256 Auburn Ave · Buffalo, NY 14213

$135,000

4 bd · 2.0 ba · 1,888 sqft · MultiFamily public records · 1 Days on market

Built 1900 3,596 sqft lot Est $204k · 34% under

---

Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Bring your vision and an open mind to this unique property full of possibilities! Featuring two separate apartments, this home offers excellent potential for owner-occupants, investors, or multi-generational living. Enjoy hardwood floors throughout most of the home, a cozy working gas fireplace, and a clean, full basement with plenty of storage space. Outside, you'll find a private driveway and a large garage providing ample parking and workspace. Conveniently located close to a bus route, this property combines flexibility, functionality, and accessibility. Don't miss the opportunity to make it your own! Showings begin immediately!

Key facts

• Close to bus route
• Large garage
• Private driveway

Tags

• TWO SEPARATE APARTMENTS
• WORKING GAS FIREPLACE
• FULL BASEMENT
• PRIVATE DRIVEWAY
• LARGE GARAGE
• CLOSE TO BUS ROUTE

Property features AI

Finance

• Other: Resale condition
• Financial info: Property configured as 2 total units; Operating expenses include utilities; Owner pays all utilities / rent includes utilities (per listing)
• HOA & community: Not specified

Exterior

• Parking: 3-car garage; Two or more off-street parking spaces
• Security: Not specified
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available; Electric on separate meters for units
• Home design: 2-story multi-unit building; Existing construction
• Construction: Composite siding; Asphalt roof; Stone foundation; Copper and PEX plumbing
• Exterior features: Enclosed porch; Porch; Near public transit; Rectangular lot

Interior

• Kitchen: Gas water heater
• Bedrooms: Not specified
• Flooring: Hardwood flooring; Varied flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas heating; Forced air heating
• Interior features: Ceiling fans; Natural woodwork; Window treatments (drapes)
• Laundry & utility: Gas water system; Owner pays all utilities (for multi-unit)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Cap rate 17.7% vs local median 8.0% in Buffalo — 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 (#195 in NY, #3,011 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Buffalo City School District (urban): math 41% / reading 40% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.5%/yr); 137 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,644/mo this rent would consume 59% of the median local household income ($54k/yr) (locally 1501% 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 $11k of equity ($933 loan paydown + $10k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $30k; list at $135k implies a 350% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,000

Questions for the listing agent

1. Built in 1900 — 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. 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?
4. 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.
5. 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.
6. 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: 1.96% ✓
• Cap rate: 17.66%
• Cash-on-cash: 40.60%
• DSCR: 2.81
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $203,904
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 Sherwood St	0.36mi	3/2.0 (-1)	1,830 (-3%)	4mo	$150,000	$82	70
118 Auburn Ave	0.26mi	4/2.0	1,760 (-7%)	9mo	$260,000	$148	69
73 Baynes St	0.30mi	4/2.0	1,698 (-10%)	6mo	$199,900	$118	64
1072 West Ave	0.31mi	4/2.0	2,014 (+7%)	13mo	$125,000	$62	64
228 Potomac Ave	0.38mi	3/2.0 (-1)	1,782 (-6%)	10mo	$325,000	$182	60
276 Potomac Ave	0.40mi	4/2.0	1,674 (-11%)	4mo	$167,000	$100	59
475 W Ferry St	0.43mi	3/2.0 (-1)	1,740 (-8%)	6mo	$236,900	$136	57
234 Dewitt St	0.38mi	5/3.0 (+1)	2,120 (+12%)	2mo	$59,000	$28	52
875 West Ave	0.45mi	3/2.0 (-1)	1,696 (-10%)	8mo	$165,000	$97	50
38 Ardmore Pl	0.42mi	5/2.0 (+1)	2,121 (+12%)	6mo	$230,000	$108	50
428 Normal Ave	0.54mi	4/2.0	1,680 (-11%)	9mo	$180,000	$107	49
427 Forest Ave	0.74mi	5/2.0 (+1)	2,068 (+10%)	1mo	$262,500	$127	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 50.2%
• Equity multiple: 4.31×
• Total profit: $125,098
• Equity at exit: $98,114

10-year hold

• IRR: 44.6%
• Equity multiple: 8.62×
• Total profit: $288,140
• Equity at exit: $190,660

Cash invested: $37,800 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,644 high
• Mortgage (P&I): −$708
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $1,279

Break-even live

Break-even rent $1,025

Max offer price $135,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,644
Total (2 units)			$2,644

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	14d	1	0.18mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	14d	1	0.29mi
40 Putnam St Buffalo, NY	4.0	1.0	1600	$2,100	$1.31	23d	1	0.33mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	43d	1	0.35mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	1d	14	0.69mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	43d	1	0.70mi
740 Elmwood Ave Buffalo, NY	3.0	1.0	2000	$1,995	$1.00	14d	1	0.70mi
161 16th St Buffalo, NY	3.0	1.5	1500	$2,000	$1.33	23d	1	0.78mi
330 Bryant St Buffalo, NY	3.0	2.0	2224	$2,200	$0.99	19d	1	0.92mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	19d	1	0.93mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	14d	1	0.93mi
184 14th St Buffalo, NY	4.0	2.0	1950	$4,400	$2.26	23d	1	0.94mi
118 Ashland Ave Buffalo, NY	3.0	1.0	1326	$1,850	$1.40	14d	1	0.97mi
124 Normal Ave Unit 2 Buffalo, NY	3.0	1.0	1727	$2,000	$1.16	23d	1	1.07mi
550 Busti Ave Unit 2 Buffalo, NY	3.0	1.0	1638	$1,500	$0.92	43d	1	1.38mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	23d	1	1.39mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	14d	1	1.42mi

Listing history 2 events

1. 2026-06-17
   remarks 641-char remark
2. 2026-06-17
   listed $135,000 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: $548 · $46/mo
• Projected year-2 tax: $1,415 · $118/mo
• Expected delta: +$867/yr (+$72/mo · 158.1%)

ⓘ 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 ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,728
• − Mortgage interest: −$7,562
• − Property taxes: −$548
• − Insurance: −$675
• − Repairs & maintenance: −$2,538
• − Management: −$2,538
• − Depreciation: −$3,927
• Taxable income: $13,939
• Est. tax owed @ 24.0%: −$3,345
• After-tax cash flow: $12,001/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: Buffalo City School District
• NCES district ID: 3605850
• Math proficiency: 41% ▲ 11.00%
• Reading proficiency: 40% ▲ 7.00%
• Median HH income: $31,665
• Composite: 33.17/100
• National rank: #5544
• State rank: #535 of 590 in NY

Livability — Buffalo

• Score: 77/100
• State rank: #195
• US rank: #3011

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: Buffalo, NY
• County: Erie County · 714,559 people
• City population: 440,021
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• Metro: Buffalo-Cheektowaga, 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

+350.0% since first listed

2 events — show timeline

• 2026-06-17 Listed $135,000 WNYREIS
• 2005-06-29 Sold (Public Records) $30,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $548 · -13.4% YoY. Source: county tax records.