1803 S Salina St · Syracuse, NY 13205

$245,000

6 bd · 4.0 ba · 4,631 sqft · MultiFamily public records · 43 Days on market

Built 1910 0.53 ac lot $53/sqft · 16% above area Est $211k · 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: 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

BRING YOUR VISION!!! This 4-unit investment property needs TLC. One unit has been gutted and ready to flip. This building features two 1-bedroom units and two 2-bedroom unit, all with hardwood floors. Separate utilities with individual meters allow tenants to pay their own gas and electric, reducing owner expenses. Current rents are below market, offering strong upside potential for increased income. This property offers great potential with some updates and personal touches needed. The property also offers a large garage for additional revenue. This property has great potential for owner occupied or ideal for investors looking to grow their portfolio.

Key facts

• 0.53 acre lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $788/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $245k).
• Recommended offer: $238k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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: 67 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k 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 $69k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k 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 ($238k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $100k; list at $245k implies a 145% 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 $237,650 (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 1910 — 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: 1.63% ✓
• Cap rate: 14.02%
• Cash-on-cash: 27.58%
• DSCR: 2.23
• GRM: 5.1

CMA / ARV

• ARV (median comp): $211,173
• List price: $245,000
• Delta: 16.02%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 E Brighton Ave	0.58mi	6/3.0	4,686 (+1%)	22mo	$250,000	$53	49

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: 45.1%
• Equity multiple: 4.41×
• Total profit: $233,855
• Equity at exit: $220,715

10-year hold

• IRR: 39.1%
• Equity multiple: 9.89×
• Total profit: $609,661
• Equity at exit: $475,981

Cash invested: $68,600 (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 13205

• Home prices YoY: 3.0%
• Active inventory: 67
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $3,991 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$189 /mo · $2,269/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$838
• Net cashflow: $1,577

Break-even live

Break-even rent $1,995

Max offer price $245,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,990
Total (2 units)			$3,991

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-05
   statusdays on market $245,000 Pending 43 DOM
2. 2026-06-02
   days on market $245,000 Active 41 DOM
3. 2026-06-01
   days on market $245,000 Active 40 DOM
4. 2026-05-31
   days on market $245,000 Active 39 DOM
5. 2026-05-30
   days on market $245,000 Active 38 DOM
6. 2026-04-21
   listed $245,000 Active 660-char remark

   Show marketing remark (660 chars)

   BRING YOUR VISION!!! This 4-unit investment property needs TLC. One unit has been gutted and ready to flip. This building features two 1-bedroom units and two 2-bedroom unit, all with hardwood floors. Separate utilities with individual meters allow tenants to pay their own gas and electric, reducing owner expenses. Current rents are below market, offering strong upside potential for increased income. This property offers great potential with some updates and personal touches needed. The property also offers a large garage for additional revenue. This property has great potential for owner occupied or ideal for investors looking to grow their portfolio.

7. 2023-06-13
   soldstatus $100,000
8. 2023-06-08
   soldstatus $100,000 Closed Sale or Rented 88-char remark

   Show marketing remark (88 chars)

   Please have clients view online. Appointments will be scheduled for serious offers only.

9. 2022-08-17
   status Under Contract- Do Not Show 88-char remark

   Show marketing remark (88 chars)

   Please have clients view online. Appointments will be scheduled for serious offers only.

10. 2022-04-21
    listed $115,000 Active 88-char remark

    Show marketing remark (88 chars)

    Please have clients view online. Appointments will be scheduled for serious offers only.

11. 2021-10-19
    historical
12. 2021-05-18
    listed $150,000 Active

ⓘ 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: $2,269 · $189/mo
• Projected year-2 tax: $3,205 · $267/mo
• Expected delta: +$936/yr (+$78/mo · 41.2%)

ⓘ 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 · 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: $47,892
• − Mortgage interest: −$13,724
• − Property taxes: −$2,269
• − Insurance: −$1,225
• − Repairs & maintenance: −$3,831
• − Management: −$3,831
• − Depreciation: −$7,127
• Taxable income: $15,884
• Est. tax owed @ 24.0%: −$3,812
• After-tax cash flow: $15,111/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): 18,562

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 0.67)
• Race & ethnicity: Black 44% White 37% Two or more races 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 2% Italian 2% Swiss 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 5% Arabic 1% Other Indo-European 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: ▲ 10.12%
• Current HPI: 345.8854
• 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

+63.3% since first listed

7 events — show timeline

• 2026-04-21 Listed $245,000 CNYIS
• 2023-06-13 Sold (Public Records) $100,000 Public Records
• 2023-06-08 Sold (MLS) $100,000 CNYIS
• 2022-08-17 Pending — CNYIS
• 2022-04-21 Listed $115,000 CNYIS
• 2021-10-19 Listing Removed — CNYIS
• 2021-05-18 Listed $150,000 CNYIS

Property tax history

+1.2%/yr

Latest (2025): $2,269 · +0.0% YoY. Source: county tax records.