5 Elm St · Tully, NY 13159

$330,000

5 bd · None ba · 5,400 sqft · MultiFamily · 140 Days on market

Built 1930 Poor condition 4,356 sqft lot $61/sqft · 29% below area Est $462k · 29% under ↓ 6% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.3/10.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

5 apartments plus storefront in vibrant hamlet of Tully. Short drive to Syracuse and Cortland. Right off Interstate 81. Explore the possibilities!

Key facts

• 4,356 sq ft lot
• 3 parking spots
• Built 1930

Tags

• SHORT DRIVE TO SYRACUSE
• SHORT DRIVE TO CORTLAND
• RIGHT OFF INTERSTATE 81

What this means for you Summary

Snapshot

• This is a 5-bed/?-bath multifamily listed at $330k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $4k ($42k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $330k).
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.1% vs local median 1.7% in Tully — 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 63/100 on livability (#800 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: employment D, crime F, amenities F.
• Tully Central School District (rural): math 53% / reading 53% proficiency, ranked #308 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 18 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (2.7% 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 (2.7% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $290,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 2.23% ✓
• Cap rate: 19.11%
• Cash-on-cash: 45.79%
• DSCR: 3.04
• GRM: 3.7

CMA / ARV

• ARV (median comp): $461,893
• List price: $330,000
• Delta: -28.55%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

2.67% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.6%
• Equity multiple: 3.80×
• Total profit: $258,742
• Equity at exit: $142,328

10-year hold

• IRR: 50.6%
• Equity multiple: 7.64×
• Total profit: $613,746
• Equity at exit: $214,748

Cash invested: $92,400 (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 13159

• Home prices YoY: 0.9%
• Active inventory: 18
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $7,350 medium
• Mortgage (P&I): −$1,731
• Tax est. 1.5%: −$412 /mo · $4,950/yr
• Insurance: −$138
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,544
• Net cashflow: $3,526

Break-even live

Break-even rent $2,887

Max offer price $330,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$7,350
Total (5 units)			$7,350

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: $82,500
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $330,000 Active 140 DOM
2. 2026-06-18
   days on market $330,000 Active 139 DOM
3. 2026-06-17
   days on market $330,000 Active 138 DOM
4. 2026-06-16
   days on market $330,000 Active 137 DOM
5. 2026-06-15
   days on market $330,000 Active 136 DOM
6. 2026-06-14
   days on market $330,000 Active 134 DOM
7. 2026-06-12
   days on market $330,000 Active 133 DOM
8. 2026-06-09
   days on market $330,000 Active 130 DOM
9. 2026-06-08
   days on market $330,000 Active 129 DOM
10. 2026-06-07
    days on market $330,000 Active 128 DOM
11. 2026-06-05
    days on market $330,000 Active 125 DOM
12. 2026-06-03
    days on market $330,000 Active 124 DOM
13. 2026-06-02
    days on market $330,000 Active 123 DOM
14. 2026-06-01
    days on market $330,000 Active 122 DOM
15. 2026-05-31
    days on market $330,000 Active 121 DOM
16. 2026-05-30
    days on market $330,000 Active 120 DOM
17. 2026-03-23
    price $330,000 146-char remark

    Show marketing remark (146 chars)

    5 apartments plus storefront in vibrant hamlet of Tully. Short drive to Syracuse and Cortland. Right off Interstate 81. Explore the possibilities!

18. 2026-01-29
    listed $350,000 Active 146-char remark

    Show marketing remark (146 chars)

    5 apartments plus storefront in vibrant hamlet of Tully. Short drive to Syracuse and Cortland. Right off Interstate 81. Explore the possibilities!

ⓘ 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: $88,200
• − Mortgage interest: −$18,485
• − Property taxes: −$4,950
• − Insurance: −$1,650
• − Repairs & maintenance: −$7,056
• − Management: −$7,056
• − Depreciation: −$9,600
• Taxable income: $39,403
• Est. tax owed @ 24.0%: −$9,457
• After-tax cash flow: $32,855/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

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including exterior siding, roof, flooring, interior walls, and systems. Significant investment is needed to bring it up to a livable condition.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage, but snow suggests potential issues
• Major flooring — No visible flooring, but snow suggests potential issues
• Major interior walls/paint — No visible interior, but snow suggests potential issues
• Major systems — No visible systems, but snow suggests potential issues

Value-add opportunities

• Both exterior siding repair — Improves curb appeal and structural integrity
• Both roof repair — Prevents water damage and improves structural integrity
• Both flooring replacement — Enhances living space and improves safety
• Both interior wall and paint repair — Enhances living space and improves safety
• Both system upgrades — Improves energy efficiency and comfort

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage, but snow suggests potential issues	Major	$15,000–50,000
flooring · No visible flooring, but snow suggests potential issues	Major	$15,000–50,000
interior walls/paint · No visible interior, but snow suggests potential issues	Major	$15,000–50,000
systems · No visible systems, but snow suggests potential issues	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both exterior siding repair — Improves curb appeal and structural integrity ↑
• Both roof repair — Prevents water damage and improves structural integrity ↑
• Both flooring replacement — Enhances living space and improves safety ↑
• Both interior wall and paint repair — Enhances living space and improves safety ↑
• Both system upgrades — Improves energy efficiency and comfort ↑

ⓘ 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: Tully Central School District
• NCES district ID: 3629130
• Math proficiency: 53% ▼ -8.00%
• Reading proficiency: 53% ▲ 3.00%
• Median HH income: $67,026
• Composite: 46.91/100
• National rank: #2365
• State rank: #308 of 590 in NY

Livability — Tully

• Score: 63/100
• State rank: #800
• US rank: #15471

Category grades

Amenities F Commute F Cost of living A- Crime F Employment D Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tully, NY
• City population: 5,297
• Population (ZIP): 5,297

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: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Romanian 4% Iranian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 2.67%
• Current HPI: 293.4315
• Rent YoY: —
• Metro: —
• 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

-5.7% since first listed

2 events — show timeline

• 2026-03-23 Price Changed $330,000 CNYIS
• 2026-01-29 Listed $350,000 CNYIS