113 Olive St · Syracuse, NY 13204

$249,900

6 bd · 2.0 ba · 2,116 sqft · MultiFamily public records · 1 Days on market

Built 1925 5,445 sqft lot Est $193k · 30% 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.8/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This fully renovated 2-family property is the ideal opportunity! Located in a high-demand rental area, this low-maintenance duplex features two spacious 4-bedroom apartments with a strong rental history and potential monthly rent roll of nearly $3700! Each unit includes: 4 large bedrooms. Modern kitchens with granite countertops and stainless steel appliances Updated bathrooms, (unit #2 has two full baths!) all new flooring throughout Newer roof, vinyl siding, and energy-efficient windows With all the major updates already completed, you can enjoy peace of mind and minimal upkeep — perfect for first-time landlords or experienced investors alike. This is a smart, stable investment in a

Key facts

• Fully renovated
• Modern kitchens
• Granite countertops

Tags

• FULLY RENOVATED
• HIGH-DEMAND RENTAL AREA
• LOW-MAINTENANCE DUPLEX
• STRONG RENTAL HISTORY
• MODERN KITCHENS
• GRANITE COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.2-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $694/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Cap rate 13.0% 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; 1 comparable units currently listed for rent nearby; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $3,701/mo this rent would consume 98% 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 $27k of equity ($2k loan paydown + $25k 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 $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $35k; list at $250k implies a 614% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.48% ✓
• Cap rate: 12.96%
• Cash-on-cash: 23.80%
• DSCR: 2.06
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $192,556
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
903 Milton Ave	0.15mi	6/2.0	2,084 (-2%)	10mo	$190,000	$91	82
119 Charles Ave	0.33mi	5/2.0 (-1)	2,079 (-2%)	7mo	$235,000	$113	71
410 Chemung St	0.25mi	6/2.0	1,872 (-12%)	4mo	$170,000	$91	66
204 Essex St	0.10mi	5/2.0 (-1)	1,952 (-8%)	15mo	$232,300	$119	65
211 Erie St	0.37mi	6/2.0	2,172 (+3%)	20mo	$165,000	$76	61
204 Charles Ave	0.34mi	6/2.0	2,186 (+3%)	22mo	$206,000	$94	60
222 Lamont Ave	0.52mi	5/2.0 (-1)	2,068 (-2%)	9mo	$125,000	$60	60
104 Kincaid Ave	0.26mi	6/2.0	1,910 (-10%)	14mo	$80,000	$42	59
501 Willis Ave	0.50mi	6/2.0	1,861 (-12%)	17mo	$210,000	$113	42

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: 44.9%
• Equity multiple: 4.49×
• Total profit: $243,996
• Equity at exit: $225,130

10-year hold

• IRR: 40.8%
• Equity multiple: 10.97×
• Total profit: $697,346
• Equity at exit: $485,501

Cash invested: $69,972 (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: 11.3×

Monthly cashflow live

• Estimated rent: $3,701 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$121 /mo · $1,455/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$777
• Net cashflow: $1,388

Break-even live

Break-even rent $1,944

Max offer price $249,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.2	$3,700
Total (2 units)			$3,701

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 Hall Ave Solvay, NY	5.0	2.5	1800	$3,600	$2.00	20d	1	0.66mi

Listing history 10 events

1. 2026-06-19
   days on marketlisting id $249,900 Active 1 DOM
2. 2026-06-08
   days on market $249,900 Active 19 DOM
3. 2026-06-07
   days on market $249,900 Active 18 DOM
4. 2026-06-05
   statusdays on market $249,900 Active 15 DOM
5. 2026-03-24
   status Pending
6. 2026-03-09
   listed $249,900 Active
7. 2025-11-13
   historical
8. 2025-10-02
   price $249,900
9. 2025-08-13
   listed $274,900 Active
10. 2024-03-13
    soldstatus $35,000

ⓘ 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: $1,455 · $121/mo
• Projected year-2 tax: $2,839 · $237/mo
• Expected delta: +$1,384/yr (+$115/mo · 95.1%)

ⓘ 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: $44,412
• − Mortgage interest: −$13,998
• − Property taxes: −$1,455
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,553
• − Management: −$3,553
• − Depreciation: −$7,270
• Taxable income: $13,333
• Est. tax owed @ 24.0%: −$3,200
• After-tax cash flow: $13,455/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

+614.0% since first listed

6 events — show timeline

• 2026-03-24 Pending — CNYIS
• 2026-03-09 Listed $249,900 CNYIS
• 2025-11-13 Listing Removed — CNYIS
• 2025-10-02 Price Changed $249,900 CNYIS
• 2025-08-13 Listed $274,900 CNYIS
• 2024-03-13 Sold (Public Records) $35,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,455 · +0.0% YoY. Source: county tax records.