410 Ash St · Syracuse, NY 13208

$189,900

6 bd · 4.0 ba · 3,912 sqft · MultiFamily public records · 77 Days on market

Built 1920 2,970 sqft lot $49/sqft · 9% below area Est $209k · 9% under

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Why this score? — see what drove the A- 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
• ARV discount +11.7/15.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

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

Fully rented month to month tenants. Some have been there over 3 years. 2024 C of C provided only. All separate utilities and close to stores and bus line. Well maintained.

Key facts

• 2,970 sq ft lot
• Built 1920
• Listed 77 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $891/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.6% 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 $3,852/mo this rent would consume 103% 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 $20k of equity ($1k loan paydown + $19k 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 $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($179k) 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 $50k; list at $190k implies a 280% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.03% ✓
• Cap rate: 17.56%
• Cash-on-cash: 40.23%
• DSCR: 2.79
• GRM: 4.1

CMA / ARV

• ARV (median comp): $209,386
• List price: $189,900
• Delta: -9.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1511 N State St	0.63mi	6/4.0	3,892 (-0%)	22mo	$110,000	$28	51
920 Butternut St	0.36mi	7/4.0 (+1)	4,281 (+9%)	17mo	$151,200	$35	48
207 Douglas St	0.35mi	6/4.0	4,314 (+10%)	23mo	$80,000	$19	47
816 N Alvord St	0.58mi	7/4.0 (+1)	3,726 (-5%)	18mo	$145,000	$39	45
1306 Park St	0.60mi	6/2.0	3,506 (-10%)	9mo	$155,000	$44	39
705 Oak St	0.66mi	6/4.0	4,254 (+9%)	23mo	$225,000	$53	36

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: 55.4%
• Equity multiple: 5.08×
• Total profit: $216,983
• Equity at exit: $171,077

10-year hold

• IRR: 48.9%
• Equity multiple: 11.34×
• Total profit: $549,750
• Equity at exit: $368,934

Cash invested: $53,172 (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: 8.2×

Monthly cashflow live

• Estimated rent: $3,852 high
• Mortgage (P&I): −$996
• Tax from tax record: −$186 /mo · $2,227/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$809
• Net cashflow: $1,783

Break-even live

Break-even rent $1,596

Max offer price $189,900

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,852
Total (2 units)			$3,852

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $189,900 Active 77 DOM
2. 2026-06-17
   days on market $189,900 Active 76 DOM
3. 2026-06-16
   days on market $189,900 Active 75 DOM
4. 2026-06-15
   days on market $189,900 Active 74 DOM
5. 2026-06-14
   days on market $189,900 Active 72 DOM
6. 2026-06-13
   days on market $189,900 Active 71 DOM
7. 2026-06-10
   days on market $189,900 Active 69 DOM
8. 2026-06-09
   days on market $189,900 Active 68 DOM
9. 2026-06-08
   days on market $189,900 Active 67 DOM
10. 2026-06-07
    days on market $189,900 Active 66 DOM
11. 2026-06-05
    days on market $189,900 Active 63 DOM
12. 2026-06-02
    days on market $189,900 Active 61 DOM
13. 2026-06-01
    days on market $189,900 Active 60 DOM
14. 2026-05-31
    days on market $189,900 Active 59 DOM
15. 2026-05-30
    days on market $189,900 Active 58 DOM
16. 2026-04-02
    listed $189,900 Active 172-char remark

    Show marketing remark (172 chars)

    Fully rented month to month tenants. Some have been there over 3 years. 2024 C of C provided only. All separate utilities and close to stores and bus line. Well maintained.

17. 2026-03-31
    historical
18. 2026-03-07
    status Active
19. 2026-03-07
    historical Active Under Contract
20. 2026-02-27
    status Pending
21. 2026-02-18
    price $189,900
22. 2025-10-10
    listed $199,900 Active
23. 2008-11-05
    soldstatus $50,000

ⓘ 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: $2,227 · $186/mo
• Projected year-2 tax: $2,718 · $226/mo
• Expected delta: +$491/yr (+$41/mo · 22.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $46,224
• − Mortgage interest: −$10,637
• − Property taxes: −$2,227
• − Insurance: −$950
• − Repairs & maintenance: −$3,698
• − Management: −$3,698
• − Depreciation: −$5,524
• Taxable income: $19,490
• Est. tax owed @ 24.0%: −$4,678
• After-tax cash flow: $16,713/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

+279.8% since first listed

8 events — show timeline

• 2026-04-02 Listed $189,900 CNYIS
• 2026-03-31 Listing Removed — CNYIS
• 2026-03-07 Relisted — CNYIS
• 2026-03-07 Contingent — CNYIS
• 2026-02-27 Pending — CNYIS
• 2026-02-18 Price Changed $189,900 CNYIS
• 2025-10-10 Listed $199,900 CNYIS
• 2008-11-05 Sold (Public Records) $50,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $2,227 · +0.0% YoY. Source: county tax records.