413 Richmond Ave · Syracuse, NY 13204

$40,000

4 bd · 2.0 ba · 1,488 sqft · MultiFamily public records · 16 Days on market

Built 1900 3,217 sqft lot ↓ 56% since listing

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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
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Great investment opportunity, 2 units house-front and back unit. House need a lots of work, and for sale "AS IS" condition.

Key facts

• 3,217 sq ft lot
• Built 1900
• Listed 16 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 40.3% 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 (+8.2%/yr); 119 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $1,864/mo this rent would consume 49% of the median local household income ($45k/yr) (locally 2073% 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 $4k of equity ($277 loan paydown + $4k 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 + 8.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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: property tax is 3.3% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,400 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 4.66% ✓
• Cap rate: 40.35%
• Cash-on-cash: 121.63%
• DSCR: 6.41
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $226,176
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
195 Lakeview Ave	0.20mi	4/2.0	1,276 (-14%)	21mo	$100,500	$79	49
342 Bryant Ave	0.64mi	4/2.0	1,536 (+3%)	21mo	$233,000	$152	47

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.29×
• Total profit: $104,001
• Equity at exit: $36,035

10-year hold

• IRR: —
• Equity multiple: 25.46×
• Total profit: $273,936
• Equity at exit: $77,711

Cash invested: $11,200 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 119
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,864 high
• Mortgage (P&I): −$210
• Tax from tax record: −$111 /mo · $1,327/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $1,135

Break-even live

Break-even rent $427

Max offer price $40,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,158	-5% $1,147	+0% $1,135	+5% $1,124	+10% $1,113
Rent	-10% $988	-5% $1,062	+0% $1,135	+5% $1,209	+10% $1,282
Rate	-1.0pp $1,155	-0.5pp $1,145	base $1,135	+0.5pp $1,125	+1.0pp $1,114

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 Whittier Ave Syracuse, NY	4.0	1.0	1400	$600	$0.43	44d	1	0.39mi
349 Bryant Ave Syracuse, NY	3.0	1.5	1500	$2,300	$1.53	14d	1	0.67mi
202 Cayuga St Unit 1 Syracuse, NY	3.0	1.0	1036	$1,750	$1.69	14d	1	0.83mi
318 Kellogg St Unit 1 Syracuse, NY	3.0	1.0	1523	$1,650	$1.08	44d	1	0.95mi
318 Kellogg St Unit 2 Syracuse, NY	3.0	1.0	1523	$1,675	$1.10	44d	1	0.95mi
122 Putnam St Syracuse, NY	3.0	1.0	1064	$2,050	$1.93	21d	1	1.05mi
416 Pearl St Unit 2 Syracuse, NY	3.0	1.0	900	$2,400	$2.67	14d	1	1.17mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	44d	1	1.17mi
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	14d	1	1.28mi
1507 N Salina St Unit 3 Syracuse, NY	3.0	2.0	1030	$1,350	$1.31	44d	1	1.38mi
121 W End Dr Syracuse, NY	3.0	1.5	1082	$1,500	$1.39	14d	1	1.38mi
410 Chemung St Unit 1 Syracuse, NY	3.0	1.0	1100	$1,500	$1.36	14d	1	1.39mi
409 Stolp Ave Syracuse, NY	1.0–3.0	1.0	849	$1,575	$1.86	14d	5	1.39mi

Listing history 10 events

1. 2026-01-28
   status Pending
2. 2026-01-12
   listed $40,000 Active
3. 2025-12-03
   historical
4. 2025-06-03
   listed $100,000 Active
5. 2025-06-03
   historical
6. 2025-05-19
   listed $100,000 Active
7. 2023-06-08
   soldstatus $89,900
8. 2023-06-05
   soldstatus $125,880 Closed Sale or Rented
9. 2023-03-29
   status Under Contract- Do Not Show
10. 2023-02-03
    listed $89,900 Active

ⓘ 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: $1,327 · $111/mo
• Projected year-2 tax: $1,327 · $111/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 4/10 Moderate FEMA zone X (unshaded) · 21% 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
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,363
• − Mortgage interest: −$2,241
• − Property taxes: −$1,327
• − Insurance: −$200
• − Repairs & maintenance: −$1,789
• − Management: −$1,789
• − Depreciation: −$1,164
• Taxable income: $13,854
• Est. tax owed @ 24.0%: −$3,325
• After-tax cash flow: $10,298/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): 19,440
• Household income: $45,351
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 2073.0

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 0.68)
• Race & ethnicity: White 47% Black 26% Hispanic / Latino 17% Two or more races 13% Native American 1%
• Hispanic origin (detail): Puerto Rican 12% Cuban 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 11% Russian/Polish/Slavic 3% Arabic 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: ▲ 100.14%
• Current HPI: 416.7272
• Rent YoY: ▲ 8.24%
• 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

-55.5% since first listed

10 events — show timeline

• 2026-01-28 Pending — WNYREIS
• 2026-01-12 Listed $40,000 WNYREIS
• 2025-12-03 Listing Removed — WNYREIS
• 2025-06-03 Listed $100,000 WNYREIS
• 2025-06-03 Listing Removed — WNYREIS
• 2025-05-19 Listed $100,000 WNYREIS
• 2023-06-08 Sold (Public Records) $89,900 Public Records
• 2023-06-05 Sold (MLS) $125,880 CNYIS
• 2023-03-29 Pending — CNYIS
• 2023-02-03 Listed $89,900 CNYIS

Property tax history

+5.1%/yr

Latest (2025): $1,327 · +0.0% YoY. Source: county tax records.