423 Highland Ave · East Syracuse, NY 13057

$319,900

6 bd · 2.5 ba · 2,956 sqft · MultiFamily public records · 17 Days on market

Built 1900 6,534 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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Livability +4.5/5.0
• Schools +4.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Exceptional opportunity for a turn key investment or owner occupant. This well-maintained 2-unit multi-family property is located in the heart of desirable East Syracuse, offering walkability and convenience. Both units feature 3 spacious bedrooms and 1 full bath, with an additional half bath in the lower unit. Both units have been updated with modern finishes while preserving much of the original wood trim and hardwood floors. Each unit has its own private entrance and separate utilities, providing added privacy. . The property includes a 2-car garage and an additional 4 off-street parking spaces, offering convenience and ample parking. Market rent value is nearly $3,500 monthly for the en

Key facts

• Original wood trim
• Separate utilities
• Turn key investment

Tags

• TURN KEY INVESTMENT
• MULTI-FAMILY PROPERTY
• PRIVATE ENTRANCE
• SEPARATE UTILITIES
• UPDATED WITH MODERN FINISHES
• ORIGINAL WOOD TRIM

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $320k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $550/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $320k).
• Recommended offer: $315k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 6.9% 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.

Location & tenants

• 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+; Watch: schools D+.
• 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.
• Market conditions: 58 active listings in the ZIP; solid renter incomes; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $4,708/mo this rent would consume 70% of the median local household income ($81k/yr) (locally 250% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $90k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y 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 $245k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $315,101 (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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.47% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.21×
• Total profit: $18,606
• Equity at exit: $47,698

10-year hold

• IRR: 14.8%
• Equity multiple: 2.20×
• Total profit: $107,801
• Equity at exit: $27,659

Cash invested: $89,572 (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 13057

• Home prices YoY: -11.1%
• Active inventory: 58
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $4,708 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$807 /mo · $9,690/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$989
• Net cashflow: $1,101

Break-even live

Break-even rent $3,314

Max offer price $319,900

Occupancy floor 72%

Sensitivity live

Price	-10% $1,282	-5% $1,192	+0% $1,101	+5% $1,010	+10% $920
Rent	-10% $729	-5% $915	+0% $1,101	+5% $1,287	+10% $1,473
Rate	-1.0pp $1,262	-0.5pp $1,182	base $1,101	+0.5pp $1,018	+1.0pp $934

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$4,708
Total (2 units)			$4,708

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-03-17
   status Pending
2. 2026-02-27
   listed $319,900 Active
3. 2025-12-09
   status Active
4. 2025-11-28
   historical Active Under Contract
5. 2025-10-24
   listed $329,900 Active
6. 2025-10-16
   historical
7. 2025-10-02
   price $349,900
8. 2025-07-12
   listed $359,900 Active
9. 2022-02-17
   soldstatus $245,000
10. 2022-02-04
    soldstatus $245,000 Closed Sale or Rented
11. 2021-12-29
    status Pending Sale
12. 2021-11-30
    status Under Contract- Do Not Show
13. 2021-11-22
    historical Continue to Show- Under Contract
14. 2021-09-10
    listed $259,900 Active
15. 2018-11-02
    soldstatus $90,000
16. 2018-11-01
    soldstatus $90,000 Closed Sale or Rented
17. 2018-06-22
    status Under Contract- Do Not Show
18. 2018-05-21
    historical Continue to Show- Under Contract
19. 2018-05-11
    listed $85,000 Active
20. 2017-11-04
    status Pending Sale
21. 2017-11-03
    historical
22. 2017-10-20
    price $94,900
23. 2017-09-07
    listed $109,900 Active
24. 2012-11-17
    listed $118,900
25. 2006-05-22
    soldstatus $118,900

ⓘ 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: $9,690 · $807/mo
• Projected year-2 tax: $9,690 · $807/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $56,496
• − Mortgage interest: −$17,919
• − Property taxes: −$9,690
• − Insurance: −$1,600
• − Repairs & maintenance: −$4,520
• − Management: −$4,520
• − Depreciation: −$9,306
• Taxable income: $8,942
• Est. tax owed @ 24.0%: −$2,146
• After-tax cash flow: $11,066/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: East Syracuse Minoa Central School District
• NCES district ID: 3609990
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 53% ▲ 9.00%
• Median HH income: $55,801
• Composite: 42.9/100
• National rank: #3122
• State rank: #379 of 590 in NY

Livability — East Syracuse

• Score: 90/100
• State rank: #4
• US rank: #81

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime A- Employment C Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Syracuse, NY
• County: Onondaga County · 247,257 people
• City population: 14,253
• Metro: Syracuse, NY
• Population (ZIP): 14,253
• Household income: $80,900
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 250.0

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: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 3% Asian 2% Black 2%
• Common ancestry: Romanian 5% Lithuanian 4% American 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Russian/Polish/Slavic 3% Spanish 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: ▼ -39.50%
• Current HPI: 316.8595
• 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

+169.0% since first listed

25 events — show timeline

• 2026-03-17 Pending — CNYIS
• 2026-02-27 Listed $319,900 CNYIS
• 2025-12-09 Relisted — CNYIS
• 2025-11-28 Contingent — CNYIS
• 2025-10-24 Listed $329,900 CNYIS
• 2025-10-16 Listing Removed — CNYIS
• 2025-10-02 Price Changed $349,900 CNYIS
• 2025-07-12 Listed $359,900 CNYIS
• 2022-02-17 Sold (Public Records) $245,000 Public Records
• 2022-02-04 Sold (MLS) $245,000 CNYIS
• 2021-12-29 Pending — CNYIS
• 2021-11-30 Pending — CNYIS
• 2021-11-22 Contingent — CNYIS
• 2021-09-10 Listed $259,900 CNYIS
• 2018-11-02 Sold (Public Records) $90,000 Public Records
• 2018-11-01 Sold (MLS) $90,000 CNYIS
• 2018-06-22 Pending — CNYIS
• 2018-05-21 Contingent — CNYIS
• 2018-05-11 Listed $85,000 CNYIS
• 2017-11-04 Pending — CNYIS
• 2017-11-03 Listing Removed — CNYIS
• 2017-10-20 Price Changed $94,900 CNYIS
• 2017-09-07 Listed $109,900 CNYIS
• 2012-11-17 Listed $118,900 CNYIS
• 2006-05-22 Sold (Public Records) $118,900 Public Records

Property tax history

+4.9%/yr

Latest (2025): $9,690 · +15.0% YoY. Source: county tax records.