931 Butternut St · Syracuse, NY 13208

$465,000

5 bd · 3.0 ba · 2,168 sqft · MultiFamily public records · 136 Days on market

Built 1910 5,604 sqft lot $214/sqft · 143% above area

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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 +19.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Water $600 a year sewer in taxes ($50 ever quarter - $250 all together in taxes) trash (in taxes) $2,800 a year $1,500 insurance Garage - $1,300 June increase to $1,700 - month to month Floor unit - 1 bedroom, 1 bath $800 ; 2 bedroom 1 bath $1,100 rear; 3 bedroom 1 bath $750 upstairs side entrance in rear - will be vacant upon closing All month to month

Key facts

• 5,604 sq ft lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 1×2bd/1ba + 1×3bd/1ba units multifamily listed at $465k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive. Per door: $189/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $420k (9.6% below list).
• Recommended offer: $409k (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: 99 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; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $4,204/mo this rent would consume 113% of the median local household income ($45k/yr) (locally 1437% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $50k of equity ($3k loan paydown + $46k 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 $130k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $30k; list at $465k implies a 1450% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $409,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 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: 0.90% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.21%
• DSCR: 1.23
• GRM: 9.2

CMA / ARV

• ARV (median comp): $191,708
• List price: $465,000
• Delta: 142.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
129 Spring St	0.15mi	6/3.0 (+1)	2,112 (-3%)	6mo	$211,000	$100	78
128 John St	0.26mi	5/2.0	2,269 (+5%)	6mo	$129,000	$57	72
613-615 Highland St	0.17mi	6/2.0 (+1)	2,316 (+7%)	2mo	$140,000	$60	70
932-934 Oak St	0.39mi	5/2.0	2,050 (-5%)	2mo	$105,000	$51	66
300 Helen St	0.46mi	5/2.0	2,098 (-3%)	4mo	$165,000	$79	66
1213 N State St	0.68mi	5/2.0	2,157 (-0%)	2mo	$72,000	$33	61
113 Grumbach Ave	0.19mi	4/2.0 (-1)	1,888 (-13%)	0mo	$183,000	$97	60
317 E Division St	0.48mi	4/2.0 (-1)	2,016 (-7%)	2mo	$119,900	$59	55
501-503 Dewitt St	0.49mi	4/2.0 (-1)	2,370 (+9%)	2mo	$198,000	$84	52
143 Highland Ave	0.38mi	5/2.5	1,850 (-15%)	8mo	$215,000	$116	50
307 Graves St	0.31mi	6/2.0 (+1)	2,448 (+13%)	7mo	$175,000	$71	49
1215 Oak St #17	0.49mi	4/2.0 (-1)	2,482 (+14%)	1mo	$218,200	$88	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 28.0%
• Equity multiple: 3.22×
• Total profit: $289,067
• Equity at exit: $418,909

10-year hold

• IRR: 24.4%
• Equity multiple: 7.32×
• Total profit: $822,484
• Equity at exit: $903,393

Cash invested: $130,200 (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 13208

• Home prices YoY: 8.4%
• Active inventory: 99
• Price-to-rent: 33.5×

Monthly cashflow live

• Estimated rent: $4,204 high
• Mortgage (P&I): −$2,439
• Tax from tax record: −$123 /mo · $1,478/yr
• Insurance: −$194
• HOA: −$0
• Vacancy / Maint / Mgmt: −$883
• Net cashflow: $566

Break-even live

Break-even rent $3,488

Max offer price $465,000

Occupancy floor 82%

Sensitivity live

Price	-10% $829	-5% $697	+0% $566	+5% $434	+10% $303
Rent	-10% $234	-5% $400	+0% $566	+5% $732	+10% $898
Rate	-1.0pp $800	-0.5pp $684	base $566	+0.5pp $445	+1.0pp $323

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,156
1× unit	2	1	$1,263
1× unit	3	1	$1,784
Total (3 units)			$4,204

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
746 E Laurel St Unit 1 Syracuse, NY	4.0	2.0	1400	$1,500	$1.07	44d	1	0.21mi
365 Green St Syracuse, NY	5.0	3.5	2263	$3,300	$1.46	21d	1	0.68mi
1205 Madison St Fl -1 Syracuse, NY	4.0	3.0	2988	$2,640	$0.88	44d	1	1.50mi

Listing history 16 events

1. 2026-06-15
   days on market $465,000 Active 136 DOM
2. 2026-06-14
   days on market $465,000 Active 134 DOM
3. 2026-06-13
   days on market $465,000 Active 133 DOM
4. 2026-06-10
   days on market $465,000 Active 131 DOM
5. 2026-06-09
   days on market $465,000 Active 130 DOM
6. 2026-06-08
   days on market $465,000 Active 129 DOM
7. 2026-06-07
   days on market $465,000 Active 128 DOM
8. 2026-06-05
   days on market $465,000 Active 125 DOM
9. 2026-06-02
   days on market $465,000 Active 123 DOM
10. 2026-06-01
    days on market $465,000 Active 122 DOM
11. 2026-05-31
    days on market $465,000 Active 121 DOM
12. 2026-05-30
    days on market $465,000 Active 120 DOM
13. 2026-04-30
    price $465,000 368-char remark

    Show marketing remark (368 chars)

    Water $600 a year sewer in taxes ($50 ever quarter - $250 all together in taxes) trash (in taxes) $2,800 a year $1,500 insurance Garage - $1,300 June increase to $1,700 - month to month Floor unit - 1 bedroom, 1 bath $800 ; 2 bedroom 1 bath $1,100 rear; 3 bedroom 1 bath $750 upstairs side entrance in rear - will be vacant upon closing All month to month

14. 2026-01-30
    listed $470,000 Active 368-char remark

    Show marketing remark (368 chars)

    Water $600 a year sewer in taxes ($50 ever quarter - $250 all together in taxes) trash (in taxes) $2,800 a year $1,500 insurance Garage - $1,300 June increase to $1,700 - month to month Floor unit - 1 bedroom, 1 bath $800 ; 2 bedroom 1 bath $1,100 rear; 3 bedroom 1 bath $750 upstairs side entrance in rear - will be vacant upon closing All month to month

15. 2016-11-29
    soldstatus $30,000
16. 2010-03-05
    soldstatus $42,000

ⓘ 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: $1,478 · $123/mo
• Projected year-2 tax: $4,668 · $389/mo
• Expected delta: +$3,190/yr (+$266/mo · 215.9%)

ⓘ 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: $50,448
• − Mortgage interest: −$26,047
• − Property taxes: −$1,478
• − Insurance: −$2,325
• − Repairs & maintenance: −$4,036
• − Management: −$4,036
• − Depreciation: −$13,527
• Taxable loss: −$1,001
• Est. tax savings @ 24.0%: +$240
• After-tax cash flow: $7,029/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): 22,993
• Household income: $44,712
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1437.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Black 24% Asian 14% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Swedish 3% Italian 1%
• Foreign-born: 22% · Vietnam, Philippines, Canada
• Languages at home: 70% English-only · Spanish 6% Other Asian/Pacific 5% Vietnamese 4%

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: ▲ 30.91%
• Current HPI: 399.3284
• 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

+1007.1% since first listed

4 events — show timeline

• 2026-04-30 Price Changed $465,000 CNYIS
• 2026-01-30 Listed $470,000 CNYIS
• 2016-11-29 Sold (Public Records) $30,000 Public Records
• 2010-03-05 Sold (Public Records) $42,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $1,478 · +0.0% YoY. Source: county tax records.