119 Neutral Ct · Syracuse, NY 13208

$40,000

8 bd · 4.0 ba · 4,650 sqft · MultiFamily public records · 40 Days on market

Built 1945 ↓ 45% since listing

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Why this score? — see what drove the C- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 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: 2 units. estimate disagrees with records

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 MLS

Don't miss out on this OVERSIZED duplex in Northside neighborhood. Perfect opportunity to BRRRR and reap massive returns on investment. Low maintenance vinyl exterior, interior needs a little creativity. With a modest investment of time and money, you will be seeing double digit cap rates in no time! SELLER WILL CONSIDER FINANCING THIS PROPERTY.

Key facts

• Built 1945
• Listed 40 days

Property features AI

Exterior

• Home design: Built in 1945
• Construction: Originally constructed in 1945; Approximately 3,100 square feet of living area
• Exterior features: Located in the Northside subdivision

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.

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: Franklin Elementary School (math 9% / reading 18%, grade F, #2,045 of 2,108 statewide, top 97%, 667 students, 93% FRL); Grant Middle School (math 5% / reading 19%, grade F, #719 of 729 statewide, top 99%, 608 students, 93% 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 38% at this address vs 22% district-wide (+16 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: 101 active listings in the ZIP; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($277 loan paydown + $4k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y 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 $20k; list at $40k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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 1945 — 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. 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: 11.19% ✓
• Cap rate: 101.48%
• Cash-on-cash: 339.94%
• DSCR: 16.13
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $186,000
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
900 1st North St	0.39mi	8/4.0	4,796 (+3%)	7mo	$190,000	$40	70
617 Carbon St	0.17mi	9/3.0 (+1)	4,084 (-12%)	9mo	$235,900	$58	55
920 Butternut St	0.39mi	7/4.0 (-1)	4,281 (-8%)	17mo	$151,200	$35	49
408 Bear St	0.62mi	7/4.0 (-1)	4,692 (+1%)	19mo	$265,000	$56	49
404 Union Pl	0.23mi	9/4.0 (+1)	5,217 (+12%)	24mo	$50,000	$10	44
333 Park St	0.62mi	8/4.0	4,080 (-12%)	11mo	$120,000	$29	41
328 Park St	0.62mi	9/3.0 (+1)	4,318 (-7%)	20mo	$145,900	$34	34
610 Turtle St	0.59mi	7/4.0 (-1)	5,259 (+13%)	15mo	$250,000	$48	33

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: —
• Equity multiple: 21.00×
• Total profit: $223,980
• Equity at exit: $36,035

10-year hold

• IRR: —
• Equity multiple: 45.72×
• Total profit: $500,916
• Equity at exit: $77,711

Cash invested: $11,200 (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: 101
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $4,476 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$137 /mo · $1,642/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$940
• Net cashflow: $3,173

Break-even live

Break-even rent $460

Max offer price $40,000

Occupancy floor 24%

Sensitivity live

Price	-10% $3,195	-5% $3,184	+0% $3,173	+5% $3,161	+10% $3,150
Rent	-10% $2,819	-5% $2,996	+0% $3,173	+5% $3,350	+10% $3,526
Rate	-1.0pp $3,193	-0.5pp $3,183	base $3,173	+0.5pp $3,162	+1.0pp $3,152

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$4,476
Total (2 units)			$4,476

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-21
   days on market $40,000 Active 40 DOM
2. 2026-06-18
   days on market $40,000 Active 37 DOM
3. 2026-06-17
   days on market $40,000 Active 36 DOM
4. 2026-06-16
   days on market $40,000 Active 35 DOM
5. 2026-06-15
   days on market $40,000 Active 34 DOM
6. 2026-06-14
   days on market $40,000 Active 32 DOM
7. 2026-06-13
   days on market $40,000 Active 31 DOM
8. 2026-06-10
   days on market $40,000 Active 29 DOM
9. 2026-06-09
   days on market $40,000 Active 28 DOM
10. 2026-06-08
    days on market $40,000 Active 27 DOM
11. 2026-06-07
    days on market $40,000 Active 26 DOM
12. 2026-06-05
    days on market $40,000 Active 23 DOM
13. 2026-06-02
    days on market $40,000 Active 21 DOM
14. 2026-06-01
    days on market $40,000 Active 20 DOM
15. 2026-05-31
    days on market $40,000 Active 19 DOM
16. 2026-05-30
    days on market $40,000 Active 18 DOM
17. 2026-05-12
    listed $40,000 Active 220-char remark
18. 2021-05-24
    soldstatus $20,000 Closed Sale or Rented 347-char remark

    Show marketing remark (347 chars)

    Don't miss out on this OVERSIZED duplex in Northside neighborhood. Perfect opportunity to BRRRR and reap massive returns on investment. Low maintenance vinyl exterior, interior needs a little creativity. With a modest investment of time and money, you will be seeing double digit cap rates in no time! SELLER WILL CONSIDER FINANCING THIS PROPERTY.

19. 2021-02-09
    status Under Contract- Do Not Show 347-char remark

    Show marketing remark (347 chars)

    Don't miss out on this OVERSIZED duplex in Northside neighborhood. Perfect opportunity to BRRRR and reap massive returns on investment. Low maintenance vinyl exterior, interior needs a little creativity. With a modest investment of time and money, you will be seeing double digit cap rates in no time! SELLER WILL CONSIDER FINANCING THIS PROPERTY.

20. 2021-02-09
    status Active 347-char remark

    Show marketing remark (347 chars)

    Don't miss out on this OVERSIZED duplex in Northside neighborhood. Perfect opportunity to BRRRR and reap massive returns on investment. Low maintenance vinyl exterior, interior needs a little creativity. With a modest investment of time and money, you will be seeing double digit cap rates in no time! SELLER WILL CONSIDER FINANCING THIS PROPERTY.

21. 2021-02-08
    historical Continue to Show- Under Contract 347-char remark

    Show marketing remark (347 chars)

    Don't miss out on this OVERSIZED duplex in Northside neighborhood. Perfect opportunity to BRRRR and reap massive returns on investment. Low maintenance vinyl exterior, interior needs a little creativity. With a modest investment of time and money, you will be seeing double digit cap rates in no time! SELLER WILL CONSIDER FINANCING THIS PROPERTY.

22. 2021-02-05
    price $19,900 347-char remark

    Show marketing remark (347 chars)

    Don't miss out on this OVERSIZED duplex in Northside neighborhood. Perfect opportunity to BRRRR and reap massive returns on investment. Low maintenance vinyl exterior, interior needs a little creativity. With a modest investment of time and money, you will be seeing double digit cap rates in no time! SELLER WILL CONSIDER FINANCING THIS PROPERTY.

23. 2021-02-04
    listed $24,900 Active 347-char remark

    Show marketing remark (347 chars)

    Don't miss out on this OVERSIZED duplex in Northside neighborhood. Perfect opportunity to BRRRR and reap massive returns on investment. Low maintenance vinyl exterior, interior needs a little creativity. With a modest investment of time and money, you will be seeing double digit cap rates in no time! SELLER WILL CONSIDER FINANCING THIS PROPERTY.

24. 2020-05-18
    status Under Contract- Do Not Show
25. 2020-05-18
    historical
26. 2019-12-10
    price $24,900
27. 2019-12-10
    status Active
28. 2019-09-30
    status Under Contract- Do Not Show
29. 2019-09-27
    soldstatus $27,132 Closed Sale or Rented
30. 2019-09-27
    listed $27,132 Active
31. 2019-09-23
    listed $39,900 Active
32. 2018-12-12
    historical
33. 2018-11-01
    price $15,000
34. 2018-08-22
    listed $22,900 Active
35. 2006-11-02
    soldstatus $108,000
36. 2005-04-06
    soldstatus $72,500

ⓘ 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: $1,642 · $137/mo
• Projected year-2 tax: $1,642 · $137/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: $53,712
• − Mortgage interest: −$2,241
• − Property taxes: −$1,642
• − Insurance: −$200
• − Repairs & maintenance: −$4,297
• − Management: −$4,297
• − Depreciation: −$1,164
• Taxable income: $39,872
• Est. tax owed @ 24.0%: −$9,569
• After-tax cash flow: $28,504/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

-44.8% since first listed

20 events — show timeline

• 2026-05-12 Listed $40,000 FSBO.com
• 2021-05-24 Sold (MLS) $20,000 CNYIS
• 2021-02-09 Pending — CNYIS
• 2021-02-09 Relisted — CNYIS
• 2021-02-08 Contingent — CNYIS
• 2021-02-05 Price Changed $19,900 CNYIS
• 2021-02-04 Listed $24,900 CNYIS
• 2020-05-18 Pending — CNYIS
• 2020-05-18 Listing Removed — CNYIS
• 2019-12-10 Price Changed $24,900 CNYIS
• 2019-12-10 Relisted — CNYIS
• 2019-09-30 Pending — CNYIS
• 2019-09-27 Listed $27,132 CNYIS
• 2019-09-27 Sold (MLS) $27,132 CNYIS
• 2019-09-23 Listed $39,900 CNYIS
• 2018-12-12 Listing Removed — CNYIS
• 2018-11-01 Price Changed $15,000 CNYIS
• 2018-08-22 Listed $22,900 CNYIS
• 2006-11-02 Sold (Public Records) $108,000 Public Records
• 2005-04-06 Sold (Public Records) $72,500 Public Records

Property tax history

-2.5%/yr

Latest (2025): $1,642 · +3.6% YoY. Source: county tax records.