822 Westcott St

Syracuse, NY 13210

$440,000D-

8 bd · 3.0 ba · 3,297 sqft · Built 1900 · MultiFamily · Active · 259 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,825/mo
• Mortgage (P&I): −$2,307
• Tax + insurance: −$440
• HOA: −$0
• Vac / Maint / Mgmt: −$593
• Net cashflow: $-516/mo
• Annual: $-6,188/yr
• Cap rate: 4.89%
• Cash-on-cash: -5.02%
• DSCR: 0.78
• 1% rule: 0.64%
• Cash to close: $123,200

Investor read

• This is a 2×4bd/1.7ba + 1×3bd/1.7ba units multifamily listed at $440k. Condition is rated fair.
• At list price, monthly cash flow is $-516 ($-6k/yr) — negative. Per door: $-172/mo.
• To cash-flow at today's rent, offer at most $349k (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (35.8% below list).
• It's been on market 259 days — a 12% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $282k (35.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• 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: Edward Smith K-8 School (math 13% / reading 39%, grade F, #1,816 of 2,108 statewide, top 86%, 710 students, 69% FRL); Expeditionary Learning Middle School (math 17% / reading 32%, grade F, #611 of 729 statewide, top 88%, 170 students, 76% FRL); Nottingham High School (math 75% / reading 77%, grade A-, #616 of 1,100 statewide, top 57%, 1,226 students, 80% FRL) — zoned schools at 75% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 22% district-wide (+20 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 123 active listings in the ZIP; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 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 $200k; list at $440k implies a 120% gain — meaningful room to come down on a strong offer.
• Cap rate 4.9% vs local median 7.7% in Syracuse — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 259 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant peeling and wear
• Moderate: roof — Aged appearance
• Major: flooring — Worn and uneven surfaces
• Major: interior walls/paint — Peeling paint and visible wear