507 N Center St

East Syracuse, NY 13057

$239,000B

4 bd · 2.0 ba · 2,738 sqft · Built 1884 · MultiFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,396/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$730
• HOA: −$0
• Vac / Maint / Mgmt: −$923
• Net cashflow: $1,489/mo
• Annual: $17,868/yr
• Cap rate: 13.77%
• Cash-on-cash: 26.70%
• DSCR: 2.19
• 1% rule: 1.84%
• Cash to close: $66,920

Investor read

• This is a 1×2bd/1ba + 1×2bd/1.5ba units multifamily listed at $239k.
• 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).
• Only 7 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 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.
• Watch-outs: property tax is 3.2% of price; built in 1884 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; 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.
• Current owner paid $88k; list at $239k implies a 173% gain — meaningful room to come down on a strong offer.
• 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.
• 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.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.