422 Elliott St

Syracuse, NY 13204

$135,400A

6 bd · 2.0 ba · 3,024 sqft · Built 1900 · MultiFamily · Pending · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,561/mo
• Mortgage (P&I): −$710
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$748
• Net cashflow: $1,895/mo
• Annual: $22,738/yr
• Cap rate: 23.58%
• Cash-on-cash: 61.73%
• DSCR: 3.75
• 1% rule: 2.63%
• Cash to close: $37,912

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $135k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $947/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $135k).
• It's been on market 43 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($936 loan paydown + $14k appreciation (10.0% local appreciation)).
• 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: 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.
• Zoned schools: Syracuse Latin School (math 31% / reading 62%, grade D-, #1,262 of 2,108 statewide, top 60%, 642 students, 42% FRL); Expeditionary Learning Middle School (math 17% / reading 32%, grade F, #611 of 729 statewide, top 88%, 170 students, 76% FRL); Institute of Technology At Syracuse Central (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 581 students, 68% FRL).
• Zoned-school proficiency averages 54% at this address vs 22% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Syracuse City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.2%/yr); 121 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).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $50k; list at $135k implies a 171% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?