1624 W Genesee St · Syracuse, NY 13204

$549,000

72 bd · None ba · 7,385 sqft · MultiFamily public records · 65 Days on market

Built 1950 6,853 sqft lot $74/sqft · 7% below area Est $592k · 7% under

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Why this score? — see what drove the A- 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 +10.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Located in the heart of Syracuse’s highly desirable Tipp Hill neighborhood, 1624 West Genesee Street presents a rare opportunity to own a 9-unit investment property in one of the city’s most vibrant and consistently in-demand rental areas. Just steps from local pubs, restaurants, and neighborhood staples that make Tipp Hill a destination, this property benefits from strong tenant appeal and steady rental demand. Its prime location offers easy access to Downtown Syracuse, major hospitals, and Syracuse University, making it attractive to a wide range of tenants. The building features nine units with solid income potential and the opportunity for a new owner to further enhance value over time. Whether you’re looking to expand your portfolio or secure a well-positioned asset in a proven rental market, this property checks the boxes. Tipp Hill continues to be one of Syracuse’s most recognizable and sought-after neighborhoods making this a smart long-term investment. Don’t miss your chance to own a multi-unit property in a location where demand remains strong year after year.

Key facts

• 6,853 sq ft lot
• 3 parking spots
• Built 1950

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/1-bath units multifamily listed at $549k.

Deal economics

• At list price, monthly cash flow is $6k ($68k/yr) — positive. Per door: $626/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $549k).
• Recommended offer: $516k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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); 121 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $11,804/mo this rent would consume 312% 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 $59k of equity ($4k loan paydown + $55k 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 $154k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$94k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($516k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 11y ago 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 $210k; list at $549k implies a 161% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $516,059 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.15% ✓
• Cap rate: 18.62%
• Cash-on-cash: 44.01%
• DSCR: 2.96
• GRM: 3.9

CMA / ARV

• ARV (median comp): $591,846
• List price: $549,000
• Delta: -7.24%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 62.1%
• Equity multiple: 5.69×
• Total profit: $720,570
• Equity at exit: $494,583

10-year hold

• IRR: 57.7%
• Equity multiple: 13.97×
• Total profit: $1,994,351
• Equity at exit: $1,066,586

Cash invested: $153,720 (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: 121
• Price-to-rent: 34.9×

Monthly cashflow live

• Estimated rent: $11,804 high
• Mortgage (P&I): −$2,879
• Tax from tax record: −$580 /mo · $6,955/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,479
• Net cashflow: $5,638

Break-even live

Break-even rent $4,668

Max offer price $549,000

Occupancy floor 47%

Sensitivity live

Price	-10% $5,949	-5% $5,793	+0% $5,638	+5% $5,482	+10% $5,327
Rent	-10% $4,705	-5% $5,172	+0% $5,638	+5% $6,104	+10% $6,570
Rate	-1.0pp $5,914	-0.5pp $5,777	base $5,638	+0.5pp $5,496	+1.0pp $5,351

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$11,808
Total (9 units)			$11,804

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-21
   days on market $549,000 Active 65 DOM
2. 2026-06-18
   days on market $549,000 Active 62 DOM
3. 2026-06-17
   days on market $549,000 Active 61 DOM
4. 2026-06-16
   days on market $549,000 Active 60 DOM
5. 2026-06-15
   days on market $549,000 Active 59 DOM
6. 2026-06-14
   days on market $549,000 Active 57 DOM
7. 2026-06-13
   days on market $549,000 Active 56 DOM
8. 2026-06-10
   days on market $549,000 Active 54 DOM
9. 2026-06-09
   days on market $549,000 Active 53 DOM
10. 2026-06-08
    days on market $549,000 Active 52 DOM
11. 2026-06-07
    days on market $549,000 Active 51 DOM
12. 2026-06-05
    days on market $549,000 Active 48 DOM
13. 2026-06-02
    days on market $549,000 Active 46 DOM
14. 2026-06-01
    days on market $549,000 Active 45 DOM
15. 2026-05-31
    days on market $549,000 Active 44 DOM
16. 2026-05-30
    days on market $549,000 Active 43 DOM
17. 2026-04-17
    listed $549,000 Active 1116-char remark

    Show marketing remark (1116 chars)

    Located in the heart of Syracuse’s highly desirable Tipp Hill neighborhood, 1624 West Genesee Street presents a rare opportunity to own a 9-unit investment property in one of the city’s most vibrant and consistently in-demand rental areas. Just steps from local pubs, restaurants, and neighborhood staples that make Tipp Hill a destination, this property benefits from strong tenant appeal and steady rental demand. Its prime location offers easy access to Downtown Syracuse, major hospitals, and Syracuse University, making it attractive to a wide range of tenants. The building features nine units with solid income potential and the opportunity for a new owner to further enhance value over time. Whether you’re looking to expand your portfolio or secure a well-positioned asset in a proven rental market, this property checks the boxes. Tipp Hill continues to be one of Syracuse’s most recognizable and sought-after neighborhoods making this a smart long-term investment. Don’t miss your chance to own a multi-unit property in a location where demand remains strong year after year.

18. 2024-04-04
    historical $900
19. 2024-03-13
    listed $900
20. 2023-11-05
    historical $900
21. 2023-10-25
    listed $900
22. 2023-09-04
    historical
23. 2019-08-28
    soldstatus $210,000 Closed Sale or Rented 523-char remark

    Show marketing remark (523 chars)

    9 unit building with1 Studio, 6 1BR, 1 2BR, 1 3BR. Gross rents are $5710/mo, landlord pays gas/electric which averages about $700/mo. Formerly 10 units but two units were combined into one. All the major work has been done: brand new roof in 2018, exterior paint in 2017, newer high efficiency forced air furnace. Apartments need TLC but priced accordingly at only $27k per unit in desirable Tipp Hill neighborhood. Tons of potential, either renovate the apartments high end and increase rents or buy and hold for cashflow.

24. 2019-07-23
    soldstatus $210,000
25. 2019-03-29
    status Under Contract- Do Not Show 523-char remark

    Show marketing remark (523 chars)

    9 unit building with1 Studio, 6 1BR, 1 2BR, 1 3BR. Gross rents are $5710/mo, landlord pays gas/electric which averages about $700/mo. Formerly 10 units but two units were combined into one. All the major work has been done: brand new roof in 2018, exterior paint in 2017, newer high efficiency forced air furnace. Apartments need TLC but priced accordingly at only $27k per unit in desirable Tipp Hill neighborhood. Tons of potential, either renovate the apartments high end and increase rents or buy and hold for cashflow.

26. 2019-03-14
    historical Continue to Show- Under Contract 523-char remark

    Show marketing remark (523 chars)

    9 unit building with1 Studio, 6 1BR, 1 2BR, 1 3BR. Gross rents are $5710/mo, landlord pays gas/electric which averages about $700/mo. Formerly 10 units but two units were combined into one. All the major work has been done: brand new roof in 2018, exterior paint in 2017, newer high efficiency forced air furnace. Apartments need TLC but priced accordingly at only $27k per unit in desirable Tipp Hill neighborhood. Tons of potential, either renovate the apartments high end and increase rents or buy and hold for cashflow.

27. 2019-01-23
    price $219,900 523-char remark

    Show marketing remark (523 chars)

    9 unit building with1 Studio, 6 1BR, 1 2BR, 1 3BR. Gross rents are $5710/mo, landlord pays gas/electric which averages about $700/mo. Formerly 10 units but two units were combined into one. All the major work has been done: brand new roof in 2018, exterior paint in 2017, newer high efficiency forced air furnace. Apartments need TLC but priced accordingly at only $27k per unit in desirable Tipp Hill neighborhood. Tons of potential, either renovate the apartments high end and increase rents or buy and hold for cashflow.

28. 2018-10-31
    listed $239,900 Active 523-char remark

    Show marketing remark (523 chars)

    9 unit building with1 Studio, 6 1BR, 1 2BR, 1 3BR. Gross rents are $5710/mo, landlord pays gas/electric which averages about $700/mo. Formerly 10 units but two units were combined into one. All the major work has been done: brand new roof in 2018, exterior paint in 2017, newer high efficiency forced air furnace. Apartments need TLC but priced accordingly at only $27k per unit in desirable Tipp Hill neighborhood. Tons of potential, either renovate the apartments high end and increase rents or buy and hold for cashflow.

29. 2018-10-30
    historical
30. 2018-10-10
    price $259,900
31. 2018-10-06
    price $269,900
32. 2018-08-10
    price $270,000
33. 2018-07-10
    listed $299,000 Active
34. 2016-04-29
    historical
35. 2016-02-19
    status Active
36. 2016-01-23
    historical Under Contract- Do Not Show
37. 2015-10-28
    listed $239,900 Active
38. 2015-06-07
    listed $275,000
39. 2015-06-03
    listed $295,000
40. 2004-04-23
    soldstatus $207,000

ⓘ 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: $6,955 · $580/mo
• Projected year-2 tax: $8,116 · $676/mo
• Expected delta: +$1,162/yr (+$97/mo · 16.7%)

ⓘ 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: $141,648
• − Mortgage interest: −$30,753
• − Property taxes: −$6,955
• − Insurance: −$2,745
• − Repairs & maintenance: −$11,332
• − Management: −$11,332
• − Depreciation: −$15,971
• Taxable income: $62,561
• Est. tax owed @ 24.0%: −$15,015
• After-tax cash flow: $52,639/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

+165.2% since first listed

24 events — show timeline

• 2026-04-17 Listed $549,000 CNYIS
• 2024-04-04 Rental Removed $900 APPFOLIO
• 2024-03-13 Listed for Rent $900 APPFOLIO
• 2023-11-05 Rental Removed $900 APPFOLIO
• 2023-10-25 Listed for Rent $900 APPFOLIO
• 2023-09-04 Rental Removed — APPFOLIO
• 2019-08-28 Sold (MLS) $210,000 CNYIS
• 2019-07-23 Sold (Public Records) $210,000 Public Records
• 2019-03-29 Pending — CNYIS
• 2019-03-14 Contingent — CNYIS
• 2019-01-23 Price Changed $219,900 CNYIS
• 2018-10-31 Listed $239,900 CNYIS
• 2018-10-30 Listing Removed — CNYIS
• 2018-10-10 Price Changed $259,900 CNYIS
• 2018-10-06 Price Changed $269,900 CNYIS
• 2018-08-10 Price Changed $270,000 CNYIS
• 2018-07-10 Listed $299,000 CNYIS
• 2016-04-29 Listing Removed — CNYIS
• 2016-02-19 Relisted — CNYIS
• 2016-01-23 Contingent — CNYIS
• 2015-10-28 Listed $239,900 CNYIS
• 2015-06-07 Listed $275,000 CNYIS
• 2015-06-03 Listed $295,000 WNYREIS
• 2004-04-23 Sold (Public Records) $207,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $6,955 · +0.0% YoY. Source: county tax records.