1238 Butternut St · Syracuse, NY 13208

$99,900

3 bd · 1.0 ba · 1,313 sqft · SingleFamily public records · 24 Days on market

Built 1900 3,806 sqft lot Est $173k · 42% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

Centrally located single family home, currently occupied by long term, paying tenants. Excellent turn-key opportunity to jump into investment real estate!

Key facts

• 3,806 sq ft lot
• Built 1900
• Listed 23 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water (connected); Sewer connected
• Home design: Single-story property; Existing (resale) condition
• Construction: Block foundation; Construction details: see remarks
• Exterior features: Concrete driveway; Rectangular residential lot, 33 x 115

Interior

• Kitchen: Refrigerator
• Bedrooms: One main-level bedroom
• Flooring: Laminate; Varies
• Bathrooms: One full bathroom (on main level)
• Heating & cooling: Gas forced-air heating
• Interior features: Laminate and varied flooring; Full basement; Other interior features (see remarks)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $738 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.2% 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: 100 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $1,758/mo this rent would consume 47% of the median local household income ($45k/yr) (locally 1437% 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 $11k of equity ($691 loan paydown + $10k 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 + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago 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.

Risks & watch-outs

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

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.76% ✓
• Cap rate: 15.16%
• Cash-on-cash: 31.67%
• DSCR: 2.41
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $173,316
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
158 Darlington Rd	0.54mi	3/1.0	1,329 (+1%)	2mo	$186,000	$140	71
231 Grumbach Ave	0.24mi	3/1.0	1,152 (-12%)	0mo	$75,000	$65	68
321 Dewitt St	0.54mi	3/1.5	1,310 (-0%)	6mo	$175,000	$134	68
928 Kirkpatrick St N	0.48mi	3/1.0	1,236 (-6%)	0mo	$145,000	$117	67
714 Helen St	0.46mi	3/1.0	1,248 (-5%)	7mo	$173,000	$139	65
310 Helen St	0.43mi	2/1.5 (-1)	1,274 (-3%)	4mo	$191,000	$150	64
200 Helen St	0.49mi	2/1.5 (-1)	1,329 (+1%)	5mo	$175,100	$132	64
117 Lawrence St	0.40mi	3/1.0	1,416 (+8%)	6mo	$90,000	$64	64
2363 Grant Blvd	0.46mi	2/1.0 (-1)	1,215 (-8%)	5mo	$153,700	$127	57
308 Kenwick Dr	0.75mi	3/1.0	1,248 (-5%)	3mo	$180,000	$144	54
143 Loma Ave	0.69mi	2/1.0 (-1)	1,260 (-4%)	6mo	$150,000	$119	51
143 Huntley St	0.66mi	2/1.0 (-1)	1,218 (-7%)	2mo	$97,000	$80	50

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.4%
• Equity multiple: 4.63×
• Total profit: $101,423
• Equity at exit: $89,998

10-year hold

• IRR: 42.2%
• Equity multiple: 10.36×
• Total profit: $261,707
• Equity at exit: $194,084

Cash invested: $27,972 (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 13208

• Home prices YoY: 8.4%
• Active inventory: 100
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,758 high
• Mortgage (P&I): −$524
• Tax from tax record: −$85 /mo · $1,020/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $738

Break-even live

Break-even rent $823

Max offer price $99,900

Occupancy floor 53%

Sensitivity live

Price	-10% $795	-5% $766	+0% $738	+5% $710	+10% $682
Rent	-10% $599	-5% $669	+0% $738	+5% $808	+10% $877
Rate	-1.0pp $788	-0.5pp $764	base $738	+0.5pp $712	+1.0pp $686

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
126 Woodruff Ave Syracuse, NY	3.0	1.0	1200	$1,675	$1.40	44d	1	0.29mi
912 Park St Unit 1 Syracuse, NY	3.0	1.0	1040	$1,200	$1.15	44d	1	0.34mi
746 E Laurel St Unit 1 Syracuse, NY	4.0	2.0	1400	$1,500	$1.07	44d	1	0.48mi
610 E Division St Unit F2 Syracuse, NY	2.0	1.0	900	$1,150	$1.28	44d	1	0.52mi
423 Wendell Ter Syracuse, NY	4.0	1.0	1312	$2,500	$1.91	14d	1	0.67mi
286 Ross Park Syracuse, NY	3.0	1.0	1100	$1,500	$1.36	45d	1	0.68mi
807-13 N Salina St Unit 809A Syracuse, NY	2.0	1.0	1020	$1,325	$1.30	44d	1	0.72mi
721 N Clinton St Unit 105 Syracuse, NY	2.0	2.0	1000	$1,475	$1.48	44d	1	0.94mi
721 N Clinton St Unit 213 Syracuse, NY	2.0	2.0	1000	$1,550	$1.55	44d	1	0.94mi
210 W Division St Unit 24 Syracuse, NY	2.0	2.0	1200	$1,850	$1.54	22d	1	0.94mi
210 W Division St Unit 87 Syracuse, NY	2.0	2.0	1200	$1,750	$1.46	44d	1	0.96mi
1618 James St #3 Syracuse, NY	2.0	1.0	1150	$2,200	$1.91	14d	1	0.96mi
1507 N Salina St Unit 3 Syracuse, NY	3.0	2.0	1030	$1,350	$1.31	44d	1	0.99mi
205A Hawley Ave Unit 213C Syracuse, NY	3.0	2.5	1350	$1,650	$1.22	44d	1	1.00mi
205A Hawley Ave Unit 211C Syracuse, NY	3.0	2.5	1350	$1,675	$1.24	44d	1	1.00mi
416 Pearl St Unit 2 Syracuse, NY	3.0	1.0	900	$2,400	$2.67	14d	1	1.01mi
1801 James St #2 Syracuse, NY	3.0	1.0	1244	$1,800	$1.45	14d	1	1.08mi
525 Burnet Ave Unit First Floor Syracuse, NY	3.0	1.0	900	$1,650	$1.83	44d	1	1.11mi
1132 Wolf St Unit 4 Syracuse, NY	3.0	1.0	1041	$1,350	$1.30	44d	1	1.14mi
373 Spencer St Unit 303 Syracuse, NY	2.0	1.5	1085	$1,850	$1.71	44d	1	1.20mi
204 Mariposa St Unit pvt house Syracuse, NY	3.0	1.0	1128	$2,137	$1.89	14d	1	1.27mi
208 W Water St Syracuse, NY	2.0	2.0	962	$1,800	$1.87	44d	1	1.33mi
900 E Fayette St Syracuse, NY	1.0–2.0	1.0	817	$1,995	$2.44	14d	9	1.39mi
324 W Water St Unit 106 Syracuse, NY	2.0	1.0	1436	$2,095	$1.46	22d	1	1.40mi
324 W Water St Syracuse, NY	2.0	1.0	1007	$1,975	$1.96	14d	6	1.40mi
300 University Ave Syracuse, NY	2.0	1.0	1020	$2,150	$2.11	14d	1	1.43mi
129 W Fayette St Unit 217 Syracuse, NY	2.0	2.0	1100	$1,550	$1.41	14d	1	1.44mi
319 S Salina St Syracuse, NY	2.0	2.0	1860	$2,000	$1.08	22d	1	1.44mi
321 S Salina St Unit 201 Syracuse, NY	2.0	1.0	1446	$2,450	$1.69	44d	1	1.45mi
321 S Salina St Unit 501 Syracuse, NY	2.0	1.0	1446	$3,000	$2.07	44d	1	1.45mi
317 S Clinton St Unit 4A Syracuse, NY	2.0	1.5	1500	$2,100	$1.40	14d	1	1.46mi
317 S Clinton St Unit 3A Syracuse, NY	2.0	2.0	1500	$2,100	$1.40	44d	1	1.46mi
110 Walton St Unit 201 Syracuse, NY	2.0	2.0	1051	$2,200	$2.09	44d	1	1.48mi
110 Walton St Unit 301 Syracuse, NY	2.0	2.0	1051	$2,000	$1.90	22d	1	1.48mi
201 E Jefferson St Syracuse, NY	2.0	1.0	662	$1,626	$2.45	14d	9	1.49mi
205 E Jefferson St Unit 2B Syracuse, NY	2.0	2.5	1100	$2,200	$2.00	22d	1	1.49mi
120 Walton St Syracuse, NY	1.0–2.0	1.0–2.0	825	$3,200	$3.88	44d	2	1.49mi

Listing history 29 events

1. 2026-06-21
   days on market $99,900 Active 24 DOM
2. 2026-06-18
   days on market $99,900 Active 21 DOM
3. 2026-06-17
   days on market $99,900 Active 20 DOM
4. 2026-06-16
   days on market $99,900 Active 19 DOM
5. 2026-06-15
   days on market $99,900 Active 18 DOM
6. 2026-06-14
   days on market $99,900 Active 16 DOM
7. 2026-06-13
   days on market $99,900 Active 15 DOM
8. 2026-06-10
   days on market $99,900 Active 13 DOM
9. 2026-06-09
   days on market $99,900 Active 12 DOM
10. 2026-06-08
    days on market $99,900 Active 11 DOM
11. 2026-06-07
    days on market $99,900 Active 10 DOM
12. 2026-06-05
    days on market $99,900 Active 7 DOM
13. 2026-06-02
    days on market $99,900 Active 5 DOM
14. 2026-06-01
    days on market $99,900 Active 4 DOM
15. 2026-05-31
    days on market $99,900 Active 3 DOM
16. 2026-05-30
    days on market $99,900 Active 2 DOM
17. 2026-05-29
    listed $99,900 Active
18. 2026-04-29
    soldstatus $504,425
19. 2022-09-26
    soldstatus $79,000
20. 2016-03-16
    historical
21. 2015-10-15
    listed $34,900 Active
22. 2015-10-06
    historical
23. 2015-10-06
    listed $34,900 Active
24. 2015-03-13
    historical
25. 2015-03-11
    soldstatus $23,000
26. 2015-03-06
    soldstatus $23,000
27. 2014-09-17
    listed $27,000
28. 2002-01-18
    soldstatus $15,500
29. 1994-03-17
    soldstatus $63,000

ⓘ 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: $1,020 · $85/mo
• Projected year-2 tax: $1,354 · $113/mo
• Expected delta: +$334/yr (+$28/mo · 32.7%)

ⓘ 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 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: $21,094
• − Mortgage interest: −$5,596
• − Property taxes: −$1,020
• − Insurance: −$500
• − Repairs & maintenance: −$1,687
• − Management: −$1,687
• − Depreciation: −$2,906
• Taxable income: $7,697
• Est. tax owed @ 24.0%: −$1,847
• After-tax cash flow: $7,010/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): 22,993
• Household income: $44,712
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1437.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Black 24% Asian 14% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Swedish 3% Italian 1%
• Foreign-born: 22% · Vietnam, Philippines, Canada
• Languages at home: 70% English-only · Spanish 6% Other Asian/Pacific 5% Vietnamese 4%

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: ▲ 30.91%
• Current HPI: 399.3284
• 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

+58.6% since first listed

13 events — show timeline

• 2026-05-29 Listed $99,900 CNYIS
• 2026-04-29 Sold (Public Records) $504,425 Public Records
• 2022-09-26 Sold (Public Records) $79,000 Public Records
• 2016-03-16 Listing Removed — CNYIS
• 2015-10-15 Listed $34,900 CNYIS
• 2015-10-06 Listing Removed — CNYIS
• 2015-10-06 Listed $34,900 CNYIS
• 2015-03-13 Listing Removed — CNYIS
• 2015-03-11 Sold (MLS) $23,000 CNYIS
• 2015-03-06 Sold (Public Records) $23,000 Public Records
• 2014-09-17 Listed $27,000 CNYIS
• 2002-01-18 Sold (Public Records) $15,500 Public Records
• 1994-03-17 Sold (Public Records) $63,000 Public Records

Property tax history

-0.4%/yr

Latest (2025): $1,020 · +0.0% YoY. Source: county tax records.