414 Garfield Ave · Syracuse, NY 13205

$159,900

8 bd · 4.0 ba · 5,427 sqft · MultiFamily public records · 116 Days on market

Built 1900 5,345 sqft lot Est $152k · 5% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +5.1/15.0
• 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: 2 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

This is a solid investment in Syracuse area. The front 2 apartments should rent for at least $1200 per month and the rear 2 apartments should rent for at least $1000 per month. The front 2 apartments are rent ready. The back 2 are fire damaged. This house will sell fast at this price. Happy investing.

Key facts

• One unit is rented
• Three units vacant
• 5,345 sq ft lot

Tags

• FOUR UNIT MULTIFAMILY PROPERTY
• TWO UNITS REQUIRE RENOVATION
• ONE UNIT IS RENTED
• THREE UNITS VACANT
• HALF A MILE FROM UNIVERSITY
• CLOSE TO LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $160k).
• Recommended offer: $146k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.6% 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: 68 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k 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 $45k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $130k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,509 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.76% ✓
• Cap rate: 24.59%
• Cash-on-cash: 65.34%
• DSCR: 3.91
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $151,956
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 Garfield Ave	0.00mi	8/4.0	5,427 (0%)	0mo	$150,000	$28	100

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: 76.9%
• Equity multiple: 6.41×
• Total profit: $242,396
• Equity at exit: $144,051

10-year hold

• IRR: 70.9%
• Equity multiple: 14.22×
• Total profit: $591,773
• Equity at exit: $310,651

Cash invested: $44,772 (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 13205

• Home prices YoY: 3.0%
• Active inventory: 68
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $4,416 high
• Mortgage (P&I): −$839
• Tax from tax record: −$145 /mo · $1,746/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$927
• Net cashflow: $2,438

Break-even live

Break-even rent $1,330

Max offer price $159,900

Occupancy floor 40%

Sensitivity live

Price	-10% $2,529	-5% $2,483	+0% $2,438	+5% $2,393	+10% $2,347
Rent	-10% $2,089	-5% $2,264	+0% $2,438	+5% $2,612	+10% $2,787
Rate	-1.0pp $2,519	-0.5pp $2,479	base $2,438	+0.5pp $2,397	+1.0pp $2,354

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$4,416
Total (2 units)			$4,416

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-03-31
   status Pending
2. 2025-12-05
   listed $159,900 Active
3. 2024-10-18
   soldstatus $130,000 Closed 302-char remark

   Show marketing remark (302 chars)

   This is a solid investment in Syracuse area. The front 2 apartments should rent for at least $1200 per month and the rear 2 apartments should rent for at least $1000 per month. The front 2 apartments are rent ready. The back 2 are fire damaged. This house will sell fast at this price. Happy investing.

4. 2024-10-16
   soldstatus $130,000
5. 2024-08-15
   status Pending 302-char remark

   Show marketing remark (302 chars)

   This is a solid investment in Syracuse area. The front 2 apartments should rent for at least $1200 per month and the rear 2 apartments should rent for at least $1000 per month. The front 2 apartments are rent ready. The back 2 are fire damaged. This house will sell fast at this price. Happy investing.

6. 2024-08-10
   listed $70,000 Active 302-char remark

   Show marketing remark (302 chars)

   This is a solid investment in Syracuse area. The front 2 apartments should rent for at least $1200 per month and the rear 2 apartments should rent for at least $1000 per month. The front 2 apartments are rent ready. The back 2 are fire damaged. This house will sell fast at this price. Happy investing.

7. 2020-03-10
   soldstatus $100,000
8. 2020-03-09
   soldstatus $100,000
9. 2020-03-09
   listed $100,000

ⓘ 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: $1,746 · $145/mo
• Projected year-2 tax: $2,224 · $185/mo
• Expected delta: +$478/yr (+$40/mo · 27.4%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% 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: $52,992
• − Mortgage interest: −$8,957
• − Property taxes: −$1,746
• − Insurance: −$800
• − Repairs & maintenance: −$4,239
• − Management: −$4,239
• − Depreciation: −$4,652
• Taxable income: $28,359
• Est. tax owed @ 24.0%: −$6,806
• After-tax cash flow: $22,450/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): 18,562

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 0.67)
• Race & ethnicity: Black 44% White 37% Two or more races 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 2% Italian 2% Swiss 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 5% Arabic 1% Other Indo-European 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: ▲ 10.12%
• Current HPI: 345.8854
• 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

+59.9% since first listed

9 events — show timeline

• 2026-03-31 Pending — CNYIS
• 2025-12-05 Listed $159,900 CNYIS
• 2024-10-18 Sold (MLS) $130,000 CNYIS
• 2024-10-16 Sold (Public Records) $130,000 Public Records
• 2024-08-15 Pending — CNYIS
• 2024-08-10 Listed $70,000 CNYIS
• 2020-03-10 Sold (Public Records) $100,000 Public Records
• 2020-03-09 Listed $100,000 CNYIS
• 2020-03-09 Sold (MLS) $100,000 CNYIS

Property tax history

+0.4%/yr

Latest (2025): $1,746 · +0.0% YoY. Source: county tax records.