308 Erie St · Syracuse, NY 13204

$87,500

4 bd · 2.0 ba · 2,528 sqft · MultiFamily public records · 653 Days on market

Built 1900 4,875 sqft lot

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Tenants on premises and require 48 hours notice. Part of a 6 properties, 16-unit package that includes 1864 Bellevue St. , 314 Grant Ave. , 313 Liberty St. , 517 Geddes St. , 308 Erie St. and 290 W. Seneca Tpke. Package is listed for $935,000. Rents are on the low side for long term tenants, there are upside growth potential and it's worth the return of investment.

Key facts

• 4,875 sq ft lot
• Built 1900
• Listed 653 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $88k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.0% 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: schools D+, 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.
• Market conditions: Rents rising fast (+8.2%/yr); 119 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $2,244/mo this rent would consume 59% of the median local household income ($45k/yr) (locally 2073% 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 $9k of equity ($605 loan paydown + $9k 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 + 8.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 653 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $58k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 653 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.56% ✓
• Cap rate: 21.98%
• Cash-on-cash: 56.02%
• DSCR: 3.49
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $232,576
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 Herkimer St	0.26mi	4/2.0	2,726 (+8%)	10mo	$190,000	$70	66
704 Avery Ave	0.05mi	4/2.0	2,240 (-11%)	18mo	$85,500	$38	63
307 St Marks Ave St	0.33mi	4/2.5	2,406 (-5%)	16mo	$200,000	$83	62
400 Montrose Ave	0.51mi	4/2.0	2,464 (-2%)	20mo	$227,000	$92	56
309 Ulster Ave	0.52mi	4/2.0	2,194 (-13%)	1mo	$276,000	$126	53
134 N Lowell Ave	0.59mi	4/2.0	2,336 (-8%)	15mo	$255,750	$109	47
111-13 Cody Ave	0.48mi	4/2.0	2,184 (-14%)	10mo	$262,000	$120	46
219 Lakeview Ave	0.74mi	4/2.0	2,864 (+13%)	1mo	$38,000	$13	43
336 Bryant Ave	0.63mi	4/2.0	2,328 (-8%)	20mo	$260,000	$112	41
220 Lakeview Ave	0.75mi	4/2.0	2,818 (+12%)	10mo	$225,000	$80	38
122 Bryant Ave	0.75mi	5/2.0 (+1)	2,240 (-11%)	23mo	$275,000	$123	22

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 72.8%
• Equity multiple: 6.40×
• Total profit: $132,411
• Equity at exit: $78,827

10-year hold

• IRR: 68.6%
• Equity multiple: 15.78×
• Total profit: $362,118
• Equity at exit: $169,993

Cash invested: $24,500 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 119
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $2,244 medium
• Mortgage (P&I): −$459
• Tax from tax record: −$134 /mo · $1,605/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $1,144

Break-even live

Break-even rent $796

Max offer price $87,500

Occupancy floor 44%

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 Kincaid Ave Syracuse, NY	4.0	1.0	1910	$1,600	$0.84	13d	1	0.51mi
312 Hall Ave Solvay, NY	5.0	2.5	1800	$3,600	$2.00	21d	1	0.84mi
214 Rowland St Syracuse, NY	4.0	1.0	2092	$1,800	$0.86	13d	1	1.49mi

Listing history 15 events

1. 2026-01-05
   status Pending
2. 2025-12-31
   historical
3. 2025-12-01
   historical Active Under Contract
4. 2025-06-11
   price $87,500
5. 2024-07-30
   price $92,500
6. 2024-07-25
   status Active
7. 2024-05-10
   historical Active Under Contract
8. 2024-04-11
   price $112,500
9. 2024-03-18
   listed $145,000 Active
10. 2021-12-30
    soldstatus $92,000
11. 2021-12-27
    historical
12. 2021-08-20
    historical Continue to Show- Under Contract
13. 2021-08-04
    price $109,000
14. 2021-07-20
    listed $119,000 Active
15. 2004-11-24
    soldstatus $61,000

ⓘ 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: $1,605 · $134/mo
• Projected year-2 tax: $1,605 · $134/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: $26,929
• − Mortgage interest: −$4,901
• − Property taxes: −$1,605
• − Insurance: −$438
• − Repairs & maintenance: −$2,154
• − Management: −$2,154
• − Depreciation: −$2,545
• Taxable income: $13,131
• Est. tax owed @ 24.0%: −$3,151
• After-tax cash flow: $10,574/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): 19,440
• Household income: $45,351
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 2073.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 26% Hispanic / Latino 17% Two or more races 13% Native American 1%
• Hispanic origin (detail): Puerto Rican 12% Cuban 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 11% Russian/Polish/Slavic 3% Arabic 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: ▲ 100.14%
• Current HPI: 416.7272
• Rent YoY: ▲ 8.24%
• 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

+43.4% since first listed

15 events — show timeline

• 2026-01-05 Pending — CNYIS
• 2025-12-31 Listing Removed — CNYIS
• 2025-12-01 Contingent — CNYIS
• 2025-06-11 Price Changed $87,500 CNYIS
• 2024-07-30 Price Changed $92,500 CNYIS
• 2024-07-25 Relisted — CNYIS
• 2024-05-10 Contingent — CNYIS
• 2024-04-11 Price Changed $112,500 CNYIS
• 2024-03-18 Listed $145,000 CNYIS
• 2021-12-30 Sold (Public Records) $92,000 Public Records
• 2021-12-27 Listing Removed — CNYIS
• 2021-08-20 Contingent — CNYIS
• 2021-08-04 Price Changed $109,000 CNYIS
• 2021-07-20 Listed $119,000 CNYIS
• 2004-11-24 Sold (Public Records) $61,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $1,605 · +0.0% YoY. Source: county tax records.