305 Hartson St

Syracuse, NY 13204

$114,900A-

3 bd · 2.0 ba · 1,663 sqft · Built 1920 · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,537/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$598
• HOA: −$0
• Vac / Maint / Mgmt: −$743
• Net cashflow: $1,594/mo
• Annual: $19,130/yr
• Cap rate: 27.75%
• Cash-on-cash: 76.64%
• DSCR: 4.41
• 1% rule: 3.08%
• Cash to close: $32,172

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $115k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $797/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $115k).
• It's been on market 21 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($794 loan paydown + $11k 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: flood insurance adds $460/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.2%/yr); 119 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 27.8% 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.