Flipping in Syracuse is mostly about what is inside the walls. Houses built a century ago come with lead paint, aging wiring and tired boilers, and the rehab budget has to account for all of it before the first buyer walks through.
In short: LendingStreet finances Syracuse fix and flip projects on 1-8 unit investment properties from $150,000 to $5M+. Some programs lend up to 90% of the purchase cost and up to 100% of the rehab budget, interest-only, with closings in as little as 10 days. You exit by selling or by refinancing into a long-term DSCR rental loan.
Much of the city's housing went up before 1940. A typical flip in Eastwood, Sedgwick or the Valley touches plaster walls, original porches, galvanized or old copper plumbing and, in some homes, knob-and-tube wiring. Any home built before 1978 should be treated as having lead paint, which affects how demolition and painting are done.
Suburban flips in Salina, Liverpool and Camillus are usually 1950s to 1970s ranches and splits, with simpler mechanicals but dated kitchens, baths and windows. Those projects tend to have more predictable budgets, while city houses can hide surprises behind plaster.
Some investors buy from the Greater Syracuse Land Bank, which sells vacant houses that often need full renovation and may come with its own rehab requirements and timelines. Read those terms carefully, because they affect your schedule and your exit.
These items show up again and again in local scopes of work. Price each one before you set your offer.
On some programs we lend up to 90% of the purchase price (loan-to-cost) and up to 100% of the rehab budget. Rehab funds are held back and released in draws as work is completed and inspected, so you fund each stage before it is reimbursed. See our rehab draw process guide for how inspections and draw requests work.
The after-repair value matters too. We look at what similar renovated homes nearby have sold for, so a realistic ARV is part of the file from the start. In Syracuse, values can change sharply from one block to the next, so use sales from the same neighborhood and the same property type: a renovated double in Eastwood is not a good comparison for a single-family home in Sedgwick.
Build a contingency of 10% to 15% into older-home budgets. Opening walls in a 1920s house regularly turns up rot, outdated wiring or plumbing that has to be replaced.
This example is illustrative and not a quote. An investor buys a dated split-level in the Town of Salina for $145,000 with a $65,000 renovation budget, for a total cost of $210,000. Comparable renovated homes support an after-repair value of about $290,000.
At 90% of purchase plus 100% of rehab, the loan is $195,500. Over a six-month hold, estimated interest-only payments total about $10,264. The investor brings about $21,000 to closing for the down payment and closing costs, plus carrying costs during the project.
| Line item | Amount |
|---|---|
| Purchase price | $145,000 |
| Rehab budget | $65,000 |
| Loan (90% of purchase + 100% of rehab) | $195,500 |
| Interest-only payments, 6 months | $10,264 |
| Taxes and insurance, 6 months | $3,120 |
| Selling costs (commission, about 6%) | $17,400 |
| NY transfer tax at sale (0.4%) | $1,160 |
| Closing costs at purchase (estimate) | $6,500 |
| Estimated profit before income taxes | $41,556 |
Exterior work such as roofing, siding, concrete and grading is hard to do from December through March. A project bought in October may sit with its exterior work unfinished until spring, which adds months of interest and taxes.
Experienced local flippers often sequence interior work for the winter and schedule exterior work for the warmer months, and they budget for heating a vacant house so pipes do not freeze. Spring is also when buyer traffic tends to pick up, so a house finished in April or May often lists into a stronger market than one finished in January.
Contractor availability tightens in warm months too, so line up your roofer and mason early.
New York charges a real estate transfer tax of 0.4% of the sale price, generally paid by the seller, and closings here are usually handled by attorneys on both sides. Add commission, attorney fees and any buyer concessions to your exit math.
Buyers using government-backed loans may require lead-safe conditions and working mechanicals, so finishing the house fully tends to widen your buyer pool. Confirm current transfer tax and local requirements with your attorney.
In Syracuse, rents on renovated doubles are often strong relative to purchase prices, so some investors decide halfway through to hold. You can refinance the flip loan into a DSCR loan that qualifies on the property's rent, with no W-2s or tax returns. That route is covered on our Syracuse DSCR page and in our BRRRR guide.
If you plan to hold, register the property with the city, get it through inspection and sign leases before you apply for the refinance. A leased, registered double is a much cleaner DSCR file than a vacant one.
Send the address, purchase price, scope of work and your ARV estimate. We will size the loan, confirm the draw schedule and tell you what we need to close. Statewide information is on our New York fix and flip page.
A clear scope, a contractor bid and photos of the current condition help us move quickly. If you have completed flips before, include a short list of past projects; experience can affect leverage and terms.
On some programs, up to 90% of the purchase price and up to 100% of the rehab budget, subject to the after-repair value.
In as little as 10 days when the file, insurance and title work are ready. Attorney-handled closings in New York can add time, so engage your closing attorney as soon as you have a signed contract.
Yes. Value and after-repair value are part of every fix and flip file. Plan for a valuation as part of your timeline.
It affects how you do the work. Homes built before 1978 need lead-safe practices, and buyers and inspectors may ask for clearance results. Budget for it.
Yes. We finance 1-8 unit investment properties, and two-family homes are common flips here.
You can refinance into a DSCR rental loan that qualifies on the rent, with no W-2s or tax returns. Lease the property first so the refinance can use actual rent.
It is generally paid by the seller. Confirm the amount with your closing attorney.
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