407 Grant Ave · Syracuse, NY 13207

$110,000

4 bd · 2.0 ba · 2,240 sqft · MultiFamily public records · 34 Days on market

Built 1927 4,000 sqft lot Est $139k · 21% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +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
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Property being sold in a package of a total of 6 for $280K. MLS #s S1249209, S1248220, S1248238, S1248263, S124827, S1248272

Key facts

• Strong tenant demand
• 4,000 sq ft lot
• Built 1927

Tags

• STRONG IN PLACE CASH FLOW
• OPERATIONAL EFFICIENCY
• STRONG TENANT DEMAND
• CONSISTENT RENTAL PERFORMANCE

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $813/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.0% 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: 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: 64 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.70% ✓
• Cap rate: 24.03%
• Cash-on-cash: 63.35%
• DSCR: 3.82
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $138,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 Elliott St	0.31mi	4/2.0	2,080 (-7%)	2mo	$170,000	$82	72
517 Stolp Ave #19	0.26mi	5/3.0 (+1)	2,224 (-1%)	8mo	$258,000	$116	71
203-205 Arthur St	0.26mi	5/2.0 (+1)	2,226 (-1%)	17mo	$120,000	$54	68
411 Bradley St	0.28mi	4/2.0	2,076 (-7%)	10mo	$90,000	$43	67
115 Rider Ave	0.16mi	5/2.0 (+1)	2,528 (+13%)	2mo	$157,000	$62	64
214-16 Reed Ave	0.27mi	5/2.0 (+1)	1,996 (-11%)	6mo	$123,500	$62	59
221-23 Markland Ave	0.10mi	5/2.0 (+1)	1,983 (-12%)	16mo	$140,000	$71	58
413 Merriman Ave	0.65mi	5/2.0 (+1)	2,206 (-2%)	18mo	$94,900	$43	47
302 Hartson St	0.35mi	5/2.0 (+1)	1,990 (-11%)	20mo	$89,900	$45	43
109 Malcolm St	0.59mi	4/2.0	1,974 (-12%)	18mo	$35,000	$18	38
313 Kellogg St	0.68mi	5/4.0 (+1)	2,140 (-4%)	17mo	$30,000	$14	34
114 Fitch St	0.60mi	5/2.0 (+1)	1,924 (-14%)	15mo	$195,000	$101	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 62.4%
• Equity multiple: 3.78×
• Total profit: $85,752
• Equity at exit: $16,401

10-year hold

• IRR: 66.9%
• Equity multiple: 7.76×
• Total profit: $208,107
• Equity at exit: $9,511

Cash invested: $30,800 (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 13207

• Home prices YoY: -23.0%
• Active inventory: 64
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,975 high
• Mortgage (P&I): −$577
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $1,626

Break-even live

Break-even rent $917

Max offer price $110,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,688	-5% $1,657	+0% $1,626	+5% $1,595	+10% $1,564
Rent	-10% $1,391	-5% $1,508	+0% $1,626	+5% $1,743	+10% $1,861
Rate	-1.0pp $1,681	-0.5pp $1,654	base $1,626	+0.5pp $1,597	+1.0pp $1,568

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$2,974
Total (2 units)			$2,975

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	15d	1	0.05mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	45d	1	0.20mi
214 Rowland St Syracuse, NY	4.0	1.0	2092	$1,800	$0.86	15d	1	0.34mi
318 Kellogg St Unit 2 Syracuse, NY	3.0	1.0	1523	$1,675	$1.10	45d	1	0.62mi
318 Kellogg St Unit 1 Syracuse, NY	3.0	1.0	1523	$1,650	$1.08	45d	1	0.62mi
326 Holland St Unit 1 Syracuse, NY	3.0	1.0	2100	$1,825	$0.87	45d	1	0.67mi
349 Bryant Ave Syracuse, NY	3.0	1.5	1500	$2,300	$1.53	15d	1	0.98mi
121 Whittier Ave Syracuse, NY	4.0	1.0	1400	$600	$0.43	45d	1	0.99mi
1330 Midland Ave Syracuse, NY	4.0	1.0	1870	$2,000	$1.07	22d	1	1.36mi
269 W Borden Ave Syracuse, NY	4.0	1.5	1800	$650	$0.36	22d	1	1.37mi

Listing history 9 events

1. 2026-04-01
   status Pending
2. 2026-03-20
   historical Active Under Contract
3. 2026-02-25
   listed $110,000 Active
4. 2021-07-29
   soldstatus $106,000
5. 2020-07-02
   soldstatus $44,060 Closed Sale or Rented 124-char remark

   Show marketing remark (124 chars)

   Property being sold in a package of a total of 6 for $280K. MLS #s S1249209, S1248220, S1248238, S1248263, S124827, S1248272

6. 2020-07-02
   soldstatus $44,060

   Show marketing remark (124 chars)

   Property being sold in a package of a total of 6 for $280K. MLS #s S1249209, S1248220, S1248238, S1248263, S124827, S1248272

7. 2020-02-01
   status Under Contract- Do Not Show 124-char remark

   Show marketing remark (124 chars)

   Property being sold in a package of a total of 6 for $280K. MLS #s S1249209, S1248220, S1248238, S1248263, S124827, S1248272

8. 2020-01-28
   listed $55,000 Active 124-char remark

   Show marketing remark (124 chars)

   Property being sold in a package of a total of 6 for $280K. MLS #s S1249209, S1248220, S1248238, S1248263, S124827, S1248272

9. 2012-05-14
   listed $79,580

ⓘ 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: $1,220 · $102/mo
• Projected year-2 tax: $1,540 · $128/mo
• Expected delta: +$319/yr (+$27/mo · 26.2%)

ⓘ 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: $35,700
• − Mortgage interest: −$6,162
• − Property taxes: −$1,220
• − Insurance: −$550
• − Repairs & maintenance: −$2,856
• − Management: −$2,856
• − Depreciation: −$3,200
• Taxable income: $18,856
• Est. tax owed @ 24.0%: −$4,525
• After-tax cash flow: $14,985/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): 12,383

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 43% Black 33% Hispanic / Latino 17% Two or more races 11% Native American 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 13% Cuban 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 9% French/Haitian/Cajun 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: ▼ -95.17%
• Current HPI: 318.9257
• 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

+38.2% since first listed

9 events — show timeline

• 2026-04-01 Pending — CNYIS
• 2026-03-20 Contingent — CNYIS
• 2026-02-25 Listed $110,000 CNYIS
• 2021-07-29 Sold (Public Records) $106,000 Public Records
• 2020-07-02 Sold (Public Records) $44,060 Public Records
• 2020-07-02 Sold (MLS) $44,060 CNYIS
• 2020-02-01 Pending — CNYIS
• 2020-01-28 Listed $55,000 CNYIS
• 2012-05-14 Listed $79,580 CNYIS

Property tax history

-0.1%/yr

Latest (2025): $1,220 · +0.0% YoY. Source: county tax records.