751 Allen St · Syracuse, NY 13210

$225,000

2 bd · 2.0 ba · 1,924 sqft · MultiFamily public records · 7 Days on market

Built 1895 5,277 sqft lot $117/sqft · 49% below area Est $441k · 49% 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 +8.5/10.0
• Rent growth +5.0/5.0
• 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: 2 units. confirmed

Listing remarks

Welcome to 751 Allen St! This 2 family home offers a great opportunity for an investor or owner occupant in the heart of the Syracuse University area. The first floor apartment features 3 spacious bedrooms, family room, formal dining room, and eat in kitchen. The second floor apartment includes 1 bedroom, living room, formal dining room, kitchen and open porch. The second floor does offer a layout where the living room could be converted to a second bedroom and dining room could be the living room. This would provide additional income potential. There is plenty of off street parking and a nice sized fenced in backyard. Both units will be vacant by the end of May 2026 so it offers plenty of

Key facts

• Off street parking
• Income potential
• Fenced in backyard

Tags

• FENCED IN BACKYARD
• OFF STREET PARKING
• OPEN PORCH
• INCOME POTENTIAL

Property features AI

Finance

• Other: Owner pays heat and water; rent includes heat and water; Two total units; One shared gas meter and two separate electric meters
• Financial info: Gross annual income $42,000 (multi-unit); Operating expenses $7,000 (includes utilities and water/sewer)

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected; High-speed internet available; Cable available
• Home design: 2-story building; Resale property; Architectural shingle roof
• Construction: Shake siding; Copper plumbing; Stone foundation; Existing construction
• Exterior features: Fully fenced yard; Open porch

Interior

• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Cedar closets; Varied interior finishes
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $992 ($12k/yr) — positive. Per door: $496/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 11.6% 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: Rents rising fast (+11.2%/yr); 58 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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 $3,046/mo this rent would consume 88% of the median local household income ($42k/yr) (locally 2307% 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 + 8.0% rent growth), your $63k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,000

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 1895 — 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: 1.35% ✓
• Cap rate: 11.58%
• Cash-on-cash: 18.89%
• DSCR: 1.84
• GRM: 6.2

CMA / ARV

• ARV (median comp): $441,213
• List price: $225,000
• Delta: -49.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 15.9%
• Equity multiple: 1.68×
• Total profit: $42,752
• Equity at exit: $33,548

10-year hold

• IRR: 27.8%
• Equity multiple: 4.04×
• Total profit: $191,651
• 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 13210

• Home prices YoY: -9.0%
• Rents YoY: 11.2%
• Active inventory: 58
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $3,046 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$141 /mo · $1,693/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$640
• Net cashflow: $992

Break-even live

Break-even rent $1,791

Max offer price $225,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,046
Total (2 units)			$3,046

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 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
942 Euclid Ave Syracuse, NY	3.0	1.0	2572	$1,800	$0.70	21d	1	0.12mi
205 Fellows Ave Unit 1 Syracuse, NY	3.0	1.0	1638	$1,800	$1.10	21d	1	0.24mi
953-55 Westcott St Unit 955 Syracuse, NY	3.0	1.0	1286	$1,500	$1.17	43d	1	0.30mi
501 Clarendon St Syracuse, NY	3.0	1.0	2516	$1,800	$0.72	21d	1	0.36mi
620 Euclid Ave Apt 1 Syracuse, NY	3.0	1.0	1248	$1,700	$1.36	43d	1	0.39mi
409 Westmoreland Ave Unit 9 Syracuse, NY	3.0	1.0	2480	$2,200	$0.89	43d	1	0.62mi
108 Harrington Rd Syracuse, NY	3.0	2.0	1800	$2,600	$1.44	13d	1	0.72mi
1108 Madison St Unit 2 Syracuse, NY	3.0	1.5	1580	$2,080	$1.32	43d	1	0.84mi
259 Robert Dr Syracuse, NY	3.0	1.5	1350	$699	$0.52	43d	1	1.15mi
1607 Burnet Ave Unit 1 Syracuse, NY	3.0	1.0	2538	$1,650	$0.65	21d	1	1.28mi
112 Gale Ave Unit 1 Syracuse, NY	2.0	1.0	1848	$1,400	$0.76	43d	1	1.30mi
60 Presidential Plz Syracuse, NY	1.0–2.0	1.0–1.5	970	$1,315	$1.36	43d	1	1.49mi

Listing history 4 events

1. 2026-05-08
   status Pending 1041-char remark
2. 2026-04-30
   listed $225,000 Active 1041-char remark
3. 2024-07-19
   historical $1,400
4. 2024-06-04
   listed $1,400

ⓘ 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: $1,693 · $141/mo
• Projected year-2 tax: $2,748 · $229/mo
• Expected delta: +$1,055/yr (+$88/mo · 62.3%)

ⓘ 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 ≥94°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: $36,552
• − Mortgage interest: −$12,603
• − Property taxes: −$1,693
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,924
• − Management: −$2,924
• − Depreciation: −$6,545
• Taxable income: $8,737
• Est. tax owed @ 24.0%: −$2,097
• After-tax cash flow: $9,802/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): 19,803
• Household income: $41,738
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 2307.0

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 0.61)
• Race & ethnicity: White 58% Black 18% Asian 9% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 78% English-only · Chinese 5% Spanish 4% Other Indo-European 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: ▼ -37.59%
• Current HPI: 378.0277
• Rent YoY: ▲ 11.18%
• 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

+15971.4% since first listed

4 events — show timeline

• 2026-05-08 Pending — CNYIS
• 2026-04-30 Listed $225,000 CNYIS
• 2024-07-19 Rental Removed $1,400 NYSAMLS
• 2024-06-04 Listed for Rent $1,400 NYSAMLS

Property tax history

+3.9%/yr

Latest (2025): $1,693 · -0.4% YoY. Source: county tax records.