248 Rockland Ave #50 · Syracuse, NY 13207

$114,900

6 bd · 2.0 ba · 2,244 sqft · MultiFamily public records · 120 Days on market

Built 1910 4,356 sqft lot Est $126k · 9% under

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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 +11.4/15.0
• 1% rule +10.0/10.0
• DSCR +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
• 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

Final and Best Offers due Sunday 3/22 5:30 pm. Two family in good condition, with newer furnaces and water heaters. Each flat is 1100+ sq ft and has three bedrooms and 1 full bath. There are separate utilities for each unit. There is a full basement and a full walk-up attic. This would make a nice investment property, or you could occupy one apartment and rent the other to pay your mortgage. These are nice-sized units. The average rent for all bedrooms and all property types in 13207 is $1,395 Delayed showings and negotiations until December 17, 2025

Key facts

• Separate utilities
• Newer water heaters
• Newer furnaces

Tags

• NEWER FURNACES
• NEWER WATER HEATERS
• FULL BASEMENT
• FULL WALK-UP ATTIC
• SEPARATE UTILITIES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 28.3% 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); Corcoran High School (math 61% / reading 62%, grade B-, #842 of 1,100 statewide, top 77%, 1,252 students, 87% FRL).
• Zoned-school proficiency averages 44% at this address vs 22% district-wide (+22 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: 64 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $16k; list at $115k implies a 623% 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 $104,559 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% 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 1910 — 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: 3.13% ✓
• Cap rate: 28.27%
• Cash-on-cash: 78.50%
• DSCR: 4.49
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $125,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1420 Midland Ave	0.34mi	6/2.0	2,306 (+3%)	2mo	$100,000	$43	78
140 Hatch & Elmhurst Ave	0.33mi	6/3.0	2,268 (+1%)	3mo	$180,000	$79	76
1541 South Ave #43	0.15mi	6/2.0	2,064 (-8%)	6mo	$119,000	$58	75
337 W Kennedy St	0.36mi	6/3.0	2,326 (+4%)	3mo	$110,000	$47	71
317 Marguerite Ave #19	0.31mi	6/2.0	2,406 (+7%)	4mo	$179,000	$74	71
221 Mclennan Ave #23	0.51mi	6/2.0	2,288 (+2%)	8mo	$127,000	$56	66
217-19 Valley Dr	0.48mi	5/3.5 (-1)	2,212 (-1%)	2mo	$240,000	$108	62
236-38 Webster Ave #38	0.64mi	6/2.0	2,086 (-7%)	1mo	$27,000	$13	58
417 Roberts Ave #19	0.73mi	6/2.0	2,304 (+3%)	4mo	$252,550	$110	58
152 Fage Ave #54	0.46mi	6/2.0	2,506 (+12%)	8mo	$110,000	$44	52
164 Hudson St #66	0.69mi	6/2.0	2,496 (+11%)	5mo	$90,250	$36	45
705 South Ave	0.52mi	6/2.0	1,920 (-14%)	8mo	$105,000	$55	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: 78.6%
• Equity multiple: 4.59×
• Total profit: $115,436
• Equity at exit: $17,132

10-year hold

• IRR: 82.1%
• Equity multiple: 9.49×
• Total profit: $273,193
• Equity at exit: $9,934

Cash invested: $32,172 (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 13207

• Home prices YoY: -23.0%
• Active inventory: 64
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $3,599 high
• Mortgage (P&I): −$603
• Tax from tax record: −$88 /mo · $1,060/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $2,104

Break-even live

Break-even rent $935

Max offer price $114,900

Occupancy floor 37%

Sensitivity live

Price	-10% $2,170	-5% $2,137	+0% $2,104	+5% $2,072	+10% $2,039
Rent	-10% $1,820	-5% $1,962	+0% $2,104	+5% $2,247	+10% $2,389
Rate	-1.0pp $2,162	-0.5pp $2,134	base $2,104	+0.5pp $2,075	+1.0pp $2,044

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,598
Total (2 units)			$3,599

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-02
   status Pending
2. 2026-03-23
   historical Active Under Contract
3. 2026-03-18
   status Active
4. 2025-12-26
   historical Active Under Contract
5. 2025-12-02
   listed $114,900 Active
6. 2016-09-19
   soldstatus $15,900
7. 2004-07-16
   soldstatus $28,500

ⓘ 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: $1,060 · $88/mo
• Projected year-2 tax: $1,501 · $125/mo
• Expected delta: +$441/yr (+$37/mo · 41.6%)

ⓘ 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 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: $43,188
• − Mortgage interest: −$6,436
• − Property taxes: −$1,060
• − Insurance: −$574
• − Repairs & maintenance: −$3,455
• − Management: −$3,455
• − Depreciation: −$3,343
• Taxable income: $24,865
• Est. tax owed @ 24.0%: −$5,968
• After-tax cash flow: $19,286/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): 12,383

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 0.68)
• Race & ethnicity: White 43% Black 33% Hispanic / Latino 17% Two or more races 11% Native American 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 13% Cuban 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 9% French/Haitian/Cajun 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: ▼ -95.17%
• Current HPI: 318.9257
• 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

+303.2% since first listed

7 events — show timeline

• 2026-04-02 Pending — CNYIS
• 2026-03-23 Contingent — CNYIS
• 2026-03-18 Relisted — CNYIS
• 2025-12-26 Contingent — CNYIS
• 2025-12-02 Listed $114,900 CNYIS
• 2016-09-19 Sold (Public Records) $15,900 Public Records
• 2004-07-16 Sold (Public Records) $28,500 Public Records

Property tax history

+1.1%/yr

Latest (2025): $1,060 · +0.0% YoY. Source: county tax records.