231 Kellogg St · Syracuse, NY 13204

$119,999

None bd · None ba · 3,282 sqft · MultiFamily public records · 9 Days on market

Built 1920 5,885 sqft lot Est $187k · 36% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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: 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

Unique opportunity for excellent cash flow and ROI on this 5 unit. Monthly rent roll of $2900 and room to increase!

Key facts

• 5,885 sq ft lot
• 2 parking spots
• Built 1920

🏷️ Possibly a rental listed for sale. The $119,999 price doesn't fit this home's estimated sale value (~$187,074) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/?-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $6k ($69k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $120k).
• Cap rate 64.2% 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: 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.
• Zoned schools: Syracuse Latin School (math 31% / reading 62%, grade D-, #1,262 of 2,108 statewide, top 60%, 642 students, 42% FRL); Expeditionary Learning Middle School (math 17% / reading 32%, grade F, #611 of 729 statewide, top 88%, 170 students, 76% FRL); Institute of Technology At Syracuse Central (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 581 students, 68% FRL).
• Zoned-school proficiency averages 54% at this address vs 22% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Syracuse City School District average implies; a family-tenant draw the district grade alone would hide.
• 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 $8,446/mo this rent would consume 223% 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 $13k of equity ($829 loan paydown + $12k 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 $34k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,999

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 7.04% ✓
• Cap rate: 64.17%
• Cash-on-cash: 206.71%
• DSCR: 10.20
• GRM: 1.2

CMA / ARV

• ARV (on-the-fly): $187,074
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Kellogg St	0.17mi	7/3.5	3,358 (+2%)	4mo	$192,500	$57	85
944 Bellevue Ave	0.36mi	8/3.0	3,378 (+3%)	0mo	$380,000	$112	78
228 Palmer Ave #30	0.39mi	9/3.0	3,462 (+6%)	3mo	$205,000	$59	70
222 Putnam St	0.32mi	8/3.0	3,340 (+2%)	15mo	$105,000	$31	70
318 Kellogg St	0.11mi	6/2.0	3,046 (-7%)	20mo	$175,000	$57	66
422 Elliott St	0.60mi	6/2.0	3,024 (-8%)	0mo	$130,000	$43	59
103 Malcolm St	0.24mi	5/3.0	2,877 (-12%)	12mo	$70,500	$25	58
248 Sterling Ave	0.43mi	8/2.0	3,076 (-6%)	16mo	$90,000	$29	57
705 Bellevue Ave	0.33mi	6/2.0	2,894 (-12%)	11mo	$85,000	$29	55
1137 Bellevue Ave	0.57mi	9/3.0	3,442 (+5%)	14mo	$65,000	$19	54
367-369 Furman St	0.72mi	9/3.0	3,138 (-4%)	11mo	$197,000	$63	50
400 Roberts Ave	0.71mi	6/3.0	2,875 (-12%)	7mo	$330,000	$115	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 15.25×
• Total profit: $478,781
• Equity at exit: $108,105

10-year hold

• IRR: —
• Equity multiple: 37.64×
• Total profit: $1,230,941
• Equity at exit: $233,132

Cash invested: $33,600 (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: 5.9×

Monthly cashflow live

• Estimated rent: $8,446 high
• Mortgage (P&I): −$629
• Tax from tax record: −$205 /mo · $2,463/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,774
• Net cashflow: $5,788

Break-even live

Break-even rent $1,120

Max offer price $119,999

Occupancy floor 26%

Sensitivity live

Price	-10% $5,856	-5% $5,822	+0% $5,788	+5% $5,754	+10% $5,720
Rent	-10% $5,121	-5% $5,454	+0% $5,788	+5% $6,121	+10% $6,455
Rate	-1.0pp $5,848	-0.5pp $5,818	base $5,788	+0.5pp $5,757	+1.0pp $5,725

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	—	$8,445
Total (5 units)			$8,446

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2024-06-24
   status Pending
2. 2024-01-16
   historical
3. 2021-01-25
   soldstatus $435,000
4. 2020-05-21
   status Under Contract- Do Not Show
5. 2020-05-11
   listed $119,999 Active
6. 2016-11-01
   soldstatus $47,500

ⓘ 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: $2,463 · $205/mo
• Projected year-2 tax: $2,463 · $205/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% 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: $101,352
• − Mortgage interest: −$6,722
• − Property taxes: −$2,463
• − Insurance: −$600
• − Repairs & maintenance: −$8,108
• − Management: −$8,108
• − Depreciation: −$3,491
• Taxable income: $71,860
• Est. tax owed @ 24.0%: −$17,246
• After-tax cash flow: $52,207/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

+815.8% since first listed

6 events — show timeline

• 2024-06-24 Pending — CNYIS
• 2024-01-16 Listing Removed — CNYIS
• 2021-01-25 Sold (Public Records) $435,000 Public Records
• 2020-05-21 Pending — CNYIS
• 2020-05-11 Listed $119,999 CNYIS
• 2016-11-01 Sold (Public Records) $47,500 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,463 · +0.0% YoY. Source: county tax records.