231 Grumbach Ave · Syracuse, NY 13203

$84,900

1 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 87 Days on market

Built 1860 3,300 sqft lot Est $149k · 43% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +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
• Appreciation +0.0/10.0

Listing remarks MLS

MULTIPLE OFFER SITUATION. .. BEST & FINAL DUE BY 3pm, MON 3-29-10. There is great rental income potential here! Property is being sold "as is" and on such terms and conditions deemed acceptable to seller. Property should be viewed by buyers and buyer's agents as to condition and repairs needed.

Key facts

• Quiet street
• Newer furnace
• Single level living

Tags

• SINGLE LEVEL LIVING
• LARGE KITCHEN
• NEWER FURNACE
• NEWER WATER HEATER
• QUIET STREET
• CLOSE TO SCHILLER PARK

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $617 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.8% 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 (+8.4%/yr); 55 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• This rent runs 39% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $14k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $85k implies a 324% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.82% ✓
• Cap rate: 15.79%
• Cash-on-cash: 33.94%
• DSCR: 2.51
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $148,608
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Gilbert Ave	0.32mi	2/1.0 (+1)	1,167 (+1%)	13mo	$150,000	$129	67
310 Helen St	0.26mi	2/1.5 (+1)	1,274 (+11%)	4mo	$191,000	$150	60
2363 Grant Blvd	0.70mi	2/1.0 (+1)	1,215 (+6%)	5mo	$153,700	$127	49
120 Josephine St	0.48mi	2/1.0 (+1)	1,084 (-6%)	16mo	$80,000	$74	49
103 Carlisle St	0.69mi	2/1.0 (+1)	1,135 (-2%)	15mo	$65,000	$57	48
131 Delong Ave	0.63mi	2/1.0 (+1)	984 (-15%)	5mo	$90,000	$91	37
518 Craig St	0.52mi	2/1.0 (+1)	1,288 (+12%)	18mo	$170,000	$132	36
205 Hood Ave	0.71mi	2/1.0 (+1)	1,008 (-12%)	8mo	$175,000	$174	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 31.6%
• Equity multiple: 2.42×
• Total profit: $33,706
• Equity at exit: $12,659

10-year hold

• IRR: 41.4%
• Equity multiple: 5.93×
• Total profit: $117,163
• Equity at exit: $7,341

Cash invested: $23,772 (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 13203

• Home prices YoY: -11.9%
• Rents YoY: 8.4%
• Active inventory: 55
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,542 high
• Mortgage (P&I): −$445
• Tax from tax record: −$66 /mo · $788/yr
• Insurance: −$35
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $617

Break-even live

Break-even rent $762

Max offer price $84,900

Occupancy floor 55%

Sensitivity live

Price	-10% $665	-5% $641	+0% $617	+5% $593	+10% $569
Rent	-10% $495	-5% $556	+0% $617	+5% $678	+10% $739
Rate	-1.0pp $659	-0.5pp $638	base $617	+0.5pp $595	+1.0pp $572

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 Beecher St Unit 3 Syracuse, NY	2.0	1.0	815	$1,100	$1.35	44d	1	0.36mi
746 E Laurel St Unit 2F Syracuse, NY	2.0	1.0	800	$1,100	$1.38	44d	1	0.39mi
610 E Division St Unit F2 Syracuse, NY	2.0	1.0	900	$1,150	$1.28	44d	1	0.55mi
1618 James St #3 Syracuse, NY	2.0	1.0	1150	$2,200	$1.91	14d	1	0.78mi
807-13 N Salina St Unit 809A Syracuse, NY	2.0	1.0	1020	$1,325	$1.30	44d	1	0.79mi
517 N Salina St Unit 4 Syracuse, NY	2.0	1.0	700	$1,050	$1.50	14d	1	0.83mi
212 Dorchester Ave Syracuse, NY	1.0–2.0	1.0	640	$1,168	$1.82	14d	15	0.84mi
200 Catherine St Apt 5 Syracuse, NY	2.0	1.0	850	$1,550	$1.82	44d	1	0.95mi
689 N Clinton St Unit 323 Syracuse, NY	1.0	1.5	960	$1,575	$1.64	21d	1	0.99mi
689 N Clinton St Apt 307 Syracuse, NY	1.0	1.5	1100	$1,600	$1.45	44d	1	0.99mi
210 W Division St Unit 24 Syracuse, NY	2.0	2.0	1200	$1,850	$1.54	21d	1	1.00mi
721 N Clinton St Unit 105 Syracuse, NY	2.0	2.0	1000	$1,475	$1.48	44d	1	1.00mi
721 N Clinton St Unit 213 Syracuse, NY	2.0	2.0	1000	$1,550	$1.55	44d	1	1.00mi
210 W Division St Unit 87 Syracuse, NY	2.0	2.0	1200	$1,750	$1.46	44d	1	1.01mi
101 N Salina St Apt 112 Syracuse, NY	1.0	1.0	791	$1,950	$2.47	14d	1	1.14mi
101 N Salina St Unit 107 Syracuse, NY	1.0	1.0	791	$1,825	$2.31	14d	1	1.14mi
101 N Salina St Apt 109 Syracuse, NY	1.0	1.0	769	$1,900	$2.47	14d	1	1.14mi
230 W Willow St Apt 310 Syracuse, NY	1.0	1.0	933	$1,600	$1.71	14d	1	1.15mi
900 E Fayette St Syracuse, NY	1.0–2.0	1.0	817	$1,600	$1.96	14d	9	1.23mi
712 E Fayette St Syracuse, NY	1.0	1.0	720	$1,698	$2.36	14d	10	1.23mi
300 University Ave Syracuse, NY	2.0	1.0	1020	$2,150	$2.11	14d	1	1.26mi
101 S Salina St Syracuse, NY	2.0	1.0	651	$2,330	$3.58	14d	14	1.26mi
373 Spencer St Unit 303 Syracuse, NY	2.0	1.5	1085	$1,850	$1.71	44d	1	1.26mi
117 Edtim Rd Syracuse, NY	1.0–2.0	1.0	545	$975	$1.79	14d	1	1.28mi
208 W Water St Syracuse, NY	2.0	2.0	962	$1,800	$1.87	44d	1	1.28mi
1140 Wolf St Apt 3 Syracuse, NY	2.0	1.0	800	$1,200	$1.50	44d	1	1.34mi
1105 E Genesee St Unit 2 Syracuse, NY	1.0	1.0	729	$1,300	$1.78	44d	1	1.34mi
324 W Water St Unit 106 Syracuse, NY	2.0	1.0	1436	$2,095	$1.46	21d	1	1.37mi
324 W Water St Syracuse, NY	2.0	1.0	1007	$1,975	$1.96	14d	6	1.37mi
321 S Salina St Unit 403 Syracuse, NY	1.0	1.0	978	$1,750	$1.79	21d	1	1.37mi
321 S Salina St Unit 203 Syracuse, NY	1.0	1.0	1236	$2,000	$1.62	21d	1	1.38mi
321 S Salina St Unit 502 Syracuse, NY	1.0	1.0	1050	$2,500	$2.38	44d	1	1.38mi
321 S Salina St Unit 303 Syracuse, NY	1.0	1.0	978	$1,800	$1.84	44d	1	1.38mi
321 S Salina St Unit 402 Syracuse, NY	1.0	1.0	1050	$2,200	$2.10	14d	1	1.38mi
321 S Salina St Unit 501 Syracuse, NY	2.0	1.0	1446	$3,000	$2.07	44d	1	1.38mi
321 S Salina St Unit 201 Syracuse, NY	2.0	1.0	1446	$2,450	$1.69	44d	1	1.38mi
129 W Fayette St Unit 217 Syracuse, NY	2.0	2.0	1100	$1,550	$1.41	14d	1	1.38mi
60 Presidential Plz Syracuse, NY	1.0–2.0	1.0–1.5	970	$905	$0.93	44d	1	1.39mi
317 S Clinton St Unit 4A Syracuse, NY	2.0	1.5	1500	$2,100	$1.40	14d	1	1.40mi
201 E Jefferson St Syracuse, NY	2.0	1.0	662	$1,540	$2.32	14d	9	1.40mi

Listing history 10 events

1. 2026-02-20
   status Pending
2. 2026-02-04
   price $84,900
3. 2026-01-19
   price $89,000
4. 2025-11-25
   listed $99,000 Active
5. 2010-08-13
   historical 311-char remark

   Show marketing remark (311 chars)

   MULTIPLE OFFER SITUATION. .. BEST & FINAL DUE BY 3pm, MON 3-29-10. There is great rental income potential here! Property is being sold "as is" and on such terms and conditions deemed acceptable to seller. Property should be viewed by buyers and buyer's agents as to condition and repairs needed.

6. 2010-08-02
   soldstatus $20,000 311-char remark

   Show marketing remark (311 chars)

   MULTIPLE OFFER SITUATION. .. BEST & FINAL DUE BY 3pm, MON 3-29-10. There is great rental income potential here! Property is being sold "as is" and on such terms and conditions deemed acceptable to seller. Property should be viewed by buyers and buyer's agents as to condition and repairs needed.

7. 2010-03-22
   listed $19,900 311-char remark

   Show marketing remark (311 chars)

   MULTIPLE OFFER SITUATION. .. BEST & FINAL DUE BY 3pm, MON 3-29-10. There is great rental income potential here! Property is being sold "as is" and on such terms and conditions deemed acceptable to seller. Property should be viewed by buyers and buyer's agents as to condition and repairs needed.

8. 2006-06-16
   soldstatus $38,000
9. 2003-05-07
   soldstatus $29,563
10. 1997-06-03
    soldstatus $31,000

ⓘ 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: $788 · $66/mo
• Projected year-2 tax: $1,112 · $93/mo
• Expected delta: +$323/yr (+$27/mo · 41.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°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: $18,510
• − Mortgage interest: −$4,756
• − Property taxes: −$788
• − Insurance: −$1,091
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − Depreciation: −$2,470
• Taxable income: $6,443
• Est. tax owed @ 24.0%: −$1,546
• After-tax cash flow: $5,854/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): 16,180
• Household income: $46,997
• Rent vs Own: 63.8% rent · 36.2% own
• Severe rent burden: 1566.0

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 0.67)
• Race & ethnicity: White 52% Black 22% Hispanic / Latino 11% Two or more races 9% Asian 7%
• Hispanic origin (detail): Puerto Rican 6% Cuban 2%
• Common ancestry: Romanian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 13% · Canada, India, Philippines
• Languages at home: 81% English-only · Spanish 6% Other Indo-European 3% Other Asian/Pacific 3%

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: ▼ -35.69%
• Current HPI: 263.2588
• Rent YoY: ▲ 8.39%
• 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

+173.9% since first listed

10 events — show timeline

• 2026-02-20 Pending — CNYIS
• 2026-02-04 Price Changed $84,900 CNYIS
• 2026-01-19 Price Changed $89,000 CNYIS
• 2025-11-25 Listed $99,000 CNYIS
• 2010-08-13 Listing Removed — CNYIS
• 2010-08-02 Sold (MLS) $20,000 CNYIS
• 2010-03-22 Listed $19,900 CNYIS
• 2006-06-16 Sold (Public Records) $38,000 Public Records
• 2003-05-07 Sold (Public Records) $29,563 Public Records
• 1997-06-03 Sold (Public Records) $31,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $788 · +0.0% YoY. Source: county tax records.