 304.443
• 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

-19.9% since first listed

6 events — show timeline

• 2026-06-03 Pending — CNYIS
• 2026-05-12 Listed $48,000 CNYIS
• 2021-12-05 Sold (MLS) $59,900 CNYIS
• 2021-09-27 Pending — CNYIS
• 2021-09-14 Listing Removed — CNYIS
• 2021-09-13 Listed $59,900 CNYIS

Property tax history

+2.6%/yr

Latest (2025): $3,245 · +7.5% YoY. Source: county tax records.