1117 W Fayette St #311 · Syracuse, NY 13204

$141,150

2 bd · 1.0 ba · 941 sqft · Condo · 41 Days on market

Built 1920 Excellent condition $411/mo HOA · 24% of rent

---

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 +12.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Condition / age +4.8/5.0
• Rent growth +4.6/5.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Schools +1.8/10.0

Listing remarks

Own Your Future - 2-Bedroom Condominium at The Lofts at 1117 One of only two 2-bedroom condominiums available in this 38-unit redevelopment located on W. Fayette Street connecting Tipperary Hill and Downtown Syracuse. This brand-new, all-electric residence offers space, efficiency, and long-term affordability through New York State's Affordable Homeownership Opportunity Program (AHOP). 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 entirely new

Key facts

• Quartz countertops
• New building systems
• $411 HOA

Tags

• 2 BEDROOM CONDOMINIUM
• ALL ELECTRIC RESIDENCE
• QUARTZ COUNTERTOPS
• CONTEMPORARY CABINETRY
• EFFICIENT HEATING AND COOLING
• NEW BUILDING SYSTEMS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $141k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-10 ($-119/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (1.0% below list).
• Meets the 1% rule at list price ($2k rent vs $141k).
• Recommended offer: $137k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 8.2% 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: 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; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $1,742/mo this rent would consume 46% 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 $15k of equity ($976 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.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $40k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($137k) 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 $136,915 (3.0% 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 41 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.23% ✓
• Cap rate: 6.21%
• Cash-on-cash: -0.30%
• DSCR: 0.99
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 26.6%
• Equity multiple: 3.17×
• Total profit: $85,731
• Equity at exit: $127,159

10-year hold

• IRR: 25.3%
• Equity multiple: 7.99×
• Total profit: $276,326
• Equity at exit: $274,223

Cash invested: $39,522 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,742 high
• Mortgage (P&I): −$740
• Tax est. 1.5%: −$176 /mo · $2,117/yr
• Insurance: −$59
• HOA: −$411
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-10

Break-even live

Break-even rent $1,755

Max offer price $139,717

Occupancy floor 96%

Sensitivity live

Price	-10% $88	-5% $39	+0% $-10	+5% $-59	+10% $-107
Rent	-10% $-148	-5% $-79	+0% $-10	+5% $59	+10% $128
Rate	-1.0pp $61	-0.5pp $26	base $-10	+0.5pp $-46	+1.0pp $-84

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: $35,288
• Closing costs: $4,234
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
538 Erie Blvd W Syracuse, NY	2.0	2.0	1110	$2,100	$1.89	22d	1	0.55mi
1265 W Genesee St Unit 107 Syracuse, NY	1.0	1.0	700	$975	$1.39	44d	1	0.55mi
122 Putnam St Syracuse, NY	3.0	1.0	1064	$2,050	$1.93	22d	1	0.77mi
324 W Water St Syracuse, NY	2.0	1.0	1007	$1,975	$1.96	14d	6	0.82mi
120 Walton St Syracuse, NY	1.0–2.0	1.0–2.0	825	$3,200	$3.88	44d	2	0.89mi
110 Walton St Unit 303 Syracuse, NY	1.0	1.0	725	$1,700	$2.34	44d	1	0.91mi
110 Walton St Unit 301 Syracuse, NY	2.0	2.0	1051	$2,000	$1.90	22d	1	0.91mi
110 Walton St Unit 201 Syracuse, NY	2.0	2.0	1051	$2,200	$2.09	44d	1	0.91mi
110 Walton St Unit 203 Syracuse, NY	1.0	1.0	701	$1,600	$2.28	22d	1	0.91mi
202 Cayuga St Unit 1 Syracuse, NY	3.0	1.0	1036	$1,750	$1.69	14d	1	0.94mi
208 W Water St Syracuse, NY	2.0	2.0	962	$1,800	$1.87	44d	1	0.94mi
373 Spencer St Unit 303 Syracuse, NY	2.0	1.5	1085	$1,850	$1.71	44d	1	0.95mi
317 S Clinton St Unit 3C/B3 Syracuse, NY	1.0	1.0	700	$1,675	$2.39	14d	1	0.96mi
129 W Fayette St Unit 217 Syracuse, NY	2.0	2.0	1100	$1,550	$1.41	14d	1	0.96mi
108 W Jefferson St #706 Syracuse, NY	1.0	1.0	959	$1,850	$1.93	44d	1	0.97mi
472 S Salina St Syracuse, NY	1.0–2.0	1.0	1022	$2,095	$2.05	14d	3	0.98mi
321 S Salina St Unit 502 Syracuse, NY	1.0	1.0	1050	$2,500	$2.38	44d	1	1.02mi
321 S Salina St Unit 303 Syracuse, NY	1.0	1.0	978	$1,800	$1.84	44d	1	1.02mi
321 S Salina St Unit 402 Syracuse, NY	1.0	1.0	1050	$2,200	$2.10	14d	1	1.02mi
230 W Willow St Apt 310 Syracuse, NY	1.0	1.0	933	$1,600	$1.71	14d	1	1.02mi
111 E Onondaga St Syracuse, NY	1.0–2.0	1.0–2.0	1150	$3,000	$2.61	22d	5	1.02mi
321 S Salina St Unit 403 Syracuse, NY	1.0	1.0	978	$1,750	$1.79	22d	1	1.03mi
101 S Salina St Syracuse, NY	2.0	1.0	651	$2,871	$4.41	14d	14	1.06mi
101 N Salina St Unit 107 Syracuse, NY	1.0	1.0	791	$1,825	$2.31	14d	1	1.07mi
101 N Salina St Apt 112 Syracuse, NY	1.0	1.0	791	$1,950	$2.47	14d	1	1.07mi
101 N Salina St Apt 109 Syracuse, NY	1.0	1.0	769	$1,900	$2.47	14d	1	1.07mi
1741 W Onondaga St Syracuse, NY	1.0–2.0	1.0–2.0	800	$1,250	$1.56	14d	3	1.09mi
201 E Jefferson St Syracuse, NY	2.0	1.0	662	$1,626	$2.45	14d	9	1.09mi
205 E Jefferson St Unit 2B Syracuse, NY	2.0	2.5	1100	$2,200	$2.00	22d	1	1.10mi
409 Stolp Ave Syracuse, NY	1.0–3.0	1.0	849	$1,262	$1.49	14d	5	1.12mi
689 N Clinton St Unit 323 Syracuse, NY	1.0	1.5	960	$1,575	$1.64	22d	1	1.16mi
689 N Clinton St Apt 307 Syracuse, NY	1.0	1.5	1100	$1,600	$1.45	44d	1	1.16mi
721 N Clinton St Unit 213 Syracuse, NY	2.0	2.0	1000	$1,550	$1.55	44d	1	1.20mi
721 N Clinton St Unit 105 Syracuse, NY	2.0	2.0	1000	$1,475	$1.48	44d	1	1.20mi
416 Pearl St Unit 2 Syracuse, NY	3.0	1.0	900	$2,400	$2.67	14d	1	1.22mi
517 N Salina St Unit 4 Syracuse, NY	2.0	1.0	700	$1,050	$1.50	14d	1	1.30mi
807-13 N Salina St Unit 809A Syracuse, NY	2.0	1.0	1020	$1,325	$1.30	44d	1	1.41mi
60 Presidential Plz Syracuse, NY	1.0–2.0	1.0–1.5	970	$1,315	$1.36	44d	1	1.46mi

HOA detail condo

• Monthly dues: $411 · $4,932/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-04-28
   status Pending
2. 2026-03-18
   listed $141,150 Active

ⓘ 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: $20,910
• − Mortgage interest: −$7,907
• − Property taxes: −$2,117
• − Insurance: −$706
• − Repairs & maintenance: −$1,673
• − Management: −$1,673
• − HOA: −$4,932
• − Depreciation: −$4,106
• Taxable loss: −$2,204
• Est. tax savings @ 24.0%: +$529
• After-tax cash flow: $410/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 · 13 photos

Excellent 95/100 None rehab

This 2-bedroom condo is in excellent condition with no visible repairs or maintenance needed. It offers a modern, well-maintained living space with excellent curb appeal and potential for further value increases through minor updates.

Value-add opportunities

• Resale Painting the exterior and interior walls — A fresh coat of paint can enhance the home's curb appeal and make it more attractive to potential buyers.
• Resale Updating the flooring — Replacing worn-out flooring with new, high-quality flooring can significantly increase the home's value and appeal.
• Resale Upgrading the kitchen appliances — Upgrading to more modern or energy-efficient appliances can make the kitchen more appealing to potential buyers.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior and interior walls — A fresh coat of paint can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Resale Updating the flooring — Replacing worn-out flooring with new, high-quality flooring can significantly increase the home's value and appeal. ↑
• Resale Upgrading the kitchen appliances — Upgrading to more modern or energy-efficient appliances can make the kitchen more appealing to potential buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

2 events — show timeline

• 2026-04-28 Pending — CNYIS
• 2026-03-18 Listed $141,150 CNYIS