204 7th St · Solvay, NY 13209

$245,000

6 bd · 2.0 ba · 2,240 sqft · MultiFamily public records · 10 Days on market

Built 1918 9,600 sqft lot $109/sqft · 35% below area Est $375k · 35% under

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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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

High-Yield Investment Opportunity: 2-Family Duplex + 6-Unit Garage Complex Maximize your portfolio with this meticulously maintained, fully occupied side-by-side duplex. Situated on a prominent corner lot with easy access to transit and retail, this property offers a rare combination of residential rental income and storage revenue. Dual Income Streams: Enjoy steady cash flow from two 3-bedroom units and six individual garage bays, all currently 100% occupied. Tenant Perks: Both units feature private front and rear entrances, off-street parking, and a shared backyard patio. Tenants also benefit from inexpensive Solvay Electric, a high-demand feature for local renters. Exceptional Storage

Key facts

• Off street parking
• 2 family duplex
• 9,600 sq ft lot

Tags

• 2 FAMILY DUPLEX
• 6 UNIT GARAGE COMPLEX
• OFF STREET PARKING
• SHARED BACKYARD PATIO
• WALK IN KITCHEN PANTRY
• FULL ATTIC BASEMENT ACCESS

Property features AI

Finance

• Financial info: Property contains 2 units with separate gas and electric meters; Both units are leased (current rents listed per unit); Operating expenses include professional management; Owner pays grounds care and snow removal; tenants pay all utilities; rent includes gardener and snow removal

Exterior

• Parking: Paved parking with two or more spaces; 6-car garage
• Utilities: Public water connected; Sewer connected
• Home design: Two-story multifamily building; Existing structure
• Construction: Aluminum siding; Blown-in insulation; Asphalt roof; Poured foundation; Built prior to current listing (existing)
• Exterior features: Private yard; Porch and enclosed porch; Corner lot near public transit; Rectangular lot

Interior

• Kitchen: Each unit includes an oven/range and refrigerator; Formal dining room in each unit
• Bedrooms: Two 3-bedroom units (each unit is on its own level)
• Flooring: Carpet; Hardwood; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Carpet and hardwood flooring with varied materials in places; Enclosed porch and porch (listed as interior/exterior living space); Full basement
• Laundry & utility: Laundry in-unit with washer hookup; Gas water heater

🏷️ Possibly a rental listed for sale. The $245,000 price doesn't fit this home's estimated sale value (~$375,156) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $932 ($11k/yr) — positive. Per door: $466/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $245k).

Location & tenants

• Location reads 72/100 on livability (#350 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment D+, crime D, amenities F.
• Solvay Union Free School District (suburban): math 31% / reading 42% proficiency, ranked #550 of 590 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 59 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $3,611/mo this rent would consume 64% of the median local household income ($68k/yr) (locally 210% 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 + 3.0% rent growth), your $69k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $124k; list at $245k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $245,000

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 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is D 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: 1.47% ✓
• Cap rate: 10.86%
• Cash-on-cash: 16.30%
• DSCR: 1.73
• GRM: 5.7

CMA / ARV

• ARV (median comp): $375,156
• List price: $245,000
• Delta: -34.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
333 1st St	0.26mi	6/2.0	2,218 (-1%)	10mo	$180,000	$81	78
810 3rd St	0.41mi	6/2.0	2,268 (+1%)	12mo	$235,000	$104	69
505 Cogswell Ave	0.11mi	7/3.0 (+1)	2,410 (+8%)	8mo	$390,000	$162	66
222 Lamont Ave	0.67mi	5/2.0 (-1)	2,068 (-8%)	9mo	$125,000	$60	43
307 Gertrude Ave	0.24mi	5/3.0 (-1)	1,936 (-14%)	20mo	$185,000	$96	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.29×
• Total profit: $19,857
• Equity at exit: $36,530

10-year hold

• IRR: 16.7%
• Equity multiple: 2.38×
• Total profit: $94,521
• Equity at exit: $21,183

Cash invested: $68,600 (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 13209

• Home prices YoY: -7.7%
• Active inventory: 59
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $3,611 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$534 /mo · $6,405/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$758
• Net cashflow: $932

Break-even live

Break-even rent $2,431

Max offer price $245,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,612
Total (2 units)			$3,611

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 Hall Ave Solvay, NY	5.0	2.5	1800	$3,600	$2.00	21d	1	0.54mi

Listing history 7 events

1. 2026-05-11
   status Pending 1076-char remark
2. 2026-05-01
   listed $245,000 Active 1076-char remark
3. 2023-11-08
   historical $1,085
4. 2023-11-02
   listed $1,085
5. 2016-08-10
   historical
6. 2016-08-09
   listed $950 Active
7. 2008-08-29
   soldstatus $124,000

ⓘ 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: $6,405 · $534/mo
• Projected year-2 tax: $6,405 · $534/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 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: $43,332
• − Mortgage interest: −$13,724
• − Property taxes: −$6,405
• − Insurance: −$1,225
• − Repairs & maintenance: −$3,467
• − Management: −$3,467
• − Depreciation: −$7,127
• Taxable income: $7,918
• Est. tax owed @ 24.0%: −$1,900
• After-tax cash flow: $9,284/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: Solvay Union Free School District
• NCES district ID: 3627150
• Math proficiency: 31% ▼ -14.00%
• Reading proficiency: 42% ▼ -4.00%
• Median HH income: $47,163
• Composite: 31.28/100
• National rank: #6018
• State rank: #550 of 590 in NY

Livability — Solvay

• Score: 72/100
• State rank: #350
• US rank: #5913

Category grades

Amenities F Commute F Cost of living A Crime D Employment D+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Solvay, NY
• County: Onondaga County · 247,257 people
• Metro: Syracuse, NY
• Population (ZIP): 12,714
• Household income: $68,138
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 210.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 6% Hispanic / Latino 6% Black 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 11% Subsaharan African 6% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 87% English-only · Russian/Polish/Slavic 5% Spanish 3% Arabic 2%

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: ▼ -27.23%
• Current HPI: 326.7671
• 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

+97.6% since first listed

7 events — show timeline

• 2026-05-11 Pending — CNYIS
• 2026-05-01 Listed $245,000 CNYIS
• 2023-11-08 Rental Removed $1,085 APPFOLIO
• 2023-11-02 Listed for Rent $1,085 APPFOLIO
• 2016-08-10 Listing Removed — WNYREIS
• 2016-08-09 Listed $950 WNYREIS
• 2008-08-29 Sold (Public Records) $124,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $6,405 · +9.8% YoY. Source: county tax records.