6 bd · 2.0 ba ·
2,622 sqft ·
Built 1890
· MultiFamily
· Pending
· 653 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$2,139/mo
Mortgage (P&I)
−$506
Tax + insurance
−$161
HOA
−$0
Vac / Maint / Mgmt
−$449
Net cashflow
$1,023/mo
Annual
$12,271/yr
Cap rate
19.01%
Cash-on-cash
45.41%
DSCR
3.02
1% rule
2.22%
Cash to close
$27,020
Investor read
This is a 6-bed/2.0-bath multifamily listed at $96k.
At list price, monthly cash flow is $1k ($12k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $96k).
It's been on market 653 days — a 12% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $85k (12.0% below list) — sets the bar for market timing.
In year one you build about $10k of equity ($667 loan paydown + $10k appreciation (10.0% local appreciation)).
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.
Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
Market conditions: Rents rising fast (+8.2%/yr); 119 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
2 sale attempts since 2y ago; this cycle's ask has dropped $58k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
At projected returns (10.0% appreciation + 8.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
Cap rate 19.0% 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.
At $2,139/mo this rent would consume 57% 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.
Questions for listing agent
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?
Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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?
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.
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.
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· Data 1 week agocashflowre.app · 2026-05-29