802 Turtle St · Syracuse, NY 13208

$382,500

25 bd · None ba · 5,334 sqft · MultiFamily public records · 43 Days on market

Built 1940 0.29 ac lot $72/sqft · 16% above area Est $330k · 16% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +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
• ARV discount +0.3/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

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

GREAT OPPORTUNITY TO OWN A CHARACTER -FILLED PROPERTY WITH MULTIPLE INCOME STREAMS. THIS 5-UNIT VICTORIAN, FULLY RENTED WITH LONG TERM TENANTS. THIS HOMES FEATURES INCLUDED SEPARATE UTILITIES, LARGE DRIVEWAY, 7 DETACHED GARAGES FOR ADDITIONAL REVENUE. SOLID INVESTMENT PROPERTY. A MUST SEE. "SOLD AS IS "

Key facts

• Separate utilities
• Large driveway
• 7 detached garages

Tags

• MULTIPLE INCOME STREAMS
• 5 UNIT VICTORIAN
• SEPARATE UTILITIES
• LARGE DRIVEWAY
• 7 DETACHED GARAGES

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1-bath units multifamily listed at $382k.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $676/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $382k).
• Recommended offer: $371k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.9% 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: 99 active listings in the ZIP; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $7,316/mo this rent would consume 196% of the median local household income ($45k/yr) (locally 1437% 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 $41k of equity ($3k loan paydown + $38k 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 $107k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($371k) is reasonable based on typical stale-listing flexibility.
• 4 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 $230k; list at $382k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $371,025 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.91% ✓
• Cap rate: 16.90%
• Cash-on-cash: 37.88%
• DSCR: 2.69
• GRM: 4.4

CMA / ARV

• ARV (median comp): $329,726
• List price: $382,500
• Delta: 16.01%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 53.5%
• Equity multiple: 4.96×
• Total profit: $423,597
• Equity at exit: $344,586

10-year hold

• IRR: 47.0%
• Equity multiple: 11.07×
• Total profit: $1,078,021
• Equity at exit: $743,113

Cash invested: $107,100 (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: 99
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $7,316 high
• Mortgage (P&I): −$2,006
• Tax from tax record: −$234 /mo · $2,804/yr
• Insurance: −$159
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,536
• Net cashflow: $3,381

Break-even live

Break-even rent $3,037

Max offer price $382,500

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$7,315
Total (5 units)			$7,316

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: $95,625
• Closing costs: $11,475
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-05
   statusdays on market $382,500 Pending 43 DOM
2. 2026-06-02
   days on market $382,500 Active 41 DOM
3. 2026-06-01
   days on market $382,500 Active 40 DOM
4. 2026-05-31
   days on market $382,500 Active 39 DOM
5. 2026-05-30
   days on market $382,500 Active 38 DOM
6. 2026-04-22
   listed $382,500 Active 315-char remark

   Show marketing remark (315 chars)

   GREAT OPPORTUNITY TO OWN A CHARACTER -FILLED PROPERTY WITH MULTIPLE INCOME STREAMS. THIS 5-UNIT VICTORIAN, FULLY RENTED WITH LONG TERM TENANTS. THIS HOMES FEATURES INCLUDED SEPARATE UTILITIES, LARGE DRIVEWAY, 7 DETACHED GARAGES FOR ADDITIONAL REVENUE. SOLID INVESTMENT PROPERTY. A MUST SEE. "SOLD AS IS "

7. 2023-10-30
   soldstatus $230,000
8. 2023-09-13
   soldstatus $230,000 Closed Sale or Rented 602-char remark

   Show marketing remark (602 chars)

   Investment opportunity offers excellent income & some long term tenants in addition to having 2 large outbuildings for add'l income. In back of property there is a detached 4 car garage plus 2 car structure for ability to either rent to a tenant or possibly someone in need for car storage or business supplies. Exterior painted in 2022, metal roof 10 yrs old, Cert of Compliance done July 2022. 4 units rented and 1 vacant for ease of showing, it's ready to go! Plenty of parking in large driveway in rear of property & large yard partially fenced. Projected monthly gross income @ $3475.

9. 2023-08-05
   status Pending Sale 602-char remark

   Show marketing remark (602 chars)

   Investment opportunity offers excellent income & some long term tenants in addition to having 2 large outbuildings for add'l income. In back of property there is a detached 4 car garage plus 2 car structure for ability to either rent to a tenant or possibly someone in need for car storage or business supplies. Exterior painted in 2022, metal roof 10 yrs old, Cert of Compliance done July 2022. 4 units rented and 1 vacant for ease of showing, it's ready to go! Plenty of parking in large driveway in rear of property & large yard partially fenced. Projected monthly gross income @ $3475.

10. 2023-04-07
    historical Continue to Show- Under Contract 602-char remark

    Show marketing remark (602 chars)

    Investment opportunity offers excellent income & some long term tenants in addition to having 2 large outbuildings for add'l income. In back of property there is a detached 4 car garage plus 2 car structure for ability to either rent to a tenant or possibly someone in need for car storage or business supplies. Exterior painted in 2022, metal roof 10 yrs old, Cert of Compliance done July 2022. 4 units rented and 1 vacant for ease of showing, it's ready to go! Plenty of parking in large driveway in rear of property & large yard partially fenced. Projected monthly gross income @ $3475.

11. 2023-04-06
    listed $199,900 Active 602-char remark

    Show marketing remark (602 chars)

    Investment opportunity offers excellent income & some long term tenants in addition to having 2 large outbuildings for add'l income. In back of property there is a detached 4 car garage plus 2 car structure for ability to either rent to a tenant or possibly someone in need for car storage or business supplies. Exterior painted in 2022, metal roof 10 yrs old, Cert of Compliance done July 2022. 4 units rented and 1 vacant for ease of showing, it's ready to go! Plenty of parking in large driveway in rear of property & large yard partially fenced. Projected monthly gross income @ $3475.

12. 2013-06-17
    historical
13. 2013-06-06
    soldstatus $129,500
14. 2013-06-05
    soldstatus $129,500
15. 2013-01-18
    listed $143,000
16. 2011-09-12
    listed $145,500

ⓘ 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: $2,804 · $234/mo
• Projected year-2 tax: $4,634 · $386/mo
• Expected delta: +$1,830/yr (+$152/mo · 65.2%)

ⓘ 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 · 15 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: $87,792
• − Mortgage interest: −$21,426
• − Property taxes: −$2,804
• − Insurance: −$1,912
• − Repairs & maintenance: −$7,023
• − Management: −$7,023
• − Depreciation: −$11,127
• Taxable income: $36,475
• Est. tax owed @ 24.0%: −$8,754
• After-tax cash flow: $31,814/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

+162.9% since first listed

11 events — show timeline

• 2026-04-22 Listed $382,500 CNYIS
• 2023-10-30 Sold (Public Records) $230,000 Public Records
• 2023-09-13 Sold (MLS) $230,000 CNYIS
• 2023-08-05 Pending — CNYIS
• 2023-04-07 Contingent — CNYIS
• 2023-04-06 Listed $199,900 CNYIS
• 2013-06-17 Listing Removed — CNYIS
• 2013-06-06 Sold (Public Records) $129,500 Public Records
• 2013-06-05 Sold (MLS) $129,500 CNYIS
• 2013-01-18 Listed $143,000 CNYIS
• 2011-09-12 Listed $145,500 WNYREIS

Property tax history

-0.0%/yr

Latest (2025): $2,804 · +0.0% YoY. Source: county tax records.