309 Ulster Ave · Syracuse, NY 13204

$249,900

4 bd · 2.0 ba · 2,194 sqft · MultiFamily public records · 7 Days on market

Built 1915 3,680 sqft lot Est $206k · 21% over

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.5/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Showings begin on Saturday, 4/25 at 9am. Best and Final offers are due by Monday, 4/27/2026 at 10am. Nestled in the heart of the vibrant Tipperary Hill neighborhood, this charming two-family home offers a rare combination of historic character and prime location. Each spacious flat features two bedrooms, gleaming hardwood floors, and stunning natural woodwork that radiates warmth throughout the generous living areas. The property also boasts a finished room in the attic, providing versatile extra space, and a convenient one-car detached garage. Perfectly situated for those who love the local culture, this home is within easy walking distance of iconic neighborhood staples like Coleman&rsquo

Key facts

• Historic character
• 3,680 sq ft lot
• Garage

Tags

• TIPPERARY HILL NEIGHBORHOOD
• HISTORIC CHARACTER
• FINISHED ROOM IN THE ATTIC

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $548/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 11.6% 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: Rents rising fast (+8.2%/yr); 119 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $3,373/mo this rent would consume 89% 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 $27k of equity ($2k loan paydown + $25k 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 $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y 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 $116k; list at $250k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.35% ✓
• Cap rate: 11.56%
• Cash-on-cash: 18.81%
• DSCR: 1.84
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $206,236
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 Ulster Ave	0.00mi	4/2.0	2,194 (0%)	1mo	$276,000	$126	99
111-13 Cody Ave	0.33mi	4/2.0	2,184 (-0%)	10mo	$262,000	$120	75
134 N Lowell Ave	0.08mi	4/2.0	2,336 (+6%)	15mo	$255,750	$109	73
139-41 Whittier Ave	0.29mi	4/2.0	2,336 (+6%)	8mo	$286,000	$122	69
113 Eureka St	0.56mi	5/2.0 (+1)	2,280 (+4%)	3mo	$215,000	$94	60
183 Lakeview Ave	0.37mi	4/2.0	2,044 (-7%)	15mo	$56,027	$27	59
616 Richmond Ave	0.37mi	4/2.0	2,024 (-8%)	14mo	$84,000	$42	58
131 Lakeview Ave	0.43mi	5/2.0 (+1)	2,068 (-6%)	11mo	$100,000	$48	56
704 Avery Ave	0.56mi	4/2.0	2,240 (+2%)	18mo	$85,500	$38	55
307 St Marks Ave St	0.35mi	4/2.5	2,406 (+10%)	16mo	$200,000	$83	53
112 Charlotte St	0.61mi	4/2.0	2,000 (-9%)	14mo	$252,000	$126	45
322 Liberty St	0.60mi	4/2.0	1,871 (-15%)	18mo	$165,000	$88	32

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: 40.8%
• Equity multiple: 4.20×
• Total profit: $223,733
• Equity at exit: $225,130

10-year hold

• IRR: 37.0%
• Equity multiple: 10.26×
• Total profit: $647,993
• Equity at exit: $485,501

Cash invested: $69,972 (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 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 119
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $3,373 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$153 /mo · $1,840/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$708
• Net cashflow: $1,097

Break-even live

Break-even rent $1,985

Max offer price $249,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,372
Total (2 units)			$3,373

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: $62,475
• Closing costs: $7,497
• 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	13d	1	0.27mi
121 Whittier Ave Syracuse, NY	4.0	1.0	1400	$600	$0.43	43d	1	0.33mi
104 Kincaid Ave Syracuse, NY	4.0	1.0	1910	$1,600	$0.84	13d	1	0.98mi
214 Rowland St Syracuse, NY	4.0	1.0	2092	$1,800	$0.86	13d	1	1.05mi
318 Kellogg St Unit 2 Syracuse, NY	3.0	1.0	1523	$1,675	$1.10	43d	1	1.20mi
318 Kellogg St Unit 1 Syracuse, NY	3.0	1.0	1523	$1,650	$1.08	43d	1	1.20mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	43d	1	1.22mi
326 Holland St Unit 1 Syracuse, NY	3.0	1.0	2100	$1,825	$0.87	43d	1	1.26mi
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	13d	1	1.26mi
312 Hall Ave Solvay, NY	5.0	2.5	1800	$3,600	$2.00	20d	1	1.34mi

Listing history 6 events

1. 2026-04-27
   status Pending
2. 2026-04-20
   listed $249,900 Active
3. 2013-03-15
   historical
4. 2013-03-14
   soldstatus $115,900
5. 2013-03-12
   soldstatus $116,000
6. 2013-01-22
   listed $119,900

ⓘ 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: $1,840 · $153/mo
• Projected year-2 tax: $3,031 · $253/mo
• Expected delta: +$1,192/yr (+$99/mo · 64.8%)

ⓘ 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: $40,476
• − Mortgage interest: −$13,998
• − Property taxes: −$1,840
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,238
• − Management: −$3,238
• − Depreciation: −$7,270
• Taxable income: $9,643
• Est. tax owed @ 24.0%: −$2,314
• After-tax cash flow: $10,847/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

+108.4% since first listed

6 events — show timeline

• 2026-04-27 Pending — CNYIS
• 2026-04-20 Listed $249,900 CNYIS
• 2013-03-15 Listing Removed — CNYIS
• 2013-03-14 Sold (MLS) $115,900 CNYIS
• 2013-03-12 Sold (Public Records) $116,000 Public Records
• 2013-01-22 Listed $119,900 CNYIS

Property tax history

+0.6%/yr

Latest (2025): $1,840 · +0.0% YoY. Source: county tax records.