507 N Center St · East Syracuse, NY 13057

$239,000

4 bd · 2.0 ba · 2,738 sqft · MultiFamily public records · 7 Days on market

Built 1884 Est $238k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.4/15.0
• Livability +4.5/5.0
• Schools +4.3/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Don’t miss this rare opportunity to own a duplex in the heart of the Village of East Syracuse. This property features two separate units, one offering 2 bedrooms and 1 full bath and the other with 2 bedrooms and 1 1/2 baths. —perfect for investors, or multi-generational living. There are newer furnaces and hot water tanks as well as updated kitchens and bathrooms. Each unit has a washer and dryer. Both units are currently occupied. Each unit offers a functional layout with comfortable living spaces and plenty of natural light. Whether you’re looking to expand your investment portfolio or live in one unit while renting the other, this property offers flexibility, convenienc

Key facts

• Newer furnaces
• Two separate units
• Washer and dryer

Tags

• TWO SEPARATE UNITS
• NEWER FURNACES
• UPDATED KITCHENS
• UPDATED BATHROOMS
• WASHER AND DRYER
• FUNCTIONAL LAYOUT

Property features AI

Finance

• Financial info: Property configured as 2-unit building with separate gas and electric meters; Unit 1 actual rent: $1,300 (month-to-month); Unit 2 actual rent: $1,000 (month-to-month); Owner pays grounds care and water; Tenants pay all utilities; Rent includes common area maintenance and water; Operating expenses may include maintenance and professional management

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available; Circuit breaker electrical
• Home design: Two-story multifamily building; Existing condition
• Construction: Shake and vinyl siding; Asphalt roof; Stone foundation
• Exterior features: Fully fenced yard; Lot near public transit; Rectangular lot (60 x 150)

Interior

• Kitchen: Each unit includes an eat-in kitchen and range/oven; Refrigerator included
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Carpet; Hardwood; Laminate; Resilient
• Bathrooms: Unit 1: 1 full and 1 half bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied flooring including carpet, hardwood, laminate, and resilient
• Laundry & utility: Washer and dryer provided in each unit; Gas water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×2bd/1.5ba units multifamily listed at $239k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $744/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $239k).
• Cap rate 13.8% vs local median 6.9% in East 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 90/100 on livability (#4 in NY, #81 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+.
• East Syracuse Minoa Central School District (rural): math 46% / reading 53% proficiency, ranked #379 of 590 in NY (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 58 active listings in the ZIP; solid renter incomes; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $4,396/mo this rent would consume 65% of the median local household income ($81k/yr) (locally 250% 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 $7k 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 + 3.0% rent growth), your $67k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $88k; list at $239k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,000

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 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.84% ✓
• Cap rate: 13.77%
• Cash-on-cash: 26.70%
• DSCR: 2.19
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $238,206
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 N Center St	0.00mi	4/2.5	2,738 (0%)	0mo	$239,000	$87	98
201 E Ellis St	0.22mi	5/2.0 (+1)	2,384 (-13%)	23mo	$164,945	$69	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.6%
• Equity multiple: 1.84×
• Total profit: $56,377
• Equity at exit: $35,636

10-year hold

• IRR: 28.9%
• Equity multiple: 3.57×
• Total profit: $172,307
• Equity at exit: $20,664

Cash invested: $66,920 (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 13057

• Home prices YoY: -11.1%
• Active inventory: 58
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $4,396 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$631 /mo · $7,571/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$923
• Net cashflow: $1,489

Break-even live

Break-even rent $2,511

Max offer price $239,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,624	-5% $1,557	+0% $1,489	+5% $1,421	+10% $1,354
Rent	-10% $1,142	-5% $1,315	+0% $1,489	+5% $1,663	+10% $1,836
Rate	-1.0pp $1,609	-0.5pp $1,550	base $1,489	+0.5pp $1,427	+1.0pp $1,364

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,198
1× unit	2	1.5	$2,198
Total (2 units)			$4,396

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-13
   status Pending
2. 2026-04-06
   listed $239,000 Active
3. 2005-06-07
   soldstatus $87,550
4. 2003-02-20
   soldstatus $75,000

ⓘ 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: $7,571 · $631/mo
• Projected year-2 tax: $7,571 · $631/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 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 100% 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: $52,752
• − Mortgage interest: −$13,388
• − Property taxes: −$7,571
• − Insurance: −$1,195
• − Repairs & maintenance: −$4,220
• − Management: −$4,220
• − Depreciation: −$6,953
• Taxable income: $15,205
• Est. tax owed @ 24.0%: −$3,649
• After-tax cash flow: $14,219/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: East Syracuse Minoa Central School District
• NCES district ID: 3609990
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 53% ▲ 9.00%
• Median HH income: $55,801
• Composite: 42.9/100
• National rank: #3122
• State rank: #379 of 590 in NY

Livability — East Syracuse

• Score: 90/100
• State rank: #4
• US rank: #81

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Syracuse, NY
• County: Onondaga County · 247,257 people
• City population: 14,253
• Metro: Syracuse, NY
• Population (ZIP): 14,253
• Household income: $80,900
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 250.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 3% Asian 2% Black 2%
• Common ancestry: Romanian 5% Lithuanian 4% American 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Russian/Polish/Slavic 3% Spanish 1% 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: ▼ -39.50%
• Current HPI: 316.8595
• Rent YoY: —
• 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

+218.7% since first listed

4 events — show timeline

• 2026-04-13 Pending — CNYIS
• 2026-04-06 Listed $239,000 CNYIS
• 2005-06-07 Sold (Public Records) $87,550 Public Records
• 2003-02-20 Sold (Public Records) $75,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $7,571 · +14.6% YoY. Source: county tax records.