514 Highland St · Syracuse, NY 13203

$199,000

4 bd · 3.5 ba · 5,037 sqft · SingleFamily · 314 Days on market

Built 1900 Fair condition 3,300 sqft lot $40/sqft · 62% below area ↓ 20% since listing

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Why this score? — see what drove the D+ 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 +15.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• Rent growth +4.6/5.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

AN EXCELLENT INVESTMENT OPPORTUNITY AWAITS ON SYRACUSE'S NORTHSIDE WITH THIS MIXED-USE PROPERTY GENEREATING IMMEDIATE CASH FLOW! Currently bringing in a total of $3,750 per month in gross income, this property offers a rare combination of residential and commercial rental streams. The ground floor features a long-standing, fully operational grocery store on a lease that runs through June 2026, providing stable, ongoing commercial income. Also on the first floor is a rented studio apartment. Upstairs, the second floor houses two additional rental units: a 3-bedroom apartment renting for $1,400/month, and a 1-bedroom apartment at $700/month. All residential tenants are on month-to-month leases, giving new ownership flexibility for rent increases or future upgrades. Whether you're expanding your portfolio or looking for a cash-flowing asset in a high-demand area, this property checks all the boxes. Delayed showings until Tuesday 8/12/25.

Key facts

• High-demand area
• Mixed-use property
• Grocery store

Tags

• MIXED-USE PROPERTY
• GROCERY STORE
• HIGH-DEMAND AREA

🏷️ Possibly a rental listed for sale. The $199,000 price doesn't fit this home's estimated sale value (~$525,384) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath single-family listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (6.4% below list).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.

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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $1,862/mo this rent would consume 48% 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.

Negotiation context

• It's been on market 314 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 314 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.94% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (median comp): $525,384
• List price: $199,000
• Delta: -62.12%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Brattle Rd	0.49mi	5/4.5 (+1)	4,800 (-5%)	11mo	$679,550	$142	51

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: -7.6%
• Equity multiple: 0.71×
• Total profit: $-16,297
• Equity at exit: $29,672

10-year hold

• IRR: 7.5%
• Equity multiple: 1.69×
• Total profit: $38,536
• Equity at exit: $17,206

Cash invested: $55,720 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,862 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $96

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 90%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
406 Union Pl Syracuse, NY	3.0	1.0	3552	$1,600	$0.45	21d	1	0.79mi
315 Boyden St Syracuse, NY	4.0	2.0	4356	$2,000	$0.46	43d	1	0.87mi
540 Teall Ave Syracuse, NY	3.0	1.0	5892	$1,600	$0.27	43d	1	1.05mi

Listing history 19 events

1. 2026-06-18
   days on market $199,000 Active 314 DOM
2. 2026-06-17
   days on market $199,000 Active 313 DOM
3. 2026-06-16
   days on market $199,000 Active 312 DOM
4. 2026-06-15
   days on market $199,000 Active 311 DOM
5. 2026-06-14
   days on market $199,000 Active 309 DOM
6. 2026-06-13
   days on market $199,000 Active 308 DOM
7. 2026-06-10
   days on market $199,000 Active 306 DOM
8. 2026-06-09
   days on market $199,000 Active 305 DOM
9. 2026-06-08
   days on market $199,000 Active 304 DOM
10. 2026-06-07
    days on market $199,000 Active 303 DOM
11. 2026-06-05
    days on market $199,000 Active 300 DOM
12. 2026-06-02
    days on market $199,000 Active 298 DOM
13. 2026-06-01
    days on market $199,000 Active 297 DOM
14. 2026-05-31
    days on market $199,000 Active 296 DOM
15. 2026-05-30
    days on market $199,000 Active 295 DOM
16. 2026-01-16
    price $199,000 948-char remark

    Show marketing remark (948 chars)

    AN EXCELLENT INVESTMENT OPPORTUNITY AWAITS ON SYRACUSE'S NORTHSIDE WITH THIS MIXED-USE PROPERTY GENEREATING IMMEDIATE CASH FLOW! Currently bringing in a total of $3,750 per month in gross income, this property offers a rare combination of residential and commercial rental streams. The ground floor features a long-standing, fully operational grocery store on a lease that runs through June 2026, providing stable, ongoing commercial income. Also on the first floor is a rented studio apartment. Upstairs, the second floor houses two additional rental units: a 3-bedroom apartment renting for $1,400/month, and a 1-bedroom apartment at $700/month. All residential tenants are on month-to-month leases, giving new ownership flexibility for rent increases or future upgrades. Whether you're expanding your portfolio or looking for a cash-flowing asset in a high-demand area, this property checks all the boxes. Delayed showings until Tuesday 8/12/25.

17. 2025-11-19
    price $219,900 948-char remark

    Show marketing remark (948 chars)

    AN EXCELLENT INVESTMENT OPPORTUNITY AWAITS ON SYRACUSE'S NORTHSIDE WITH THIS MIXED-USE PROPERTY GENEREATING IMMEDIATE CASH FLOW! Currently bringing in a total of $3,750 per month in gross income, this property offers a rare combination of residential and commercial rental streams. The ground floor features a long-standing, fully operational grocery store on a lease that runs through June 2026, providing stable, ongoing commercial income. Also on the first floor is a rented studio apartment. Upstairs, the second floor houses two additional rental units: a 3-bedroom apartment renting for $1,400/month, and a 1-bedroom apartment at $700/month. All residential tenants are on month-to-month leases, giving new ownership flexibility for rent increases or future upgrades. Whether you're expanding your portfolio or looking for a cash-flowing asset in a high-demand area, this property checks all the boxes. Delayed showings until Tuesday 8/12/25.

18. 2025-10-16
    price $239,900 948-char remark

    Show marketing remark (948 chars)

    AN EXCELLENT INVESTMENT OPPORTUNITY AWAITS ON SYRACUSE'S NORTHSIDE WITH THIS MIXED-USE PROPERTY GENEREATING IMMEDIATE CASH FLOW! Currently bringing in a total of $3,750 per month in gross income, this property offers a rare combination of residential and commercial rental streams. The ground floor features a long-standing, fully operational grocery store on a lease that runs through June 2026, providing stable, ongoing commercial income. Also on the first floor is a rented studio apartment. Upstairs, the second floor houses two additional rental units: a 3-bedroom apartment renting for $1,400/month, and a 1-bedroom apartment at $700/month. All residential tenants are on month-to-month leases, giving new ownership flexibility for rent increases or future upgrades. Whether you're expanding your portfolio or looking for a cash-flowing asset in a high-demand area, this property checks all the boxes. Delayed showings until Tuesday 8/12/25.

19. 2025-08-08
    listed $249,900 Active 948-char remark

    Show marketing remark (948 chars)

    AN EXCELLENT INVESTMENT OPPORTUNITY AWAITS ON SYRACUSE'S NORTHSIDE WITH THIS MIXED-USE PROPERTY GENEREATING IMMEDIATE CASH FLOW! Currently bringing in a total of $3,750 per month in gross income, this property offers a rare combination of residential and commercial rental streams. The ground floor features a long-standing, fully operational grocery store on a lease that runs through June 2026, providing stable, ongoing commercial income. Also on the first floor is a rented studio apartment. Upstairs, the second floor houses two additional rental units: a 3-bedroom apartment renting for $1,400/month, and a 1-bedroom apartment at $700/month. All residential tenants are on month-to-month leases, giving new ownership flexibility for rent increases or future upgrades. Whether you're expanding your portfolio or looking for a cash-flowing asset in a high-demand area, this property checks all the boxes. Delayed showings until Tuesday 8/12/25.

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

Taxation est. · year 1

• Rental income: $22,341
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$1,787
• − Management: −$1,787
• − Depreciation: −$5,789
• Taxable loss: −$2,150
• Est. tax savings @ 24.0%: +$516
• After-tax cash flow: $1,662/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 · 2 photos

Fair 45/100 Moderate rehab

This mixed-use property requires significant repairs and maintenance, particularly to the roof, siding, and HVAC system, but presents a substantial investment opportunity with potential for substantial value appreciation.

Repairs flagged

• Major roof — Signs of wear and discoloration suggest significant damage.
• Major siding — Peeling paint and siding indicate extensive damage.
• Major flooring — Worn and in need of replacement.
• Major interior walls — Peeling paint and discoloration suggest significant damage.
• Major HVAC system — Old and possibly in need of replacement.
• Major landscaping — Overgrown and in need of maintenance and improvement.

Value-add opportunities

• Both roof replacement — A new roof will significantly improve the home's appearance and value.
• Both exterior painting — Fresh paint will enhance the home's curb appeal and value.
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, increasing both resale and rental value.
• Both landscaping and curb appeal improvements — A well-maintained and landscaped exterior will boost both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and discoloration suggest significant damage.	Major	$15,000–50,000
siding · Peeling paint and siding indicate extensive damage.	Major	$15,000–50,000
flooring · Worn and in need of replacement.	Major	$15,000–50,000
interior walls · Peeling paint and discoloration suggest significant damage.	Major	$15,000–50,000
HVAC system · Old and possibly in need of replacement.	Major	$15,000–50,000
landscaping · Overgrown and in need of maintenance and improvement.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof replacement — A new roof will significantly improve the home's appearance and value. ↑
• Both exterior painting — Fresh paint will enhance the home's curb appeal and value. ↑
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, increasing both resale and rental value. ↑
• Both landscaping and curb appeal improvements — A well-maintained and landscaped exterior will boost both resale and rental 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): 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

-20.4% since first listed

4 events — show timeline

• 2026-01-16 Price Changed $199,000 CNYIS
• 2025-11-19 Price Changed $219,900 CNYIS
• 2025-10-16 Price Changed $239,900 CNYIS
• 2025-08-08 Listed $249,900 CNYIS