118 Nelson St · Syracuse, NY 13204

$70,000

3 bd · 2.0 ba · 1,246 sqft · SingleFamily public records · 41 Days on market

Built 1918 3,300 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks MLS

This home has four bedrooms with two full baths. Located on the door step of tipperary hill. This property will not last long. Call me today for a viewing! Seller is motivated

Key facts

• Walking distance
• 3,300 sq ft lot
• Built 1918

Tags

• WALKING DISTANCE
• PUBLIC TRANSPORTATION
• WALK-ABILITY LIFESTYLE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.4% 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: Rents rising fast (+8.2%/yr); 121 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $1,935/mo this rent would consume 51% of the median local household income ($45k/yr) (locally 2073% 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 $7k of equity ($484 loan paydown + $7k 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 + 8.0% rent growth), your $20k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $9k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $47k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.76% ✓
• Cap rate: 24.43%
• Cash-on-cash: 64.78%
• DSCR: 3.88
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $191,884
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 Bryant Ave	0.13mi	3/1.0	1,292 (+4%)	4mo	$165,000	$128	81
629 S Wilbur Ave	0.26mi	3/2.0	1,389 (+12%)	2mo	$124,000	$89	68
204 Willis Ave	0.58mi	3/2.0	1,197 (-4%)	7mo	$242,000	$202	61
619 Ulster St	0.66mi	4/2.0 (+1)	1,224 (-2%)	2mo	$243,500	$199	59
541 Whittier Ave	0.61mi	3/1.0	1,312 (+5%)	0mo	$285,100	$217	59
201 Cadwell St	0.59mi	3/1.5	1,352 (+8%)	0mo	$75,000	$55	56
204 Davis St	0.60mi	2/1.0 (-1)	1,208 (-3%)	2mo	$122,300	$101	56
415 Whittier Ave	0.44mi	3/1.5	1,364 (+10%)	7mo	$220,000	$161	56
234 Richmond Ave	0.46mi	4/1.5 (+1)	1,359 (+9%)	7mo	$31,000	$23	51
530 Whittier Ave	0.59mi	3/1.0	1,330 (+7%)	8mo	$205,000	$154	51
105 Avoca St	0.72mi	3/1.5	1,376 (+10%)	8mo	$172,000	$125	41
557 Tennyson Ave	0.62mi	4/1.5 (+1)	1,427 (+14%)	3mo	$220,000	$154	37

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 80.6%
• Equity multiple: 6.91×
• Total profit: $115,763
• Equity at exit: $63,062

10-year hold

• IRR: 76.5%
• Equity multiple: 16.98×
• Total profit: $313,289
• Equity at exit: $135,995

Cash invested: $19,600 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 121
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,935 high
• Mortgage (P&I): −$367
• Tax from tax record: −$75 /mo · $895/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $1,058

Break-even live

Break-even rent $596

Max offer price $70,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,098	-5% $1,078	+0% $1,058	+5% $1,038	+10% $1,018
Rent	-10% $905	-5% $982	+0% $1,058	+5% $1,135	+10% $1,211
Rate	-1.0pp $1,093	-0.5pp $1,076	base $1,058	+0.5pp $1,040	+1.0pp $1,021

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 Whittier Ave Syracuse, NY	4.0	1.0	1400	$600	$0.43	45d	1	0.10mi
349 Bryant Ave Syracuse, NY	3.0	1.5	1500	$2,300	$1.53	14d	1	0.40mi
202 Cayuga St Unit 1 Syracuse, NY	3.0	1.0	1036	$1,750	$1.69	14d	1	0.68mi
538 Erie Blvd W Syracuse, NY	2.0	2.0	1110	$2,100	$1.89	22d	1	0.76mi
122 Putnam St Syracuse, NY	3.0	1.0	1064	$2,050	$1.93	22d	1	0.92mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	45d	1	0.98mi
1741 W Onondaga St Syracuse, NY	1.0–2.0	1.0–2.0	800	$1,250	$1.56	15d	3	1.03mi
324 W Water St Unit 106 Syracuse, NY	2.0	1.0	1436	$2,095	$1.46	22d	1	1.04mi
324 W Water St Syracuse, NY	2.0	1.0	1007	$1,975	$1.96	15d	6	1.04mi
373 Spencer St Unit 303 Syracuse, NY	2.0	1.5	1085	$1,850	$1.71	45d	1	1.06mi
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	15d	1	1.06mi
120 Walton St Syracuse, NY	1.0–2.0	1.0–2.0	825	$3,200	$3.88	45d	2	1.14mi
110 Walton St Unit 301 Syracuse, NY	2.0	2.0	1051	$2,000	$1.90	22d	1	1.15mi
110 Walton St Unit 201 Syracuse, NY	2.0	2.0	1051	$2,200	$2.09	45d	1	1.15mi
208 W Water St Syracuse, NY	2.0	2.0	962	$1,800	$1.87	45d	1	1.17mi
129 W Fayette St Unit 217 Syracuse, NY	2.0	2.0	1100	$1,550	$1.41	15d	1	1.20mi
317 S Clinton St Unit 3A Syracuse, NY	2.0	2.0	1500	$2,100	$1.40	45d	1	1.20mi
317 S Clinton St Unit 4A Syracuse, NY	2.0	1.5	1500	$2,100	$1.40	15d	1	1.20mi
409 Stolp Ave Syracuse, NY	1.0–3.0	1.0	849	$1,575	$1.86	14d	5	1.22mi
472 S Salina St Syracuse, NY	1.0–2.0	1.0	1022	$2,095	$2.05	15d	3	1.24mi
321 S Salina St Unit 501 Syracuse, NY	2.0	1.0	1446	$3,000	$2.07	45d	1	1.27mi
321 S Salina St Unit 201 Syracuse, NY	2.0	1.0	1446	$2,450	$1.69	45d	1	1.27mi
111 E Onondaga St Syracuse, NY	1.0–2.0	1.0–2.0	1150	$3,000	$2.61	22d	5	1.28mi
410 Chemung St Unit 1 Syracuse, NY	3.0	1.0	1100	$1,500	$1.36	14d	1	1.29mi
210 W Division St Unit 87 Syracuse, NY	2.0	2.0	1200	$1,750	$1.46	45d	1	1.29mi
101 S Salina St Syracuse, NY	2.0	1.0	651	$2,871	$4.41	15d	14	1.29mi
210 W Division St Unit 24 Syracuse, NY	2.0	2.0	1200	$1,850	$1.54	22d	1	1.31mi
121 W End Dr Syracuse, NY	3.0	1.5	1082	$1,500	$1.39	14d	1	1.32mi
721 N Clinton St Unit 213 Syracuse, NY	2.0	2.0	1000	$1,550	$1.55	45d	1	1.32mi
721 N Clinton St Unit 105 Syracuse, NY	2.0	2.0	1000	$1,475	$1.48	45d	1	1.32mi
201 E Jefferson St Syracuse, NY	2.0	1.0	662	$1,626	$2.45	15d	9	1.34mi
104 Kincaid Ave Syracuse, NY	4.0	1.0	860	$1,850	$2.15	45d	1	1.35mi
205 E Jefferson St Unit 2B Syracuse, NY	2.0	2.5	1100	$2,200	$2.00	22d	1	1.35mi
416 Pearl St Unit 2 Syracuse, NY	3.0	1.0	900	$2,400	$2.67	15d	1	1.42mi
517 N Salina St Unit 4 Syracuse, NY	2.0	1.0	700	$1,050	$1.50	15d	1	1.47mi

Listing history 13 events

1. 2026-04-05
   status Pending
2. 2026-03-27
   price $70,000
3. 2026-03-26
   status Active
4. 2026-03-13
   status Pending
5. 2026-02-15
   historical Active Under Contract
6. 2026-02-10
   listed $79,000 Active
7. 2024-07-19
   historical
8. 2024-01-19
   listed $60,000 Active
9. 2021-07-01
   soldstatus $47,000
10. 2017-04-07
    soldstatus $33,000 Closed Sale or Rented 175-char remark

    Show marketing remark (175 chars)

    This home has four bedrooms with two full baths. Located on the door step of tipperary hill. This property will not last long. Call me today for a viewing! Seller is motivated

11. 2017-04-07
    soldstatus $33,000

    Show marketing remark (175 chars)

    This home has four bedrooms with two full baths. Located on the door step of tipperary hill. This property will not last long. Call me today for a viewing! Seller is motivated

12. 2017-03-08
    historical Under Contract- Do Not Show 175-char remark

    Show marketing remark (175 chars)

    This home has four bedrooms with two full baths. Located on the door step of tipperary hill. This property will not last long. Call me today for a viewing! Seller is motivated

13. 2017-02-10
    listed $44,900 Active 175-char remark

    Show marketing remark (175 chars)

    This home has four bedrooms with two full baths. Located on the door step of tipperary hill. This property will not last long. Call me today for a viewing! Seller is motivated

ⓘ 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: $895 · $75/mo
• Projected year-2 tax: $1,039 · $87/mo
• Expected delta: +$144/yr (+$12/mo · 16.1%)

ⓘ 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: $23,224
• − Mortgage interest: −$3,921
• − Property taxes: −$895
• − Insurance: −$350
• − Repairs & maintenance: −$1,858
• − Management: −$1,858
• − Depreciation: −$2,036
• Taxable income: $12,306
• Est. tax owed @ 24.0%: −$2,953
• After-tax cash flow: $9,744/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): 19,440
• Household income: $45,351
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 2073.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 26% Hispanic / Latino 17% Two or more races 13% Native American 1%
• Hispanic origin (detail): Puerto Rican 12% Cuban 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 11% Russian/Polish/Slavic 3% Arabic 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: ▲ 100.14%
• Current HPI: 416.7272
• Rent YoY: ▲ 8.24%
• 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

+55.9% since first listed

13 events — show timeline

• 2026-04-05 Pending — CNYIS
• 2026-03-27 Price Changed $70,000 CNYIS
• 2026-03-26 Relisted — CNYIS
• 2026-03-13 Pending — CNYIS
• 2026-02-15 Contingent — CNYIS
• 2026-02-10 Listed $79,000 CNYIS
• 2024-07-19 Listing Removed — CNYIS
• 2024-01-19 Listed $60,000 CNYIS
• 2021-07-01 Sold (Public Records) $47,000 Public Records
• 2017-04-07 Sold (Public Records) $33,000 Public Records
• 2017-04-07 Sold (MLS) $33,000 CNYIS
• 2017-03-08 Contingent — CNYIS
• 2017-02-10 Listed $44,900 CNYIS

Property tax history

-0.9%/yr

Latest (2025): $895 · +0.0% YoY. Source: county tax records.