104 Watson Rd

North Syracuse, NY 13212

$174,900D+

3 bd · 1.5 ba · 1,006 sqft · Built 1908 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,774/mo
• Mortgage (P&I): −$917
• Tax + insurance: −$491
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $-7/mo
• Annual: $-81/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.16%
• DSCR: 0.99
• 1% rule: 1.01%
• Cash to close: $48,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $175k.
• At list price, monthly cash flow is $-7 ($-81/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (0.7% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $174k (0.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#379 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools C-, crime D, amenities F.
• North Syracuse Central School District (suburban): math 45% / reading 50% proficiency, ranked #402 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.9% of price; built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 2 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.
• Current owner paid $110k; list at $175k implies a 59% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 5.1% in North Syracuse — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.