600 Pond St · Syracuse, NY 13208

$382,500

25 bd · None ba · 6,648 sqft · MultiFamily · 43 Days on market

Built 1940 Average condition 4,730 sqft lot $58/sqft · 8% below area Est $415k · 8% 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 +11.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.8/10.0

Multi-family units

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

Spacious and maintained 5-unit property located on the desirable Northside of the city. All units are generously sized and have been updated within the past six years, offering modernized living spaces for tenants. The building is currently fully rented on a month-to-month basis, providing flexibility for future rent adjustments or occupancy changes. A standout feature is the large owner’s unit, which presents significant additional income potential if added to the rent roll. Alternatively, an owner-occupant can live on-site while rental income helps offset expenses. This property offers strong income potential and flexibility—ideal for both investors and owner-occupants. "SOLD AS IS "

Key facts

• Fully rented
• 5 unit property
• Large owners unit

Tags

• 5 UNIT PROPERTY
• LARGE OWNERS UNIT
• FULLY RENTED
• MODERNIZED LIVING SPACES

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 1×3bd/1ba units multifamily listed at $382k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive. Per door: $772/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $382k).
• Recommended offer: $371k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.4% 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: 99 active listings in the ZIP; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $8,230/mo this rent would consume 221% of the median local household income ($45k/yr) (locally 1437% 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 $41k of equity ($3k loan paydown + $38k 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 + 3.0% rent growth), your $107k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($371k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $371,025 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 18.40%
• Cash-on-cash: 43.23%
• DSCR: 2.92
• GRM: 3.9

CMA / ARV

• ARV (median comp): $414,691
• List price: $382,500
• Delta: -7.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 57.9%
• Equity multiple: 5.24×
• Total profit: $454,183
• Equity at exit: $344,586

10-year hold

• IRR: 51.4%
• Equity multiple: 11.69×
• Total profit: $1,144,493
• Equity at exit: $743,113

Cash invested: $107,100 (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 13208

• Home prices YoY: 8.4%
• Active inventory: 99
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $8,230 high
• Mortgage (P&I): −$2,006
• Tax est. 1.5%: −$478 /mo · $5,738/yr
• Insurance: −$159
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,728
• Net cashflow: $3,858

Break-even live

Break-even rent $3,346

Max offer price $382,500

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,528
1× unit	3	1	$1,703
Total (5 units)			$8,230

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: $95,625
• Closing costs: $11,475
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-05
   statusdays on market $382,500 Pending 43 DOM
2. 2026-06-02
   days on market $382,500 Active 41 DOM
3. 2026-06-01
   days on market $382,500 Active 40 DOM
4. 2026-05-31
   days on market $382,500 Active 39 DOM
5. 2026-05-30
   days on market $382,500 Active 38 DOM
6. 2026-04-22
   listed $382,500 Active 716-char remark

   Show marketing remark (716 chars)

   Spacious and maintained 5-unit property located on the desirable Northside of the city. All units are generously sized and have been updated within the past six years, offering modernized living spaces for tenants. The building is currently fully rented on a month-to-month basis, providing flexibility for future rent adjustments or occupancy changes. A standout feature is the large owner’s unit, which presents significant additional income potential if added to the rent roll. Alternatively, an owner-occupant can live on-site while rental income helps offset expenses. This property offers strong income potential and flexibility—ideal for both investors and owner-occupants. "SOLD AS IS "

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $98,760
• − Mortgage interest: −$21,426
• − Property taxes: −$5,738
• − Insurance: −$1,912
• − Repairs & maintenance: −$7,901
• − Management: −$7,901
• − Depreciation: −$11,127
• Taxable income: $42,755
• Est. tax owed @ 24.0%: −$10,261
• After-tax cash flow: $36,039/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.

Condition & rehab AI · 1 photo

Average 55/100 Moderate rehab

A moderately maintained 5-unit property with average exterior condition. Repairs to siding and landscaping, along with painting, would significantly enhance its resale and rental value.

Repairs flagged

• Moderate exterior siding — Weathered and discolored
• Minor landscaping — Overgrown grass

Value-add opportunities

• Both paint exterior walls — Enhances curb appeal and property value
• Both repair and paint exterior siding — Improves property appearance and value
• Both landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Weathered and discolored	Moderate	$3,000–15,000
landscaping · Overgrown grass	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both paint exterior walls — Enhances curb appeal and property value ↑
• Both repair and paint exterior siding — Improves property appearance and value ↑
• Both landscaping — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 22,993
• Household income: $44,712
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1437.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Black 24% Asian 14% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Swedish 3% Italian 1%
• Foreign-born: 22% · Vietnam, Philippines, Canada
• Languages at home: 70% English-only · Spanish 6% Other Asian/Pacific 5% Vietnamese 4%

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: ▲ 30.91%
• Current HPI: 399.3284
• Rent YoY: —
• 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

1 event — show timeline

• 2026-04-22 Listed $382,500 CNYIS