240 Kirk Ave #44 · Syracuse, NY 13205

$335,000

36 bd · None ba · 7,488 sqft · MultiFamily public records · 81 Days on market

Built 1965 9,240 sqft lot $45/sqft · 37% above area Est $244k · 37% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

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

Investors, this is a true value-add opportunity in Syracuse with a clear path to profit. This 7,500 sq ft, 6-unit property features six 2-bedroom, 1-bath apartments and has already seen significant capital improvements, including updated electrical and plumbing systems. The heavy lifting has been done. What remains is the interior build-out and final finishes, including interior completion, giving the next owner the ability to step in and drive the final phase of the project. Each unit offers a strong 2-bedroom layout in a market with consistent rental demand. Utilities are separately metered, including water, helping to control operating expenses. Laundry hookups are already in place, creating additional income potential. Projected six-figure gross rental income annually at stabilization. This is a project with a defined scope and a clear path to value for an investor willing to execute.

Key facts

• Interior build-out
• Final finishes
• Capital improvements

Tags

• VALUE-ADD OPPORTUNITY
• CAPITAL IMPROVEMENTS
• UPDATED ELECTRICAL SYSTEMS
• UPDATED PLUMBING SYSTEMS
• INTERIOR BUILD-OUT
• FINAL FINISHES

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1-bath units multifamily listed at $335k.

Deal economics

• At list price, monthly cash flow is $7k ($81k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $335k).
• Recommended offer: $315k (6.0% below list) — sets the bar for market timing.
• Cap rate 30.6% 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: 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: 68 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 $36k of equity ($2k loan paydown + $34k 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 + 3.0% rent growth), your $94k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 8 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 $75k; list at $335k implies a 347% gain — meaningful room to come down on a strong offer.

Recommended offer $314,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 3.36% ✓
• Cap rate: 30.58%
• Cash-on-cash: 86.76%
• DSCR: 4.86
• GRM: 2.5

CMA / ARV

• ARV (median comp): $243,735
• List price: $335,000
• Delta: 37.44%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 96.1%
• Equity multiple: 7.55×
• Total profit: $614,409
• Equity at exit: $301,795

10-year hold

• IRR: 91.2%
• Equity multiple: 16.67×
• Total profit: $1,469,770
• Equity at exit: $650,831

Cash invested: $93,800 (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 13205

• Home prices YoY: 3.0%
• Active inventory: 68
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $11,258 high
• Mortgage (P&I): −$1,757
• Tax from tax record: −$216 /mo · $2,592/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,364
• Net cashflow: $6,781

Break-even live

Break-even rent $2,674

Max offer price $335,000

Occupancy floor 35%

Sensitivity live

Price	-10% $6,971	-5% $6,876	+0% $6,781	+5% $6,687	+10% $6,592
Rent	-10% $5,892	-5% $6,337	+0% $6,781	+5% $7,226	+10% $7,671
Rate	-1.0pp $6,950	-0.5pp $6,867	base $6,781	+0.5pp $6,695	+1.0pp $6,606

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$11,256
Total (6 units)			$11,258

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $335,000 Active 81 DOM
2. 2026-06-18
   days on market $335,000 Active 78 DOM
3. 2026-06-17
   days on market $335,000 Active 77 DOM
4. 2026-06-16
   days on market $335,000 Active 76 DOM
5. 2026-06-15
   days on market $335,000 Active 75 DOM
6. 2026-06-14
   days on market $335,000 Active 73 DOM
7. 2026-06-13
   days on market $335,000 Active 72 DOM
8. 2026-06-10
   days on market $335,000 Active 70 DOM
9. 2026-06-09
   days on market $335,000 Active 69 DOM
10. 2026-06-08
    days on market $335,000 Active 68 DOM
11. 2026-06-07
    days on market $335,000 Active 67 DOM
12. 2026-06-05
    days on market $335,000 Active 64 DOM
13. 2026-06-02
    days on market $335,000 Active 62 DOM
14. 2026-06-01
    days on market $335,000 Active 61 DOM
15. 2026-05-31
    days on market $335,000 Active 60 DOM
16. 2026-05-30
    days on market $335,000 Active 59 DOM
17. 2026-05-12
    price $335,000 901-char remark

    Show marketing remark (901 chars)

    Investors, this is a true value-add opportunity in Syracuse with a clear path to profit. This 7,500 sq ft, 6-unit property features six 2-bedroom, 1-bath apartments and has already seen significant capital improvements, including updated electrical and plumbing systems. The heavy lifting has been done. What remains is the interior build-out and final finishes, including interior completion, giving the next owner the ability to step in and drive the final phase of the project. Each unit offers a strong 2-bedroom layout in a market with consistent rental demand. Utilities are separately metered, including water, helping to control operating expenses. Laundry hookups are already in place, creating additional income potential. Projected six-figure gross rental income annually at stabilization. This is a project with a defined scope and a clear path to value for an investor willing to execute.

18. 2026-04-01
    listed $350,000 Active 901-char remark

    Show marketing remark (901 chars)

    Investors, this is a true value-add opportunity in Syracuse with a clear path to profit. This 7,500 sq ft, 6-unit property features six 2-bedroom, 1-bath apartments and has already seen significant capital improvements, including updated electrical and plumbing systems. The heavy lifting has been done. What remains is the interior build-out and final finishes, including interior completion, giving the next owner the ability to step in and drive the final phase of the project. Each unit offers a strong 2-bedroom layout in a market with consistent rental demand. Utilities are separately metered, including water, helping to control operating expenses. Laundry hookups are already in place, creating additional income potential. Projected six-figure gross rental income annually at stabilization. This is a project with a defined scope and a clear path to value for an investor willing to execute.

19. 2025-06-30
    historical
20. 2025-05-23
    price $380,000
21. 2025-02-26
    listed $400,000 Active
22. 2022-11-08
    soldstatus $75,000
23. 2020-10-13
    soldstatus $35,000 Closed Sale or Rented
24. 2020-06-10
    status Under Contract- Do Not Show
25. 2020-05-26
    listed $62,000 Active
26. 2020-03-18
    historical
27. 2020-01-03
    price $65,000
28. 2019-12-26
    price $66,500
29. 2019-12-19
    price $68,000
30. 2019-12-11
    price $69,500
31. 2019-12-04
    price $71,000
32. 2019-11-20
    status Active
33. 2019-09-12
    status Pending Sale
34. 2019-09-11
    status Under Contract- Do Not Show
35. 2019-09-11
    status Active
36. 2019-08-30
    historical Continue to Show- Under Contract
37. 2019-08-28
    price $72,500
38. 2019-07-26
    price $74,900
39. 2019-06-13
    price $79,900
40. 2019-05-17
    price $84,900
41. 2019-04-22
    price $89,900
42. 2019-04-16
    price $92,500
43. 2019-04-12
    price $94,900
44. 2019-04-04
    price $97,500
45. 2019-02-26
    listed $99,900 Active
46. 2017-03-29
    soldstatus $20,000 Closed Sale or Rented
47. 2017-02-13
    historical Under Contract- Do Not Show
48. 2017-01-13
    price $30,000
49. 2016-12-01
    listed $39,900 Active
50. 2011-05-24
    listed $34,500

ⓘ 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: $2,592 · $216/mo
• Projected year-2 tax: $4,127 · $344/mo
• Expected delta: +$1,535/yr (+$128/mo · 59.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $135,096
• − Mortgage interest: −$18,765
• − Property taxes: −$2,592
• − Insurance: −$1,675
• − Repairs & maintenance: −$10,808
• − Management: −$10,808
• − Depreciation: −$9,745
• Taxable income: $80,703
• Est. tax owed @ 24.0%: −$19,369
• After-tax cash flow: $62,009/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
• City population: 152,627
• Population (ZIP): 18,562

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: Black 44% White 37% Two or more races 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 2% Italian 2% Swiss 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 5% Arabic 1% Other Indo-European 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: ▲ 10.12%
• Current HPI: 345.8854
• 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

+871.0% since first listed

34 events — show timeline

• 2026-05-12 Price Changed $335,000 CNYIS
• 2026-04-01 Listed $350,000 CNYIS
• 2025-06-30 Listing Removed — CNYIS
• 2025-05-23 Price Changed $380,000 CNYIS
• 2025-02-26 Listed $400,000 CNYIS
• 2022-11-08 Sold (Public Records) $75,000 Public Records
• 2020-10-13 Sold (MLS) $35,000 CNYIS
• 2020-06-10 Pending — CNYIS
• 2020-05-26 Listed $62,000 CNYIS
• 2020-03-18 Listing Removed — CNYIS
• 2020-01-03 Price Changed $65,000 CNYIS
• 2019-12-26 Price Changed $66,500 CNYIS
• 2019-12-19 Price Changed $68,000 CNYIS
• 2019-12-11 Price Changed $69,500 CNYIS
• 2019-12-04 Price Changed $71,000 CNYIS
• 2019-11-20 Relisted — CNYIS
• 2019-09-12 Pending — CNYIS
• 2019-09-11 Pending — CNYIS
• 2019-09-11 Relisted — CNYIS
• 2019-08-30 Contingent — CNYIS
• 2019-08-28 Price Changed $72,500 CNYIS
• 2019-07-26 Price Changed $74,900 CNYIS
• 2019-06-13 Price Changed $79,900 CNYIS
• 2019-05-17 Price Changed $84,900 CNYIS
• 2019-04-22 Price Changed $89,900 CNYIS
• 2019-04-16 Price Changed $92,500 CNYIS
• 2019-04-12 Price Changed $94,900 CNYIS
• 2019-04-04 Price Changed $97,500 CNYIS
• 2019-02-26 Listed $99,900 CNYIS
• 2017-03-29 Sold (MLS) $20,000 CNYIS
• 2017-02-13 Contingent — CNYIS
• 2017-01-13 Price Changed $30,000 CNYIS
• 2016-12-01 Listed $39,900 CNYIS
• 2011-05-24 Listed $34,500 CNYIS

Property tax history

+1.3%/yr

Latest (2025): $2,592 · +0.0% YoY. Source: county tax records.