352 W Onondaga St · Syracuse, NY 13202

$129,000

64 bd · None ba · 9,000 sqft · MultiFamily public records · 11 Days on market

Built 1970 8,323 sqft lot

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Why this score? — see what drove the D+ 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
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 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

8 unit building plus adjacent vacant lot. Needs total rehab, tenants are being evicted (eviction letter served). Allow only one day showing on Friday 5/29 from 4 p. m. - 6 p. m. BEST and FINAL offer deadline set for 6/1/2026 at noon.

Key facts

• 8,323 sq ft lot
• Parking
• Built 1970

Property features AI

Finance

• Financial info: 8 total units; Owner pays: snow removal and trash collection (plus other/see remarks); Rent includes: snow removal and trash collection (see remarks)

Exterior

• Parking: One off-street parking space (no garage)
• Utilities: Public water connected; Sewer connected
• Home design: 3-story building; Existing year built; Resale fixer property
• Construction: Construction details: see remarks
• Exterior features: Blacktop driveway; Rectangular residential lot with ~50 x 166 dimensions; City street frontage

Interior

• Heating & cooling: Gas heating; Heating present
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $10k ($126k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $129k).
• Cap rate 103.8% 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: 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: 6 active listings in the ZIP; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $14,660/mo this rent would consume 652% of the median local household income ($27k/yr) (locally 821% 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 $4k of equity ($892 loan paydown + $3k appreciation (2.2% 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 (2.2% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price.

Recommended offer $129,000

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 1970 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 11.36% ✓
• Cap rate: 103.79%
• Cash-on-cash: 348.22%
• DSCR: 16.49
• GRM: 0.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 19.78×
• Total profit: $678,207
• Equity at exit: $52,422

10-year hold

• IRR: —
• Equity multiple: 42.14×
• Total profit: $1,486,027
• Equity at exit: $76,691

Cash invested: $36,120 (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 13202

• Home prices YoY: 1.2%
• Active inventory: 6
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $14,660 high
• Mortgage (P&I): −$676
• Tax from tax record: −$370 /mo · $4,437/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,079
• Net cashflow: $10,481

Break-even live

Break-even rent $1,392

Max offer price $129,000

Occupancy floor 24%

Sensitivity live

Price	-10% $10,554	-5% $10,518	+0% $10,481	+5% $10,445	+10% $10,408
Rent	-10% $9,323	-5% $9,902	+0% $10,481	+5% $11,060	+10% $11,640
Rate	-1.0pp $10,546	-0.5pp $10,514	base $10,481	+0.5pp $10,448	+1.0pp $10,414

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$14,656
Total (8 units)			$14,660

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-09
   status $129,000 Pending 11 DOM
2. 2026-06-08
   days on market $129,000 Active 11 DOM
3. 2026-06-07
   days on market $129,000 Active 10 DOM
4. 2026-06-05
   days on market $129,000 Active 7 DOM
5. 2026-06-02
   days on market $129,000 Active 5 DOM
6. 2026-06-01
   days on market $129,000 Active 4 DOM
7. 2026-05-31
   days on market $129,000 Active 3 DOM
8. 2026-05-30
   days on market $129,000 Active 2 DOM
9. 2026-05-28
   listed $129,000 Active

ⓘ 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: $4,437 · $370/mo
• Projected year-2 tax: $4,437 · $370/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 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
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $175,920
• − Mortgage interest: −$7,226
• − Property taxes: −$4,437
• − Insurance: −$645
• − Repairs & maintenance: −$14,074
• − Management: −$14,074
• − Depreciation: −$3,753
• Taxable income: $131,712
• Est. tax owed @ 24.0%: −$31,611
• After-tax cash flow: $94,166/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): 7,098
• Household income: $27,000
• Rent vs Own: 91.0% rent · 9.0% own
• Severe rent burden: 821.0

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: Black 41% White 32% Hispanic / Latino 17% Two or more races 11% Asian 6% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 3%
• Common ancestry: Romanian 3% Iranian 1% Lithuanian 1%
• Foreign-born: 10% · Canada, South Korea, China
• Languages at home: 78% English-only · Spanish 13% Other Indo-European 2% Other Asian/Pacific 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: ▲ 2.22%
• Current HPI: 189.3977
• 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

1 event — show timeline

• 2026-05-28 Listed $129,000 CNYIS

Property tax history

+2.2%/yr

Latest (2025): $4,437 · +0.0% YoY. Source: county tax records.