313 Herkimer St · Syracuse, NY 13204

$245,000

6 bd · 2.0 ba · 2,994 sqft · MultiFamily public records · 5 Days on market

Built 1888 6,707 sqft lot Est $207k · 19% over

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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
• Appreciation +10.0/10.0
• 1% rule +9.6/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Extremely well-maintained 2-family home perfect for an owner-occupant or investor! Each spacious unit features 3 bedrooms, a bright living room, formal dining room, and a functional kitchen, along with enclosed porches for added living space! Beautiful hardwood floors run throughout both units, adding warmth and character. This property also offers a clean, dry basement with durable block windows, and an efficient and well-maintained boiler system! Separate utilities provide convenience and flexibility! Outside, you’ll find a large 3-car garage and an expansive driveway, offering ample parking and storage! Conveniently located near Tipperary Hill pubs, downtown Syracuse, major highway

Key facts

• Enclosed porches
• Separate utilities
• Boiler system

Tags

• ENCLOSED PORCHES
• HARDWOOD FLOORS
• CLEAN DRY BASEMENT
• BLOCK WINDOWS
• BOILER SYSTEM
• SEPARATE UTILITIES

Property features AI

Finance

• Financial info: Two total units with separate gas and electric meters; One unit currently rented for $1,000/month (lease through March 31, 2027); Operating expenses include maintenance; Owner pays snow removal and trash collection; rent includes snow removal and trash collection

Exterior

• Parking: Attached or detached 3-car garage; Paved parking with two or more spaces
• Utilities: Public water (connected); Sewer connected
• Home design: Two-story multi-family building; Resale property
• Construction: Built previously (existing structure); Construction details: see remarks
• Exterior features: Rectangular residential lot (approx. 44 x 150); City street frontage

Interior

• Kitchen: Oven/Range; Refrigerator; Microwave (in one unit)
• Bedrooms: Two 3-bedroom units (each unit with 3 bedrooms)
• Flooring: Hardwood; Varies
• Bathrooms: Each unit has 1 full bathroom (total 2 full bathrooms in building)
• Heating & cooling: Gas hot water heating
• Interior features: Enclosed porch; Porch; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $647/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $245k).
• Cap rate 12.6% 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: 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.
• Market conditions: Rents rising fast (+8.2%/yr); 121 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 $26k of equity ($2k loan paydown + $24k 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 $69k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $143k; list at $245k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $245,000

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 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.46% ✓
• Cap rate: 12.63%
• Cash-on-cash: 22.64%
• DSCR: 2.01
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $206,586
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
313 Herkimer St	0.00mi	6/2.0	2,994 (0%)	1mo	$280,000	$94	99
806 Avery Ave	0.16mi	6/2.0	2,932 (-2%)	19mo	$171,000	$58	74
218-20 Avery Ave	0.41mi	6/2.0	2,784 (-7%)	10mo	$341,000	$122	61
602 Tompkins St	0.54mi	6/2.0	2,624 (-12%)	3mo	$265,000	$101	52
948 Emerson Ave	0.48mi	7/3.0 (+1)	3,088 (+3%)	22mo	$180,000	$58	45
129 Tennyson Ave	0.70mi	5/3.0 (-1)	3,064 (+2%)	13mo	$210,000	$69	44
300 Whittier Ave	0.72mi	6/3.0	3,084 (+3%)	18mo	$150,000	$49	43
137-39 Bryant Ave	0.75mi	5/2.0 (-1)	2,690 (-10%)	16mo	$270,000	$100	29
911 Park Ave	0.74mi	5/2.0 (-1)	2,608 (-13%)	14mo	$165,000	$63	27

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: 43.9%
• Equity multiple: 4.42×
• Total profit: $234,739
• Equity at exit: $220,715

10-year hold

• IRR: 39.9%
• Equity multiple: 10.81×
• Total profit: $673,267
• Equity at exit: $475,981

Cash invested: $68,600 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 121
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $3,582 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$149 /mo · $1,786/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$752
• Net cashflow: $1,294

Break-even live

Break-even rent $1,944

Max offer price $245,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,433	-5% $1,363	+0% $1,294	+5% $1,225	+10% $1,155
Rent	-10% $1,011	-5% $1,153	+0% $1,294	+5% $1,436	+10% $1,577
Rate	-1.0pp $1,417	-0.5pp $1,356	base $1,294	+0.5pp $1,231	+1.0pp $1,166

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,582
Total (2 units)			$3,582

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-13
   status Pending
2. 2026-04-08
   listed $245,000 Active
3. 2018-12-11
   soldstatus $142,554

ⓘ 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: $1,786 · $149/mo
• Projected year-2 tax: $2,963 · $247/mo
• Expected delta: +$1,177/yr (+$98/mo · 65.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% 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: $42,984
• − Mortgage interest: −$13,724
• − Property taxes: −$1,786
• − Insurance: −$1,225
• − Repairs & maintenance: −$3,439
• − Management: −$3,439
• − Depreciation: −$7,127
• Taxable income: $12,244
• Est. tax owed @ 24.0%: −$2,939
• After-tax cash flow: $12,590/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

+71.9% since first listed

3 events — show timeline

• 2026-04-13 Pending — CNYIS
• 2026-04-08 Listed $245,000 CNYIS
• 2018-12-11 Sold (Public Records) $142,554 Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,786 · +0.0% YoY. Source: county tax records.