115 Coral Ave · Syracuse, NY 13207

$185,000

4 bd · 2.0 ba · 1,296 sqft · MultiFamily public records · 10 Days on market

Built 1932 4,937 sqft lot $143/sqft · 19% below area Est $228k · 19% under

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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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

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 investment -- two family home. Long term tenants. In year 2011 new roof and newly remodeled kitchens. Plumbing and electrical update and water heaters within 5 years.

Key facts

• Large driveway
• Spacious side porch
• Fully occupied

Tags

• TWO-UNIT MULTIFAMILY PROPERTY
• LARGE DRIVEWAY
• AMPLE OFF-STREET PARKING
• SPACIOUS SIDE PORCH
• FULLY OCCUPIED
• IMMEDIATE RENTAL INCOME

Property features AI

Finance

• Financial info: Two-unit multifamily with separate gas and electric meters for each unit; Owner pays water; water/sewer listed as operating expense; Unit rents reported: one unit at $1,300 and one unit at $1,100

Exterior

• Parking: Paved parking area
• Utilities: Public water connected; Sewer connected
• Home design: Two-story wood-sided building; Existing/resale property
• Construction: Wood siding construction
• Exterior features: Paved parking; Rectangular residential lot near public transit; City street frontage

Interior

• Kitchen: Each unit includes an oven/range, refrigerator, and microwave; Eat-in kitchen in each unit
• Bedrooms: Two 2-bedroom units
• Flooring: Laminate flooring (varies by area)
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Forced air heating with electric and gas options
• Interior features: Full basement; Laminate and varied flooring
• Laundry & utility: Electric and gas water heaters

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $671 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 10.6% vs local median 8.2% in Syracuse — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 63 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $68k; list at $185k implies a 174% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,000

Questions for the listing agent

1. Built in 1932 — 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 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: 1.24% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.55%
• DSCR: 1.69
• GRM: 6.7

CMA / ARV

• ARV (median comp): $227,989
• List price: $185,000
• Delta: -18.86%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.3%
• Equity multiple: 1.25×
• Total profit: $12,734
• Equity at exit: $27,584

10-year hold

• IRR: 15.7%
• Equity multiple: 2.27×
• Total profit: $65,958
• Equity at exit: $15,995

Cash invested: $51,800 (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 13207

• Home prices YoY: -23.0%
• Active inventory: 63
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,301 high
• Mortgage (P&I): −$970
• Tax from tax record: −$99 /mo · $1,190/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $671

Break-even live

Break-even rent $1,451

Max offer price $185,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,300
Total (2 units)			$2,301

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2331 Midland Ave Syracuse, NY	4.0	1.5	1664	$2,300	$1.38	21d	1	0.47mi
147 E Matson Ave Syracuse, NY	3.0	2.5	1421	$2,000	$1.41	21d	1	0.57mi
154 Seeley Ave Syracuse, NY	4.0	1.0	1312	$2,100	$1.60	13d	1	0.60mi
213 Fletcher Ave Unit 2 Syracuse, NY	3.0	1.0	1200	$1,700	$1.42	13d	1	0.91mi
1330 Midland Ave Syracuse, NY	4.0	1.0	1870	$2,000	$1.07	21d	1	1.08mi
269 W Borden Ave Syracuse, NY	4.0	1.5	1800	$650	$0.36	21d	1	1.14mi
158 Parkway Dr Syracuse, NY	4.0	3.0	1029	$2,250	$2.19	21d	1	1.17mi
260 Robert Dr Syracuse, NY	3.0	1.5	1200	$2,097	$1.75	43d	1	1.42mi
259 Robert Dr Syracuse, NY	3.0	1.5	1350	$699	$0.52	43d	1	1.43mi

Listing history 7 events

1. 2026-05-04
   status Pending 311-char remark
2. 2026-04-23
   listed $185,000 Active 311-char remark
3. 2022-01-11
   soldstatus $67,500
4. 2022-01-05
   soldstatus $67,500 Closed Sale or Rented 172-char remark

   Show marketing remark (172 chars)

   Great investment -- two family home. Long term tenants. In year 2011 new roof and newly remodeled kitchens. Plumbing and electrical update and water heaters within 5 years.

5. 2021-11-10
   status Under Contract- Do Not Show 172-char remark

   Show marketing remark (172 chars)

   Great investment -- two family home. Long term tenants. In year 2011 new roof and newly remodeled kitchens. Plumbing and electrical update and water heaters within 5 years.

6. 2021-10-20
   listed $65,000 Active 172-char remark

   Show marketing remark (172 chars)

   Great investment -- two family home. Long term tenants. In year 2011 new roof and newly remodeled kitchens. Plumbing and electrical update and water heaters within 5 years.

7. 2009-11-24
   soldstatus $28,000

ⓘ 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: $1,190 · $99/mo
• Projected year-2 tax: $2,158 · $180/mo
• Expected delta: +$968/yr (+$81/mo · 81.3%)

ⓘ 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 2/10 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: $27,612
• − Mortgage interest: −$10,363
• − Property taxes: −$1,190
• − Insurance: −$925
• − Repairs & maintenance: −$2,209
• − Management: −$2,209
• − Depreciation: −$5,382
• Taxable income: $5,334
• Est. tax owed @ 24.0%: −$1,280
• After-tax cash flow: $6,776/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): 12,383

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 43% Black 33% Hispanic / Latino 17% Two or more races 11% Native American 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 13% Cuban 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 9% French/Haitian/Cajun 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: ▼ -95.17%
• Current HPI: 318.9257
• 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

+560.7% since first listed

7 events — show timeline

• 2026-05-04 Pending — CNYIS
• 2026-04-23 Listed $185,000 CNYIS
• 2022-01-11 Sold (Public Records) $67,500 Public Records
• 2022-01-05 Sold (MLS) $67,500 CNYIS
• 2021-11-10 Pending — CNYIS
• 2021-10-20 Listed $65,000 CNYIS
• 2009-11-24 Sold (Public Records) $28,000 Public Records

Property tax history

+0.0%/yr

Latest (2025): $1,190 · +1.1% YoY. Source: county tax records.