389 Lillian Ave · Syracuse, NY 13206

$250,000

5 bd · 2.0 ba · 2,080 sqft · MultiFamily public records · 17 Days on market

Built 1930 7,458 sqft lot Est $231k · 8% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• ARV discount +3.8/15.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

1st FLOOR APARTMENT. No climbing stairs ever. HUGE Kitchen, Big bedrooms with a lot of closet space, and mint hardwood floors throughout, extremely clean! Off Street parking in quiet nieghborhood. Front sit down porch a part of your apartment. Snow, lawn and water included. Close, easy accessto Downtown areas and 690. Pets under 30 pounds OK. Looking for lease until June 30th (7 months). Laundry hook ups available in basement. AVAILABLE TODAY. See it today

Key facts

• Large eat in kitchen
• Ample parking
• 7,458 sq ft lot

Tags

• TWO UNIT INCOME PROPERTY
• LARGE EAT IN KITCHEN
• AMPLE PARKING

Property features AI

Finance

• Financial info: Owner pays hot water; rent includes hot water; Operating expenses may include structure maintenance, professional management, and rent

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electric service
• Home design: Two-story building; Existing construction
• Construction: Vinyl siding; Asphalt roof; Built as existing structure
• Exterior features: Open porch; City street frontage; Near public transit; Rectangular residential lot (approx. 66 x 113)

Interior

• Kitchen: Gas water heater (as listed under appliances)
• Bedrooms: 2-unit property (total units: 2)
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: Two full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Hardwood, laminate, and varied flooring throughout; Full basement
• Laundry & utility: Separate gas and electric meters for each unit (2 each)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.6% 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 (+5.8%/yr); 42 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $3,351/mo this rent would consume 64% of the median local household income ($63k/yr) (locally 725% 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 $8k of value loss. Plan a longer hold.
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $70k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $675; list at $250k implies a 36937% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,250 (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 1930 — 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: 1.34% ✓
• Cap rate: 11.57%
• Cash-on-cash: 18.83%
• DSCR: 1.84
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $230,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
265 Norwood Ave	0.07mi	4/2.0 (-1)	2,024 (-3%)	13mo	$262,000	$129	76
300 Marlborough Rd	0.09mi	4/2.0 (-1)	2,112 (+2%)	19mo	$155,000	$73	73
411 Hazelhurst Ave	0.31mi	5/2.0	2,144 (+3%)	11mo	$215,000	$100	71
309 Mildred Ave #11	0.52mi	4/2.0 (-1)	2,028 (-2%)	5mo	$220,000	$108	62
176 S Midler Ave	0.34mi	5/2.0	2,250 (+8%)	19mo	$220,000	$98	55
124 Peck Ave	0.58mi	6/2.0 (+1)	2,148 (+3%)	13mo	$275,000	$128	51
336 S Collingwood Ave	0.72mi	4/2.0 (-1)	2,208 (+6%)	2mo	$267,000	$121	49
102 Peck Ave	0.56mi	5/2.0	1,989 (-4%)	21mo	$220,000	$111	49
257-259 Forest Hill Dr	0.58mi	4/2.0 (-1)	2,168 (+4%)	15mo	$273,500	$126	48
159 Norwood & Tyson Pl Ave	0.18mi	4/4.0 (-1)	2,352 (+13%)	18mo	$281,100	$120	42
420 Schaffer Ave	0.72mi	6/2.0 (+1)	2,280 (+10%)	11mo	$240,000	$105	36
101 Galster Ave #2	0.60mi	6/2.0 (+1)	2,356 (+13%)	16mo	$115,000	$49	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.85% rent growth · sell at horizon

5-year hold

• IRR: 13.6%
• Equity multiple: 1.56×
• Total profit: $39,269
• Equity at exit: $37,276

10-year hold

• IRR: 24.4%
• Equity multiple: 3.39×
• Total profit: $167,033
• Equity at exit: $21,615

Cash invested: $70,000 (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 13206

• Home prices YoY: -7.1%
• Rents YoY: 5.8%
• Active inventory: 42
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $3,351 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$134 /mo · $1,605/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $1,098

Break-even live

Break-even rent $1,961

Max offer price $250,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,352
Total (2 units)			$3,351

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $250,000 Active 17 DOM
2. 2026-06-17
   days on market $250,000 Active 16 DOM
3. 2026-06-16
   days on market $250,000 Active 15 DOM
4. 2026-06-15
   days on market $250,000 Active 14 DOM
5. 2026-06-14
   days on market $250,000 Active 12 DOM
6. 2026-06-13
   days on market $250,000 Active 11 DOM
7. 2026-06-10
   days on market $250,000 Active 9 DOM
8. 2026-06-09
   days on market $250,000 Active 8 DOM
9. 2026-06-08
   days on market $250,000 Active 7 DOM
10. 2026-06-07
    days on market $250,000 Active 6 DOM
11. 2026-06-05
    days on market $250,000 Active 3 DOM
12. 2026-06-02
    remarks 693-char remark
13. 2026-06-02
    listed $250,000 Active 1 DOM

ⓘ 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: $1,605 · $134/mo
• Projected year-2 tax: $2,915 · $243/mo
• Expected delta: +$1,310/yr (+$109/mo · 81.7%)

ⓘ 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,212
• − Mortgage interest: −$14,004
• − Property taxes: −$1,605
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,217
• − Management: −$3,217
• − Depreciation: −$7,273
• Taxable income: $9,647
• Est. tax owed @ 24.0%: −$2,315
• After-tax cash flow: $10,865/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): 16,245
• Household income: $63,136
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 725.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Black 13% Two or more races 9% Hispanic / Latino 8% Asian 5%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 6% Lithuanian 4% Slovak 2%
• Foreign-born: 8% · Canada, Jamaica, China
• Languages at home: 89% English-only · Spanish 3% Arabic 2% Other Indo-European 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: ▼ -24.60%
• Current HPI: 322.231
• Rent YoY: ▲ 5.85%
• 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

+212.5% since first listed

7 events — show timeline

• 2026-06-01 Listed $250,000 CNYIS
• 2025-12-11 Rental Removed $1,450 PROPERTYWARE
• 2025-12-09 Listed for Rent $1,450 PROPERTYWARE
• 2005-09-09 Sold (MLS) $675 WNYREIS
• 2005-08-27 Listed $675 WNYREIS
• 2005-05-31 Sold (Public Records) $94,000 Public Records
• 1997-11-26 Sold (Public Records) $80,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,605 · +0.0% YoY. Source: county tax records.