1618 1st North St · Syracuse, NY 13208

$179,900

4 bd · 2.0 ba · 1,932 sqft · MultiFamily public records · 17 Days on market

Built 1890 4,488 sqft lot Est $172k · at est.

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +5.4/15.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This fully occupied multifamily property offers a compelling investment opportunity in the Syracuse market. Professionally maintained with recent updates throughout, the property features a desirable unit mix and significant income potential. Conveniently located near local amenities, major employers, and transportation corridors, this asset presents an excellent opportunity for investors seeking to add to or establish their multifamily portfolio in a high-demand rental market.

Key facts

• Recent updates
• Desirable unit mix
• Multifamily property

Tags

• MULTIFAMILY PROPERTY
• INVESTMENT OPPORTUNITY
• RECENT UPDATES
• DESIRABLE UNIT MIX
• SIGNIFICANT INCOME POTENTIAL
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $928 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.5% 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; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $2,598/mo this rent would consume 70% 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 $19k of equity ($1k loan paydown + $18k 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 $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $97k; list at $180k implies a 85% 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 $177,201 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.44% ✓
• Cap rate: 12.48%
• Cash-on-cash: 22.11%
• DSCR: 1.98
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $171,948
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
722-724 Lemoyne Ave	0.18mi	4/2.0	1,747 (-10%)	11mo	$155,500	$89	67
608 Court St	0.45mi	4/2.0	2,016 (+4%)	18mo	$149,000	$74	57
2817-2819 Grant Blvd	0.34mi	4/2.0	2,112 (+9%)	15mo	$190,000	$90	56
129 7th North St	0.65mi	4/2.0	2,136 (+11%)	2mo	$185,000	$87	50
958 Lemoyne Ave	0.34mi	5/3.0 (+1)	2,140 (+11%)	9mo	$220,000	$103	49
1234 Court St #36	0.70mi	4/2.0	2,048 (+6%)	10mo	$200,000	$98	49
218-20 Turtle St	0.54mi	5/2.0 (+1)	1,698 (-12%)	8mo	$106,500	$63	43
2414 Lodi St	0.59mi	5/2.0 (+1)	2,095 (+8%)	14mo	$115,000	$55	41

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: 40.8%
• Equity multiple: 4.12×
• Total profit: $157,045
• Equity at exit: $162,068

10-year hold

• IRR: 35.2%
• Equity multiple: 9.26×
• Total profit: $415,927
• Equity at exit: $349,506

Cash invested: $50,372 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,598 high
• Mortgage (P&I): −$943
• Tax from tax record: −$106 /mo · $1,273/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $928

Break-even live

Break-even rent $1,423

Max offer price $179,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,598
Total (2 units)			$2,598

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
746 E Laurel St Unit 1 Syracuse, NY	4.0	2.0	1400	$1,500	$1.07	43d	1	1.38mi

Listing history 21 events

1. 2026-06-18
   days on market $179,900 Active 17 DOM
2. 2026-06-17
   days on market $179,900 Active 16 DOM
3. 2026-06-16
   status $179,900 Active 15 DOM
4. 2026-06-13
   statusdays on market $179,900 Pending 15 DOM
5. 2026-06-10
   days on market $179,900 Active 14 DOM
6. 2026-06-09
   days on market $179,900 Active 13 DOM
7. 2026-06-08
   days on market $179,900 Active 12 DOM
8. 2026-06-07
   days on market $179,900 Active 11 DOM
9. 2026-06-05
   days on market $179,900 Active 8 DOM
10. 2026-06-02
    days on market $179,900 Active 6 DOM
11. 2026-06-01
    days on market $179,900 Active 5 DOM
12. 2026-05-31
    days on market $179,900 Active 4 DOM
13. 2026-05-30
    days on market $179,900 Active 3 DOM
14. 2026-01-31
    status Pending
15. 2026-01-05
    status Active
16. 2025-12-31
    status Pending
17. 2025-12-29
    status Active
18. 2025-12-12
    status Pending
19. 2025-12-03
    listed $179,000 Active
20. 2022-08-20
    price $1,200
21. 2022-04-11
    soldstatus $97,000

ⓘ 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: $1,273 · $106/mo
• Projected year-2 tax: $2,157 · $180/mo
• Expected delta: +$883/yr (+$74/mo · 69.4%)

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

Taxation est. · year 1

• Rental income: $31,176
• − Mortgage interest: −$10,077
• − Property taxes: −$1,273
• − Insurance: −$900
• − Repairs & maintenance: −$2,494
• − Management: −$2,494
• − Depreciation: −$5,233
• Taxable income: $8,704
• Est. tax owed @ 24.0%: −$2,089
• After-tax cash flow: $9,046/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

+84.5% since first listed

8 events — show timeline

• 2026-01-31 Pending — CNYIS
• 2026-01-05 Relisted — CNYIS
• 2025-12-31 Pending — CNYIS
• 2025-12-29 Relisted — CNYIS
• 2025-12-12 Pending — CNYIS
• 2025-12-03 Listed $179,000 CNYIS
• 2022-08-20 Price Changed $1,200 RENT.
• 2022-04-11 Sold (Public Records) $97,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,273 · +0.0% YoY. Source: county tax records.