375 Winspear Ave · Buffalo, NY 14215

$259,900

4 bd · 2.0 ba · 1,985 sqft · MultiFamily public records · 13 Days on market

Built 1926 3,520 sqft lot Est $193k · 35% over

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Why this score? — see what drove the C- 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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +5.6/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Execeptional, well-maintained 2 unit property, ideally located near the University of Buffalo. Rich original woodwork and beautiful hardwood floors throughout add timeless character to both units. The lower apartment features a spacious eat-in kitchen with new flooring, countertop, and sink. Also features a formal dining room as well as an inviting living room. Incudes two versatile bonus rooms, ideal for home office use, den, or a study. The upper apartment offers a large eat-in kitchen with new flooring, a dining area, and comfortable living space. Also features a bonius room and charming front porch with a newly installed treated lumber floor. Bathrooms in both units have been renovated

Key facts

• Formal dining room
• Inviting living room
• Original woodwork

Tags

• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• SPACIOUS EAT-IN KITCHEN
• FORMAL DINING ROOM
• INVITING LIVING ROOM
• VERSATILE BONUS ROOMS

Property features AI

Finance

• Other: Operating expense details: see remarks
• Financial info: Owner pays trash collection and water; Rent includes trash collection and water; Two units with separate gas and electric meters; Unit rents reported: one unit at $900/month; other unit rent not listed

Exterior

• Parking: Paved parking; On-street parking (see remarks)
• Utilities: Public water connected; Sewer connected; Electric with circuit breakers
• Home design: 2-story multi-family building; Residential 2-unit zoning; Resale property
• Construction: Wood siding; Asphalt roof; Full basement
• Exterior features: Fully fenced yard; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchen; Formal dining room mentioned in unit descriptions
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Flooring: Carpet; Hardwood; Laminate; Varies by area
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Leaded glass windows; Natural woodwork
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).

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 flat; 237 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,755/mo this rent would consume 74% of the median local household income ($45k/yr) (locally 2873% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.06% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.83%
• DSCR: 1.48
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $192,545
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
516 Winspear Ave	0.27mi	3/2.0 (-1)	2,017 (+2%)	2mo	$220,000	$109	78
638 Highgate Ave	0.44mi	4/2.0	1,900 (-4%)	5mo	$178,000	$94	68
132 Hewitt Ave	0.54mi	4/2.0	1,946 (-2%)	5mo	$125,000	$64	67
622 Minnesota Ave	0.36mi	4/2.0	1,800 (-9%)	3mo	$175,000	$97	65
626 Lisbon Ave	0.40mi	5/2.0 (+1)	1,919 (-3%)	8mo	$250,000	$130	64
627 Highgate Ave	0.42mi	4/2.0	1,944 (-2%)	16mo	$238,000	$122	64
192 Berkshire Ave	0.61mi	4/2.0	1,955 (-2%)	10mo	$129,000	$66	61
40 Dartmouth Ave	0.60mi	3/2.0 (-1)	1,884 (-5%)	16mo	$186,500	$99	45
19 Dunlop Ave	0.68mi	5/2.0 (+1)	2,160 (+9%)	6mo	$160,000	$74	44
80 Lasalle Ave	0.75mi	4/2.0	1,778 (-10%)	9mo	$170,000	$96	40
486 Hewitt Ave	0.51mi	3/2.0 (-1)	2,233 (+12%)	13mo	$176,000	$79	40
591 Eggert Rd	0.57mi	5/2.0 (+1)	1,725 (-13%)	12mo	$250,000	$145	37

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

Projected returns pro-forma

-3.0% appreciation · 0.67% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-6,742
• Equity at exit: $38,752

10-year hold

• IRR: 4.7%
• Equity multiple: 1.31×
• Total profit: $22,730
• Equity at exit: $22,471

Cash invested: $72,772 (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 14215

• Home prices YoY: -30.0%
• Rents YoY: 0.7%
• Active inventory: 237
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,755 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$49 /mo · $585/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$579
• Net cashflow: $657

Break-even live

Break-even rent $1,924

Max offer price $259,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,754
Total (2 units)			$2,755

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	23d	1	0.39mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	43d	1	0.39mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	14d	1	0.40mi
175 Lisbon Ave Buffalo, NY	5.0	2.0	2000	$2,500	$1.25	14d	1	0.48mi
65 Northrup Pl Buffalo, NY	5.0	2.0	1467	$2,500	$1.70	14d	1	0.56mi
85 Highgate Ave Buffalo, NY	5.0	2.0	2193	$3,750	$1.71	14d	1	0.59mi
59 Lisbon Ave Buffalo, NY	3.0	1.0	2521	$1,250	$0.50	23d	1	0.68mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	1d	1	0.74mi
24 Custer St Buffalo, NY	5.0	2.0	2500	$3,000	$1.20	14d	1	0.77mi
80 Capen Blvd Buffalo, NY	5.0	2.5	2591	$2,800	$1.08	1d	1	0.78mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,997	$2.93	1d	10	0.79mi
91 Englewood Ave Buffalo, NY	4.0	1.0	2500	$2,000	$0.80	1d	1	0.79mi
102 Englewood Ave Buffalo, NY	4.0	1.0	2426	$2,750	$1.13	1d	1	0.82mi
63 Montrose Ave Buffalo, NY	4.0	1.0	2240	$2,000	$0.89	1d	1	0.85mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	23d	1	0.86mi
196 Englewood Ave Buffalo, NY	5.0	1.5	2560	$2,000	$0.78	1d	1	0.99mi
25 Parkridge Ave Buffalo, NY	3.0	1.0	1914	$1,350	$0.71	14d	1	1.02mi
4098 Bailey Ave Buffalo, NY	5.0	2.5	2108	$2,200	$1.04	43d	1	1.22mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	1d	1	1.23mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	1.26mi
69 Berryman Dr Buffalo, NY	4.0	1.5	2056	$2,950	$1.43	1d	1	1.37mi
44 Aurora Dr Buffalo, NY	3.0	1.0	1272	$3,300	$2.59	1d	1	1.43mi
524 University Ave Buffalo, NY	3.0	1.0	1840	$1,600	$0.87	1d	1	1.44mi

Listing history 11 events

1. 2026-06-18
   days on market $259,900 Active 13 DOM
2. 2026-06-17
   days on market $259,900 Active 12 DOM
3. 2026-06-16
   days on market $259,900 Active 11 DOM
4. 2026-06-15
   days on market $259,900 Active 10 DOM
5. 2026-06-13
   days on market $259,900 Active 8 DOM
6. 2026-06-13
   days on market $259,900 Active 7 DOM
7. 2026-06-10
   days on market $259,900 Active 5 DOM
8. 2026-06-09
   days on market $259,900 Active 4 DOM
9. 2026-06-08
   days on market $259,900 Active 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $259,900 Active 2 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: $585 · $49/mo
• Projected year-2 tax: $2,488 · $207/mo
• Expected delta: +$1,904/yr (+$159/mo · 325.7%)

ⓘ 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 ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,060
• − Mortgage interest: −$14,558
• − Property taxes: −$585
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,645
• − Management: −$2,645
• − Depreciation: −$7,561
• Taxable income: $3,767
• Est. tax owed @ 24.0%: −$904
• After-tax cash flow: $6,974/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): 42,524
• Household income: $44,955
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 2873.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% White 15% Asian 7% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 4% Lithuanian 1% Italian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 4% Spanish 4% Chinese 1%

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: ▼ -126.29%
• Current HPI: 295.2966
• Rent YoY: ▲ 0.67%
• 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

1 event — show timeline

• 2026-06-05 Listed $259,900 WNYREIS

Property tax history

+8.5%/yr

Latest (2025): $585 · +60.4% YoY. Source: county tax records.