139 Cannon St · Syracuse, NY 13205

$49,900

6 bd · 2.0 ba · 2,072 sqft · MultiFamily public records · 35 Days on market

Built 1900 6,230 sqft lot

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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
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great Syracuse two family. .. always rented and cash flowing. ..

Key facts

• 6,230 sq ft lot
• Built 1900
• Listed 35 days

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 32.4% 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: 67 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $3k (6%) 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.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.70% ✓
• Cap rate: 32.38%
• Cash-on-cash: 93.17%
• DSCR: 5.15
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $116,032
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
236-38 Webster Ave #38	0.08mi	6/2.0	2,086 (+1%)	1mo	$27,000	$13	94
1420 Midland Ave	0.25mi	6/2.0	2,306 (+11%)	2mo	$100,000	$43	68
1137-39 Cannon St #39	0.62mi	6/2.0	2,064 (-0%)	5mo	$87,000	$42	66
1541 South Ave #43	0.63mi	6/2.0	2,064 (-0%)	6mo	$119,000	$58	65
221 Mclennan Ave #23	0.29mi	6/2.0	2,288 (+10%)	8mo	$127,000	$56	62
140 Hatch & Elmhurst Ave	0.38mi	6/3.0	2,268 (+10%)	3mo	$180,000	$79	60
197 W Ostrander Ave	0.71mi	6/2.0	2,192 (+6%)	3mo	$149,900	$68	54
337 W Kennedy St	0.51mi	6/3.0	2,326 (+12%)	3mo	$110,000	$47	50
124 W Calthrop Ave	0.59mi	6/3.0	2,216 (+7%)	12mo	$89,000	$40	47
613 W Newell St	0.66mi	6/2.0	1,908 (-8%)	11mo	$170,000	$89	46
451-453 Martin Luther King W	0.64mi	5/2.0 (-1)	1,860 (-10%)	3mo	$81,000	$44	46
114 Stevens Pl	0.68mi	6/2.5	1,831 (-12%)	2mo	$202,000	$110	45

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: —
• Equity multiple: 7.89×
• Total profit: $96,318
• Equity at exit: $44,954

10-year hold

• IRR: 97.4%
• Equity multiple: 17.42×
• Total profit: $229,397
• Equity at exit: $96,945

Cash invested: $13,972 (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 13205

• Home prices YoY: 3.0%
• Active inventory: 67
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,848 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$93 /mo · $1,113/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $1,085

Break-even live

Break-even rent $475

Max offer price $49,900

Occupancy floor 36%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2023-12-27
   status Pending
2. 2021-01-25
   soldstatus $435,000
3. 2020-05-21
   status Under Contract- Do Not Show
4. 2020-05-11
   price $49,900
5. 2020-04-15
   listed $52,900 Active
6. 2019-05-19
   historical
7. 2019-02-07
   historical Continue to Show- Under Contract
8. 2018-12-27
   listed $49,900 Active
9. 2018-02-06
   soldstatus $20,000 Closed Sale or Rented 64-char remark

   Show marketing remark (64 chars)

   Great Syracuse two family. .. always rented and cash flowing. ..

10. 2017-12-11
    status Under Contract- Do Not Show 64-char remark

    Show marketing remark (64 chars)

    Great Syracuse two family. .. always rented and cash flowing. ..

11. 2017-10-11
    historical Continue to Show- Under Contract 64-char remark

    Show marketing remark (64 chars)

    Great Syracuse two family. .. always rented and cash flowing. ..

12. 2017-10-07
    listed $27,500 Active 64-char remark

    Show marketing remark (64 chars)

    Great Syracuse two family. .. always rented and cash flowing. ..

ⓘ 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: $1,113 · $93/mo
• Projected year-2 tax: $1,113 · $93/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% 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: $22,179
• − Mortgage interest: −$2,795
• − Property taxes: −$1,113
• − Insurance: −$250
• − Repairs & maintenance: −$1,774
• − Management: −$1,774
• − Depreciation: −$1,452
• Taxable income: $13,020
• Est. tax owed @ 24.0%: −$3,125
• After-tax cash flow: $9,893/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
• City population: 152,627
• Population (ZIP): 18,562

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 0.67)
• Race & ethnicity: Black 44% White 37% Two or more races 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 2% Italian 2% Swiss 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 5% Arabic 1% Other Indo-European 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: ▲ 10.12%
• Current HPI: 345.8854
• Rent YoY: —
• Metro: —
• 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

+1481.8% since first listed

12 events — show timeline

• 2023-12-27 Pending — CNYIS
• 2021-01-25 Sold (Public Records) $435,000 Public Records
• 2020-05-21 Pending — CNYIS
• 2020-05-11 Price Changed $49,900 CNYIS
• 2020-04-15 Listed $52,900 CNYIS
• 2019-05-19 Listing Removed — CNYIS
• 2019-02-07 Contingent — CNYIS
• 2018-12-27 Listed $49,900 CNYIS
• 2018-02-06 Sold (MLS) $20,000 CNYIS
• 2017-12-11 Pending — CNYIS
• 2017-10-11 Contingent — CNYIS
• 2017-10-07 Listed $27,500 CNYIS

Property tax history

-0.0%/yr

Latest (2025): $1,113 · +0.0% YoY. Source: county tax records.