410 Emerson Ave #12 · Syracuse, NY 13204

$239,900

4 bd · 3.0 ba · 1,948 sqft · Condo public records · 24 Days on market

Built 1925 Est $251k · at est.

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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 +17.1/30.0
• Appreciation +10.0/10.0
• ARV discount +9.5/15.0
• DSCR +5.3/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

Welcome to this great multifamily opportunity in Tipp Hill! This very desirable side by side layout includes 2 bedrooms in each unit, separate gas & electric meters, full walkout basement and walkup attic access! Enclosed porches in the front and back of the house for each unit, plus added storage space with the large workshop shed in the backyard. Plenty of parking both in the driveway and directly in front of the house too! One unit will be delivered vacant at closing, with the other unit renting for $1,200 per month with good tenants. Don't miss your opportunity in Tipp Hill!

Key facts

• Side by side layout
• Enclosed porches
• Walkup attic access

Tags

• MULTIFAMILY OPPORTUNITY
• SIDE BY SIDE LAYOUT
• FULL WALKOUT BASEMENT
• WALKUP ATTIC ACCESS
• ENCLOSED PORCHES
• ADDED STORAGE SPACE

Property features AI

Finance

• Other: Two total units with separate gas and electric meters
• Financial info: Owner pays water; rent includes water; Operating expense details: see remarks

Exterior

• Parking: Common on-street parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available; Circuit breaker electrical service
• Home design: 2-story multiunit property; Resale property
• Construction: Aluminum siding; Asphalt shingle roof
• Exterior features: Rectangular residential lot; Near public transit; City street frontage

Interior

• Flooring: Hardwood; Laminate; Vinyl; Varies
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Enclosed porch; Porch; Full, partially finished basement with walk-out access
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (12.9% below list).
• Recommended offer: $209k (12.9% below list) — sets the bar for 1% rule.

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); 121 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $2,089/mo this rent would consume 55% 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 $26k of equity ($2k loan paydown + $24k 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 $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; list at $240k implies a 182% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,914 (12.9% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
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: 0.87% ✗
• Cap rate: 7.13%
• Cash-on-cash: 2.98%
• DSCR: 1.13
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $251,292
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
209 Cayuga St #2	0.19mi	4/2.0	1,864 (-4%)	6mo	$240,000	$129	75

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: 28.1%
• Equity multiple: 3.27×
• Total profit: $152,259
• Equity at exit: $216,121

10-year hold

• IRR: 25.9%
• Equity multiple: 7.96×
• Total profit: $467,213
• Equity at exit: $466,073

Cash invested: $67,172 (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: 121
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,089 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$125 /mo · $1,504/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $167

Break-even live

Break-even rent $1,878

Max offer price $239,900

Occupancy floor 87%

Sensitivity live

Price	-10% $303	-5% $235	+0% $167	+5% $99	+10% $31
Rent	-10% $2	-5% $85	+0% $167	+5% $250	+10% $332
Rate	-1.0pp $288	-0.5pp $228	base $167	+0.5pp $105	+1.0pp $42

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
349 Bryant Ave Syracuse, NY	3.0	1.5	1500	$2,300	$1.53	15d	1	0.42mi
121 Whittier Ave Syracuse, NY	4.0	1.0	1400	$600	$0.43	45d	1	0.49mi
104 Kincaid Ave Syracuse, NY	4.0	1.0	1910	$1,600	$0.84	15d	1	0.82mi
312 Hall Ave Solvay, NY	5.0	2.5	1800	$3,600	$2.00	22d	1	1.18mi
214 Rowland St Syracuse, NY	4.0	1.0	2092	$1,800	$0.86	15d	1	1.22mi
318 Kellogg St Unit 1 Syracuse, NY	3.0	1.0	1523	$1,650	$1.08	45d	1	1.37mi
318 Kellogg St Unit 2 Syracuse, NY	3.0	1.0	1523	$1,675	$1.10	45d	1	1.37mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	45d	1	1.39mi
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	15d	1	1.43mi
326 Holland St Unit 1 Syracuse, NY	3.0	1.0	2100	$1,825	$0.87	45d	1	1.43mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: gaselectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-14
   statusdays on market $239,900 Pending 24 DOM
2. 2026-06-13
   days on market $239,900 Active 23 DOM
3. 2026-06-10
   days on market $239,900 Active 21 DOM
4. 2026-06-09
   days on market $239,900 Active 20 DOM
5. 2026-06-08
   days on market $239,900 Active 19 DOM
6. 2026-06-07
   days on market $239,900 Active 18 DOM
7. 2026-06-05
   days on market $239,900 Active 15 DOM
8. 2026-06-02
   days on market $239,900 Active 13 DOM
9. 2026-06-01
   days on market $239,900 Active 12 DOM
10. 2026-05-31
    days on market $239,900 Active 11 DOM
11. 2026-05-30
    days on market $239,900 Active 10 DOM
12. 2026-05-20
    listed $239,900 Active
13. 2004-09-03
    soldstatus $85,000

ⓘ 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: $1,504 · $125/mo
• Projected year-2 tax: $2,779 · $232/mo
• Expected delta: +$1,275/yr (+$106/mo · 84.7%)

ⓘ 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: $25,070
• − Mortgage interest: −$13,438
• − Property taxes: −$1,504
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,006
• − Management: −$2,006
• − Depreciation: −$6,979
• Taxable loss: −$2,062
• Est. tax savings @ 24.0%: +$495
• After-tax cash flow: $2,499/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

+182.2% since first listed

2 events — show timeline

• 2026-05-20 Listed $239,900 CNYIS
• 2004-09-03 Sold (Public Records) $85,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,504 · +0.0% YoY. Source: county tax records.