111 Steuben St · Syracuse, NY 13208

$159,000

4 bd · 2.0 ba · 2,448 sqft · MultiFamily public records · 113 Days on market

Built 1906 3,131 sqft lot $65/sqft · 14% below area Est $186k · 14% 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 +14.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 3,131 sq ft lot
• Parking
• Built 1906

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $159k.

Deal economics

• At list price, monthly cash flow is $748 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $145k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $2,222/mo this rent would consume 60% 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 $17k of equity ($1k loan paydown + $16k 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 $45k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $159k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,690 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.40% ✓
• Cap rate: 11.94%
• Cash-on-cash: 20.17%
• DSCR: 1.90
• GRM: 6.0

CMA / ARV

• ARV (median comp): $185,687
• List price: $159,000
• Delta: -14.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
635 E Division St	0.24mi	4/2.0	2,376 (-3%)	11mo	$110,000	$46	75
115 John St	0.31mi	5/2.0 (+1)	2,516 (+3%)	5mo	$120,000	$48	72
128 John St	0.32mi	5/2.0 (+1)	2,269 (-7%)	6mo	$129,000	$57	63
1412 N State St	0.25mi	4/2.0	2,168 (-11%)	10mo	$70,000	$32	61
1213 N State St	0.28mi	5/2.0 (+1)	2,157 (-12%)	2mo	$72,000	$33	60
122 Josephine St	0.41mi	4/2.0	2,212 (-10%)	16mo	$83,000	$38	51
220 Craig St	0.46mi	4/2.0	2,288 (-6%)	22mo	$50,000	$22	50
606 N Mcbride St	0.72mi	4/3.0	2,428 (-1%)	15mo	$185,000	$76	48
401 Lemoyne Ave	0.63mi	5/2.0 (+1)	2,312 (-6%)	13mo	$169,900	$73	46
2414 Lodi St	0.40mi	5/2.0 (+1)	2,095 (-14%)	14mo	$115,000	$55	40
114 Burdick Ave	0.74mi	5/2.0 (+1)	2,356 (-4%)	22mo	$160,000	$68	36
2817-2819 Grant Blvd	0.68mi	4/2.0	2,112 (-14%)	15mo	$190,000	$90	33

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: 39.3%
• Equity multiple: 4.02×
• Total profit: $134,241
• Equity at exit: $143,240

10-year hold

• IRR: 33.9%
• Equity multiple: 9.04×
• Total profit: $357,786
• Equity at exit: $308,902

Cash invested: $44,520 (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: 6.0×

Monthly cashflow live

• Estimated rent: $2,222 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$107 /mo · $1,284/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $748

Break-even live

Break-even rent $1,275

Max offer price $159,000

Occupancy floor 61%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
712 Oak St Syracuse, NY	3.0	1.0	2461	$1,700	$0.69	21d	1	0.89mi
365 Green St Syracuse, NY	5.0	3.5	2263	$3,300	$1.46	21d	1	1.13mi
447 E Washington St Syracuse, NY	3.0	1.5	2095	$2,100	$1.00	14d	1	1.19mi

Listing history 22 events

1. 2026-06-10
   days on market $159,000 Active 113 DOM
2. 2026-06-09
   days on market $159,000 Active 112 DOM
3. 2026-06-08
   days on market $159,000 Active 111 DOM
4. 2026-06-07
   days on market $159,000 Active 110 DOM
5. 2026-06-05
   days on market $159,000 Active 107 DOM
6. 2026-06-02
   days on market $159,000 Active 105 DOM
7. 2026-06-01
   days on market $159,000 Active 104 DOM
8. 2026-05-31
   days on market $159,000 Active 103 DOM
9. 2026-05-30
   days on market $159,000 Active 102 DOM
10. 2026-03-11
    price $159,000
11. 2026-02-17
    listed $169,900 Active
12. 2020-12-29
    soldstatus $65,000 Closed Sale or Rented
13. 2020-12-29
    listed $65,000 Active
14. 2020-11-24
    soldstatus $65,000
15. 2018-03-01
    soldstatus $60,000
16. 2015-06-10
    historical
17. 2015-06-05
    soldstatus $28,000
18. 2015-06-05
    soldstatus $28,000
19. 2014-01-07
    listed $35,000
20. 2011-09-28
    listed $60,000
21. 2009-10-30
    soldstatus $45,000
22. 2001-07-31
    soldstatus $63,000

ⓘ 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: $1,284 · $107/mo
• Projected year-2 tax: $1,986 · $165/mo
• Expected delta: +$701/yr (+$58/mo · 54.6%)

ⓘ 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: $26,666
• − Mortgage interest: −$8,906
• − Property taxes: −$1,284
• − Insurance: −$795
• − Repairs & maintenance: −$2,133
• − Management: −$2,133
• − Depreciation: −$4,625
• Taxable income: $6,788
• Est. tax owed @ 24.0%: −$1,629
• After-tax cash flow: $7,352/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

+152.4% since first listed

13 events — show timeline

• 2026-03-11 Price Changed $159,000 CNYIS
• 2026-02-17 Listed $169,900 CNYIS
• 2020-12-29 Listed $65,000 CNYIS
• 2020-12-29 Sold (MLS) $65,000 CNYIS
• 2020-11-24 Sold (Public Records) $65,000 Public Records
• 2018-03-01 Sold (Public Records) $60,000 Public Records
• 2015-06-10 Listing Removed — CNYIS
• 2015-06-05 Sold (Public Records) $28,000 Public Records
• 2015-06-05 Sold (MLS) $28,000 CNYIS
• 2014-01-07 Listed $35,000 CNYIS
• 2011-09-28 Listed $60,000 CNYIS
• 2009-10-30 Sold (Public Records) $45,000 Public Records
• 2001-07-31 Sold (Public Records) $63,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $1,284 · +0.0% YoY. Source: county tax records.