205 Mccool Ave

East Syracuse, NY 13057

$110,000B+

2 bd · 1.0 ba · 820 sqft · Built 1930 · SingleFamily · Pending · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,759/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$410
• HOA: −$0
• Vac / Maint / Mgmt: −$369
• Net cashflow: $403/mo
• Annual: $4,832/yr
• Cap rate: 10.69%
• Cash-on-cash: 15.69%
• DSCR: 1.70
• 1% rule: 1.60%
• Cash to close: $30,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 100 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 90/100 on livability (#4 in NY, #81 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• East Syracuse Minoa Central School District (rural): math 46% / reading 53% proficiency, ranked #379 of 590 in NY (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East Syracuse Elementary School (math 27% / reading 42%, grade F, #1,577 of 2,108 statewide, top 77%, 363 students, 70% FRL); Pine Grove Middle School (math 29% / reading 49%, grade F, #433 of 729 statewide, top 60%, 672 students, 43% FRL); East Syracuse Minoa Central High School (math 97% / reading 87%, grade A+, #171 of 1,100 statewide, top 18%, 1,183 students, 60% FRL) — zoned schools average 58% FRL vs 29% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 4.0% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 61 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $70k; list at $110k implies a 57% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.7% vs local median 6.8% in East 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.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.