615 Park Ave · Syracuse, NY 13204

$240,000

6 bd · 3.0 ba · 2,534 sqft · MultiFamily public records · 19 Days on market

Built 1945 8,427 sqft lot

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Why this score? — see what drove the A- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Charming Victorian-style three-family property offering character, space, and excellent investment potential. Ideal for investors or owner-occupants looking to live in one unit while generating rental income from the others. This income-producing property features a desirable unit mix of one 3-bedroom unit, one 2-bedroom unit, and one 1-bedroom unit, along with long-term tenants. The property includes a full basement for additional storage and utility space. Situated on a one-way street with a landscaped median, the location offers a unique neighborhood setting and added curb appeal. Conveniently located near shopping, dining, schools, and major roadways. Don't miss this opportunity

Key facts

• Full basement
• 8,427 sq ft lot
• Garage

Tags

• VICTORIAN-STYLE PROPERTY
• INCOME-PRODUCING PROPERTY
• FULL BASEMENT
• UNIQUE NEIGHBORHOOD SETTING
• STRONG INCOME POTENTIAL

Property features AI

Finance

• Financial info: Building has three separate dwelling units; Owner pays electricity and water for units; Rent reported per unit: two units at $775 each, one unit at $975; Operating expenses include fuel and snow removal

Exterior

• Parking: One-car garage; Off-site parking available; Street parking; no driveway
• Utilities: Public water connected; Sewer connected
• Home design: Three-story multi-family building; Resale property
• Construction: Vinyl and wood siding; PEX plumbing; Existing (original) construction
• Exterior features: City street frontage; Near public transit; Rectangular residential lot (approx. 53 x 159)

Interior

• Kitchen: Each unit includes an oven/range and refrigerator
• Bedrooms: Three units: one 1-bedroom, one 2-bedroom, one 3-bedroom
• Flooring: Hardwood; Vinyl; Varies by unit
• Bathrooms: Three full bathrooms and one half bathroom (building total)
• Heating & cooling: Gas forced-air heating
• Interior features: Natural woodwork; Full basement
• Laundry & utility: Gas and electric water heaters

What this means for you Summary

Snapshot

• This is a 1×3bd/1.2ba + 1×2bd/1.2ba + 1×1bd/1.2ba units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $844/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $240k).
• Recommended offer: $236k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.9% 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 (+8.2%/yr); 119 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $5,145/mo this rent would consume 136% of the median local household income ($45k/yr) (locally 2073% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $74k; list at $240k implies a 224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $236,400 (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 1945 — 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: 2.14% ✓
• Cap rate: 18.95%
• Cash-on-cash: 45.20%
• DSCR: 3.01
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $159,642
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
623 Park Ave	0.03mi	6/3.0	2,664 (+5%)	7mo	$253,500	$95	84
206 N Geddes St	0.15mi	5/2.0 (-1)	2,664 (+5%)	5mo	$135,000	$51	71
312 Richmond Ave #314	0.21mi	6/2.0	2,258 (-11%)	0mo	$79,000	$35	68
211 N Geddes St	0.17mi	6/2.0	2,198 (-13%)	5mo	$140,000	$64	62
460 Shonnard St	0.73mi	6/3.0	2,556 (+1%)	15mo	$99,000	$39	52
911 Park Ave	0.48mi	5/2.0 (-1)	2,608 (+3%)	14mo	$165,000	$63	52
728 Park Ave	0.25mi	7/2.0 (+1)	2,806 (+11%)	13mo	$88,000	$31	51
113 Eureka St	0.45mi	5/2.0 (-1)	2,280 (-10%)	3mo	$215,000	$94	51
312 Seymour St	0.71mi	5/2.0 (-1)	2,676 (+6%)	4mo	$60,000	$22	45
314 Apple St	0.48mi	6/2.0	2,160 (-15%)	7mo	$120,000	$56	43
507-509 S Wilbur Ave	0.62mi	6/2.0	2,912 (+15%)	8mo	$260,000	$89	36
137-39 Bryant Ave	0.70mi	5/2.0 (-1)	2,690 (+6%)	16mo	$270,000	$100	34

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 63.1%
• Equity multiple: 5.75×
• Total profit: $319,115
• Equity at exit: $216,211

10-year hold

• IRR: 58.6%
• Equity multiple: 14.10×
• Total profit: $880,325
• Equity at exit: $466,267

Cash invested: $67,200 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 119
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $5,145 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$175 /mo · $2,097/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,080
• Net cashflow: $2,531

Break-even live

Break-even rent $1,941

Max offer price $240,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
1× unit	3	1.2	$1,800
1× unit	2	1.2	$1,718
1× unit	1	1.2	$1,627
Total (3 units)			$5,145

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $240,000 Active 19 DOM
2. 2026-06-17
   days on market $240,000 Active 18 DOM
3. 2026-06-16
   days on market $240,000 Active 17 DOM
4. 2026-06-15
   days on market $240,000 Active 16 DOM
5. 2026-06-14
   days on market $240,000 Active 14 DOM
6. 2026-06-13
   days on market $240,000 Active 13 DOM
7. 2026-06-10
   days on market $240,000 Active 11 DOM
8. 2026-06-09
   days on market $240,000 Active 10 DOM
9. 2026-06-08
   days on market $240,000 Active 9 DOM
10. 2026-06-07
    days on market $240,000 Active 8 DOM
11. 2026-06-05
    days on market $240,000 Active 5 DOM
12. 2026-06-02
    days on market $240,000 Active 3 DOM
13. 2026-06-01
    days on market $240,000 Active 2 DOM
14. 2026-05-30
    remarks 699-char remark
15. 2026-05-30
    listed $240,000 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: $2,097 · $175/mo
• Projected year-2 tax: $3,077 · $256/mo
• Expected delta: +$979/yr (+$82/mo · 46.7%)

ⓘ 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
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,740
• − Mortgage interest: −$13,444
• − Property taxes: −$2,097
• − Insurance: −$1,200
• − Repairs & maintenance: −$4,939
• − Management: −$4,939
• − Depreciation: −$6,982
• Taxable income: $28,139
• Est. tax owed @ 24.0%: −$6,753
• After-tax cash flow: $23,621/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): 19,440
• Household income: $45,351
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 2073.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 26% Hispanic / Latino 17% Two or more races 13% Native American 1%
• Hispanic origin (detail): Puerto Rican 12% Cuban 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 11% Russian/Polish/Slavic 3% Arabic 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: ▲ 100.14%
• Current HPI: 416.7272
• Rent YoY: ▲ 8.24%
• 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

+223.6% since first listed

5 events — show timeline

• 2026-05-30 Listed $240,000 CNYIS
• 2026-01-31 Listing Removed — CNYIS
• 2025-08-26 Listed $225,000 CNYIS
• 1995-08-25 Sold (Public Records) $81,000 Public Records
• 1995-08-25 Sold (Public Records) $74,166 Public Records

Property tax history

-0.9%/yr

Latest (2025): $2,097 · +0.0% YoY. Source: county tax records.