1008 1st North St · Syracuse, NY 13208

$240,000

7 bd · 3.0 ba · 3,274 sqft · MultiFamily public records · 11 Days on market

Built 1910 0.30 ac lot Est $164k · 47% over

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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
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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: 3 units. confirmed

Listing remarks

Welcome to 1008 1st North Street, Syracuse, NY — a solid income-producing 3-unit property offering immediate cash flow and future upside. This well-positioned multifamily asset features three residential units, with two currently occupied by reliable long-term tenants, providing stable rental income from day one. The occupied units generate a combined $2,750 per month in rent ($1,400 and $1,350), while the third unit is vacant and ready for a new tenant, owner-occupant, or value-add improvements to maximize returns. Long-term tenancy reflects the property’s desirability and provides investors with confidence in the existing income stream. Whether you’re looking to expand y

Key facts

• Long term tenancy
• Multifamily asset
• Stable rental income

Tags

• INCOME PRODUCING PROPERTY
• MULTIFAMILY ASSET
• STABLE RENTAL INCOME
• VACANT UNIT
• VALUE ADD IMPROVEMENTS
• LONG TERM TENANCY

Property features AI

Finance

• Other: Property contains three separate units with three gas meters and three electric meters (3-unit building)
• Financial info: Owner pays water; rent includes water (rental details listed); Operating expense details: See remarks
• HOA & community: Not specified

Exterior

• Parking: Two or more parking spaces
• Security: Not specified
• Utilities: Public water connected; Sewer connected
• Home design: Two-story property; Resale property
• Construction: Vinyl siding; Existing construction
• Exterior features: Rectangular residential lot; City street frontage

Interior

• Kitchen: No appliances listed for kitchen
• Bedrooms: Not specified
• Flooring: Not specified
• Bathrooms: Three full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $674/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Cap rate 16.4% 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; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $4,472/mo this rent would consume 120% 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 $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 + 3.0% 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 6y 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.
• Current owner paid $87k; list at $240k implies a 176% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $240,000

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 1910 — 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: 1.86% ✓
• Cap rate: 16.40%
• Cash-on-cash: 36.10%
• DSCR: 2.61
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $163,700
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1306 Park St	0.27mi	6/2.0 (-1)	3,506 (+7%)	9mo	$155,000	$44	59
606 Pond St	0.30mi	7/2.0	3,063 (-6%)	18mo	$165,500	$54	56
442 S Alvord St	0.64mi	8/2.0 (+1)	3,012 (-8%)	5mo	$150,000	$50	44
408 Second North St	0.31mi	6/2.5 (-1)	2,908 (-11%)	20mo	$144,900	$50	43
816 N Alvord St	0.38mi	7/4.0	3,726 (+14%)	18mo	$145,000	$39	40
515 Carbon St	0.39mi	6/3.0 (-1)	2,896 (-12%)	22mo	$244,000	$84	39
507 - 509 Lemoyne Ave	0.47mi	7/2.0	2,834 (-13%)	17mo	$134,900	$48	38
514 Danforth St	0.33mi	6/2.0 (-1)	2,784 (-15%)	20mo	$125,000	$45	34
271-73 Ross Park	0.48mi	6/2.0 (-1)	2,916 (-11%)	23mo	$225,000	$77	31
110 Murray Ave	0.42mi	6/2.0 (-1)	2,796 (-15%)	21mo	$140,000	$50	30

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: 52.0%
• Equity multiple: 4.86×
• Total profit: $259,456
• Equity at exit: $216,211

10-year hold

• IRR: 45.6%
• Equity multiple: 10.86×
• Total profit: $662,746
• 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 13208

• Home prices YoY: 8.4%
• Active inventory: 100
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $4,472 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$153 /mo · $1,830/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$939
• Net cashflow: $2,022

Break-even live

Break-even rent $1,913

Max offer price $240,000

Occupancy floor 50%

Sensitivity live

Price	-10% $2,158	-5% $2,090	+0% $2,022	+5% $1,954	+10% $1,886
Rent	-10% $1,668	-5% $1,845	+0% $2,022	+5% $2,198	+10% $2,375
Rate	-1.0pp $2,143	-0.5pp $2,083	base $2,022	+0.5pp $1,960	+1.0pp $1,896

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,473
Total (3 units)			$4,472

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 8 events

1. 2026-06-21
   days on market $240,000 Active 11 DOM
2. 2026-06-17
   days on market $240,000 Active 8 DOM
3. 2026-06-16
   days on market $240,000 Active 7 DOM
4. 2026-06-15
   days on market $240,000 Active 6 DOM
5. 2026-06-14
   days on market $240,000 Active 4 DOM
6. 2026-06-13
   days on market $240,000 Active 3 DOM
7. 2026-06-09
   remarks 681-char remark
8. 2026-06-09
   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: $1,830 · $153/mo
• Projected year-2 tax: $2,943 · $245/mo
• Expected delta: +$1,113/yr (+$93/mo · 60.8%)

ⓘ 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 · 15 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: $53,664
• − Mortgage interest: −$13,444
• − Property taxes: −$1,830
• − Insurance: −$1,200
• − Repairs & maintenance: −$4,293
• − Management: −$4,293
• − Depreciation: −$6,982
• Taxable income: $21,622
• Est. tax owed @ 24.0%: −$5,189
• After-tax cash flow: $19,072/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

+118.2% since first listed

25 events — show timeline

• 2026-06-08 Listed $240,000 CNYIS
• 2025-02-26 Listing Removed — CNYIS
• 2025-02-07 Relisted — CNYIS
• 2025-01-17 Contingent — CNYIS
• 2025-01-17 Listed $180,000 CNYIS
• 2024-08-12 Listing Removed — CNYIS
• 2024-06-17 Price Changed $1,049,999 CNYIS
• 2024-04-24 Listed $1,060,000 CNYIS
• 2023-11-09 Listed $988,600 CNYIS
• 2022-02-14 Sold (Public Records) $87,000 Public Records
• 2022-02-11 Sold (MLS) $87,000 CNYIS
• 2021-06-10 Pending — CNYIS
• 2021-06-01 Contingent — CNYIS
• 2021-06-01 Relisted — CNYIS
• 2021-05-31 Listing Removed — CNYIS
• 2021-05-25 Contingent — CNYIS
• 2021-04-21 Price Changed $95,000 CNYIS
• 2021-04-21 Relisted — CNYIS
• 2021-04-14 Contingent — CNYIS
• 2021-03-25 Relisted — CNYIS
• 2021-03-23 Contingent — CNYIS
• 2021-01-25 Price Changed $105,000 CNYIS
• 2020-11-19 Listed $119,000 CNYIS
• 2003-10-13 Sold (Public Records) $117,184 Public Records
• 1995-06-09 Sold (Public Records) $110,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $1,830 · +0.0% YoY. Source: county tax records.