220 Putnam St · Syracuse, NY 13204

$200,000

8 bd · 3.0 ba · 3,640 sqft · MultiFamily public records · 37 Days on market

Built 1920 Est $215k · 7% under

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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
• ARV discount +10.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 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 MLS

Discover a remarkable investment property with immense potential, ready to generate immediate rental income. This well-maintained residence features three separate units, each thoughtfully updated. Enjoy brand-new flooring and fresh paint throughout, with new appliances in every unit. The property is turnkey and move-in ready, minimizing downtime and maximizing your return. Don't miss out on this exceptional investment opportunity—schedule a viewing today!

Key facts

• Built 1920
• Listed 37 days

Property features AI

Exterior

• Home design: Built in 1920; 3,640 living area (reported)
• Exterior features: Located in the Westside subdivision

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.5% 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; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k 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 $56k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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 $150k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $194,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.92% ✓
• Cap rate: 26.46%
• Cash-on-cash: 72.02%
• DSCR: 4.20
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $214,760
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
944 Bellevue Ave	0.23mi	8/3.0	3,378 (-7%)	0mo	$380,000	$112	77
222 Putnam St	0.01mi	8/3.0	3,340 (-8%)	15mo	$105,000	$31	74
228 Palmer Ave #30	0.49mi	9/3.0 (+1)	3,462 (-5%)	3mo	$205,000	$59	61
1137 Bellevue Ave	0.28mi	9/3.0 (+1)	3,442 (-5%)	14mo	$65,000	$19	61
121 Kellogg St	0.48mi	7/3.5 (-1)	3,358 (-8%)	4mo	$192,500	$57	54
122-124 Loehr Ave	0.50mi	8/3.0	3,196 (-12%)	13mo	$260,000	$81	45

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: 87.0%
• Equity multiple: 7.32×
• Total profit: $353,874
• Equity at exit: $180,176

10-year hold

• IRR: 83.2%
• Equity multiple: 17.97×
• Total profit: $950,303
• Equity at exit: $388,556

Cash invested: $56,000 (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: 8.6×

Monthly cashflow live

• Estimated rent: $5,844 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$124 /mo · $1,485/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,227
• Net cashflow: $3,361

Break-even live

Break-even rent $1,590

Max offer price $200,000

Occupancy floor 37%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,844
Total (3 units)			$5,844

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $200,000 Active 37 DOM
2. 2026-06-17
   days on market $200,000 Active 36 DOM
3. 2026-06-16
   days on market $200,000 Active 35 DOM
4. 2026-06-15
   days on market $200,000 Active 34 DOM
5. 2026-06-14
   days on market $200,000 Active 32 DOM
6. 2026-06-13
   days on market $200,000 Active 31 DOM
7. 2026-06-10
   days on market $200,000 Active 29 DOM
8. 2026-06-09
   days on market $200,000 Active 28 DOM
9. 2026-06-08
   days on market $200,000 Active 27 DOM
10. 2026-06-07
    days on market $200,000 Active 26 DOM
11. 2026-06-05
    days on market $200,000 Active 23 DOM
12. 2026-06-02
    days on market $200,000 Active 21 DOM
13. 2026-06-01
    days on market $200,000 Active 20 DOM
14. 2026-05-31
    days on market $200,000 Active 19 DOM
15. 2026-05-30
    days on market $200,000 Active 18 DOM
16. 2026-05-12
    listed $200,000 Active 238-char remark
17. 2024-11-15
    soldstatus $150,000
18. 2024-11-07
    soldstatus $150,000 Closed 466-char remark

    Show marketing remark (466 chars)

    Discover a remarkable investment property with immense potential, ready to generate immediate rental income. This well-maintained residence features three separate units, each thoughtfully updated. Enjoy brand-new flooring and fresh paint throughout, with new appliances in every unit. The property is turnkey and move-in ready, minimizing downtime and maximizing your return. Don't miss out on this exceptional investment opportunity—schedule a viewing today!

19. 2024-07-02
    status Pending 466-char remark

    Show marketing remark (466 chars)

    Discover a remarkable investment property with immense potential, ready to generate immediate rental income. This well-maintained residence features three separate units, each thoughtfully updated. Enjoy brand-new flooring and fresh paint throughout, with new appliances in every unit. The property is turnkey and move-in ready, minimizing downtime and maximizing your return. Don't miss out on this exceptional investment opportunity—schedule a viewing today!

20. 2024-06-28
    listed $139,000 Active 466-char remark

    Show marketing remark (466 chars)

    Discover a remarkable investment property with immense potential, ready to generate immediate rental income. This well-maintained residence features three separate units, each thoughtfully updated. Enjoy brand-new flooring and fresh paint throughout, with new appliances in every unit. The property is turnkey and move-in ready, minimizing downtime and maximizing your return. Don't miss out on this exceptional investment opportunity—schedule a viewing today!

21. 2013-05-03
    historical

    Show marketing remark (162 chars)

    Many updates include gas furnaces, pex plumbing, hot water tanks, C/B, kitchens. Good sized 3 bedroom apartments. A real money maker! 1200 square foot apartments.

22. 2013-04-25
    soldstatus $36,499
23. 2013-04-22
    soldstatus $35,000

    Show marketing remark (162 chars)

    Many updates include gas furnaces, pex plumbing, hot water tanks, C/B, kitchens. Good sized 3 bedroom apartments. A real money maker! 1200 square foot apartments.

24. 2012-06-04
    listed $39,900

    Show marketing remark (162 chars)

    Many updates include gas furnaces, pex plumbing, hot water tanks, C/B, kitchens. Good sized 3 bedroom apartments. A real money maker! 1200 square foot apartments.

25. 2010-02-03
    historical
26. 2010-02-02
    soldstatus $27,000
27. 2010-01-14
    soldstatus $27,000
28. 2009-09-03
    listed $29,900
29. 2007-02-23
    soldstatus $55,000

ⓘ 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: $1,485 · $124/mo
• Projected year-2 tax: $2,433 · $203/mo
• Expected delta: +$947/yr (+$79/mo · 63.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% 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: $70,128
• − Mortgage interest: −$11,203
• − Property taxes: −$1,485
• − Insurance: −$1,000
• − Repairs & maintenance: −$5,610
• − Management: −$5,610
• − Depreciation: −$5,818
• Taxable income: $39,401
• Est. tax owed @ 24.0%: −$9,456
• After-tax cash flow: $30,874/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

+263.6% since first listed

14 events — show timeline

• 2026-05-12 Listed $200,000 FSBO.com
• 2024-11-15 Sold (Public Records) $150,000 Public Records
• 2024-11-07 Sold (MLS) $150,000 CNYIS
• 2024-07-02 Pending — CNYIS
• 2024-06-28 Listed $139,000 CNYIS
• 2013-05-03 Listing Removed — CNYIS
• 2013-04-25 Sold (Public Records) $36,499 Public Records
• 2013-04-22 Sold (MLS) $35,000 CNYIS
• 2012-06-04 Listed $39,900 CNYIS
• 2010-02-03 Listing Removed — CNYIS
• 2010-02-02 Sold (MLS) $27,000 CNYIS
• 2010-01-14 Sold (Public Records) $27,000 Public Records
• 2009-09-03 Listed $29,900 CNYIS
• 2007-02-23 Sold (Public Records) $55,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,485 · +2.2% YoY. Source: county tax records.