119 S Carbon St · Syracuse, NY 13203

$170,000

6 bd · 2.0 ba · 2,688 sqft · MultiFamily public records · 12 Days on market

Built 1900 6,336 sqft lot $63/sqft · at area comps Est $174k · at est.

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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
• 1% rule +8.6/10.0
• ARV discount +8.5/15.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Welcome to 119 South Carbon Street in Syracuse! This inviting home offers a bright, functional layout with spacious living areas and generously sized bedrooms. Enjoy a well-appointed kitchen, natural light throughout, and a comfortable flow perfect for everyday living. Conveniently located near downtown, shopping, and major highways, this property is ideal for first-time buyers or investors alike. Don’t miss this great opportunity!

Key facts

• 6,336 sq ft lot
• Built 1900
• Listed 12 days

Property features AI

Finance

• Financial info: Property operates as a 2-unit building with separate gas and electric meters for each unit; Operating expenses include insurance, maintenance, rent administration, and water/sewer; Owner pays trash collection; tenants pay all utilities

Exterior

• Parking: Paved parking
• Utilities: Public water connected; Sewer connected
• Home design: 2-story building; Aluminum siding; Resale property; Rectangular residential lot with city street frontage (approx. 42 x 148)
• Construction: Block foundation; Existing construction
• Exterior features: Open porch

Interior

• Flooring: Carpet; Hardwood; Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Carpet and hardwood flooring (varies)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $765 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 11.7% 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 (+8.4%/yr); 55 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $2,317/mo this rent would consume 59% of the median local household income ($47k/yr) (locally 1566% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $50k; list at $170k implies a 243% 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 $170,000

Questions for the listing agent

1. Built in 1900 — 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 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: 1.36% ✓
• Cap rate: 11.69%
• Cash-on-cash: 19.29%
• DSCR: 1.86
• GRM: 6.1

CMA / ARV

• ARV (median comp): $173,735
• List price: $170,000
• Delta: -2.15%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Helen St	0.37mi	6/2.0	2,687 (-0%)	8mo	$217,150	$81	76
109 Spring St	0.12mi	6/2.0	2,436 (-9%)	13mo	$167,500	$69	68
613-615 Highland St	0.16mi	6/2.0	2,316 (-14%)	2mo	$140,000	$60	68
307 Graves St	0.27mi	6/2.0	2,448 (-9%)	7mo	$175,000	$71	66
115 John St	0.38mi	5/2.0 (-1)	2,516 (-6%)	5mo	$120,000	$48	62
218 Seward St	0.28mi	6/2.0	2,442 (-9%)	12mo	$55,000	$23	62
1403 Oak St #5	0.55mi	6/2.0	2,808 (+4%)	6mo	$220,000	$78	62
1356 Oak St	0.55mi	6/2.0	2,772 (+3%)	10mo	$212,000	$76	61
1354 Oak St	0.54mi	5/2.0 (-1)	2,625 (-2%)	11mo	$185,000	$70	57
—	0.56mi	6/2.0	2,550 (-5%)	11mo	$190,000	$75	56
2228 - 30 Grant Blvd #30	0.66mi	6/2.0	2,444 (-9%)	9mo	$222,000	$91	47
2023 Lodi St	0.65mi	6/2.0	2,300 (-14%)	8mo	$125,000	$54	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 16.5%
• Equity multiple: 1.70×
• Total profit: $33,403
• Equity at exit: $25,348

10-year hold

• IRR: 28.3%
• Equity multiple: 4.10×
• Total profit: $147,438
• Equity at exit: $14,698

Cash invested: $47,600 (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 13203

• Home prices YoY: -11.9%
• Rents YoY: 8.4%
• Active inventory: 55
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,317 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$103 /mo · $1,231/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $765

Break-even live

Break-even rent $1,348

Max offer price $170,000

Occupancy floor 62%

Sensitivity live

Price	-10% $861	-5% $813	+0% $765	+5% $717	+10% $669
Rent	-10% $582	-5% $674	+0% $765	+5% $857	+10% $948
Rate	-1.0pp $851	-0.5pp $808	base $765	+0.5pp $721	+1.0pp $676

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: $42,500
• Closing costs: $5,100
• 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	22d	1	0.60mi

Listing history 4 events

1. 2026-05-13
   status Pending 441-char remark
2. 2026-05-01
   listed $170,000 Active 441-char remark
3. 1997-12-08
   soldstatus $49,600
4. 1997-08-01
   soldstatus $52,900

ⓘ 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: $1,231 · $103/mo
• Projected year-2 tax: $2,052 · $171/mo
• Expected delta: +$821/yr (+$68/mo · 66.7%)

ⓘ 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 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: $27,801
• − Mortgage interest: −$9,523
• − Property taxes: −$1,231
• − Insurance: −$850
• − Repairs & maintenance: −$2,224
• − Management: −$2,224
• − Depreciation: −$4,945
• Taxable income: $6,803
• Est. tax owed @ 24.0%: −$1,633
• After-tax cash flow: $7,550/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): 16,180
• Household income: $46,997
• Rent vs Own: 63.8% rent · 36.2% own
• Severe rent burden: 1566.0

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 0.67)
• Race & ethnicity: White 52% Black 22% Hispanic / Latino 11% Two or more races 9% Asian 7%
• Hispanic origin (detail): Puerto Rican 6% Cuban 2%
• Common ancestry: Romanian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 13% · Canada, India, Philippines
• Languages at home: 81% English-only · Spanish 6% Other Indo-European 3% Other Asian/Pacific 3%

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: ▼ -35.69%
• Current HPI: 263.2588
• Rent YoY: ▲ 8.39%
• 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

+221.4% since first listed

4 events — show timeline

• 2026-05-13 Pending — CNYIS
• 2026-05-01 Listed $170,000 CNYIS
• 1997-12-08 Sold (Public Records) $49,600 Public Records
• 1997-08-01 Sold (Public Records) $52,900 Public Records

Property tax history

-0.0%/yr

Latest (2025): $1,231 · +0.9% YoY. Source: county tax records.