113 Grumbach Ave · Syracuse, NY 13203

$197,500

4 bd · 2.0 ba · 1,888 sqft · MultiFamily public records · 206 Days on market

Built 1900 6,600 sqft lot Est $149k · 32% over

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Why this score? — see what drove the C+ 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
• 1% rule +9.5/10.0
• 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
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Fabulous 2-family with parking spaces available. Each unit has 2-bedrooms, one full bath and both units have their own laundry room with washer/dryer hook-up. Both furnaces and hot water heaters are all newer in good working condition. Newer replacement windows, vinyl siding & roof. Spacious living room, dining room and kitchen. Ready for owner to living in one unit and rent out the other one or investors looking for return of investment. Updated rental registry in place Closed to downtown, hospital & highway. If both rented you are looking at almost 14% cash on cash return.

Key facts

• 6,600 sq ft lot
• 2 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $198k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $516/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $198k).
• Recommended offer: $174k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 (+8.4%/yr); 55 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $2,864/mo this rent would consume 73% of the median local household income ($47k/yr) (locally 1566% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $55k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 206 days — a 12% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 4 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 $60k; list at $198k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 206 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — 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: 1.45% ✓
• Cap rate: 12.57%
• Cash-on-cash: 22.41%
• DSCR: 2.00
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $149,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 Grumbach Ave	0.00mi	4/2.0	1,888 (0%)	0mo	$183,000	$97	100
1107 Butternut St	0.23mi	4/2.0	2,002 (+6%)	9mo	$34,900	$17	72
143 Highland Ave	0.27mi	5/2.5 (+1)	1,850 (-2%)	7mo	$215,000	$116	71
932-934 Oak St	0.23mi	5/2.0 (+1)	2,050 (+9%)	2mo	$105,000	$51	68
300 Helen St	0.30mi	5/2.0 (+1)	2,098 (+11%)	4mo	$165,000	$79	59
1607 Grant Blvd	0.60mi	4/2.0	1,816 (-4%)	10mo	$200,000	$110	57
317 E Division St	0.65mi	4/2.0	2,016 (+7%)	2mo	$119,900	$59	57
517 Carbon St	0.51mi	4/2.0	1,728 (-8%)	6mo	$90,000	$52	56
703 Ash St	0.41mi	5/2.0 (+1)	1,710 (-9%)	5mo	$140,000	$82	56
124 Dorothy St	0.64mi	5/2.0 (+1)	1,884 (-0%)	12mo	$162,000	$86	55
1021 N Townsend St	0.67mi	3/2.0 (-1)	2,030 (+8%)	6mo	$69,900	$34	47
1417 Butternut St	0.60mi	5/3.0 (+1)	2,005 (+6%)	8mo	$79,900	$40	46

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: 20.5%
• Equity multiple: 1.88×
• Total profit: $48,862
• Equity at exit: $29,448

10-year hold

• IRR: 31.7%
• Equity multiple: 4.54×
• Total profit: $195,965
• Equity at exit: $17,076

Cash invested: $55,300 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,864 high
• Mortgage (P&I): −$1,036
• Tax from tax record: −$112 /mo · $1,343/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $1,033

Break-even live

Break-even rent $1,557

Max offer price $197,500

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,864
Total (2 units)			$2,864

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: $49,375
• Closing costs: $5,925
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
712 Oak St Syracuse, NY	3.0	1.0	2461	$1,700	$0.69	21d	1	0.22mi
746 E Laurel St Unit 1 Syracuse, NY	4.0	2.0	1400	$1,500	$1.07	43d	1	0.27mi
365 Green St Syracuse, NY	5.0	3.5	2263	$3,300	$1.46	21d	1	0.54mi
423 Wendell Ter Syracuse, NY	4.0	1.0	1312	$2,500	$1.91	13d	1	0.66mi
205A Hawley Ave Unit 211C Syracuse, NY	3.0	2.5	1350	$1,675	$1.24	43d	1	0.74mi
205A Hawley Ave Unit 213C Syracuse, NY	3.0	2.5	1350	$1,650	$1.22	43d	1	0.74mi
1801 James St #2 Syracuse, NY	3.0	1.0	1244	$1,800	$1.45	13d	1	0.93mi
447 E Washington St Syracuse, NY	3.0	1.5	2095	$2,100	$1.00	13d	1	1.04mi
202 Stafford Ave Syracuse, NY	3.0	1.0	1692	$1,800	$1.06	13d	1	1.38mi
1607 Burnet Ave Unit 1 Syracuse, NY	3.0	1.0	2538	$1,650	$0.65	21d	1	1.39mi
1108 Madison St Unit 2 Syracuse, NY	3.0	1.5	1580	$2,080	$1.32	43d	1	1.41mi

Listing history 10 events

1. 2026-04-30
   status Pending
2. 2026-04-17
   historical Active Under Contract
3. 2026-02-13
   status Active
4. 2026-02-06
   historical Active Under Contract
5. 2026-01-23
   status Active
6. 2025-11-15
   historical Active Under Contract
7. 2025-10-06
   listed $197,500 Active
8. 2025-09-26
   historical
9. 2025-05-06
   listed $222,500 Active
10. 1997-06-17
    soldstatus $60,000

ⓘ 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: $1,343 · $112/mo
• Projected year-2 tax: $2,340 · $195/mo
• Expected delta: +$997/yr (+$83/mo · 74.3%)

ⓘ 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 ≥94°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: $34,368
• − Mortgage interest: −$11,063
• − Property taxes: −$1,343
• − Insurance: −$988
• − Repairs & maintenance: −$2,749
• − Management: −$2,749
• − Depreciation: −$5,745
• Taxable income: $9,730
• Est. tax owed @ 24.0%: −$2,335
• After-tax cash flow: $10,057/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

+229.2% since first listed

10 events — show timeline

• 2026-04-30 Pending — CNYIS
• 2026-04-17 Contingent — CNYIS
• 2026-02-13 Relisted — CNYIS
• 2026-02-06 Contingent — CNYIS
• 2026-01-23 Relisted — CNYIS
• 2025-11-15 Contingent — CNYIS
• 2025-10-06 Listed $197,500 CNYIS
• 2025-09-26 Listing Removed — CNYIS
• 2025-05-06 Listed $222,500 CNYIS
• 1997-06-17 Sold (Public Records) $60,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $1,343 · +0.0% YoY. Source: county tax records.