404 Griffiths St · Syracuse, NY 13208

$109,000

3 bd · 1.5 ba · 1,794 sqft · SingleFamily public records · 133 Days on market

Built 1930 4,000 sqft lot Est $188k · 42% under ↓ 16% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

Nice 3 bed 1.5 bath home. This home still has all the original Charme and woodwork. Large entrance leads to loving room and full dining room. Large eat in kitchen with pantry and island. 2nd small Livingroom has gas fireplace. 2nd floor has a large master bedroom with window seat. 2 more bedroom and full bath. Large attic can be used for storage or man cave. Large full front porch looks over the city. Off street parking. Home sold AS-IS to settle estate. Furniture will be left with home. * * * * Buyers Financing fell thru * * * * * back on market can close quickly if needed

Key facts

• Large eat in kitchen
• Pantry and island
• Large entrance

Tags

• LARGE ENTRANCE
• FULL DINING ROOM
• LARGE EAT IN KITCHEN
• PANTRY AND ISLAND
• GAS FIREPLACE
• WINDOW SEAT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $750 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: 99 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $1,804/mo this rent would consume 48% 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 $12k of equity ($754 loan paydown + $11k 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 $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $21k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 14.55%
• Cash-on-cash: 29.50%
• DSCR: 2.31
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $188,370
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 Spring Ln	0.27mi	4/1.5 (+1)	1,830 (+2%)	3mo	$140,000	$77	77
1019 Highland St	0.33mi	3/1.0	1,830 (+2%)	8mo	$122,000	$67	73
809 E Division St	0.25mi	3/3.0	1,884 (+5%)	4mo	$160,000	$85	71
1309 Oak St	0.53mi	4/1.5 (+1)	1,904 (+6%)	1mo	$225,000	$118	60
810 Turtle St	0.52mi	3/2.0	1,968 (+10%)	3mo	$207,500	$105	55
2723 Grant Blvd	0.50mi	4/3.0 (+1)	1,680 (-6%)	2mo	$310,000	$185	54
144 Kuhl Ave	0.58mi	4/2.0 (+1)	1,680 (-6%)	7mo	$265,000	$158	50
212 Hood Ave	0.38mi	4/1.5 (+1)	1,540 (-14%)	5mo	$160,000	$104	50
226 Burdick Ave	0.63mi	3/1.0	1,548 (-14%)	0mo	$161,400	$104	45
110 Lacy Pl	0.71mi	3/1.0	1,608 (-10%)	3mo	$138,500	$86	45
125 Cadillac St	0.60mi	3/1.5	1,528 (-15%)	3mo	$165,000	$108	45
619 Dewitt St	0.67mi	4/1.5 (+1)	1,588 (-12%)	5mo	$248,000	$156	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 46.7%
• Equity multiple: 4.51×
• Total profit: $107,131
• Equity at exit: $98,196

10-year hold

• IRR: 40.5%
• Equity multiple: 10.10×
• Total profit: $277,862
• Equity at exit: $211,763

Cash invested: $30,520 (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: 5.0×

Monthly cashflow live

• Estimated rent: $1,804 high
• Mortgage (P&I): −$572
• Tax from tax record: −$58 /mo · $694/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $750

Break-even live

Break-even rent $854

Max offer price $109,000

Occupancy floor 53%

Sensitivity live

Price	-10% $812	-5% $781	+0% $750	+5% $719	+10% $689
Rent	-10% $608	-5% $679	+0% $750	+5% $822	+10% $893
Rate	-1.0pp $805	-0.5pp $778	base $750	+0.5pp $722	+1.0pp $693

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
746 E Laurel St Unit 1 Syracuse, NY	4.0	2.0	1400	$1,500	$1.07	44d	1	0.64mi
712 Oak St Syracuse, NY	3.0	1.0	2461	$1,700	$0.69	21d	1	0.74mi
244 Harding St #46 Syracuse, NY	2.0	1.0	2200	$1,395	$0.63	44d	1	0.77mi
423 Wendell Ter Syracuse, NY	4.0	1.0	1312	$2,500	$1.91	14d	1	0.85mi
2340 Court St Syracuse, NY	2.0	1.5	1965	$2,200	$1.12	14d	1	1.08mi
205A Hawley Ave Unit 213C Syracuse, NY	3.0	2.5	1350	$1,650	$1.22	44d	1	1.16mi
205A Hawley Ave Unit 211C Syracuse, NY	3.0	2.5	1350	$1,675	$1.24	44d	1	1.16mi
1801 James St #2 Syracuse, NY	3.0	1.0	1244	$1,800	$1.45	14d	1	1.31mi
447 E Washington St Syracuse, NY	3.0	1.5	2095	$2,100	$1.00	14d	1	1.41mi
324 W Water St Unit 106 Syracuse, NY	2.0	1.0	1436	$2,095	$1.46	21d	1	1.44mi

Listing history 11 events

1. 2026-05-13
   status Pending
2. 2026-04-21
   historical Active Under Contract
3. 2026-04-13
   status Active
4. 2026-01-06
   status Pending
5. 2025-12-01
   historical Active Under Contract
6. 2025-11-18
   status Active
7. 2025-11-12
   historical Active Under Contract
8. 2025-10-28
   price $109,000
9. 2025-09-26
   status Active
10. 2025-09-25
    historical
11. 2025-09-24
    listed $129,900 Active

ⓘ 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: $694 · $58/mo
• Projected year-2 tax: $1,268 · $106/mo
• Expected delta: +$574/yr (+$48/mo · 82.8%)

ⓘ 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: $21,648
• − Mortgage interest: −$6,106
• − Property taxes: −$694
• − Insurance: −$545
• − Repairs & maintenance: −$1,732
• − Management: −$1,732
• − Depreciation: −$3,171
• Taxable income: $7,669
• Est. tax owed @ 24.0%: −$1,841
• After-tax cash flow: $7,163/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): 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

-16.1% since first listed

11 events — show timeline

• 2026-05-13 Pending — CNYIS
• 2026-04-21 Contingent — CNYIS
• 2026-04-13 Relisted — CNYIS
• 2026-01-06 Pending — CNYIS
• 2025-12-01 Contingent — CNYIS
• 2025-11-18 Relisted — CNYIS
• 2025-11-12 Contingent — CNYIS
• 2025-10-28 Price Changed $109,000 CNYIS
• 2025-09-26 Relisted — CNYIS
• 2025-09-25 Listing Removed — CNYIS
• 2025-09-24 Listed $129,900 CNYIS

Property tax history

+0.1%/yr

Latest (2025): $694 · +0.0% YoY. Source: county tax records.