807-809 Butternut St · Syracuse, NY 13208

$235,000

4 bd · 2.4 ba · 7,181 sqft · MultiFamily · 121 Days on market

Built 1900 Fair condition 0.36 ac lot $33/sqft · 54% below area ↓ 15% since listing

---

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 +25.8/30.0
• Appreciation +10.0/10.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

A unique investor special, combining residential rental potential with commercial space. This 2 family property was used for a plumbing business for many years. The main house has a 2 bedroom apartment on each floor, although the first level was originally used as an office and could potentially be used as commercial space with an apartment upstairs. There is also a commercial warehouse in the back which is huge and was used to store plumbing equipment and parts. It has radiant heat in the slab. Enough room to fit 8-10 cars as well as a large parking area in the front yard which also could easily fit an additional 8-10 cars or other business equipment. Come check out this flex space as it has the best of both worlds, residential and commercial income on the same lot.

Key facts

• Commercial warehouse
• Commercial space
• Flex space

Tags

• RESIDENTIAL RENTAL POTENTIAL
• COMMERCIAL SPACE
• COMMERCIAL WAREHOUSE
• RADIANT HEAT
• LARGE PARKING AREA
• FLEX SPACE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $235k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $567 ($7k/yr) — positive. Per door: $284/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.

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 $2,774/mo this rent would consume 74% 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 + $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 $66k cash investment doubles in ~2 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

• It's been on market 121 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.18% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.35%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $505,932
• List price: $235,000
• Delta: -53.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
318 E Division St	0.36mi	4/—	6,366 (-11%)	12mo	$285,000	$45	54

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: 31.9%
• Equity multiple: 3.49×
• Total profit: $164,169
• Equity at exit: $211,707

10-year hold

• IRR: 27.5%
• Equity multiple: 7.92×
• Total profit: $455,113
• Equity at exit: $456,553

Cash invested: $65,800 (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: 14.1×

Monthly cashflow live

• Estimated rent: $2,774 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $567

Break-even live

Break-even rent $2,056

Max offer price $235,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$2,774
Total (2 units)			$2,774

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
540 Teall Ave Syracuse, NY	3.0	1.0	5892	$1,600	$0.27	44d	1	1.26mi

Listing history 17 events

1. 2026-06-18
   days on market $235,000 Active 121 DOM
2. 2026-06-17
   days on market $235,000 Active 120 DOM
3. 2026-06-16
   days on market $235,000 Active 119 DOM
4. 2026-06-15
   days on market $235,000 Active 118 DOM
5. 2026-06-14
   days on market $235,000 Active 116 DOM
6. 2026-06-13
   days on market $235,000 Active 115 DOM
7. 2026-06-10
   days on market $235,000 Active 113 DOM
8. 2026-06-09
   days on market $235,000 Active 112 DOM
9. 2026-06-08
   days on market $235,000 Active 111 DOM
10. 2026-06-07
    days on market $235,000 Active 110 DOM
11. 2026-06-05
    days on market $235,000 Active 107 DOM
12. 2026-06-02
    days on market $235,000 Active 105 DOM
13. 2026-06-01
    days on market $235,000 Active 104 DOM
14. 2026-05-31
    days on market $235,000 Active 103 DOM
15. 2026-05-30
    days on market $235,000 Active 102 DOM
16. 2026-05-18
    price $235,000 777-char remark

    Show marketing remark (777 chars)

    A unique investor special, combining residential rental potential with commercial space. This 2 family property was used for a plumbing business for many years. The main house has a 2 bedroom apartment on each floor, although the first level was originally used as an office and could potentially be used as commercial space with an apartment upstairs. There is also a commercial warehouse in the back which is huge and was used to store plumbing equipment and parts. It has radiant heat in the slab. Enough room to fit 8-10 cars as well as a large parking area in the front yard which also could easily fit an additional 8-10 cars or other business equipment. Come check out this flex space as it has the best of both worlds, residential and commercial income on the same lot.

17. 2026-02-17
    listed $274,900 Active 777-char remark

    Show marketing remark (777 chars)

    A unique investor special, combining residential rental potential with commercial space. This 2 family property was used for a plumbing business for many years. The main house has a 2 bedroom apartment on each floor, although the first level was originally used as an office and could potentially be used as commercial space with an apartment upstairs. There is also a commercial warehouse in the back which is huge and was used to store plumbing equipment and parts. It has radiant heat in the slab. Enough room to fit 8-10 cars as well as a large parking area in the front yard which also could easily fit an additional 8-10 cars or other business equipment. Come check out this flex space as it has the best of both worlds, residential and commercial income on the same lot.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $33,288
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,663
• − Management: −$2,663
• − Depreciation: −$6,836
• Taxable income: $3,262
• Est. tax owed @ 24.0%: −$783
• After-tax cash flow: $6,026/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This 2-family property requires significant exterior and interior repairs due to ice dams and snow and ice accumulation. Immediate snow and ice removal is necessary for safety and curb appeal. Exterior painting and ice dam removal are high-ROI updates that would significantly increase its resale and rental value.

Repairs flagged

• Major Ice dams — Ice dams are visible on the roof
• Major Snow and ice removal — Snow and ice are present on the ground and roof
• Major Exterior painting — The exterior is in poor condition

Value-add opportunities

• Both Snow and ice removal — Improves safety and curb appeal
• Both Exterior painting — Enhances curb appeal and property value
• Both Ice dam removal — Prevents water damage and improves property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Ice dams · Ice dams are visible on the roof	Major	$15,000–50,000
Snow and ice removal · Snow and ice are present on the ground and roof	Major	$15,000–50,000
Exterior painting · The exterior is in poor condition	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Snow and ice removal — Improves safety and curb appeal ↑
• Both Exterior painting — Enhances curb appeal and property value ↑
• Both Ice dam removal — Prevents water damage and improves property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-14.5% since first listed

2 events — show timeline

• 2026-05-18 Price Changed $235,000 CNYIS
• 2026-02-17 Listed $274,900 CNYIS