115 White St · Syracuse, NY 13204

$179,900

4 bd · 2.0 ba · 1,962 sqft · Townhouse public records · 17 Days on market

Built 1920 4,356 sqft lot

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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 +24.3/30.0
• Appreciation +10.0/10.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks MLS

Great for an owner occupant or as a rental. 2nd floor remodeled with many updates. 1st floor rented for $900 per month by check. Updated furnaces, circuit breakers, vinyl siding and newer windows.

Key facts

• New bathroom
• Original woodwork
• Built 1920

Tags

• 2 UNIT INVESTMENT PROPERTY
• UPSTAIRS APARTMENT RENOVATED
• BUTCHER BLOCK COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEW BATHROOM
• ORIGINAL WOODWORK

Property features AI

Finance

• Other: Property resale
• Financial info: Two-unit property with two separate gas meters and two separate electric meters; Gross income reported at $27,600; Operating expenses reported at $5,044 (includes insurance, maintenance, water/sewer); Unit rents: one unit rented at $1,400, the other at $900; Owner pays water

Exterior

• Parking: Paved parking
• Utilities: Electricity connected with circuit breakers; Public water connected; Sewer connected; High-speed internet available
• Home design: Two-story multifamily building; Existing condition; City street frontage; Irregular residential lot (approx. 33 x 132)
• Construction: Vinyl siding; PEX plumbing; Stone foundation; Asphalt shingle roof; Built previously (existing)
• Exterior features: Partial fencing; Porch; Enclosed porch; Fence

Interior

• Kitchen: Oven/range; Refrigerator
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Carpet; Tile; Vinyl; Varies
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Gas forced air heating
• Interior features: Natural woodwork; Enclosed porch (interior access)
• Laundry & utility: Washer hookup; Dryer (in one unit); Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $180k.

Deal economics

• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% 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: 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; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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 $1,862/mo this rent would consume 49% 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 $19k of equity ($1k loan paydown + $18k 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 $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $120k; list at $180k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,201 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.65%
• DSCR: 1.39
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $102,024
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 Kellogg St St	0.24mi	4/2.0	2,046 (+4%)	22mo	$107,000	$52	64
105 Elliott St	0.46mi	5/2.0 (+1)	2,212 (+13%)	3mo	$100,000	$45	50

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: 32.6%
• Equity multiple: 3.60×
• Total profit: $130,900
• Equity at exit: $162,068

10-year hold

• IRR: 29.7%
• Equity multiple: 8.77×
• Total profit: $391,547
• Equity at exit: $349,506

Cash invested: $50,372 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,862 high
• Mortgage (P&I): −$943
• Tax from tax record: −$89 /mo · $1,068/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $363

Break-even live

Break-even rent $1,402

Max offer price $179,900

Occupancy floor 75%

Sensitivity live

Price	-10% $465	-5% $414	+0% $363	+5% $312	+10% $261
Rent	-10% $216	-5% $290	+0% $363	+5% $437	+10% $510
Rate	-1.0pp $454	-0.5pp $409	base $363	+0.5pp $317	+1.0pp $269

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 Holland St Unit 1 Syracuse, NY	3.0	1.0	2100	$1,825	$0.87	44d	1	0.28mi
318 Kellogg St Unit 1 Syracuse, NY	3.0	1.0	1523	$1,650	$1.08	44d	1	0.35mi
318 Kellogg St Unit 2 Syracuse, NY	3.0	1.0	1523	$1,675	$1.10	44d	1	0.35mi
214 Rowland St Syracuse, NY	4.0	1.0	2092	$1,800	$0.86	14d	1	0.67mi
1110 Bellevue Ave Syracuse, NY	3.0	1.0	1449	$1,500	$1.04	44d	1	0.72mi
269 W Borden Ave Syracuse, NY	4.0	1.5	1800	$650	$0.36	21d	1	0.86mi
315 Grant Ave #17 Syracuse, NY	3.0	2.0	1477	$1,275	$0.86	14d	1	0.89mi
1330 Midland Ave Syracuse, NY	4.0	1.0	1870	$2,000	$1.07	21d	1	0.90mi
447 E Washington St Syracuse, NY	3.0	1.5	2095	$2,100	$1.00	14d	1	1.13mi
121 Whittier Ave Syracuse, NY	4.0	1.0	1400	$600	$0.43	44d	1	1.14mi
349 Bryant Ave Syracuse, NY	3.0	1.5	1500	$2,300	$1.53	14d	1	1.36mi
205A Hawley Ave Unit 211C Syracuse, NY	3.0	2.5	1350	$1,675	$1.24	44d	1	1.43mi
205A Hawley Ave Unit 213C Syracuse, NY	3.0	2.5	1350	$1,650	$1.22	44d	1	1.43mi

Listing history 13 events

1. 2026-06-18
   days on market $179,900 Active 17 DOM
2. 2026-06-17
   days on market $179,900 Active 16 DOM
3. 2026-06-16
   days on market $179,900 Active 15 DOM
4. 2026-06-15
   days on market $179,900 Active 14 DOM
5. 2026-06-14
   days on market $179,900 Active 12 DOM
6. 2026-06-13
   days on market $179,900 Active 11 DOM
7. 2026-06-10
   days on market $179,900 Active 9 DOM
8. 2026-06-09
   days on market $179,900 Active 8 DOM
9. 2026-06-08
   days on market $179,900 Active 7 DOM
10. 2026-06-07
    days on market $179,900 Active 6 DOM
11. 2026-06-05
    days on market $179,900 Active 3 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $179,900 Active 1 DOM

ⓘ 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: $1,068 · $89/mo
• Projected year-2 tax: $2,054 · $171/mo
• Expected delta: +$986/yr (+$82/mo · 92.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% 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: $22,340
• − Mortgage interest: −$10,077
• − Property taxes: −$1,068
• − Insurance: −$900
• − Repairs & maintenance: −$1,787
• − Management: −$1,787
• − Depreciation: −$5,233
• Taxable income: $1,487
• Est. tax owed @ 24.0%: −$357
• After-tax cash flow: $4,003/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

+199.8% since first listed

13 events — show timeline

• 2026-05-31 Listed $179,900 CNYIS
• 2025-02-11 Sold (Public Records) $119,900 Public Records
• 2025-01-31 Sold (MLS) $119,900 CNYIS
• 2024-11-29 Pending — CNYIS
• 2024-11-21 Contingent — CNYIS
• 2024-11-08 Listed $119,900 CNYIS
• 2024-05-16 Sold (Public Records) $360,006 Public Records
• 2019-04-22 Sold (Public Records) $18,000 Public Records
• 2019-04-17 Sold (MLS) $18,000 CNYIS
• 2019-03-12 Pending — CNYIS
• 2019-03-09 Pending — CNYIS
• 2019-02-27 Price Changed $20,000 CNYIS
• 2018-09-12 Listed $60,000 CNYIS

Property tax history

+2.2%/yr

Latest (2025): $1,068 · +0.0% YoY. Source: county tax records.