1117 W Fayette St #115 · Syracuse, NY 13204

$142,400

1 bd · 1.0 ba · 712 sqft · Condo · 133 Days on market

Built 1920 Good condition $200/sqft · 14% below area Est $165k · 14% under $311/mo HOA · 24% of rent

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Why this score? — see what drove the D+ 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).

• ARV discount +13.7/15.0
• Appreciation +10.0/10.0
• Cash flow +6.3/30.0
• Rent growth +4.6/5.0
• 1% rule +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Schools +2.3/10.0
• DSCR +0.6/10.0

Listing remarks MLS

Own Your Future - 1-Bedroom Condominium at The Lofts at 1117 Brand-new, energy-efficient 1-bedroom condominiums located on W. Fayette Street, connecting Tipperary Hill to Downtown Syracuse. This adaptive reuse redevelopment transforms a former warehouse into a modern, all-electric condominium community offering long-term affordability through New York State's AHOP program. Designed so qualified households spend no more than approximately 30% of income on total housing costs (including mortgage, taxes, insurance, and HOA fees), this home features quartz countertops, contemporary cabinetry, Energy Star stainless steel appliances, efficient heating and cooling, and all new building systems throughout. Utilities are separately metered. Amenities include on-site parking, two EV charging stations, a beautiful courtyard, secure building access, and a professionally managed HOA. Eligibility Requirements: Purchasers must have a household income below $83,800 (adjusted for household size) and a net worth under $100,000, excluding retirement and educational savings accounts. Buyers must complete a Home HeadQuarters homebuyer counseling course and execute a regulatory agreement with NYS Homes & Community Renewal to maintain affordability. Located within the City of Syracuse. The project will participate in the 485-o tax abatement program. Estimated property taxes shown are based on full assessed value and do not reflect the reduced amount under the abatement. Sponsor: 1117 NewCo, Corp. , c/o Redev CNY, 451 S. Warren Street, Syracuse, NY 13202. Complete offering terms are available in an offering plan from Sponsor. File No. CD25-0271. Sponsor and its affiliates comply with all Fair Housing laws and provide Equal Housing Opportunity.

Key facts

• Quartz countertops
• On-site parking
• $311 HOA

Tags

• ADAPTIVE REUSE REDEVELOPMENT
• MODERN CONDOMINIUM COMMUNITY
• QUARTZ COUNTERTOPS
• CONTEMPORARY CABINETRY
• EFFICIENT HEATING AND COOLING
• ON-SITE PARKING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $142k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-255 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (25.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (7.6% below list).
• Recommended offer: $105k (25.9% below list) — sets the bar for cash-flow.
• Cap rate 4.1% vs local median 7.5% in Syracuse — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 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.
• Zoned schools: Syracuse Latin School (math 31% / reading 62%, grade D-, #1,262 of 2,108 statewide, top 60%, 642 students, 42% FRL); Expeditionary Learning Middle School (math 17% / reading 32%, grade F, #611 of 729 statewide, top 88%, 170 students, 76% FRL); Institute of Technology At Syracuse Central (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 581 students, 68% FRL).
• Zoned-school proficiency averages 54% at this address vs 22% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Syracuse City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.2%/yr); 144 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• This rent runs 35% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $15k of equity ($985 loan paydown + $14k 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.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($125k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,449 (25.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.92% ✗
• Cap rate: 4.14%
• Cash-on-cash: -7.69%
• DSCR: 0.66
• GRM: 9.0

CMA / ARV

• ARV (median comp): $165,077
• List price: $142,400
• Delta: -13.74%
• Verdict: UNDERPRICED
• Comps: 11 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
377 W Onondaga St #306	0.85mi	1/1.0	650 (-9%)	1mo	$95,000	$146	50
102 Charlotte St	1.20mi	1/2.0	726 (+2%)	18mo	$185,000	$255	43
407 Montrose Ave	1.25mi	2/1.0 (+1)	672 (-6%)	12mo	$175,600	$261	40
407 Ulster St	0.67mi	2/1.5 (+1)	784 (+10%)	10mo	$169,000	$216	36
228 Herriman St	0.68mi	2/1.0 (+1)	768 (+8%)	18mo	$70,000	$91	35
419 Rich St	1.16mi	2/1.0 (+1)	840 (+18%)	1mo	$45,000	$54	34
304 Marcellus St	0.48mi	2/1.0 (+1)	848 (+19%)	16mo	$106,000	$125	34
501 Chester Rd	1.45mi	2/1.0 (+1)	864 (+21%)	3mo	$275,000	$318	32
377 W Onondaga #203 St	0.85mi	1/1.0	830 (+17%)	11mo	$115,000	$139	31
101 Edgeworth Ave	1.19mi	2/1.0 (+1)	786 (+10%)	20mo	$140,000	$178	26
239 Rider Ave	1.26mi	2/1.0 (+1)	880 (+24%)	11mo	$150,000	$170	26
377 W Onondaga St #304	0.85mi	1/1.0	575 (-19%)	19mo	$90,000	$157	24

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: 20.8%
• Equity multiple: 2.72×
• Total profit: $68,457
• Equity at exit: $128,285

10-year hold

• IRR: 20.4%
• Equity multiple: 6.82×
• Total profit: $232,036
• Equity at exit: $276,652

Cash invested: $39,872 (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: 144
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,316 high
• Mortgage (P&I): −$747
• Tax est. 1.5%: −$178 /mo · $2,136/yr
• Insurance: −$59
• HOA: −$311
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-255

Break-even live

Break-even rent $1,639

Max offer price $105,449

Occupancy floor —

Sensitivity live

Price	-10% $-157	-5% $-206	+0% $-255	+5% $-305	+10% $-354
Rent	-10% $-359	-5% $-307	+0% $-255	+5% $-203	+10% $-151
Rate	-1.0pp $-184	-0.5pp $-219	base $-255	+0.5pp $-292	+1.0pp $-330

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: $35,600
• Closing costs: $4,272
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 S Geddes St Syracuse, NY	—	10.0	417	$1,055	$2.53	63d	3	0.03mi
1265 W Genesee St Unit 107 Syracuse, NY	1.0	1.0	700	$975	$1.39	93d	1	0.55mi
120 Walton St Syracuse, NY	1.0–2.0	1.0–2.0	825	$2,000	$2.42	93d	2	0.89mi
110 Walton St Unit 203 Syracuse, NY	1.0	1.0	701	$1,600	$2.28	70d	1	0.91mi
110 Walton St Unit 303 Syracuse, NY	1.0	1.0	725	$1,700	$2.34	93d	1	0.91mi
317 S Clinton St Unit 3C/B3 Syracuse, NY	1.0	1.0	700	$1,675	$2.39	63d	1	0.96mi
101 S Salina St Syracuse, NY	2.0	1.0	651	$2,330	$3.58	63d	14	1.06mi
1741 W Onondaga St Syracuse, NY	1.0–2.0	1.0–2.0	800	$1,100	$1.38	63d	3	1.09mi
201 E Jefferson St Syracuse, NY	2.0	1.0	662	$1,540	$2.32	63d	9	1.09mi
409 Stolp Ave Syracuse, NY	1.0–3.0	1.0	849	$950	$1.12	62d	5	1.12mi
517 N Salina St Unit 4 Syracuse, NY	2.0	1.0	700	$1,050	$1.50	63d	1	1.30mi
60 Presidential Plz Syracuse, NY	1.0–2.0	1.0–1.5	970	$905	$0.93	93d	1	1.46mi

HOA detail $311/mo · $3,732/yr condo

• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $142,400 Active 133 DOM
2. 2026-08-07
   days on market $142,400 Active 132 DOM
3. 2026-08-06
   days on market $142,400 Active 131 DOM
4. 2026-08-05
   days on market $142,400 Active 130 DOM
5. 2026-08-04
   days on market $142,400 Active 129 DOM
6. 2026-08-03
   days on market $142,400 Active 128 DOM
7. 2026-07-31
   days on market $142,400 Active 125 DOM
8. 2026-07-29
   days on market $142,400 Active 123 DOM
9. 2026-07-27
   days on market $142,400 Active 121 DOM
10. 2026-07-25
    days on market $142,400 Active 119 DOM
11. 2026-07-24
    days on market $142,400 Active 118 DOM
12. 2026-07-23
    days on market $142,400 Active 117 DOM
13. 2026-07-22
    days on market $142,400 Active 116 DOM
14. 2026-07-21
    days on market $142,400 Active 115 DOM
15. 2026-07-18
    days on market $142,400 Active 112 DOM
16. 2026-07-16
    days on market $142,400 Active 110 DOM
17. 2026-07-16
    days on market $142,400 Active 109 DOM
18. 2026-07-14
    days on market $142,400 Active 108 DOM
19. 2026-07-13
    days on market $142,400 Active 107 DOM
20. 2026-07-12
    days on market $142,400 Active 106 DOM
21. 2026-07-11
    days on market $142,400 Active 105 DOM
22. 2026-07-10
    days on market $142,400 Active 104 DOM
23. 2026-07-09
    days on market $142,400 Active 103 DOM
24. 2026-07-08
    days on market $142,400 Active 102 DOM
25. 2026-07-07
    days on market $142,400 Active 101 DOM
26. 2026-07-06
    days on market $142,400 Active 100 DOM
27. 2026-07-05
    days on market $142,400 Active 99 DOM
28. 2026-07-04
    days on market $142,400 Active 98 DOM
29. 2026-07-03
    days on market $142,400 Active 97 DOM
30. 2026-07-02
    days on market $142,400 Active 96 DOM
31. 2026-07-01
    days on market $142,400 Active 95 DOM
32. 2026-06-30
    days on market $142,400 Active 94 DOM
33. 2026-06-29
    days on market $142,400 Active 93 DOM
34. 2026-06-28
    days on market $142,400 Active 92 DOM
35. 2026-06-28
    days on market $142,400 Active 91 DOM
36. 2026-06-27
    days on market $142,400 Active 90 DOM
37. 2026-06-25
    days on market $142,400 Active 88 DOM
38. 2026-06-23
    days on market $142,400 Active 86 DOM
39. 2026-06-21
    days on market $142,400 Active 85 DOM
40. 2026-06-18
    days on market $142,400 Active 82 DOM
41. 2026-06-17
    days on market $142,400 Active 81 DOM
42. 2026-06-16
    days on market $142,400 Active 80 DOM
43. 2026-06-15
    days on market $142,400 Active 79 DOM
44. 2026-06-14
    days on market $142,400 Active 77 DOM
45. 2026-06-13
    days on market $142,400 Active 76 DOM
46. 2026-06-10
    days on market $142,400 Active 74 DOM
47. 2026-06-09
    days on market $142,400 Active 73 DOM
48. 2026-06-08
    days on market $142,400 Active 72 DOM
49. 2026-06-07
    days on market $142,400 Active 71 DOM
50. 2026-06-05
    days on market $142,400 Active 68 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,793
• − Mortgage interest: −$7,977
• − Property taxes: −$2,136
• − Insurance: −$712
• − Repairs & maintenance: −$1,263
• − Management: −$1,263
• − HOA: −$3,732
• − Depreciation: −$4,143
• Taxable loss: −$5,433
• Est. tax savings @ 24.0%: +$1,304
• After-tax cash flow: $-1,760/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.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab Est. rehab $3,560–$10,680 screening

This modern, energy-efficient 1-bedroom condominium is in excellent condition with minimal maintenance required. It offers a great investment opportunity with potential for both resale and rental value.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value ↑
• Both Interior paint touch-up — Fresh paint can make a home more appealing ↑
• Both Window treatments — Improves aesthetics and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 23/100

Zoned Schools

Elementary Delaware Primary School F NY #2,098/2,108 Nat'l #40,579/41,679 Middle Syracuse Stem At Blodgett F NY #729/729 Nat'l #13,969/14,009 High Corcoran High School B- NY #842/1,100 Nat'l #3,404/17,239

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

B Composite livability gradescore 77/100

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 · 467,894 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: 9% of renters

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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%

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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%

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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

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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

1 event — show timeline

• 2026-03-28 Listed $142,400 CNYIS