1102 Butternut St · Syracuse, NY 13208

$232,500

5 bd · 2.0 ba · 2,366 sqft · Other public records · 2 Days on market

Built 1890 8,258 sqft lot

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Why this score? — see what drove the C 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 +19.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

Rare opportunity to acquire a 14-unit multifamily portfolio on Butternut Street in Syracuse, NY, consisting of four separate buildings including a 6-unit apartment building, 5-unit apartment building, duplex, and single-family residence. This package offers investors immediate scale in a concentrated location while providing substantial upside through future rent increases and value-add opportunities. The portfolio has been strategically managed, with four units intentionally left vacant to allow prospective buyers easy access for inspections and showings while also creating the opportunity to place tenants at current market rents immediately after acquisition. Existing occupancy provides i

Key facts

• 8,258 sq ft lot
• Built 1890
• Listed 2 days

Property features AI

Finance

• Other: Three total units; Three separate gas meters and three separate electric meters
• Financial info: Owner pays water for rental units; Rent includes water; Operating expense details referenced in remarks

Exterior

• Parking: No driveway
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Wood siding construction; Existing (previously built) property
• Construction: Wood siding; Two stories
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 41 x 200

Interior

• Kitchen: Gas water heater (appliance present)
• Bedrooms: Multifamily property with 3 separate units (bedroom counts per unit not specified)
• Flooring: Luxury vinyl
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Luxury vinyl flooring; Full basement
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath other listed at $232k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (6.0% below list).
• Recommended offer: $218k (6.0% below list) — sets the bar for 1% rule.

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 $2,185/mo this rent would consume 59% 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 $25k of equity ($2k loan paydown + $23k 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 $65k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $218,469 (6.0% 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.95%
• DSCR: 1.22
• GRM: 8.9

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: 27.9%
• Equity multiple: 3.21×
• Total profit: $143,679
• Equity at exit: $209,454

10-year hold

• IRR: 24.3%
• Equity multiple: 7.29×
• Total profit: $409,536
• Equity at exit: $451,696

Cash invested: $65,100 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,185 medium
• Mortgage (P&I): −$1,219
• Tax from tax record: −$141 /mo · $1,693/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $269

Break-even live

Break-even rent $1,845

Max offer price $232,500

Occupancy floor 83%

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: $58,125
• Closing costs: $6,975
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
365 Green St Syracuse, NY	5.0	3.5	2263	$3,300	$1.46	21d	1	0.69mi

Listing history 3 events

1. 2026-06-18
   days on market $232,500 Active 2 DOM
2. 2026-06-16
   remarks 699-char remark
3. 2026-06-16
   listed $232,500 Active 1 DOM

ⓘ 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: $1,693 · $141/mo
• Projected year-2 tax: $2,811 · $234/mo
• Expected delta: +$1,118/yr (+$93/mo · 66.0%)

ⓘ 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: $26,216
• − Mortgage interest: −$13,024
• − Property taxes: −$1,693
• − Insurance: −$1,162
• − Repairs & maintenance: −$2,097
• − Management: −$2,097
• − Depreciation: −$6,764
• Taxable loss: −$621
• Est. tax savings @ 24.0%: +$149
• After-tax cash flow: $3,373/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

+247.5% since first listed

15 events — show timeline

• 2026-06-16 Listed $232,500 CNYIS
• 2025-02-26 Listing Removed — CNYIS
• 2025-02-07 Relisted — CNYIS
• 2025-01-17 Contingent — CNYIS
• 2024-08-15 Listed $949,999 CNYIS
• 2024-08-12 Listing Removed — CNYIS
• 2024-06-17 Price Changed $1,049,999 CNYIS
• 2024-04-24 Listed $1,060,000 CNYIS
• 2023-11-09 Listed $988,600 CNYIS
• 2022-09-27 Listing Removed — CNYIS
• 2022-07-22 Price Changed $99,000 CNYIS
• 2022-05-27 Listed $119,999 CNYIS
• 2021-12-06 Sold (Public Records) $380,000 Public Records
• 2013-08-22 Sold (Public Records) $165,000 Public Records
• 1995-02-08 Sold (Public Records) $66,900 Public Records

Property tax history

+0.1%/yr

Latest (2025): $1,693 · +1.4% YoY. Source: county tax records.