1605 Lodi St · Syracuse, NY 13208

$240,000

6 bd · 2.0 ba · 2,056 sqft · MultiFamily public records · 144 Days on market

Built 1900 1,801 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.5/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

INCOME PRODUCING 2 FAMILY WITH SEPERATE UTILITIES, .CONVENIENTLY LOCATED. EZ WALK TO SHOPPING, CHURCHES, SCHOOLS AND LIBRARY

Key facts

• Well cared duplex
• Siding repaired
• Roof repaired

Tags

• WELL CARED DUPLEX
• UTILITIES BILL SEPARATES
• ROOF REPAIRED
• SIDING REPAIRED
• UPPER APARTMENT RENOVATED
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $553/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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 $3,234/mo this rent would consume 87% 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 $26k of equity ($2k loan paydown + $24k 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 $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $26k; list at $240k implies a 823% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — 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: 1.35% ✓
• Cap rate: 11.82%
• Cash-on-cash: 19.74%
• DSCR: 1.88
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $113,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
129 Spring St	0.38mi	6/3.0	2,112 (+3%)	6mo	$211,000	$100	68
128 John St	0.11mi	5/2.0 (-1)	2,269 (+10%)	6mo	$129,000	$57	68
1213 N State St	0.38mi	5/2.0 (-1)	2,157 (+5%)	2mo	$72,000	$33	68
2028 Lodi St	0.32mi	5/2.0 (-1)	2,004 (-2%)	18mo	$74,000	$37	61
2023 Lodi St	0.31mi	6/2.0	2,300 (+12%)	8mo	$125,000	$54	59
224 Seward St	0.37mi	6/2.0	2,188 (+6%)	16mo	$83,000	$38	59
613-615 Highland St	0.42mi	6/2.0	2,316 (+13%)	2mo	$140,000	$60	58
245 Lilac St	0.33mi	6/2.0	1,920 (-7%)	21mo	$90,000	$47	56
213 Kirkpatrick St	0.43mi	7/2.0 (+1)	1,928 (-6%)	12mo	$71,000	$37	54
2414 Lodi St	0.66mi	5/2.0 (-1)	2,095 (+2%)	14mo	$115,000	$55	49
143 Highland Ave	0.57mi	5/2.5 (-1)	1,850 (-10%)	7mo	$215,000	$116	44
502 Carbon St	0.35mi	7/2.0 (+1)	2,304 (+12%)	20mo	$160,000	$69	42

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: 39.0%
• Equity multiple: 3.99×
• Total profit: $201,027
• Equity at exit: $216,211

10-year hold

• IRR: 33.6%
• Equity multiple: 8.98×
• Total profit: $536,473
• Equity at exit: $466,267

Cash invested: $67,200 (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: 12.4×

Monthly cashflow live

• Estimated rent: $3,234 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$91 /mo · $1,092/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $1,105

Break-even live

Break-even rent $1,835

Max offer price $240,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,234
Total (2 units)			$3,234

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: $60,000
• Closing costs: $7,200
• 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	0.85mi

Listing history 25 events

1. 2026-06-18
   status $240,000 Pending 144 DOM
2. 2026-06-18
   days on market $240,000 Active Under Contract 144 DOM
3. 2026-06-17
   days on market $240,000 Active Under Contract 143 DOM
4. 2026-06-16
   days on market $240,000 Active Under Contract 142 DOM
5. 2026-06-15
   days on market $240,000 Active Under Contract 141 DOM
6. 2026-06-14
   days on market $240,000 Active Under Contract 139 DOM
7. 2026-06-13
   days on market $240,000 Active Under Contract 138 DOM
8. 2026-06-10
   days on market $240,000 Active Under Contract 136 DOM
9. 2026-06-09
   days on market $240,000 Active Under Contract 135 DOM
10. 2026-06-08
    days on market $240,000 Active Under Contract 134 DOM
11. 2026-06-07
    days on market $240,000 Active Under Contract 133 DOM
12. 2026-06-05
    days on market $240,000 Active Under Contract 130 DOM
13. 2026-06-02
    days on market $240,000 Active Under Contract 128 DOM
14. 2026-06-01
    days on market $240,000 Active Under Contract 127 DOM
15. 2026-05-31
    days on market $240,000 Active Under Contract 126 DOM
16. 2026-05-30
    days on market $240,000 Active Under Contract 125 DOM
17. 2026-03-02
    historical Active Under Contract
18. 2026-02-25
    price $240,000
19. 2026-01-25
    listed $250,000 Active
20. 2015-11-20
    soldstatus $26,000
21. 2015-11-19
    soldstatus $26,000 Closed Sale or Rented 124-char remark

    Show marketing remark (124 chars)

    INCOME PRODUCING 2 FAMILY WITH SEPERATE UTILITIES, .CONVENIENTLY LOCATED. EZ WALK TO SHOPPING, CHURCHES, SCHOOLS AND LIBRARY

22. 2015-10-28
    historical Under Contract- Do Not Show 124-char remark

    Show marketing remark (124 chars)

    INCOME PRODUCING 2 FAMILY WITH SEPERATE UTILITIES, .CONVENIENTLY LOCATED. EZ WALK TO SHOPPING, CHURCHES, SCHOOLS AND LIBRARY

23. 2015-10-21
    listed $29,999 Active 124-char remark

    Show marketing remark (124 chars)

    INCOME PRODUCING 2 FAMILY WITH SEPERATE UTILITIES, .CONVENIENTLY LOCATED. EZ WALK TO SHOPPING, CHURCHES, SCHOOLS AND LIBRARY

24. 2005-10-10
    soldstatus $35,000
25. 2003-01-29
    soldstatus $12,975

ⓘ 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: $1,092 · $91/mo
• Projected year-2 tax: $2,574 · $214/mo
• Expected delta: +$1,482/yr (+$124/mo · 135.7%)

ⓘ 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: $38,808
• − Mortgage interest: −$13,444
• − Property taxes: −$1,092
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,105
• − Management: −$3,105
• − Depreciation: −$6,982
• Taxable income: $9,881
• Est. tax owed @ 24.0%: −$2,372
• After-tax cash flow: $10,892/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

+1749.7% since first listed

9 events — show timeline

• 2026-03-02 Contingent — CNYIS
• 2026-02-25 Price Changed $240,000 CNYIS
• 2026-01-25 Listed $250,000 CNYIS
• 2015-11-20 Sold (Public Records) $26,000 Public Records
• 2015-11-19 Sold (MLS) $26,000 CNYIS
• 2015-10-28 Contingent — CNYIS
• 2015-10-21 Listed $29,999 CNYIS
• 2005-10-10 Sold (Public Records) $35,000 Public Records
• 2003-01-29 Sold (Public Records) $12,975 Public Records

Property tax history

+0.0%/yr

Latest (2025): $1,092 · +0.0% YoY. Source: county tax records.