An Owner-Occupant Opportunity with Potential: 1075 W Onondaga Street, Syracuse, NY 13204
An Owner-Occupant Opportunity with Potential: 1075 W Onondaga Street, Syracuse, NY 13204
Located on the west side of Syracuse, 1075 W Onondaga Street presents a unique and highly specialized opportunity for buyers seeking an affordable entry into homeownership through renovation.
Offered at an exceptionally low purchase price of $6,000, this four-bedroom, one-and-a-half-bath property is part of a Home Ownership Choice Program designed to encourage owner occupancy and neighborhood revitalization. While the home requires significant repairs and is being sold strictly as-is, it offers substantial long-term potential for the right buyer.
This property is not intended for immediate move-in. Instead, it is ideal for a committed owner-occupant or a buyer willing to renovate the home and resell it specifically to an owner-occupant, in accordance with program guidelines. With proper planning, funding, and renovation, this house could once again become a stable and comfortable residence.
Property Overview and Layout
The home features four bedrooms and two bathrooms, including one full bath and one half bath, providing a functional layout suitable for a family-sized household. One notable feature is the presence of a first-floor bedroom, which offers flexibility for accessibility needs, guests, or a home office.
Upon entry, the house includes an entry foyer accented by decorative columns, leading into the main living room. This architectural detail hints at the home’s original charm and character. The living room flows into an open kitchen and dining area, creating a layout that supports modern living and communal use of space once restored.
The home sits on a double lot, which is a valuable feature at this price point. The extra land offers room for outdoor use, gardening, future improvements, or simply added privacy. A driveway is also included, providing off-street parking—an important convenience for homeowners.
Condition and Renovation Needs
It is important to emphasize that this property has major water damage and a flooded basement, believed to be caused by a natural spring. As a result, the home requires extensive repairs, including but not limited to structural assessment, waterproofing, foundation work, mechanical system upgrades, and interior restoration.
The estimated renovation cost is approximately $144,000, though renovation expenses can exceed $150,000 depending on the scope of work, contractor pricing, and unforeseen issues discovered during construction. Buyers should be financially prepared for a comprehensive rehabilitation project.
Because of these conditions, the property is being sold as-is, with no warranties or representations of any kind. Buyers are responsible for conducting their own inspections, evaluations, and due diligence prior to submitting an offer.
Proof of Funds and Buyer Requirements
To ensure that only qualified buyers move forward, the seller requires proof of funds totaling at least $150,000, covering both the purchase price and anticipated renovation costs. This proof must be submitted with the offer and should demonstrate the buyer’s financial ability to complete the project in full.
This home must be owner-occupied after renovation or renovated and resold to an owner-occupant. Investors intending to rent the property are not eligible under the terms of the Home Ownership Choice Program. These restrictions are in place to promote long-term stability, community investment, and neighborhood improvement.
Program Guidelines and Offer Submission Process
This property is governed by a structured application and review process. Interested buyers must complete a Property Purchase Application and Contract to Purchase, both of which are available on the program’s official website.
Completed offers must be submitted no later than the first Tuesday of each month to be considered. Submissions are reviewed at the Board of Directors Meeting, which is typically held on the third Tuesday of each month. Buyers are strongly encouraged to confirm exact dates and times prior to submission to ensure compliance with the review schedule.
This formal process underscores the program’s focus on responsible ownership and successful project completion, rather than speculative or short-term transactions.
Long-Term Potential
Despite its current condition, 1075 W Onondaga Street offers meaningful long-term potential. The combination of a low acquisition cost, four-bedroom layout, driveway, and double-lot positioning creates a strong foundation for a successful renovation.
Once rehabilitated, the home could provide stable housing for a family or be resold to an owner-occupant at a value that reflects its restored condition.
For buyers with experience in renovation or those working with licensed contractors and professionals, this project presents an opportunity to build equity while contributing positively to the surrounding neighborhood.
Who This Property Is Best Suited For
This home is best suited for:
Owner-occupants committed to completing a full renovation
Buyers with strong financial backing and access to renovation capital
Individuals or households seeking long-term residence rather than short-term gain
Buyers comfortable navigating structured housing programs and timelines
It is not suitable for buyers seeking a move-in-ready home, those without renovation experience or professional support, or investors planning to use the property as a rental.
Final Thoughts
1075 W Onondaga Street represents a rare opportunity to purchase a residential property at an extremely low price through a structured homeownership program. While the challenges are significant—particularly the water damage and basement flooding—the potential rewards are meaningful for buyers who are prepared, qualified, and committed.
With proper renovation, this four-bedroom home can be transformed into a safe, functional, and welcoming residence. For buyers who value long-term ownership, community stability, and the chance to restore a property with character, this offering stands as a serious opportunity worth careful consideration.
FROM ZILLOW
