111 Michaels Ave · Syracuse, NY 13208

$102,600

4 bd · 1.5 ba · 1,740 sqft · SingleFamily public records · 56 Days on market

Built 1910 6,000 sqft lot Est $188k · 45% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 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

Listing remarks

Spacious home located on the Northside of Syracuse. The first floor offers a bedroom, formal dining room, comfortable living room and a full bath. Upstairs, you'll find three additional bedrooms and a second full bath. A detached garage adds additional storage space and off street parking.

Key facts

• Formal dining room
• Off street parking
• Detached garage

Tags

• NORTHSIDE OF SYRACUSE
• FORMAL DINING ROOM
• COMFORTABLE LIVING ROOM
• DETACHED GARAGE
• OFF STREET PARKING

Property features AI

Exterior

• Parking: Detached garage; One garage space
• Utilities: Public water connected; Sewer connected
• Home design: Two-story existing home
• Construction: Aluminum siding; Block foundation
• Exterior features: Blacktop driveway; Rectangular residential lot with 40 x 150 dimensions; City street frontage

Interior

• Kitchen: Gas water heater (appliance listed)
• Bedrooms: One bedroom on the main level
• Flooring: Hardwood flooring; Laminate flooring; Varies by room
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Separate/formal dining room; Separate/formal living room

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $103k.

Deal economics

• At list price, monthly cash flow is $712 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• Recommended offer: $100k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: 100 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $1,764/mo this rent would consume 47% of the median local household income ($45k/yr) (locally 1437% 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 $11k of equity ($709 loan paydown + $10k 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 $29k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $103k implies a 105% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,522 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 14.62%
• Cash-on-cash: 29.74%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $187,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2723 Grant Blvd	0.29mi	4/3.0	1,680 (-3%)	2mo	$310,000	$185	73
144 Kuhl Ave	0.32mi	4/2.0	1,680 (-3%)	7mo	$265,000	$158	72
1100 Wadsworth St	0.48mi	4/3.0	1,724 (-1%)	2mo	$199,900	$116	69
212 Hood Ave	0.18mi	4/1.5	1,540 (-12%)	5mo	$160,000	$104	68
110 Spring Ln	0.53mi	4/1.5	1,830 (+5%)	3mo	$140,000	$77	64
125 Cadillac St	0.20mi	3/1.5 (-1)	1,528 (-12%)	3mo	$165,000	$108	63
226 Burdick Ave	0.30mi	3/1.0 (-1)	1,548 (-11%)	0mo	$161,400	$104	60
154 Maplehurst Ave	0.62mi	3/2.0 (-1)	1,800 (+3%)	3mo	$241,000	$134	56
810 Turtle St	0.32mi	3/2.0 (-1)	1,968 (+13%)	3mo	$207,500	$105	53
104 Westview Ave	0.63mi	3/1.5 (-1)	1,618 (-7%)	3mo	$189,000	$117	51
110 Lacy Pl	0.69mi	3/1.0 (-1)	1,608 (-8%)	3mo	$138,500	$86	46
809 E Division St	0.66mi	3/3.0 (-1)	1,884 (+8%)	4mo	$160,000	$85	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.9%
• Equity multiple: 4.52×
• Total profit: $101,234
• Equity at exit: $92,430

10-year hold

• IRR: 40.7%
• Equity multiple: 10.14×
• Total profit: $262,476
• Equity at exit: $199,329

Cash invested: $28,728 (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 13208

• Home prices YoY: 8.4%
• Active inventory: 100
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,764 high
• Mortgage (P&I): −$538
• Tax from tax record: −$100 /mo · $1,205/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $712

Break-even live

Break-even rent $862

Max offer price $102,600

Occupancy floor 55%

Sensitivity live

Price	-10% $770	-5% $741	+0% $712	+5% $683	+10% $654
Rent	-10% $573	-5% $642	+0% $712	+5% $782	+10% $851
Rate	-1.0pp $764	-0.5pp $738	base $712	+0.5pp $685	+1.0pp $658

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: $25,650
• Closing costs: $3,078
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
286 Ross Park Syracuse, NY	3.0	1.0	1100	$1,500	$1.36	45d	1	0.14mi
126 Woodruff Ave Syracuse, NY	3.0	1.0	1200	$1,675	$1.40	45d	1	0.75mi
423 Wendell Ter Syracuse, NY	4.0	1.0	1312	$2,500	$1.91	14d	1	1.03mi
746 E Laurel St Unit 1 Syracuse, NY	4.0	2.0	1400	$1,500	$1.07	45d	1	1.07mi
106 Harrington St Syracuse, NY	3.0	1.0	1168	$1,875	$1.61	45d	1	1.17mi

Listing history 24 events

1. 2026-06-21
   days on market $102,600 Active 56 DOM
2. 2026-06-18
   days on market $102,600 Active 53 DOM
3. 2026-06-17
   days on market $102,600 Active 52 DOM
4. 2026-06-16
   days on market $102,600 Active 51 DOM
5. 2026-06-15
   days on market $102,600 Active 50 DOM
6. 2026-06-14
   days on market $102,600 Active 48 DOM
7. 2026-06-13
   days on market $102,600 Active 47 DOM
8. 2026-06-10
   days on market $102,600 Active 45 DOM
9. 2026-06-09
   days on market $102,600 Active 44 DOM
10. 2026-06-08
    days on market $102,600 Active 43 DOM
11. 2026-06-07
    days on market $102,600 Active 42 DOM
12. 2026-06-05
    days on market $102,600 Active 39 DOM
13. 2026-06-02
    days on market $102,600 Active 37 DOM
14. 2026-06-01
    days on market $102,600 Active 36 DOM
15. 2026-05-31
    days on market $102,600 Active 35 DOM
16. 2026-05-30
    days on market $102,600 Active 34 DOM
17. 2026-05-20
    status Active
18. 2026-05-20
    price $102,600
19. 2026-04-27
    status Pending
20. 2026-04-15
    historical Active Under Contract
21. 2026-04-03
    listed $108,000 Active
22. 2010-06-10
    soldstatus $50,000
23. 2007-02-08
    soldstatus $50,786
24. 1995-10-04
    soldstatus $63,000

ⓘ 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: $1,205 · $100/mo
• Projected year-2 tax: $1,469 · $122/mo
• Expected delta: +$264/yr (+$22/mo · 21.9%)

ⓘ 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: $21,162
• − Mortgage interest: −$5,747
• − Property taxes: −$1,205
• − Insurance: −$513
• − Repairs & maintenance: −$1,693
• − Management: −$1,693
• − Depreciation: −$2,985
• Taxable income: $7,326
• Est. tax owed @ 24.0%: −$1,758
• After-tax cash flow: $6,785/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): 22,993
• Household income: $44,712
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1437.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Black 24% Asian 14% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Swedish 3% Italian 1%
• Foreign-born: 22% · Vietnam, Philippines, Canada
• Languages at home: 70% English-only · Spanish 6% Other Asian/Pacific 5% Vietnamese 4%

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: ▲ 30.91%
• Current HPI: 399.3284
• Rent YoY: —
• 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

+62.9% since first listed

8 events — show timeline

• 2026-05-20 Relisted — CNYIS
• 2026-05-20 Price Changed $102,600 CNYIS
• 2026-04-27 Pending — CNYIS
• 2026-04-15 Contingent — CNYIS
• 2026-04-03 Listed $108,000 CNYIS
• 2010-06-10 Sold (Public Records) $50,000 Public Records
• 2007-02-08 Sold (Public Records) $50,786 Public Records
• 1995-10-04 Sold (Public Records) $63,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,205 · +0.0% YoY. Source: county tax records.