509 Delaware St #511 · Syracuse, NY 13204

$195,000

6 bd · 2.0 ba · 2,141 sqft · MultiFamily · 150 Days on market

Built 1900 Good condition 8,316 sqft lot $91/sqft · 28% above area Est $152k · 28% over ↓ 9% since listing

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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
• Appreciation +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

Great investment property with 2-family fully rented and separate utilities. House has been totally remodeled with new vinyl siding, 2 updated kitchens, bathrooms, new floorings & new hot water heaters. 14% cash on cash return, this one is a winner! Photos have been virtually staged.

Key facts

• Separate utilities
• Totally remodeled
• Investment property

Tags

• INVESTMENT PROPERTY
• 2 FAMILY
• FULLY RENTED
• SEPARATE UTILITIES
• TOTALLY REMODELED
• NEW VINYL SIDING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $195k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $868/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.0% 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); 121 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $3,904/mo this rent would consume 103% 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 $21k of equity ($1k loan paydown + $20k 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 $55k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $171,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.00% ✓
• Cap rate: 16.98%
• Cash-on-cash: 38.17%
• DSCR: 2.70
• GRM: 4.2

CMA / ARV

• ARV (median comp): $152,476
• List price: $195,000
• Delta: 27.89%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 Rowland St	0.19mi	7/2.0 (+1)	2,092 (-2%)	3mo	$180,000	$86	80
211 Putnam St	0.13mi	6/2.0	2,362 (+10%)	6mo	$130,000	$55	72
222 Rich St	0.49mi	6/2.0	2,112 (-1%)	9mo	$55,000	$26	68
221 Grace St	0.13mi	6/2.0	1,862 (-13%)	6mo	$153,000	$82	67
431 Elliott St #33	0.40mi	6/3.0	2,325 (+9%)	5mo	$130,000	$56	59
114 Fitch St	0.22mi	5/2.0 (-1)	1,924 (-10%)	15mo	$195,000	$101	56
417 Roberts Ave #19	0.62mi	6/2.0	2,304 (+8%)	4mo	$252,550	$110	55
1224 W Onondaga St	0.29mi	6/2.0	2,436 (+14%)	10mo	$100,044	$41	55
202 Slocum Ave	0.49mi	7/2.0 (+1)	2,362 (+10%)	0mo	$65,000	$28	55
517 Stolp Ave #19	0.54mi	5/3.0 (-1)	2,224 (+4%)	8mo	$258,000	$116	53
125 Hartson St	0.32mi	6/2.0	1,830 (-14%)	10mo	$115,000	$63	52
705 South Ave	0.71mi	6/2.0	1,920 (-10%)	8mo	$105,000	$55	43

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: 57.1%
• Equity multiple: 5.35×
• Total profit: $237,495
• Equity at exit: $175,671

10-year hold

• IRR: 52.8%
• Equity multiple: 13.15×
• Total profit: $663,637
• Equity at exit: $378,842

Cash invested: $54,600 (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: 121
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $3,904 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$820
• Net cashflow: $1,737

Break-even live

Break-even rent $1,706

Max offer price $195,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,871	-5% $1,804	+0% $1,737	+5% $1,669	+10% $1,602
Rent	-10% $1,428	-5% $1,582	+0% $1,737	+5% $1,891	+10% $2,045
Rate	-1.0pp $1,835	-0.5pp $1,786	base $1,737	+0.5pp $1,686	+1.0pp $1,635

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,904
Total (2 units)			$3,904

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $195,000 Active 150 DOM
2. 2026-06-17
   days on market $195,000 Active 149 DOM
3. 2026-06-16
   days on market $195,000 Active 148 DOM
4. 2026-06-15
   days on market $195,000 Active 147 DOM
5. 2026-06-14
   days on market $195,000 Active 145 DOM
6. 2026-06-13
   days on market $195,000 Active 144 DOM
7. 2026-06-10
   days on market $195,000 Active 142 DOM
8. 2026-06-09
   days on market $195,000 Active 141 DOM
9. 2026-06-08
   days on market $195,000 Active 140 DOM
10. 2026-06-07
    days on market $195,000 Active 139 DOM
11. 2026-06-05
    days on market $195,000 Active 136 DOM
12. 2026-06-02
    days on market $195,000 Active 134 DOM
13. 2026-06-01
    days on market $195,000 Active 133 DOM
14. 2026-05-31
    days on market $195,000 Active 132 DOM
15. 2026-05-30
    days on market $195,000 Active 131 DOM
16. 2026-05-11
    price $195,000 290-char remark

    Show marketing remark (290 chars)

    Great investment property with 2-family fully rented and separate utilities. House has been totally remodeled with new vinyl siding, 2 updated kitchens, bathrooms, new floorings & new hot water heaters. 14% cash on cash return, this one is a winner! Photos have been virtually staged.

17. 2026-05-04
    status Active 290-char remark

    Show marketing remark (290 chars)

    Great investment property with 2-family fully rented and separate utilities. House has been totally remodeled with new vinyl siding, 2 updated kitchens, bathrooms, new floorings & new hot water heaters. 14% cash on cash return, this one is a winner! Photos have been virtually staged.

18. 2026-05-04
    price $205,000 290-char remark

    Show marketing remark (290 chars)

    Great investment property with 2-family fully rented and separate utilities. House has been totally remodeled with new vinyl siding, 2 updated kitchens, bathrooms, new floorings & new hot water heaters. 14% cash on cash return, this one is a winner! Photos have been virtually staged.

19. 2026-04-19
    historical Active Under Contract 290-char remark

    Show marketing remark (290 chars)

    Great investment property with 2-family fully rented and separate utilities. House has been totally remodeled with new vinyl siding, 2 updated kitchens, bathrooms, new floorings & new hot water heaters. 14% cash on cash return, this one is a winner! Photos have been virtually staged.

20. 2026-03-09
    status Active 290-char remark

    Show marketing remark (290 chars)

    Great investment property with 2-family fully rented and separate utilities. House has been totally remodeled with new vinyl siding, 2 updated kitchens, bathrooms, new floorings & new hot water heaters. 14% cash on cash return, this one is a winner! Photos have been virtually staged.

21. 2026-02-12
    historical Active Under Contract 290-char remark

    Show marketing remark (290 chars)

    Great investment property with 2-family fully rented and separate utilities. House has been totally remodeled with new vinyl siding, 2 updated kitchens, bathrooms, new floorings & new hot water heaters. 14% cash on cash return, this one is a winner! Photos have been virtually staged.

22. 2026-01-19
    listed $215,000 Active 290-char remark

    Show marketing remark (290 chars)

    Great investment property with 2-family fully rented and separate utilities. House has been totally remodeled with new vinyl siding, 2 updated kitchens, bathrooms, new floorings & new hot water heaters. 14% cash on cash return, this one is a winner! Photos have been virtually staged.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $46,848
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$975
• − Repairs & maintenance: −$3,748
• − Management: −$3,748
• − Depreciation: −$5,673
• Taxable income: $18,857
• Est. tax owed @ 24.0%: −$4,526
• After-tax cash flow: $16,313/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This fully renovated 2-family property is move-in ready with new kitchens, bathrooms, siding, and flooring. Minor maintenance and updates to the exterior and landscaping would further enhance its value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value.
• Both Landscaping — Improves curb appeal and rental appeal.
• Both Replace air conditioning unit — Modernizes and improves comfort for tenants and buyers.
• Both Replace windows — Improves energy efficiency and enhances curb appeal.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value. ↑
• Both Landscaping — Improves curb appeal and rental appeal. ↑
• Both Replace air conditioning unit — Modernizes and improves comfort for tenants and buyers. ↑
• Both Replace windows — Improves energy efficiency and enhances curb appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-9.3% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $195,000 CNYIS
• 2026-05-04 Relisted — CNYIS
• 2026-05-04 Price Changed $205,000 CNYIS
• 2026-04-19 Contingent — CNYIS
• 2026-03-09 Relisted — CNYIS
• 2026-02-12 Contingent — CNYIS
• 2026-01-19 Listed $215,000 CNYIS