205 Crehange St #7 · Syracuse, NY 13205

$190,000

4 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 65 Days on market

Built 1965 9,143 sqft lot $113/sqft · 31% above area Est $146k · 31% over ↓ 5% since listing

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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: 2 units. confirmed

Listing remarks MLS

Don't miss this rare opportunity to own a well-maintained 2-family ranch home—perfect for owner-occupants, investors, or multigenerational living! Each unit offers a thoughtfully designed layout featuring 3 generous bedrooms, 1 full bath, and a comfortable, open concept living space. Whether you're looking for move-in ready rental income or space for extended family, this property delivers. Both Units Feature: 3 spacious bedrooms with ample closet space, 1 full bath with updated fixtures, bright living and dining areas, eat-in kitchens with classic oak cabinets, newer vinyl windows throughout for energy efficiency and natural light, private entrances, separate utilities for each unit, exterior boasts a large level yard with room to relax or entertain, newly blacktopped driveway with off-street parking, low-maintenance exterior, quiet residential street with convenient access to schools, shopping, and transit. This is a solid investment with strong rental potential or the perfect opportunity to live in one unit while offsetting your mortgage with rental income from the other. Schedule your tour today!

Key facts

• Classic oak cabinets
• Eat-in kitchens
• Updated fixtures

Tags

• 2 FAMILY RANCH HOME
• THOUGHTFULLY DESIGNED LAYOUT
• OPEN CONCEPT LIVING SPACE
• UPDATED FIXTURES
• EAT-IN KITCHENS
• CLASSIC OAK CABINETS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $554/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.6% 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; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k 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 $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
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: 1.56% ✓
• Cap rate: 13.64%
• Cash-on-cash: 26.26%
• DSCR: 2.17
• GRM: 5.3

CMA / ARV

• ARV (median comp): $145,536
• List price: $190,000
• Delta: 30.55%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
180 W Corning Ave	0.53mi	4/2.0	1,681 (+0%)	21mo	$69,900	$42	58
306 Marguerite Ave	0.24mi	4/2.0	1,847 (+10%)	18mo	$150,000	$81	57
451-453 Martin Luther King W	0.64mi	5/2.0 (+1)	1,860 (+11%)	3mo	$81,000	$44	45
125 Forest Ave	0.38mi	5/2.0 (+1)	1,824 (+9%)	22mo	$123,000	$67	44

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: 43.1%
• Equity multiple: 4.27×
• Total profit: $174,077
• Equity at exit: $171,167

10-year hold

• IRR: 37.3%
• Equity multiple: 9.59×
• Total profit: $457,102
• Equity at exit: $369,128

Cash invested: $53,200 (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 13205

• Home prices YoY: 3.0%
• Active inventory: 67
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,967 high
• Mortgage (P&I): −$996
• Tax from tax record: −$104 /mo · $1,252/yr
• Insurance: −$79
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $1,108

Break-even live

Break-even rent $1,564

Max offer price $190,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,968
Total (2 units)			$2,967

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1330 Midland Ave Syracuse, NY	4.0	1.0	1870	$2,000	$1.07	21d	1	0.30mi
269 W Borden Ave Syracuse, NY	4.0	1.5	1800	$650	$0.36	21d	1	0.37mi
2331 Midland Ave Syracuse, NY	4.0	1.5	1664	$2,300	$1.38	21d	1	0.51mi
213 Fletcher Ave Unit 2 Syracuse, NY	3.0	1.0	1200	$1,700	$1.42	13d	1	0.73mi
147 E Matson Ave Syracuse, NY	3.0	2.5	1421	$2,000	$1.41	21d	1	0.96mi
409 Stolp Ave Syracuse, NY	1.0–3.0	1.0	849	$1,575	$1.86	13d	5	0.97mi
122 Putnam St Syracuse, NY	3.0	1.0	1064	$2,050	$1.93	21d	1	1.14mi
326 Holland St Unit 1 Syracuse, NY	3.0	1.0	2100	$1,825	$0.87	43d	1	1.15mi
318 Kellogg St Unit 1 Syracuse, NY	3.0	1.0	1523	$1,650	$1.08	43d	1	1.20mi
318 Kellogg St Unit 2 Syracuse, NY	3.0	1.0	1523	$1,675	$1.10	43d	1	1.20mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	43d	1	1.20mi
102 Newbury Hollow Ln Syracuse, NY	3.0	2.0	2000	$2,300	$1.15	43d	1	1.21mi
260 Robert Dr Syracuse, NY	3.0	1.5	1200	$2,097	$1.75	43d	1	1.21mi
259 Robert Dr Syracuse, NY	3.0	1.5	1350	$699	$0.52	43d	1	1.24mi
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	13d	1	1.26mi
214 Rowland St Syracuse, NY	4.0	1.0	2092	$1,800	$0.86	13d	1	1.34mi
154 Seeley Ave Syracuse, NY	4.0	1.0	1312	$2,100	$1.60	13d	1	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $190,000 Active 65 DOM
2. 2026-06-17
   days on market $190,000 Active 64 DOM
3. 2026-06-16
   days on market $190,000 Active 63 DOM
4. 2026-06-15
   days on market $190,000 Active 62 DOM
5. 2026-06-14
   days on market $190,000 Active 60 DOM
6. 2026-06-13
   days on market $190,000 Active 59 DOM
7. 2026-06-10
   days on market $190,000 Active 57 DOM
8. 2026-06-09
   days on market $190,000 Active 56 DOM
9. 2026-06-08
   days on market $190,000 Active 55 DOM
10. 2026-06-07
    days on market $190,000 Active 54 DOM
11. 2026-06-05
    days on market $190,000 Active 51 DOM
12. 2026-06-02
    days on market $190,000 Active 49 DOM
13. 2026-06-01
    days on market $190,000 Active 48 DOM
14. 2026-05-31
    days on market $190,000 Active 47 DOM
15. 2026-05-30
    days on market $190,000 Active 46 DOM
16. 2026-05-12
    price $190,000 1123-char remark

    Show marketing remark (1123 chars)

    Don't miss this rare opportunity to own a well-maintained 2-family ranch home—perfect for owner-occupants, investors, or multigenerational living! Each unit offers a thoughtfully designed layout featuring 3 generous bedrooms, 1 full bath, and a comfortable, open concept living space. Whether you're looking for move-in ready rental income or space for extended family, this property delivers. Both Units Feature: 3 spacious bedrooms with ample closet space, 1 full bath with updated fixtures, bright living and dining areas, eat-in kitchens with classic oak cabinets, newer vinyl windows throughout for energy efficiency and natural light, private entrances, separate utilities for each unit, exterior boasts a large level yard with room to relax or entertain, newly blacktopped driveway with off-street parking, low-maintenance exterior, quiet residential street with convenient access to schools, shopping, and transit. This is a solid investment with strong rental potential or the perfect opportunity to live in one unit while offsetting your mortgage with rental income from the other. Schedule your tour today!

17. 2026-04-15
    listed $199,999 Active 1123-char remark

    Show marketing remark (1123 chars)

    Don't miss this rare opportunity to own a well-maintained 2-family ranch home—perfect for owner-occupants, investors, or multigenerational living! Each unit offers a thoughtfully designed layout featuring 3 generous bedrooms, 1 full bath, and a comfortable, open concept living space. Whether you're looking for move-in ready rental income or space for extended family, this property delivers. Both Units Feature: 3 spacious bedrooms with ample closet space, 1 full bath with updated fixtures, bright living and dining areas, eat-in kitchens with classic oak cabinets, newer vinyl windows throughout for energy efficiency and natural light, private entrances, separate utilities for each unit, exterior boasts a large level yard with room to relax or entertain, newly blacktopped driveway with off-street parking, low-maintenance exterior, quiet residential street with convenient access to schools, shopping, and transit. This is a solid investment with strong rental potential or the perfect opportunity to live in one unit while offsetting your mortgage with rental income from the other. Schedule your tour today!

18. 2026-04-14
    historical
19. 2025-10-14
    listed $199,999 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: $1,252 · $104/mo
• Projected year-2 tax: $2,232 · $186/mo
• Expected delta: +$979/yr (+$82/mo · 78.2%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% 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 100% 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: $35,604
• − Mortgage interest: −$10,643
• − Property taxes: −$1,252
• − Insurance: −$1,616
• − Repairs & maintenance: −$2,848
• − Management: −$2,848
• − Depreciation: −$5,527
• Taxable income: $10,869
• Est. tax owed @ 24.0%: −$2,608
• After-tax cash flow: $10,694/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

-5.0% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $190,000 CNYIS
• 2026-04-15 Listed $199,999 CNYIS
• 2026-04-14 Listing Removed — CNYIS
• 2025-10-14 Listed $199,999 CNYIS

Property tax history

-0.2%/yr

Latest (2025): $1,252 · +0.0% YoY. Source: county tax records.