369 Cameco Cir

Lakeland, NY 13090

$224,900D

2 bd · 1.5 ba · 1,072 sqft · Built 1977 · Condo · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,255/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$343
• HOA: −$250
• Vac / Maint / Mgmt: −$474
• Net cashflow: $10/mo
• Annual: $115/yr
• Cap rate: 6.34%
• Cash-on-cash: 0.18%
• DSCR: 1.01
• 1% rule: 1.00%
• Cash to close: $62,972

Investor read

• This is a 2-bed/1.5-bath condo listed at $225k.
• At list price, monthly cash flow is $10 ($115/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#219 in NY, #3,457 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Liverpool Central School District (suburban): math 49% / reading 49% proficiency, ranked #381 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elmcrest Elementary School (math 45% / reading 53%, grade D, #1,177 of 2,108 statewide, top 56%, 408 students, 38% FRL); Liverpool Middle School (math 47% / reading 62%, grade B-, #214 of 729 statewide, top 31%, 313 students, 51% FRL); Liverpool High School (math 94% / reading 54%, grade B+, #658 of 1,100 statewide, top 60%, 2,124 students, 42% FRL) — zoned schools average 44% FRL vs 28% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 94 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 9y 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 $102k; list at $225k implies a 120% gain — meaningful room to come down on a strong offer.
• This rent runs 31% of the median local income ($88k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.