1322 South Ave #24 · Syracuse, NY 13207

$99,900

7 bd · 2.0 ba · 2,598 sqft · MultiFamily public records · 34 Days on market

Built 1920 5,333 sqft lot Est $145k · 31% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

1st floor vacant 3 bedroom ready for owner occupied or tenant. Needs rehab. 2nd floor 4-bedroom tenant has been there for about 3 years. Make offer.

Key facts

• 5,333 sq ft lot
• 2 parking spots
• Built 1920

Property features AI

Finance

• Other: Lot is rectangular with wooded areas and near public transit; Road frontage on a main thoroughfare; Lot dimensions approximately 40 x 132
• Financial info: Property contains 2 total units; Each unit has separate gas and electric meters; Operating expenses include insurance; Tenants pay all utilities (rental information)

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electrical system
• Home design: 2-story multi-family property; Resale condition
• Construction: Cedar and wood siding; Asphalt shingle roof; Stone foundation; PEX plumbing; Built (existing structure)
• Exterior features: Covered porch

Interior

• Kitchen: Eat-in kitchens in both units; Formal dining rooms in both units
• Bedrooms: One unit with 4 bedrooms; One unit with 3 bedrooms
• Flooring: Hardwood; Varies
• Bathrooms: Unit 1: 1 full bath and 1 half bath; Unit 2: 1 full bath
• Heating & cooling: Gas forced-air heating
• Interior features: Hardwood and varied flooring; Full basement
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $99,900 price doesn't fit this home's estimated sale value (~$145,488) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 7-bed/2.0-bath multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 35.0% 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: 63 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $58k; list at $100k implies a 72% 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 $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.86% ✓
• Cap rate: 34.96%
• Cash-on-cash: 102.38%
• DSCR: 5.56
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $145,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 Marguerite Ave #19	0.29mi	6/2.0 (-1)	2,406 (-7%)	4mo	$179,000	$74	66
710 W Colvin St	0.29mi	6/2.0 (-1)	2,752 (+6%)	14mo	$117,000	$43	60
152 Fage Ave #54	0.52mi	6/2.0 (-1)	2,506 (-4%)	8mo	$110,000	$44	58
1420 Midland Ave	0.39mi	6/2.0 (-1)	2,306 (-11%)	2mo	$100,000	$43	56
107 Gordon Ave #9	0.67mi	6/2.0 (-1)	2,700 (+4%)	2mo	$306,500	$114	55
337 W Kennedy St	0.40mi	6/3.0 (-1)	2,326 (-10%)	3mo	$110,000	$47	52
164 Hudson St #66	0.70mi	6/2.0 (-1)	2,496 (-4%)	5mo	$90,250	$36	52
140 Hatch & Elmhurst Ave	0.37mi	6/3.0 (-1)	2,268 (-13%)	3mo	$180,000	$79	50
221 Mclennan Ave #23	0.56mi	6/2.0 (-1)	2,288 (-12%)	8mo	$127,000	$56	42
417 Roberts Ave #19	0.69mi	6/2.0 (-1)	2,304 (-11%)	4mo	$252,550	$110	40
705 Bellevue Ave	0.67mi	6/2.0 (-1)	2,894 (+11%)	11mo	$85,000	$29	35
400 Roberts Ave	0.73mi	6/3.0 (-1)	2,875 (+11%)	6mo	$330,000	$115	34

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: —
• Equity multiple: 5.86×
• Total profit: $135,840
• Equity at exit: $14,895

10-year hold

• IRR: —
• Equity multiple: 12.23×
• Total profit: $314,154
• Equity at exit: $8,638

Cash invested: $27,972 (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 13207

• Home prices YoY: -23.0%
• Active inventory: 63
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $3,854 high
• Mortgage (P&I): −$524
• Tax from tax record: −$93 /mo · $1,113/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$809
• Net cashflow: $2,386

Break-even live

Break-even rent $833

Max offer price $99,900

Occupancy floor 33%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,898
1× unit	4	1	$1,956
Total (2 units)			$3,854

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-05
   statusdays on market $99,900 Pending 34 DOM
2. 2026-06-02
   days on market $99,900 Active Under Contract 32 DOM
3. 2026-06-01
   days on market $99,900 Active Under Contract 31 DOM
4. 2026-05-31
   days on market $99,900 Active Under Contract 30 DOM
5. 2026-05-30
   days on market $99,900 Active Under Contract 29 DOM
6. 2026-05-09
   price $99,900
7. 2026-04-30
   listed $119,900 Active
8. 2022-03-11
   soldstatus $58,000
9. 2021-08-10
   soldstatus $55,400
10. 2007-12-11
    soldstatus $18,000
11. 2005-08-15
    soldstatus $35,000

ⓘ 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: $1,113 · $93/mo
• Projected year-2 tax: $1,401 · $117/mo
• Expected delta: +$288/yr (+$24/mo · 25.8%)

ⓘ 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 100% 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: $46,248
• − Mortgage interest: −$5,596
• − Property taxes: −$1,113
• − Insurance: −$500
• − Repairs & maintenance: −$3,700
• − Management: −$3,700
• − Depreciation: −$2,906
• Taxable income: $28,733
• Est. tax owed @ 24.0%: −$6,896
• After-tax cash flow: $21,741/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): 12,383

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 43% Black 33% Hispanic / Latino 17% Two or more races 11% Native American 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 13% Cuban 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 9% French/Haitian/Cajun 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: ▼ -95.17%
• Current HPI: 318.9257
• 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

+185.4% since first listed

6 events — show timeline

• 2026-05-09 Price Changed $99,900 CNYIS
• 2026-04-30 Listed $119,900 CNYIS
• 2022-03-11 Sold (Public Records) $58,000 Public Records
• 2021-08-10 Sold (Public Records) $55,400 Public Records
• 2007-12-11 Sold (Public Records) $18,000 Public Records
• 2005-08-15 Sold (Public Records) $35,000 Public Records

Property tax history

-0.0%/yr

Latest (2025): $1,113 · +0.0% YoY. Source: county tax records.