812 Kirkpatrick St · Syracuse, NY 13208

$199,900

12 bd · 4.0 ba · 6,072 sqft · MultiFamily public records · 31 Days on market

Built 1940 7,260 sqft lot Est $285k · 30% 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 +15.0/15.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

4-unit in the Northside w/ separate utilities. There are 3 three-bedroom apartment and 1 two-bedroom. Onsite manager has been living there for over 20 years. 3 of the 4 furnaces are newer, 4 new hot water heaters, electrical & plumbing are all in good working condition. Each unit has its own washer & dryer hook up. There is a parking lot next to it can easily fit 5 cars. Within walking distance to Little Italy, stores, restaurants, school & highway. Great income producer and almost over 20% cap rate. Most updated Certificate of Compliance was issued in September 2018. Looking to make your money work for you? This is the one you need to have.

Key facts

• Separate utilities
• Spacious units
• 7,260 sq ft lot

Tags

• SPACIOUS UNITS
• SEPARATE UTILITIES
• DESIRABLE RENTAL AREA
• RECENTLY UPDATED FLOORING

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.

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); Grant Middle School (math 5% / reading 19%, grade F, #719 of 729 statewide, top 99%, 608 students, 93% 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 49% at this address vs 22% district-wide (+27 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: 101 active listings in the ZIP; lower-income renter base — watch delinquency; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k 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 $56k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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.
• Current owner paid $96k; list at $200k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1940 — 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: 3.62% ✓
• Cap rate: 32.70%
• Cash-on-cash: 94.32%
• DSCR: 5.20
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $285,384
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1315-17 N Salina St	0.51mi	11/4.0 (-1)	6,684 (+10%)	2mo	$315,000	$47	53

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: —
• Equity multiple: 7.95×
• Total profit: $389,135
• Equity at exit: $180,086

10-year hold

• IRR: 98.5%
• Equity multiple: 17.54×
• Total profit: $925,733
• Equity at exit: $388,362

Cash invested: $55,972 (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 13208

• Home prices YoY: 8.4%
• Active inventory: 101
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $7,236 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$186 /mo · $2,227/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,520
• Net cashflow: $4,399

Break-even live

Break-even rent $1,667

Max offer price $199,900

Occupancy floor 34%

Sensitivity live

Price	-10% $4,512	-5% $4,456	+0% $4,399	+5% $4,343	+10% $4,286
Rent	-10% $3,828	-5% $4,113	+0% $4,399	+5% $4,685	+10% $4,971
Rate	-1.0pp $4,500	-0.5pp $4,450	base $4,399	+0.5pp $4,348	+1.0pp $4,295

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$7,236
Total (4 units)			$7,236

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2025-11-18
   status Pending
2. 2025-11-10
   status Active
3. 2025-07-29
   status Pending
4. 2025-07-25
   historical
5. 2025-07-06
   status Active
6. 2025-03-14
   status Pending
7. 2025-03-10
   listed $199,900 Active
8. 2019-01-08
   soldstatus $96,000
9. 2019-01-04
   soldstatus $96,000 Closed Sale or Rented 669-char remark

   Show marketing remark (669 chars)

   4-unit in the Northside w/ separate utilities. There are 3 three-bedroom apartment and 1 two-bedroom. Onsite manager has been living there for over 20 years. 3 of the 4 furnaces are newer, 4 new hot water heaters, electrical & plumbing are all in good working condition. Each unit has its own washer & dryer hook up. There is a parking lot next to it can easily fit 5 cars. Within walking distance to Little Italy, stores, restaurants, school & highway. Great income producer and almost over 20% cap rate. Most updated Certificate of Compliance was issued in September 2018. Looking to make your money work for you? This is the one you need to have.

10. 2018-11-08
    status Under Contract- Do Not Show 669-char remark

    Show marketing remark (669 chars)

    4-unit in the Northside w/ separate utilities. There are 3 three-bedroom apartment and 1 two-bedroom. Onsite manager has been living there for over 20 years. 3 of the 4 furnaces are newer, 4 new hot water heaters, electrical & plumbing are all in good working condition. Each unit has its own washer & dryer hook up. There is a parking lot next to it can easily fit 5 cars. Within walking distance to Little Italy, stores, restaurants, school & highway. Great income producer and almost over 20% cap rate. Most updated Certificate of Compliance was issued in September 2018. Looking to make your money work for you? This is the one you need to have.

11. 2018-11-01
    historical Continue to Show- Under Contract 669-char remark

    Show marketing remark (669 chars)

    4-unit in the Northside w/ separate utilities. There are 3 three-bedroom apartment and 1 two-bedroom. Onsite manager has been living there for over 20 years. 3 of the 4 furnaces are newer, 4 new hot water heaters, electrical & plumbing are all in good working condition. Each unit has its own washer & dryer hook up. There is a parking lot next to it can easily fit 5 cars. Within walking distance to Little Italy, stores, restaurants, school & highway. Great income producer and almost over 20% cap rate. Most updated Certificate of Compliance was issued in September 2018. Looking to make your money work for you? This is the one you need to have.

12. 2018-10-16
    listed $107,500 Active 669-char remark

    Show marketing remark (669 chars)

    4-unit in the Northside w/ separate utilities. There are 3 three-bedroom apartment and 1 two-bedroom. Onsite manager has been living there for over 20 years. 3 of the 4 furnaces are newer, 4 new hot water heaters, electrical & plumbing are all in good working condition. Each unit has its own washer & dryer hook up. There is a parking lot next to it can easily fit 5 cars. Within walking distance to Little Italy, stores, restaurants, school & highway. Great income producer and almost over 20% cap rate. Most updated Certificate of Compliance was issued in September 2018. Looking to make your money work for you? This is the one you need to have.

13. 2016-06-28
    soldstatus $87,000 Closed Sale or Rented 150-char remark

    Show marketing remark (150 chars)

    Building and apartments are in ok condition. Basement is clean and appears dry. Mechanicals and roof are good. All apartments are rented at this time.

14. 2016-06-24
    soldstatus $87,000
15. 2016-04-04
    historical Under Contract- Do Not Show 150-char remark

    Show marketing remark (150 chars)

    Building and apartments are in ok condition. Basement is clean and appears dry. Mechanicals and roof are good. All apartments are rented at this time.

16. 2016-02-12
    listed $89,900 Active 150-char remark

    Show marketing remark (150 chars)

    Building and apartments are in ok condition. Basement is clean and appears dry. Mechanicals and roof are good. All apartments are rented at this time.

17. 2015-11-23
    historical
18. 2015-10-06
    listed $92,000 Active
19. 2009-06-23
    soldstatus $95,000
20. 2006-08-16
    soldstatus $92,500

ⓘ 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: $2,227 · $186/mo
• Projected year-2 tax: $2,802 · $234/mo
• Expected delta: +$576/yr (+$48/mo · 25.9%)

ⓘ 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 · 15 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: $86,832
• − Mortgage interest: −$11,198
• − Property taxes: −$2,227
• − Insurance: −$1,000
• − Repairs & maintenance: −$6,947
• − Management: −$6,947
• − Depreciation: −$5,815
• Taxable income: $52,700
• Est. tax owed @ 24.0%: −$12,648
• After-tax cash flow: $40,144/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): 22,993
• Household income: $44,712
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1437.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Black 24% Asian 14% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Swedish 3% Italian 1%
• Foreign-born: 22% · Vietnam, Philippines, Canada
• Languages at home: 70% English-only · Spanish 6% Other Asian/Pacific 5% Vietnamese 4%

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: ▲ 30.91%
• Current HPI: 399.3284
• Rent YoY: —
• 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

+116.1% since first listed

20 events — show timeline

• 2025-11-18 Pending — CNYIS
• 2025-11-10 Relisted — CNYIS
• 2025-07-29 Pending — CNYIS
• 2025-07-25 Listing Removed — CNYIS
• 2025-07-06 Relisted — CNYIS
• 2025-03-14 Pending — CNYIS
• 2025-03-10 Listed $199,900 CNYIS
• 2019-01-08 Sold (Public Records) $96,000 Public Records
• 2019-01-04 Sold (MLS) $96,000 CNYIS
• 2018-11-08 Pending — CNYIS
• 2018-11-01 Contingent — CNYIS
• 2018-10-16 Listed $107,500 CNYIS
• 2016-06-28 Sold (MLS) $87,000 CNYIS
• 2016-06-24 Sold (Public Records) $87,000 Public Records
• 2016-04-04 Contingent — CNYIS
• 2016-02-12 Listed $89,900 CNYIS
• 2015-11-23 Listing Removed — CNYIS
• 2015-10-06 Listed $92,000 CNYIS
• 2009-06-23 Sold (Public Records) $95,000 Public Records
• 2006-08-16 Sold (Public Records) $92,500 Public Records

Property tax history

-0.7%/yr

Latest (2025): $2,227 · +0.0% YoY. Source: county tax records.