402 W Yates St · East Syracuse, NY 13057

$145,000

5 bd · 2.0 ba · 2,591 sqft · MultiFamily public records · 563 Days on market

Built 1925 9,583 sqft lot Est $225k · 36% under ↓ 32% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.5/5.0
• Schools +4.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

This is a package deal to be sold with 313 Garden City Dr. in Mattydale for $290,000. 2-family in the village of East Syracuse. Each has 3-bedroom, 1 full bath if both side has been remodeled. There have upside growth potential in rental incomes. There are also 2-car garage. Property has tons of potentials. Separate utilities and ready for new owner.

Key facts

• 9,583 sq ft lot
• 2 garage spots
• Built 1925

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.5% vs local median 6.9% in East 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 90/100 on livability (#4 in NY, #81 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+.
• East Syracuse Minoa Central School District (rural): math 46% / reading 53% proficiency, ranked #379 of 590 in NY (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 58 active listings in the ZIP; solid renter incomes; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $4,571/mo this rent would consume 68% of the median local household income ($81k/yr) (locally 250% 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 $1k of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 563 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $122k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.9% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 563 days. Have you received any prior offers? Is the seller open to a 12% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 3.15% ✓
• Cap rate: 24.46%
• Cash-on-cash: 64.89%
• DSCR: 3.89
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $225,417
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 N Center St	0.38mi	4/2.5 (-1)	2,738 (+6%)	0mo	$239,000	$87	65
307 Highland Ave	0.07mi	6/2.0 (+1)	2,356 (-9%)	18mo	$210,000	$89	61
201 E Ellis St	0.50mi	5/2.0	2,384 (-8%)	23mo	$164,945	$69	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 64.1%
• Equity multiple: 3.87×
• Total profit: $116,661
• Equity at exit: $21,620

10-year hold

• IRR: 68.5%
• Equity multiple: 7.97×
• Total profit: $282,958
• Equity at exit: $12,537

Cash invested: $40,600 (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 13057

• Home prices YoY: -11.1%
• Active inventory: 58
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $4,571 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$595 /mo · $7,137/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$960
• Net cashflow: $2,196

Break-even live

Break-even rent $1,792

Max offer price $145,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,570
Total (2 units)			$4,571

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2025-12-09
   status Pending
2. 2025-12-01
   historical Active Under Contract
3. 2025-09-21
   status Active
4. 2025-09-09
   historical
5. 2025-06-11
   price $145,000
6. 2025-02-12
   status Active
7. 2024-12-13
   status Pending
8. 2024-09-06
   historical Active Under Contract
9. 2024-03-13
   listed $165,000 Active
10. 2021-12-27
    soldstatus $122,000
11. 2019-07-11
    soldstatus $213,187

ⓘ 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: $7,137 · $595/mo
• Projected year-2 tax: $7,137 · $595/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 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: $54,852
• − Mortgage interest: −$8,122
• − Property taxes: −$7,137
• − Insurance: −$725
• − Repairs & maintenance: −$4,388
• − Management: −$4,388
• − Depreciation: −$4,218
• Taxable income: $25,873
• Est. tax owed @ 24.0%: −$6,210
• After-tax cash flow: $20,137/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: East Syracuse Minoa Central School District
• NCES district ID: 3609990
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 53% ▲ 9.00%
• Median HH income: $55,801
• Composite: 42.9/100
• National rank: #3122
• State rank: #379 of 590 in NY

Livability — East Syracuse

• Score: 90/100
• State rank: #4
• US rank: #81

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime A- Employment C Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Syracuse, NY
• County: Onondaga County · 247,257 people
• City population: 14,253
• Metro: Syracuse, NY
• Population (ZIP): 14,253
• Household income: $80,900
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 250.0

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: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 3% Asian 2% Black 2%
• Common ancestry: Romanian 5% Lithuanian 4% American 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Russian/Polish/Slavic 3% Spanish 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: ▼ -39.50%
• Current HPI: 316.8595
• 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

-32.0% since first listed

11 events — show timeline

• 2025-12-09 Pending — CNYIS
• 2025-12-01 Contingent — CNYIS
• 2025-09-21 Relisted — CNYIS
• 2025-09-09 Listing Removed — CNYIS
• 2025-06-11 Price Changed $145,000 CNYIS
• 2025-02-12 Relisted — CNYIS
• 2024-12-13 Pending — CNYIS
• 2024-09-06 Contingent — CNYIS
• 2024-03-13 Listed $165,000 CNYIS
• 2021-12-27 Sold (Public Records) $122,000 Public Records
• 2019-07-11 Sold (Public Records) $213,187 Public Records

Property tax history

+8.9%/yr

Latest (2025): $7,137 · +15.7% YoY. Source: county tax records.