232 Hall Ave · Syracuse, NY 13205

$119,000

3 bd · 1.5 ba · 1,563 sqft · SingleFamily public records · 140 Days on market

Built 1920 5,400 sqft lot Est $138k · 13% under

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Why this score? — see what drove the A- 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 +13.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +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

Listing remarks MLS

This home has been updated with a new kitchen and bathroom, refinish hardwood floors and all new windows. This home is in ready to move in condition.

Key facts

• Formal dining room
• Ample cabinetry
• Eat in kitchen

Tags

• EAT IN KITCHEN
• AMPLE CABINETRY
• FORMAL DINING ROOM
• FIRST FLOOR BEDROOM
• LARGE LIVING ROOM
• TWO ADDITIONAL BEDROOMS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $738 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.3% 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: 68 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($823 loan paydown + $12k 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 $33k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y ago; this cycle's ask has dropped $51k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $119k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.64% ✓
• Cap rate: 14.30%
• Cash-on-cash: 28.59%
• DSCR: 2.27
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $137,544
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
183 W Ostrander Ave	0.15mi	4/1.0 (+1)	1,519 (-3%)	4mo	$63,000	$41	78
129 W Pleasant Ave	0.33mi	4/1.5 (+1)	1,532 (-2%)	4mo	$160,000	$104	73
504 W Newell St	0.48mi	3/1.0	1,545 (-1%)	0mo	$110,000	$71	73
3633 Midland Ave	0.55mi	3/1.5	1,536 (-2%)	2mo	$190,000	$124	70
2331 Midland Ave	0.30mi	4/1.5 (+1)	1,664 (+6%)	3mo	$90,000	$54	68
2725 Midland Ave	0.08mi	4/1.5 (+1)	1,794 (+15%)	2mo	$119,000	$66	65
875 W Lafayette Ave	0.67mi	4/1.0 (+1)	1,568 (+0%)	4mo	$160,000	$102	58
147 E Matson Ave	0.36mi	4/2.5 (+1)	1,421 (-9%)	3mo	$80,000	$56	56
122 Maxwell Ave	0.62mi	3/2.0	1,410 (-10%)	4mo	$160,000	$113	50
403 Pacific Ave	0.40mi	2/1.0 (-1)	1,331 (-15%)	3mo	$130,000	$98	47
144 Oakdale Dr	0.64mi	3/1.5	1,344 (-14%)	1mo	$72,000	$54	46
142 Maxwell Ave	0.66mi	4/2.0 (+1)	1,392 (-11%)	4mo	$122,500	$88	41

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: 44.4%
• Equity multiple: 4.36×
• Total profit: $111,860
• Equity at exit: $107,205

10-year hold

• IRR: 38.4%
• Equity multiple: 9.78×
• Total profit: $292,462
• Equity at exit: $231,191

Cash invested: $33,320 (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 13205

• Home prices YoY: 3.0%
• Active inventory: 68
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,954 high
• Mortgage (P&I): −$624
• Tax from tax record: −$76 /mo · $914/yr
• Insurance: −$50
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $738

Break-even live

Break-even rent $1,019

Max offer price $119,000

Occupancy floor 57%

Sensitivity live

Price	-10% $806	-5% $772	+0% $738	+5% $705	+10% $671
Rent	-10% $584	-5% $661	+0% $738	+5% $816	+10% $893
Rate	-1.0pp $798	-0.5pp $769	base $738	+0.5pp $708	+1.0pp $676

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2331 Midland Ave Syracuse, NY	4.0	1.5	1664	$2,300	$1.38	22d	1	0.33mi
147 E Matson Ave Syracuse, NY	3.0	2.5	1421	$2,000	$1.41	22d	1	0.38mi
102 Newbury Hollow Ln Syracuse, NY	2.0	1.5	1200	$1,550	$1.29	15d	1	0.64mi
102 Newbury Hollow Ln Syracuse, NY	3.0	2.0	2000	$2,300	$1.15	45d	1	0.64mi
300 Mains Ave Unit Bradford-7 Syracuse, NY	2.0	1.0	1200	$1,100	$0.92	15d	1	0.68mi
154 Seeley Ave Syracuse, NY	4.0	1.0	1312	$2,100	$1.60	15d	1	0.68mi
1330 Midland Ave Syracuse, NY	4.0	1.0	1870	$2,000	$1.07	22d	1	0.97mi
213 Fletcher Ave Unit 2 Syracuse, NY	3.0	1.0	1200	$1,700	$1.42	15d	1	1.01mi
269 W Borden Ave Syracuse, NY	4.0	1.5	1800	$650	$0.36	22d	1	1.02mi
260 Robert Dr Syracuse, NY	3.0	1.5	1200	$2,097	$1.75	45d	1	1.22mi
259 Robert Dr Syracuse, NY	3.0	1.5	1350	$699	$0.52	45d	1	1.23mi
683 E Seneca Tpke Syracuse, NY	1.0–2.0	1.0–2.0	937	$1,550	$1.65	15d	4	1.27mi

Listing history 20 events

1. 2025-12-01
   status Pending
2. 2025-11-19
   status Active
3. 2025-11-19
   price $119,000
4. 2025-10-29
   historical
5. 2025-10-14
   price $130,000
6. 2025-10-03
   price $140,000
7. 2025-07-23
   price $160,000
8. 2025-06-23
   listed $170,000 Active
9. 2019-07-10
   soldstatus $63,900 Closed Sale or Rented 149-char remark

   Show marketing remark (149 chars)

   This home has been updated with a new kitchen and bathroom, refinish hardwood floors and all new windows. This home is in ready to move in condition.

10. 2019-04-08
    status Under Contract- Do Not Show 149-char remark

    Show marketing remark (149 chars)

    This home has been updated with a new kitchen and bathroom, refinish hardwood floors and all new windows. This home is in ready to move in condition.

11. 2019-03-28
    listed $63,900 Active 149-char remark

    Show marketing remark (149 chars)

    This home has been updated with a new kitchen and bathroom, refinish hardwood floors and all new windows. This home is in ready to move in condition.

12. 2018-10-18
    historical
13. 2018-10-16
    listed $58,000 Active
14. 2018-07-06
    status Under Contract- Do Not Show
15. 2018-07-06
    listed $69,900 Active
16. 2018-07-06
    historical
17. 2017-12-18
    soldstatus $30,000
18. 2010-05-21
    soldstatus $30,000
19. 2010-05-21
    soldstatus $30,000
20. 2010-02-04
    listed $36,900

ⓘ 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: $914 · $76/mo
• Projected year-2 tax: $1,463 · $122/mo
• Expected delta: +$548/yr (+$46/mo · 60.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% 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: $23,450
• − Mortgage interest: −$6,666
• − Property taxes: −$914
• − Insurance: −$1,262
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − Depreciation: −$3,462
• Taxable income: $7,394
• Est. tax owed @ 24.0%: −$1,775
• After-tax cash flow: $7,086/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): 18,562

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 0.67)
• Race & ethnicity: Black 44% White 37% Two or more races 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 2% Italian 2% Swiss 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 5% Arabic 1% Other Indo-European 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: ▲ 10.12%
• Current HPI: 345.8854
• 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

+222.5% since first listed

20 events — show timeline

• 2025-12-01 Pending — CNYIS
• 2025-11-19 Relisted — CNYIS
• 2025-11-19 Price Changed $119,000 CNYIS
• 2025-10-29 Listing Removed — CNYIS
• 2025-10-14 Price Changed $130,000 CNYIS
• 2025-10-03 Price Changed $140,000 CNYIS
• 2025-07-23 Price Changed $160,000 CNYIS
• 2025-06-23 Listed $170,000 CNYIS
• 2019-07-10 Sold (MLS) $63,900 CNYIS
• 2019-04-08 Pending — CNYIS
• 2019-03-28 Listed $63,900 CNYIS
• 2018-10-18 Listing Removed — CNYIS
• 2018-10-16 Listed $58,000 CNYIS
• 2018-07-06 Pending — CNYIS
• 2018-07-06 Listing Removed — CNYIS
• 2018-07-06 Listed $69,900 CNYIS
• 2017-12-18 Sold (Public Records) $30,000 Public Records
• 2010-05-21 Sold (Public Records) $30,000 Public Records
• 2010-05-21 Sold (MLS) $30,000 CNYIS
• 2010-02-04 Listed $36,900 CNYIS

Property tax history

-0.2%/yr

Latest (2025): $914 · +0.0% YoY. Source: county tax records.