509 Turtle St · Syracuse, NY 13208

$279,900

24 bd · 16.0 ba · 5,643 sqft · MultiFamily public records · 69 Days on market

Built 1940 0.42 ac lot

---

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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This is the high cashflow money-maker you’ve been waiting for! This turnkey 4-unit on the Northside of Syracuse with long-term tenants offers double digit cap rates. Invest with peace of mind knowing the roof was replaced in 2012, 3 furnaces are brand new, and a new Certificate of Compliance was issued by the city of Syracuse in 2020. Utilities are separately metered so tenants pay their own gas and electricity. Apartments are spacious and have been updated over the last few years featuring new kitchens, bathrooms, and flooring throughout. Three apartments are rented to long-term tenants who are current on rent and the 4th unit is being left vacant for the new owner to occupy or rent themselves. The property also includes off street parking and a detached garage which the owner can use for storage or additional rental income.

Key facts

• Updated bathrooms
• New furnaces
• Passed lead testing

Tags

• ROOF REPLACED
• NEW FURNACES
• PASSED LEAD TESTING
• SEPARATELY METERED UTILITIES
• UPDATED KITCHENS
• UPDATED BATHROOMS

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $4k ($51k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $280k).
• Recommended offer: $263k (6.0% below list) — sets the bar for market timing.
• Cap rate 24.4% 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: 99 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 $7,603/mo this rent would consume 204% 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 $30k of equity ($2k loan paydown + $28k 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 $78k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y 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 $170k; list at $280k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $263,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% 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 1940 — 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. 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.
10. 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.
11. 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: 2.72% ✓
• Cap rate: 24.40%
• Cash-on-cash: 64.66%
• DSCR: 3.88
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 76.3%
• Equity multiple: 6.38×
• Total profit: $421,430
• Equity at exit: $252,156

10-year hold

• IRR: 70.3%
• Equity multiple: 14.14×
• Total profit: $1,029,571
• Equity at exit: $543,784

Cash invested: $78,372 (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: 99
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $7,603 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$199 /mo · $2,387/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,597
• Net cashflow: $4,223

Break-even live

Break-even rent $2,257

Max offer price $279,900

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$7,604
Total (4 units)			$7,603

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-04-22
   status Pending
2. 2026-03-26
   price $279,900
3. 2026-02-12
   listed $289,900 Active
4. 2021-07-29
   soldstatus $170,000
5. 2021-07-28
   soldstatus $170,000 Closed Sale or Rented 845-char remark

   Show marketing remark (845 chars)

   This is the high cashflow money-maker you’ve been waiting for! This turnkey 4-unit on the Northside of Syracuse with long-term tenants offers double digit cap rates. Invest with peace of mind knowing the roof was replaced in 2012, 3 furnaces are brand new, and a new Certificate of Compliance was issued by the city of Syracuse in 2020. Utilities are separately metered so tenants pay their own gas and electricity. Apartments are spacious and have been updated over the last few years featuring new kitchens, bathrooms, and flooring throughout. Three apartments are rented to long-term tenants who are current on rent and the 4th unit is being left vacant for the new owner to occupy or rent themselves. The property also includes off street parking and a detached garage which the owner can use for storage or additional rental income.

6. 2021-05-09
   status Under Contract- Do Not Show 845-char remark

   Show marketing remark (845 chars)

   This is the high cashflow money-maker you’ve been waiting for! This turnkey 4-unit on the Northside of Syracuse with long-term tenants offers double digit cap rates. Invest with peace of mind knowing the roof was replaced in 2012, 3 furnaces are brand new, and a new Certificate of Compliance was issued by the city of Syracuse in 2020. Utilities are separately metered so tenants pay their own gas and electricity. Apartments are spacious and have been updated over the last few years featuring new kitchens, bathrooms, and flooring throughout. Three apartments are rented to long-term tenants who are current on rent and the 4th unit is being left vacant for the new owner to occupy or rent themselves. The property also includes off street parking and a detached garage which the owner can use for storage or additional rental income.

7. 2021-05-02
   historical Continue to Show- Under Contract 845-char remark

   Show marketing remark (845 chars)

   This is the high cashflow money-maker you’ve been waiting for! This turnkey 4-unit on the Northside of Syracuse with long-term tenants offers double digit cap rates. Invest with peace of mind knowing the roof was replaced in 2012, 3 furnaces are brand new, and a new Certificate of Compliance was issued by the city of Syracuse in 2020. Utilities are separately metered so tenants pay their own gas and electricity. Apartments are spacious and have been updated over the last few years featuring new kitchens, bathrooms, and flooring throughout. Three apartments are rented to long-term tenants who are current on rent and the 4th unit is being left vacant for the new owner to occupy or rent themselves. The property also includes off street parking and a detached garage which the owner can use for storage or additional rental income.

8. 2021-04-22
   listed $179,900 Active 845-char remark

   Show marketing remark (845 chars)

   This is the high cashflow money-maker you’ve been waiting for! This turnkey 4-unit on the Northside of Syracuse with long-term tenants offers double digit cap rates. Invest with peace of mind knowing the roof was replaced in 2012, 3 furnaces are brand new, and a new Certificate of Compliance was issued by the city of Syracuse in 2020. Utilities are separately metered so tenants pay their own gas and electricity. Apartments are spacious and have been updated over the last few years featuring new kitchens, bathrooms, and flooring throughout. Three apartments are rented to long-term tenants who are current on rent and the 4th unit is being left vacant for the new owner to occupy or rent themselves. The property also includes off street parking and a detached garage which the owner can use for storage or additional rental income.

9. 2019-01-31
   soldstatus $125,000
10. 2019-01-24
    soldstatus $125,000
11. 2019-01-17
    listed $130,000
12. 2018-03-29
    soldstatus $100,000 Closed Sale or Rented
13. 2018-03-29
    soldstatus $100,000
14. 2017-12-10
    status Under Contract- Do Not Show
15. 2017-12-05
    listed $99,900 Active
16. 2014-01-08
    soldstatus $625
17. 2013-12-02
    listed $625
18. 2012-06-01
    historical
19. 2012-05-25
    soldstatus $38,000
20. 2012-05-24
    soldstatus $38,000
21. 2011-09-28
    listed $39,900
22. 2007-05-04
    soldstatus $85,000

ⓘ 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: $2,387 · $199/mo
• Projected year-2 tax: $3,559 · $297/mo
• Expected delta: +$1,172/yr (+$98/mo · 49.1%)

ⓘ 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: $91,236
• − Mortgage interest: −$15,679
• − Property taxes: −$2,387
• − Insurance: −$1,400
• − Repairs & maintenance: −$7,299
• − Management: −$7,299
• − Depreciation: −$8,143
• Taxable income: $49,031
• Est. tax owed @ 24.0%: −$11,767
• After-tax cash flow: $38,909/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

+229.3% since first listed

22 events — show timeline

• 2026-04-22 Pending — CNYIS
• 2026-03-26 Price Changed $279,900 CNYIS
• 2026-02-12 Listed $289,900 CNYIS
• 2021-07-29 Sold (Public Records) $170,000 Public Records
• 2021-07-28 Sold (MLS) $170,000 CNYIS
• 2021-05-09 Pending — CNYIS
• 2021-05-02 Contingent — CNYIS
• 2021-04-22 Listed $179,900 CNYIS
• 2019-01-31 Sold (Public Records) $125,000 Public Records
• 2019-01-24 Sold (MLS) $125,000 CNYIS
• 2019-01-17 Listed $130,000 CNYIS
• 2018-03-29 Sold (Public Records) $100,000 Public Records
• 2018-03-29 Sold (MLS) $100,000 CNYIS
• 2017-12-10 Pending — CNYIS
• 2017-12-05 Listed $99,900 CNYIS
• 2014-01-08 Sold (MLS) $625 WNYREIS
• 2013-12-02 Listed $625 WNYREIS
• 2012-06-01 Listing Removed — CNYIS
• 2012-05-25 Sold (Public Records) $38,000 Public Records
• 2012-05-24 Sold (MLS) $38,000 CNYIS
• 2011-09-28 Listed $39,900 CNYIS
• 2007-05-04 Sold (Public Records) $85,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $2,387 · +0.0% YoY. Source: county tax records.