1017 Milton Ave · Syracuse, NY 13204

$299,900

4 bd · 4.0 ba · 2,288 sqft · MultiFamily public records · 164 Days on market

Built 1940 2,106 sqft lot $131/sqft · 9% above area Est $274k · 9% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• ARV discount +3.3/15.0
• 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: 1 unit. 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 MLS

Four streams of rental income under one roof! Well-maintained four-unit multifamily property 100% occupied, offered at a pro forma 8.93% cap. The property is situated on a residential block with convenient access to major employment centers, shopping, dining, and public transportation. All units are 1-bed 1-bath, with different finishes (including hardwood, parquet, tile, and carpet). Owner pays heat and house meter for exterior lights and basement laundry. Owner's National Grid bill is on the budget plan. Tenants pay for their electricity and hot water. On-site laundry room amenity in the basement so tenants don't need to go to the laundromat. No lawn maintenance. Metal roof is 9-years old. Walk-in attic. Owner built patio out back with creek bed stone, so land is higher than the neighbors' and level with the sidewalk. Schedule a tour to be one step closer to adding four more units to your portfolio! Please allow 48-hour notice for showing appointments. Please do not disturb tenants without an appointment. Thank you.

Key facts

• On site laundry room
• Metal roof
• Walk in attic

Tags

• FOUR UNIT MULTIFAMILY PROPERTY
• ON SITE LAUNDRY ROOM
• METAL ROOF
• WALK IN ATTIC
• PATIO OUT BACK

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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: Rents rising fast (+8.2%/yr); 119 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $5,006/mo this rent would consume 132% 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 $32k of equity ($2k loan paydown + $30k 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 $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $118k; list at $300k implies a 155% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $263,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.67% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.04%
• DSCR: 2.29
• GRM: 5.0

CMA / ARV

• ARV (median comp): $274,071
• List price: $299,900
• Delta: 9.42%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1022 Avery Ave	0.20mi	4/2.5	2,112 (-8%)	1mo	$231,500	$110	71
704 Avery Ave	0.39mi	4/2.0	2,240 (-2%)	18mo	$85,500	$38	55
307 St Marks Ave St	0.46mi	4/2.5	2,406 (+5%)	16mo	$200,000	$83	51
119 Charles Ave	0.35mi	5/2.0 (+1)	2,079 (-9%)	7mo	$235,000	$113	50
112 Charlotte St	0.26mi	4/2.0	2,000 (-13%)	14mo	$252,000	$126	47
204 Essex St	0.14mi	5/2.0 (+1)	1,952 (-15%)	15mo	$232,300	$119	44
222 Lamont Ave	0.54mi	5/2.0 (+1)	2,068 (-10%)	9mo	$125,000	$60	38

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: 49.3%
• Equity multiple: 4.80×
• Total profit: $319,215
• Equity at exit: $270,174

10-year hold

• IRR: 45.0%
• Equity multiple: 11.76×
• Total profit: $903,749
• Equity at exit: $582,640

Cash invested: $83,972 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 119
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $5,006 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$225 /mo · $2,696/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,051
• Net cashflow: $2,032

Break-even live

Break-even rent $2,433

Max offer price $299,900

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,004
Total (4 units)			$5,006

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 Kincaid Ave Syracuse, NY	4.0	1.0	1910	$1,600	$0.84	13d	1	0.27mi
312 Hall Ave Solvay, NY	5.0	2.5	1800	$3,600	$2.00	21d	1	0.65mi

Listing history 18 events

1. 2026-06-18
   days on market $299,900 Active 164 DOM
2. 2026-06-17
   days on market $299,900 Active 163 DOM
3. 2026-06-16
   days on market $299,900 Active 162 DOM
4. 2026-06-15
   days on market $299,900 Active 161 DOM
5. 2026-06-14
   days on market $299,900 Active 159 DOM
6. 2026-06-13
   days on market $299,900 Active 158 DOM
7. 2026-06-10
   days on market $299,900 Active 156 DOM
8. 2026-06-09
   days on market $299,900 Active 155 DOM
9. 2026-06-08
   days on market $299,900 Active 154 DOM
10. 2026-06-07
    days on market $299,900 Active 153 DOM
11. 2026-06-05
    days on market $299,900 Active 150 DOM
12. 2026-06-02
    days on market $299,900 Active 148 DOM
13. 2026-06-01
    days on market $299,900 Active 147 DOM
14. 2026-05-31
    days on market $299,900 Active 146 DOM
15. 2026-05-30
    days on market $299,900 Active 145 DOM
16. 2026-01-05
    listed $315,000 Active 1033-char remark

    Show marketing remark (1033 chars)

    Four streams of rental income under one roof! Well-maintained four-unit multifamily property 100% occupied, offered at a pro forma 8.93% cap. The property is situated on a residential block with convenient access to major employment centers, shopping, dining, and public transportation. All units are 1-bed 1-bath, with different finishes (including hardwood, parquet, tile, and carpet). Owner pays heat and house meter for exterior lights and basement laundry. Owner's National Grid bill is on the budget plan. Tenants pay for their electricity and hot water. On-site laundry room amenity in the basement so tenants don't need to go to the laundromat. No lawn maintenance. Metal roof is 9-years old. Walk-in attic. Owner built patio out back with creek bed stone, so land is higher than the neighbors' and level with the sidewalk. Schedule a tour to be one step closer to adding four more units to your portfolio! Please allow 48-hour notice for showing appointments. Please do not disturb tenants without an appointment. Thank you.

17. 2007-05-29
    soldstatus $117,500
18. 2003-08-25
    soldstatus $51,000

ⓘ 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: $2,696 · $225/mo
• Projected year-2 tax: $3,882 · $324/mo
• Expected delta: +$1,186/yr (+$99/mo · 44.0%)

ⓘ 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: $60,072
• − Mortgage interest: −$16,799
• − Property taxes: −$2,696
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,806
• − Management: −$4,806
• − Depreciation: −$8,724
• Taxable income: $20,741
• Est. tax owed @ 24.0%: −$4,978
• After-tax cash flow: $19,411/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

+517.6% since first listed

3 events — show timeline

• 2026-01-05 Listed $315,000 CNYIS
• 2007-05-29 Sold (Public Records) $117,500 Public Records
• 2003-08-25 Sold (Public Records) $51,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $2,696 · +0.0% YoY. Source: county tax records.