511 Dewitt St · Syracuse, NY 13203

$225,000

6 bd · 2.0 ba · 2,556 sqft · MultiFamily public records · 20 Days on market

Built 1920 4,600 sqft lot Est $179k · 26% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Welcome to 511 DeWitt Street in Syracuse, a two-family property offering strong investment potential and owner-occupancy flexibility. Each unit features 3 bedrooms and 1 full bathroom, with spacious layouts, hardwood floors, and plenty of natural light throughout. The first-floor unit is currently occupied with a month-to-month tenant, providing immediate rental income, while the second-floor unit is vacant and ready for an owner-occupant or new tenant. Both units also benefit from convenient back staircase access, adding functionality and privacy. Outside, the property offers off-street parking and is ideally located on the edge of the Sedgwick Farms neighborhood, close to local amenities,

Key facts

• Natural light
• Two-family property
• Hardwood floors

Tags

• TWO-FAMILY PROPERTY
• STRONG INVESTMENT POTENTIAL
• OWNER-OCCUPANCY FLEXIBILITY
• HARDWOOD FLOORS
• NATURAL LIGHT
• BACK STAIRCASE ACCESS

Property features AI

Finance

• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Two-unit property with separate gas and electric meters for each unit; Operating expenses include insurance, maintenance (structure and general), trash, and water/sewer; One unit currently rented month-to-month for $1,400

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electrical service
• Home design: Two-story multifamily property; Existing condition
• Construction: Composite siding; Asphalt shingle roof; Block and stone foundation; Copper and PEX plumbing
• Exterior features: Partial fencing; Open porch; Patio/porch; Near public transit; Rectangular residential lot with 40 x 115 dimensions

Interior

• Kitchen: Each unit includes an oven/range and refrigerator; Eat-in kitchen and formal dining room in each unit
• Bedrooms: Two separate 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Ceramic tile; Hardwood; Varies
• Bathrooms: Each unit has 1 full bathroom (two full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Ceramic tile and hardwood flooring; flooring varies by area
• 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 $225k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $701/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.8% 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 $3,554/mo this rent would consume 91% 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 $2k of loan paydown is wiped out by about $7k 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 $63k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $225k implies a 215% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,625 (1.5% below list)

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 1920 — 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: 1.58% ✓
• Cap rate: 13.77%
• Cash-on-cash: 26.69%
• DSCR: 2.19
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $178,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Helen St	0.09mi	6/2.0	2,687 (+5%)	8mo	$217,150	$81	80
307 Graves St	0.41mi	6/2.0	2,448 (-4%)	7mo	$175,000	$71	68
1354 Oak St	0.34mi	5/2.0 (-1)	2,625 (+3%)	11mo	$185,000	$70	66
1356 Oak St	0.35mi	6/2.0	2,772 (+8%)	10mo	$212,000	$76	61
613-615 Highland St	0.47mi	6/2.0	2,316 (-9%)	2mo	$140,000	$60	61
1403 Oak St #5	0.38mi	6/2.0	2,808 (+10%)	6mo	$220,000	$78	61
109 Spring St	0.50mi	6/2.0	2,436 (-5%)	13mo	$167,500	$69	58
218 Seward St	0.60mi	6/2.0	2,442 (-4%)	12mo	$55,000	$23	55
210 Delhi St	0.71mi	6/2.0	2,664 (+4%)	11mo	$165,000	$62	50
128 John St	0.75mi	5/2.0 (-1)	2,269 (-11%)	6mo	$129,000	$57	37
224 Seward St	0.58mi	6/2.0	2,188 (-14%)	16mo	$83,000	$38	36
354 Green St	0.64mi	7/3.0 (+1)	2,784 (+9%)	16mo	$260,000	$93	33

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: 25.8%
• Equity multiple: 2.14×
• Total profit: $71,526
• Equity at exit: $33,548

10-year hold

• IRR: 36.3%
• Equity multiple: 5.17×
• Total profit: $262,527
• Equity at exit: $19,454

Cash invested: $63,000 (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: 10.6×

Monthly cashflow live

• Estimated rent: $3,554 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$133 /mo · $1,594/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$746
• Net cashflow: $1,401

Break-even live

Break-even rent $1,780

Max offer price $225,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,554
Total (2 units)			$3,554

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: $56,250
• Closing costs: $6,750
• 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	21d	1	0.59mi

Listing history 6 events

1. 2026-04-24
   status Pending
2. 2026-04-13
   historical Active Under Contract
3. 2026-04-04
   listed $225,000 Active
4. 2008-08-28
   soldstatus $71,500
5. 2004-04-01
   soldstatus $70,000
6. 1996-03-25
   soldstatus $35,000

ⓘ 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: $1,594 · $133/mo
• Projected year-2 tax: $2,698 · $225/mo
• Expected delta: +$1,104/yr (+$92/mo · 69.3%)

ⓘ 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) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% 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: $42,648
• − Mortgage interest: −$12,603
• − Property taxes: −$1,594
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,412
• − Management: −$3,412
• − Depreciation: −$6,545
• Taxable income: $13,956
• Est. tax owed @ 24.0%: −$3,350
• After-tax cash flow: $13,464/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

+542.9% since first listed

6 events — show timeline

• 2026-04-24 Pending — CNYIS
• 2026-04-13 Contingent — CNYIS
• 2026-04-04 Listed $225,000 CNYIS
• 2008-08-28 Sold (Public Records) $71,500 Public Records
• 2004-04-01 Sold (Public Records) $70,000 Public Records
• 1996-03-25 Sold (Public Records) $35,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $1,594 · +0.0% YoY. Source: county tax records.