1014 Carbon St · Syracuse, NY 13208

$199,900

6 bd · 2.0 ba · 2,300 sqft · MultiFamily public records · 6 Days on market

Built 1890 5,346 sqft lot Est $168k · 19% over

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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

Great Multi Family House With Strong Rental Track Record!! This Home Boasts 3 Beds and 1 Bath Per Floor with High Ceilings and Beautiful Architecture! Nice Corner Lot With Big Driveway and Big 2 Car Garage For Vehicles or Storage!! Great Starter Investor Or Owner Occupied Investor Property!! Near Destiny, Regional Market, Hospitals and All Major Thru-ways!! Little TLC and You Have An Amazing Property!!

Key facts

• Corner location
• Two family property
• 5,346 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• TWO FAMILY PROPERTY
• CORNER LOCATION
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO RESTAURANTS
• EASY ACCESS TO SCHOOLS

Property features AI

Finance

• Financial info: Two total units (multifamily); Separate gas and electric meters for each unit; Owner pays water; water included in rent; Operating expenses include water/sewer

Exterior

• Parking: Garage available; Approximately 1.5 garage spaces; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story property; Resale condition
• Construction: Aluminum siding
• Exterior features: Near public transit; Rectangular lot (approx. 66 x 81 feet)

Interior

• Flooring: Hardwood; Luxury vinyl; Varies
• Bathrooms: Two full bathrooms
• Heating & cooling: Gas heating; Steam heating
• Interior features: Full basement; Hardwood flooring; Luxury vinyl flooring; Varied flooring throughout
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $603/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 13.5% 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 $3,122/mo this rent would consume 84% 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 $21k of equity ($1k loan paydown + $20k 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 $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $70k; list at $200k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 13.54%
• Cash-on-cash: 25.86%
• DSCR: 2.15
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $167,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 Lemoyne Ave	0.13mi	5/2.0 (-1)	2,312 (+0%)	13mo	$169,900	$73	78
2725 Grant Blvd #27	0.36mi	6/2.0	2,320 (+1%)	8mo	$265,500	$114	75
2023 Lodi St	0.56mi	6/2.0	2,300 (0%)	8mo	$125,000	$54	68
1213 N State St	0.59mi	5/2.0 (-1)	2,157 (-6%)	2mo	$72,000	$33	55
2414 Lodi St	0.30mi	5/2.0 (-1)	2,095 (-9%)	15mo	$115,000	$55	54
105 Murray Ave	0.42mi	6/2.0	2,070 (-10%)	16mo	$159,000	$77	50
958 Lemoyne Ave	0.49mi	5/3.0 (-1)	2,140 (-7%)	9mo	$220,000	$103	49
502 Carbon St	0.69mi	7/2.0 (+1)	2,304 (+0%)	20mo	$160,000	$69	46
1242 Court St	0.69mi	6/2.0	2,096 (-9%)	11mo	$244,000	$116	44
1203-05 Court St	0.64mi	5/2.0 (-1)	2,544 (+11%)	10mo	$275,000	$108	39
1204 N State St	0.60mi	6/2.0	2,620 (+14%)	16mo	$127,000	$48	36
2028 Lodi St	0.54mi	5/2.0 (-1)	2,004 (-13%)	18mo	$74,000	$37	33

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: 43.8%
• Equity multiple: 4.32×
• Total profit: $185,681
• Equity at exit: $180,086

10-year hold

• IRR: 37.9%
• Equity multiple: 9.69×
• Total profit: $486,320
• Equity at exit: $388,362

Cash invested: $55,972 (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 13208

• Home prices YoY: 8.4%
• Active inventory: 99
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $3,122 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$128 /mo · $1,540/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $1,206

Break-even live

Break-even rent $1,595

Max offer price $199,900

Occupancy floor 56%

Sensitivity live

Price	-10% $1,320	-5% $1,263	+0% $1,206	+5% $1,150	+10% $1,093
Rent	-10% $960	-5% $1,083	+0% $1,206	+5% $1,330	+10% $1,453
Rate	-1.0pp $1,307	-0.5pp $1,257	base $1,206	+0.5pp $1,155	+1.0pp $1,102

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,122
Total (2 units)			$3,122

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $199,900 Active 6 DOM
2. 2026-06-17
   days on market $199,900 Active 5 DOM
3. 2026-06-16
   days on market $199,900 Active 4 DOM
4. 2026-06-15
   days on market $199,900 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $199,900 Active 1 DOM

ⓘ 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: $1,540 · $128/mo
• Projected year-2 tax: $2,459 · $205/mo
• Expected delta: +$919/yr (+$77/mo · 59.7%)

ⓘ 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: $37,464
• − Mortgage interest: −$11,198
• − Property taxes: −$1,540
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,997
• − Management: −$2,997
• − Depreciation: −$5,815
• Taxable income: $11,917
• Est. tax owed @ 24.0%: −$2,860
• After-tax cash flow: $11,617/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

+145.0% since first listed

8 events — show timeline

• 2026-06-12 Listed $199,900 CNYIS
• 2016-03-14 Sold (Public Records) $69,500 Public Records
• 2016-03-11 Sold (MLS) $69,258 CNYIS
• 2015-12-17 Contingent — CNYIS
• 2015-11-23 Price Changed $67,900 CNYIS
• 2015-10-06 Listed $69,900 CNYIS
• 2015-08-22 Listed $69,900 CNYIS
• 2005-06-27 Sold (Public Records) $81,600 Public Records

Property tax history

-0.4%/yr

Latest (2025): $1,540 · +0.0% YoY. Source: county tax records.