252 Martin Luther King W · Syracuse, NY 13205

$134,900

16 bd · 16.0 ba · 4,272 sqft · MultiFamily public records · 6 Days on market

Built 1920 6,751 sqft lot

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 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: 4 units. estimate disagrees with records

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

Turnkey 4-unit investment property with stable occupancy and strong rental history. Major recent improvement includes a new roof, exterior pain with all new decking/plywood underneath. Each unit has separate utilities, including its own furnace and hot water tank. Unit 2 has a brand new hot water tank and bath tub. Convenient Syracuse location with easy access to downtown, public transportation, shopping, and employment centers. Certificate of Compliance available in attachments. 24-48 hour notice required for all showings. Don't miss this opportunity to add a cash-flowing multifamily property to your portfolio.

Key facts

• Exterior paint
• Separate utilities
• Easy access

Tags

• NEW ROOF
• EXTERIOR PAINT
• NEW DECKING
• SEPARATE UTILITIES
• CONVENIENT LOCATION
• EASY ACCESS

Property features AI

Finance

• Financial info: Four total rental units; Separate gas and electric meters for each unit (4 gas meters, 4 electric meters); Owner pays water; water is included in rent; Unit rents reported: $500, $800, $900, $1,000; Operating expenses include water/sewer

Exterior

• Parking: No driveway
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multifamily building; Resale property
• Construction: Wood siding
• Exterior features: Irregular lot; Near public transit

Interior

• Kitchen: Eat-in kitchens in each unit
• Bedrooms: Four 1-bedroom units (each includes an eat-in kitchen)
• Flooring: Laminate; Luxury vinyl; Varies by unit
• Bathrooms: Four full bathrooms (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $135k).
• Cap rate 50.4% 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: 67 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($933 loan paydown + $13k 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 + 3.0% rent growth), your $38k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $55k; list at $135k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,900

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: 5.54% ✓
• Cap rate: 50.40%
• Cash-on-cash: 157.53%
• DSCR: 8.01
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.31×
• Total profit: $389,399
• Equity at exit: $121,529

10-year hold

• IRR: —
• Equity multiple: 24.79×
• Total profit: $898,613
• Equity at exit: $262,081

Cash invested: $37,772 (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 13205

• Home prices YoY: 3.0%
• Active inventory: 67
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $7,478 high
• Mortgage (P&I): −$707
• Tax from tax record: −$186 /mo · $2,227/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,570
• Net cashflow: $4,958

Break-even live

Break-even rent $1,201

Max offer price $134,900

Occupancy floor 29%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$7,480
Total (4 units)			$7,478

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-13
   statusdays on market $134,900 Pending 6 DOM
2. 2026-06-10
   days on market $134,900 Active 5 DOM
3. 2026-06-09
   days on market $134,900 Active 4 DOM
4. 2026-06-08
   days on market $134,900 Active 3 DOM
5. 2026-06-07
   remarks 619-char remark
6. 2026-06-07
   listed $134,900 Active 2 DOM

ⓘ 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: $2,227 · $186/mo
• Projected year-2 tax: $2,253 · $188/mo
• Expected delta: +$27/yr (+$2/mo · 1.2%)

ⓘ 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: $89,736
• − Mortgage interest: −$7,556
• − Property taxes: −$2,227
• − Insurance: −$674
• − Repairs & maintenance: −$7,179
• − Management: −$7,179
• − Depreciation: −$3,924
• Taxable income: $60,996
• Est. tax owed @ 24.0%: −$14,639
• After-tax cash flow: $44,862/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
• City population: 152,627
• Population (ZIP): 18,562

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: Black 44% White 37% Two or more races 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 2% Italian 2% Swiss 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 5% Arabic 1% 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: ▲ 10.12%
• Current HPI: 345.8854
• Rent YoY: —
• Metro: —
• 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

+145.3% since first listed

2 events — show timeline

• 2026-06-05 Listed $134,900 CNYIS
• 2022-05-31 Sold (Public Records) $55,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,227 · +0.0% YoY. Source: county tax records.