109 Brookford Rd #11

Syracuse, NY 13224

$1,295,000C

36 bd · None ba · 9,696 sqft · Built 1935 · MultiFamily · Pending · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,391/mo
• Mortgage (P&I): −$6,791
• Tax + insurance: −$907
• HOA: −$0
• Vac / Maint / Mgmt: −$2,392
• Net cashflow: $1,301/mo
• Annual: $15,610/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.31%
• DSCR: 1.19
• 1% rule: 0.88%
• Cash to close: $362,600

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.29M.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $217/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.14M (12.0% below list).
• It's been on market 122 days — a 12% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.14M (12.0% below list) — sets the bar for 1% rule.
• In year one you build about $102k of equity ($9k loan paydown + $93k appreciation (7.2% local appreciation)).
• 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.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 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.
• At projected returns (7.2% appreciation + 3.0% rent growth), your $363k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$164k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• At $11,391/mo this rent would consume 179% of the median local household income ($76k/yr) (locally 423% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?