900 N Alvord St · Syracuse, NY 13208

$499,900

121 bd · None ba · 7,966 sqft · MultiFamily · 25 Days on market

Built 1940 6,600 sqft lot

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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
• 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: 11 units. confirmed

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

11-unit apartment with 100% occupancy in the heart of Little Italy, within walking distance to park, restaurants and stores. Monthly gross rental is $7150 with tenants pay their own heat/electric. Great investment opportunity and hedge against inflation, this property has 14% cash on cash return.

Key facts

• 6,600 sq ft lot
• Garage
• Built 1940

Tags

• 11 UNIT MULTIFAMILY PROPERTY
• NEW ROOF INSTALLED IN 2025
• RENOVATIONS IN 9 UNITS

Property features AI

Finance

• Other: 11 total units; 11 separate electric meters; 1 separate gas meter
• Financial info: Owner pays grounds care, snow removal, and water; Rent includes common area maintenance, snow removal, and water; Operating expenses include insurance and water/sewer

Exterior

• Parking: Garage; Three or more parking spaces; 1 garage space
• Utilities: Public water connected; Sewer connected
• Home design: 3-story building; Resale condition
• Construction: Aluminum siding; Asphalt roof
• Exterior features: Blacktop driveway; Open porch

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Flooring: Hardwood; Vinyl; Varies
• Heating & cooling: Electric and gas heating; Baseboard heating
• Interior features: Full basement; Hardwood and vinyl flooring; varying floor materials
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 11 × 1-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive. Per door: $597/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $500k).
• Recommended offer: $492k (1.5% below list) — sets the bar for market timing.

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: 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.
• Zoned schools: Syracuse Latin School (math 31% / reading 62%, grade D-, #1,262 of 2,108 statewide, top 60%, 642 students, 42% FRL); Grant Middle School (math 5% / reading 19%, grade F, #719 of 729 statewide, top 99%, 608 students, 93% FRL); Institute of Technology At Syracuse Central (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 581 students, 68% FRL).
• Zoned-school proficiency averages 49% at this address vs 22% district-wide (+27 pts) — the actual schools serving this property are materially stronger than the Syracuse City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 101 active listings in the ZIP; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $53k of equity ($3k loan paydown + $50k 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 $140k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$86k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($492k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y 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 $410k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $492,401 (1.5% below list)

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 1940 — 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: 2.54% ✓
• Cap rate: 22.06%
• Cash-on-cash: 56.32%
• DSCR: 3.51
• GRM: 3.3

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: 69.0%
• Equity multiple: 5.94×
• Total profit: $690,872
• Equity at exit: $450,350

10-year hold

• IRR: 62.7%
• Equity multiple: 13.19×
• Total profit: $1,705,842
• Equity at exit: $971,196

Cash invested: $139,972 (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: 101
• Price-to-rent: 36.1×

Monthly cashflow live

• Estimated rent: $12,689 high
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,498/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,665
• Net cashflow: $6,570

Break-even live

Break-even rent $4,373

Max offer price $499,900

Occupancy floor 43%

Sensitivity live

Price	-10% $6,915	-5% $6,742	+0% $6,570	+5% $6,397	+10% $6,224
Rent	-10% $5,567	-5% $6,068	+0% $6,570	+5% $7,071	+10% $7,572
Rate	-1.0pp $6,821	-0.5pp $6,697	base $6,570	+0.5pp $6,440	+1.0pp $6,308

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

Units	Beds	Baths	Est. rent
▸ 11× units	1	1	$12,694
Total (11 units)			$12,689

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $499,900 Active 25 DOM
2. 2026-06-18
   days on market $499,900 Active 22 DOM
3. 2026-06-17
   days on market $499,900 Active 21 DOM
4. 2026-06-16
   days on market $499,900 Active 20 DOM
5. 2026-06-15
   days on market $499,900 Active 19 DOM
6. 2026-06-14
   days on market $499,900 Active 17 DOM
7. 2026-06-13
   days on market $499,900 Active 16 DOM
8. 2026-06-10
   days on market $499,900 Active 14 DOM
9. 2026-06-09
   days on market $499,900 Active 13 DOM
10. 2026-06-09
    remarks 695-char remark
11. 2026-06-09
    listed $499,900 Active 12 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $152,268
• − Mortgage interest: −$28,002
• − Property taxes: −$7,498
• − Insurance: −$2,500
• − Repairs & maintenance: −$12,181
• − Management: −$12,181
• − Depreciation: −$14,543
• Taxable income: $75,362
• Est. tax owed @ 24.0%: −$18,087
• After-tax cash flow: $60,748/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

+151.2% since first listed

22 events — show timeline

• 2026-05-27 Listed $499,900 CNYIS
• 2026-01-12 Pending — CNYIS
• 2025-12-31 Listing Removed — CNYIS
• 2025-12-31 Listing Removed — CNYIS
• 2025-09-24 Price Changed $575,000 CNYIS
• 2025-07-08 Listed $638,999 CNYIS
• 2023-07-27 Sold (MLS) $410,000 CNYIS
• 2023-07-26 Pending — CNYIS
• 2023-07-05 Listed — CNYIS
• 2023-07-03 Contingent — CNYIS
• 2023-06-27 Sold (MLS) $410,000 CNYIS
• 2023-02-20 Pending — CNYIS
• 2023-01-25 Contingent — CNYIS
• 2022-11-29 Listed $399,000 CNYIS
• 2019-03-25 Listing Removed — CNYIS
• 2019-02-11 Price Changed $375,000 CNYIS
• 2019-01-04 Listed $385,000 CNYIS
• 2016-08-08 Sold (MLS) $265,000 CNYIS
• 2016-05-19 Listed $280,000 CNYIS
• 2010-03-16 Listing Removed — CNYIS
• 2010-03-11 Sold (MLS) $170,000 CNYIS
• 2008-05-21 Listed $199,000 CNYIS