3720 S Salina St · Syracuse, NY 13205

$149,000

6 bd · 3.0 ba · 2,382 sqft · MultiFamily public records · 174 Days on market

Built 1920 6,044 sqft lot Est $129k · 16% over

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Why this score? — see what drove the D+ 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 +15.0/30.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.4/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Great investment opportunity with three apartments. Property is ready to be rented and generating good cash flow.

Key facts

• Finished third floor
• Off street parking
• Newly issued cofo

Tags

• EASY ACCESS TO SHOPPING
• NEWLY ISSUED COFO
• ACCESS TO FRONT PORCH
• BACK DECK
• OFF STREET PARKING
• FINISHED THIRD FLOOR

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $149k).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 41.3% 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; 1 comparable units currently listed for rent nearby; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k 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 $42k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y ago; this cycle's ask has dropped $16k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $149k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 4.53% ✓
• Cap rate: 41.34%
• Cash-on-cash: 125.16%
• DSCR: 6.57
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $128,628
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
197 W Ostrander Ave	0.20mi	6/2.0	2,192 (-8%)	3mo	$149,900	$68	71
3616 S Salina St #3618	0.07mi	6/2.0	2,200 (-8%)	13mo	$57,000	$26	69
2611 Midland Ave	0.32mi	6/2.0	2,344 (-2%)	13mo	$165,500	$71	68
124 W Calthrop Ave	0.30mi	6/3.0	2,216 (-7%)	12mo	$89,000	$40	64
2718 Midland Ave	0.31mi	7/4.0 (+1)	2,491 (+5%)	10mo	$133,000	$53	60
1137-39 Cannon St #39	0.26mi	6/2.0	2,064 (-13%)	5mo	$87,000	$42	58
123-25 E Lafayette Ave	0.55mi	6/2.0	2,646 (+11%)	2mo	$144,000	$54	50
606 W Newell St #8	0.72mi	6/2.0	2,256 (-5%)	23mo	$82,500	$37	35
1129 Valley Dr	0.72mi	5/3.0 (-1)	2,534 (+6%)	22mo	$158,750	$63	33
114 Clarence Ave	0.54mi	5/2.0 (-1)	2,160 (-9%)	24mo	$127,200	$59	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: —
• Equity multiple: 9.59×
• Total profit: $358,364
• Equity at exit: $134,231

10-year hold

• IRR: —
• Equity multiple: 21.07×
• Total profit: $837,524
• Equity at exit: $289,474

Cash invested: $41,720 (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: 5.5×

Monthly cashflow live

• Estimated rent: $6,750 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$138 /mo · $1,652/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,418
• Net cashflow: $4,351

Break-even live

Break-even rent $1,242

Max offer price $149,000

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$6,750
Total (3 units)			$6,750

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
367 Furman St Unit 1 Syracuse, NY	5.0	1.0	3138	$1,800	$0.57	21d	1	1.41mi

Listing history 14 events

1. 2026-02-08
   status Pending
2. 2025-12-23
   historical Active Under Contract
3. 2025-09-25
   price $149,000
4. 2025-08-23
   status Active
5. 2025-08-08
   listed $165,000 Active
6. 2018-12-21
   soldstatus $62,500 Closed Sale or Rented 114-char remark

   Show marketing remark (114 chars)

   Great investment opportunity with three apartments. Property is ready to be rented and generating good cash flow.

7. 2018-12-21
   soldstatus $62,500

   Show marketing remark (114 chars)

   Great investment opportunity with three apartments. Property is ready to be rented and generating good cash flow.

8. 2018-11-26
   status Pending Sale 114-char remark

   Show marketing remark (114 chars)

   Great investment opportunity with three apartments. Property is ready to be rented and generating good cash flow.

9. 2018-11-07
   historical Continue to Show- Under Contract 114-char remark

   Show marketing remark (114 chars)

   Great investment opportunity with three apartments. Property is ready to be rented and generating good cash flow.

10. 2018-10-15
    listed $79,900 Active 114-char remark

    Show marketing remark (114 chars)

    Great investment opportunity with three apartments. Property is ready to be rented and generating good cash flow.

11. 2018-09-03
    historical
12. 2018-05-03
    listed $89,900 Active
13. 2018-04-27
    historical
14. 2018-01-27
    listed $89,900 Active

ⓘ 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: $1,652 · $138/mo
• Projected year-2 tax: $2,085 · $174/mo
• Expected delta: +$433/yr (+$36/mo · 26.2%)

ⓘ 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: $81,000
• − Mortgage interest: −$8,346
• − Property taxes: −$1,652
• − Insurance: −$745
• − Repairs & maintenance: −$6,480
• − Management: −$6,480
• − Depreciation: −$4,335
• Taxable income: $52,962
• Est. tax owed @ 24.0%: −$12,711
• After-tax cash flow: $39,506/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

+65.7% since first listed

14 events — show timeline

• 2026-02-08 Pending — CNYIS
• 2025-12-23 Contingent — CNYIS
• 2025-09-25 Price Changed $149,000 CNYIS
• 2025-08-23 Relisted — CNYIS
• 2025-08-08 Listed $165,000 CNYIS
• 2018-12-21 Sold (Public Records) $62,500 Public Records
• 2018-12-21 Sold (MLS) $62,500 CNYIS
• 2018-11-26 Pending — CNYIS
• 2018-11-07 Contingent — CNYIS
• 2018-10-15 Listed $79,900 CNYIS
• 2018-09-03 Listing Removed — CNYIS
• 2018-05-03 Listed $89,900 CNYIS
• 2018-04-27 Listing Removed — CNYIS
• 2018-01-27 Listed $89,900 CNYIS

Property tax history

+0.0%/yr

Latest (2025): $1,652 · +0.0% YoY. Source: county tax records.