172 S Midler Ave · Syracuse, NY 13206

$225,000

4 bd · 2.0 ba · 2,392 sqft · MultiFamily public records · 19 Days on market

Built 1925 5,280 sqft lot Est $261k · 14% under

---

Why this score? — see what drove the B 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 +13.7/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This well maintained two unit is grossing $2450 per month.

Key facts

• Situated near parks
• 5,280 sq ft lot
• 2 parking spots

Tags

• CURRENT RENTAL REGISTRY
• BRAND-NEW FRONT PORCH
• VACANT DOWNSTAIRS UNIT
• SITUATED NEAR SHOPPING
• SITUATED NEAR RESTAURANTS
• SITUATED NEAR PARKS

Property features AI

Finance

• Other: Two separate electric meters; Two separate gas meters; Two total dwelling units in the building; One unit reported with current rent of $1,250
• Financial info: Owner pays for water; Rent includes water; Operating expense details: See remarks

Exterior

• Parking: Two or more off-street parking spaces
• Security: No security features provided
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing/resale property
• Construction: Aluminum siding
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 40 x 132

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood; Varies by area
• Bathrooms: Each unit has one full bathroom (total 2 full bathrooms in the building)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Hardwood and varied flooring throughout
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $973 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% 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 (+5.8%/yr); 42 active listings in the ZIP; 3 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 $3,001/mo this rent would consume 57% of the median local household income ($63k/yr) (locally 725% 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 $2k of loan paydown is wiped out by about $7k 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 + 5.8% rent growth), your $63k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $138k; list at $225k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,625 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.33% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.54%
• DSCR: 1.82
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $260,728
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
336 S Collingwood Ave	0.29mi	4/2.0	2,208 (-8%)	2mo	$267,000	$121	72
159 Norwood & Tyson Pl Ave	0.35mi	4/4.0	2,352 (-2%)	18mo	$281,100	$120	58
257-259 Forest Hill Dr	0.32mi	4/2.0	2,168 (-9%)	15mo	$273,500	$126	57
176 S Midler Ave	0.28mi	5/2.0 (+1)	2,250 (-6%)	19mo	$220,000	$98	56
161-63 S Collingwood Ave	0.10mi	5/3.0 (+1)	2,748 (+15%)	11mo	$300,000	$109	52
2107 Burnet Ave	0.59mi	5/2.0 (+1)	2,354 (-2%)	18mo	$224,900	$96	50
291 N Midler Ave	0.46mi	3/2.0 (-1)	2,088 (-13%)	12mo	$190,000	$91	43
300 Marlborough Rd	0.49mi	4/2.0	2,112 (-12%)	19mo	$155,000	$73	42
106 Shotwell Park	0.55mi	4/2.0	2,664 (+11%)	20mo	$370,000	$139	39

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 · 5.85% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.54×
• Total profit: $34,323
• Equity at exit: $33,548

10-year hold

• IRR: 24.1%
• Equity multiple: 3.35×
• Total profit: $147,999
• Equity at exit: $19,454

Cash invested: $63,000 (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 13206

• Home prices YoY: -7.1%
• Rents YoY: 5.8%
• Active inventory: 42
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $3,001 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$124 /mo · $1,487/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $973

Break-even live

Break-even rent $1,769

Max offer price $225,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,002
Total (2 units)			$3,001

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
202 Stafford Ave Syracuse, NY	3.0	1.0	1692	$1,800	$1.06	13d	1	0.40mi
1607 Burnet Ave Unit 1 Syracuse, NY	3.0	1.0	2538	$1,650	$0.65	21d	1	0.86mi
409 Westmoreland Ave Unit 9 Syracuse, NY	3.0	1.0	2480	$2,200	$0.89	43d	1	1.46mi

Listing history 18 events

1. 2026-06-13
   status $225,000 Pending 19 DOM
2. 2026-06-10
   days on market $225,000 Active Under Contract 19 DOM
3. 2026-06-09
   days on market $225,000 Active Under Contract 18 DOM
4. 2026-06-08
   days on market $225,000 Active Under Contract 17 DOM
5. 2026-06-07
   days on market $225,000 Active Under Contract 16 DOM
6. 2026-06-05
   days on market $225,000 Active Under Contract 13 DOM
7. 2026-06-02
   days on market $225,000 Active Under Contract 11 DOM
8. 2026-06-01
   days on market $225,000 Active Under Contract 10 DOM
9. 2026-05-31
   days on market $225,000 Active Under Contract 9 DOM
10. 2026-05-30
    statusdays on market $225,000 Active Under Contract 8 DOM
11. 2026-05-21
    listed $225,000 Active
12. 2023-12-15
    soldstatus $138,000
13. 2023-12-14
    status Pending Sale 58-char remark

    Show marketing remark (58 chars)

    This well maintained two unit is grossing $2450 per month.

14. 2023-12-11
    soldstatus $138,000 Closed Sale or Rented 58-char remark

    Show marketing remark (58 chars)

    This well maintained two unit is grossing $2450 per month.

15. 2023-01-28
    historical 58-char remark

    Show marketing remark (58 chars)

    This well maintained two unit is grossing $2450 per month.

16. 2022-12-12
    historical Continue to Show- Under Contract 58-char remark

    Show marketing remark (58 chars)

    This well maintained two unit is grossing $2450 per month.

17. 2022-08-30
    listed $139,900 Active 58-char remark

    Show marketing remark (58 chars)

    This well maintained two unit is grossing $2450 per month.

18. 2020-01-27
    soldstatus $59,500

ⓘ 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: $1,487 · $124/mo
• Projected year-2 tax: $2,645 · $220/mo
• Expected delta: +$1,158/yr (+$96/mo · 77.9%)

ⓘ 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: $36,012
• − Mortgage interest: −$12,603
• − Property taxes: −$1,487
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,881
• − Management: −$2,881
• − Depreciation: −$6,545
• Taxable income: $8,489
• Est. tax owed @ 24.0%: −$2,037
• After-tax cash flow: $9,641/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): 16,245
• Household income: $63,136
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 725.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Black 13% Two or more races 9% Hispanic / Latino 8% Asian 5%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 6% Lithuanian 4% Slovak 2%
• Foreign-born: 8% · Canada, Jamaica, China
• Languages at home: 89% English-only · Spanish 3% Arabic 2% Other Indo-European 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: ▼ -24.60%
• Current HPI: 322.231
• Rent YoY: ▲ 5.85%
• 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

+278.2% since first listed

8 events — show timeline

• 2026-05-21 Listed $225,000 CNYIS
• 2023-12-15 Sold (Public Records) $138,000 Public Records
• 2023-12-14 Pending — CNYIS
• 2023-12-11 Sold (MLS) $138,000 CNYIS
• 2023-01-28 Listing Removed — CNYIS
• 2022-12-12 Contingent — CNYIS
• 2022-08-30 Listed $139,900 CNYIS
• 2020-01-27 Sold (Public Records) $59,500 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,487 · +0.0% YoY. Source: county tax records.