1022 S Geddes St · Syracuse, NY 13204

$29,900

6 bd · 3.0 ba · 2,432 sqft · MultiFamily public records · 8 Days on market

Built 1940 3,153 sqft lot

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Why this score? — see what drove the C 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

GREAT INVESTOR OR OWNER OCCUPANT OPPORTUNITY. Fully occupied. One four bedroom and 2 one bedroom apartments. Full attic on third floor.

Key facts

• Off street parking
• Two family home
• 3,153 sq ft lot

Tags

• TWO FAMILY HOME
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $30k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $30k).
• Cap rate 119.2% 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 (+8.2%/yr); 119 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 $3,932/mo this rent would consume 104% of the median local household income ($45k/yr) (locally 2073% 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 $3k of equity ($207 loan paydown + $3k 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 + 8.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $17k; list at $30k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.9% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 13.15% ✓
• Cap rate: 119.22%
• Cash-on-cash: 403.33%
• DSCR: 18.95
• GRM: 0.6

CMA / ARV

• ARV (on-the-fly): $150,784
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Putnam St	0.20mi	6/2.0	2,362 (-3%)	6mo	$130,000	$55	77
431 Elliott St #33	0.26mi	6/3.0	2,325 (-4%)	5mo	$130,000	$56	77
214 Rowland St	0.11mi	7/2.0 (+1)	2,092 (-14%)	3mo	$180,000	$86	60
115 Rider Ave	0.55mi	5/2.0 (-1)	2,528 (+4%)	2mo	$157,000	$62	56
202 Slocum Ave	0.65mi	7/2.0 (+1)	2,362 (-3%)	0mo	$65,000	$28	55
164 Hudson St #66	0.71mi	6/2.0	2,496 (+3%)	5mo	$90,250	$36	54
417 Roberts Ave #19	0.63mi	6/2.0	2,304 (-5%)	4mo	$252,550	$110	54
517 Stolp Ave #19	0.53mi	5/3.0 (-1)	2,224 (-9%)	8mo	$258,000	$116	49
107 Gordon Ave #9	0.61mi	6/2.0	2,700 (+11%)	2mo	$306,500	$114	47
312 Seymour St	0.72mi	5/2.0 (-1)	2,676 (+10%)	4mo	$60,000	$22	37
222 Rich St	0.66mi	6/2.0	2,112 (-13%)	9mo	$55,000	$26	36
315 Wolcott Ave	0.73mi	6/2.0	2,724 (+12%)	7mo	$265,000	$97	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 26.85×
• Total profit: $216,394
• Equity at exit: $26,936

10-year hold

• IRR: —
• Equity multiple: 66.46×
• Total profit: $548,010
• Equity at exit: $58,089

Cash invested: $8,372 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 119
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $3,932 high
• Mortgage (P&I): −$157
• Tax from tax record: −$123 /mo · $1,478/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$826
• Net cashflow: $2,814

Break-even live

Break-even rent $370

Max offer price $29,900

Occupancy floor 23%

Sensitivity live

Price	-10% $2,920	-5% $2,910	+0% $2,814	+5% $2,805	+10% $2,797
Rent	-10% $2,503	-5% $2,659	+0% $2,814	+5% $2,969	+10% $3,125
Rate	-1.0pp $2,829	-0.5pp $2,821	base $2,814	+0.5pp $2,806	+1.0pp $2,798

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.2	$3,932
Total (2 units)			$3,932

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
367 Furman St Unit 1 Syracuse, NY	5.0	1.0	3138	$1,800	$0.57	21d	1	1.08mi

Listing history 8 events

1. 2024-11-21
   status Pending
2. 2024-11-20
   historical Active Under Contract
3. 2024-11-13
   listed $29,900 Active
4. 2016-02-04
   soldstatus $17,000
5. 2015-04-06
   soldstatus $26,000
6. 2013-08-05
   soldstatus $24,000
7. 2013-07-31
   soldstatus $24,000 135-char remark

   Show marketing remark (135 chars)

   GREAT INVESTOR OR OWNER OCCUPANT OPPORTUNITY. Fully occupied. One four bedroom and 2 one bedroom apartments. Full attic on third floor.

8. 2011-09-06
   listed $28,000 135-char remark

   Show marketing remark (135 chars)

   GREAT INVESTOR OR OWNER OCCUPANT OPPORTUNITY. Fully occupied. One four bedroom and 2 one bedroom apartments. Full attic on third floor.

ⓘ 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: $1,478 · $123/mo
• Projected year-2 tax: $1,478 · $123/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 23% 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: $47,184
• − Mortgage interest: −$1,675
• − Property taxes: −$1,478
• − Insurance: −$150
• − Repairs & maintenance: −$3,775
• − Management: −$3,775
• − Depreciation: −$870
• Taxable income: $35,463
• Est. tax owed @ 24.0%: −$8,511
• After-tax cash flow: $25,256/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): 19,440
• Household income: $45,351
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 2073.0

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 0.68)
• Race & ethnicity: White 47% Black 26% Hispanic / Latino 17% Two or more races 13% Native American 1%
• Hispanic origin (detail): Puerto Rican 12% Cuban 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 11% Russian/Polish/Slavic 3% Arabic 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: ▲ 100.14%
• Current HPI: 416.7272
• Rent YoY: ▲ 8.24%
• 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

+6.8% since first listed

8 events — show timeline

• 2024-11-21 Pending — CNYIS
• 2024-11-20 Contingent — CNYIS
• 2024-11-13 Listed $29,900 CNYIS
• 2016-02-04 Sold (Public Records) $17,000 Public Records
• 2015-04-06 Sold (Public Records) $26,000 Public Records
• 2013-08-05 Sold (Public Records) $24,000 Public Records
• 2013-07-31 Sold (MLS) $24,000 CNYIS
• 2011-09-06 Listed $28,000 CNYIS

Property tax history

-1.3%/yr

Latest (2025): $1,478 · +0.0% YoY. Source: county tax records.