115 Stratford Rd · Buffalo, NY 14216

$119,900

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 34 Days on market

Built 1925 4,095 sqft lot $139/sqft · 47% below area Est $226k · 47% under

---

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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +5.8/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 115 Stratford! A unique single family home in the heart of North Buffalo, off Delaware and near Target plaza, The house sits deep off the street with a large front yard surrounded by mature trees and landscaping, along with a large blacktop driveway that offers plenty of privacy and comfort. Enter on the ground level to an approximately 850 sq ft oversized garage space with endless possibilities. Head up to the second-floor living area featuring a large living room, kitchen, two bedrooms, and a full bathroom. Continue to the third floor where you’ll find a finished attic with approximately 400 additional square feet of living space — perfect for an office, gallery,

Key facts

• Finished attic
• Large front yard
• Single family home

Tags

• SINGLE FAMILY HOME
• LARGE FRONT YARD
• MATURE TREES
• LARGE BLACKTOP DRIVEWAY
• OVERSIZED GARAGE SPACE
• FINISHED ATTIC

Property features AI

Exterior

• Parking: Attached garage; 2 garage spaces
• Utilities: Public water available and connected; Sewer available and connected
• Home design: 2-story property; Existing (resale) condition; Garage apartment structure
• Construction: Construction details referenced in remarks; Crawl space basement
• Exterior features: Concrete driveway; Rectangular residential lot with ~35x117 dimensions; City street frontage

Interior

• Kitchen: Water heater (listed under appliances/remarks)
• Bedrooms: Garage apartment (included in total room count)
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating details noted in remarks
• Interior features: Attic; Other interior features listed in remarks
• Laundry & utility: See remarks for additional equipment

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

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 rising (+3.6%/yr); 88 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.80%
• DSCR: 1.48
• GRM: 7.7

CMA / ARV

• ARV (median comp): $225,750
• List price: $119,900
• Delta: -46.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
169 Saint Lawrence Ave	0.40mi	3/1.0 (+1)	864 (0%)	5mo	$222,500	$258	73
118 Ledger St	0.45mi	3/1.0 (+1)	960 (+11%)	2mo	$229,000	$239	54
143 Saint Lawrence Ave	0.36mi	3/1.0 (+1)	936 (+8%)	14mo	$132,500	$142	53
127 Hinman Ave	0.38mi	2/1.0	748 (-13%)	17mo	$185,000	$247	46
219 Euclid Ave	0.69mi	2/1.0	987 (+14%)	19mo	$235,219	$238	29

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $623
• Equity at exit: $17,877

10-year hold

• IRR: 10.7%
• Equity multiple: 1.85×
• Total profit: $28,693
• Equity at exit: $10,367

Cash invested: $33,572 (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 14216

• Rents YoY: 3.6%
• Active inventory: 88
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,299 high
• Mortgage (P&I): −$629
• Tax from tax record: −$45 /mo · $545/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $302

Break-even live

Break-even rent $917

Max offer price $119,900

Occupancy floor 72%

Sensitivity live

Price	-10% $370	-5% $336	+0% $302	+5% $268	+10% $234
Rent	-10% $199	-5% $251	+0% $302	+5% $353	+10% $405
Rate	-1.0pp $362	-0.5pp $333	base $302	+0.5pp $271	+1.0pp $239

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2500 Delaware Ave Buffalo, NY	1.0	1.0	800	$1,275	$1.59	44d	1	0.07mi
2449 Delaware Ave Unit Upper Buffalo, NY	2.0	1.0	772	$1,200	$1.55	44d	1	0.17mi
115 Tennyson Ave Unit B Buffalo, NY	1.0	1.0	790	$950	$1.20	44d	1	0.20mi
20 Avery Ave Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	15d	1	0.23mi
310 Crestwood Ave Unit LOWER Buffalo, NY	1.0	1.0	850	$1,200	$1.41	44d	1	0.47mi
324 Crestwood Ave Apt 2 Buffalo, NY	2.0	1.0	1016	$1,500	$1.48	15d	1	0.48mi
1225 Hertel Ave Unit 11 Buffalo, NY	1.0	1.0	700	$1,150	$1.64	44d	1	0.52mi
375 Colvin Ave Buffalo, NY	1.0	1.5	900	$1,550	$1.72	11d	1	0.60mi
604 Colvin Ave Unit 1 Buffalo, NY	1.0	1.0	950	$1,275	$1.34	44d	1	0.63mi
1432 Hertel Ave Unit 2 Buffalo, NY	1.0	1.0	1100	$1,500	$1.36	44d	1	0.83mi
37 Holmes St Buffalo, NY	1.0	1.0	900	$1,095	$1.22	15d	1	0.89mi
1474 Hertel Ave Buffalo, NY	1.0	1.0	650	$1,200	$1.85	44d	1	0.91mi
293 Grote St Buffalo, NY	1.0–2.0	1.0–2.0	817	$2,345	$2.87	2d	1	0.92mi
2022 Delaware Ave Unit 5 Buffalo, NY	2.0	1.0	725	$1,250	$1.72	44d	1	0.97mi
2005 Delaware Ave Buffalo, NY	1.0	1.0	730	$1,360	$1.86	44d	1	0.97mi
480 W Hazeltine Ave Buffalo, NY	3.0	1.0	989	$1,900	$1.92	24d	1	0.99mi
2002 Delaware Ave Unit 3 Buffalo, NY	1.0	1.0	675	$1,125	$1.67	44d	1	1.00mi
2002 Delaware Ave Unit 4 Buffalo, NY	2.0	1.0	725	$1,250	$1.72	44d	1	1.00mi
1998 Delaware Ave Unit 5 Buffalo, NY	1.0	1.0	675	$1,125	$1.67	24d	1	1.01mi
1998 Delaware Ave Unit 3 Buffalo, NY	1.0	1.0	675	$1,125	$1.67	44d	1	1.01mi
2520-2526 Elmwood Ave Kenmore, NY	1.0	1.0	600	$1,073	$1.79	24d	1	1.02mi
1982 Delaware Ave Unit 5 Buffalo, NY	2.0	1.0	725	$1,250	$1.72	44d	1	1.04mi
1558 Elmwood Ave Unit 4 Buffalo, NY	2.0	1.0	800	$1,100	$1.38	44d	1	1.05mi
1974 Delaware Ave Apt 5 Buffalo, NY	1.0	1.0	675	$1,125	$1.67	44d	1	1.06mi
68 Laforce Pl Unit U Buffalo, NY	2.0	1.0	900	$1,099	$1.22	44d	1	1.06mi
1962 Delaware Ave Unit 6 Buffalo, NY	1.0	1.0	675	$1,125	$1.67	44d	1	1.08mi
52 Kenwood Rd Unit 1 Buffalo, NY	2.0	1.0	1100	$1,250	$1.14	24d	1	1.08mi
1958 Delaware Ave Unit 6 Buffalo, NY	2.0	1.0	725	$1,250	$1.72	44d	1	1.09mi
3113 Delaware Ave Unit 1 Buffalo, NY	2.0	1.0	1083	$1,200	$1.11	24d	1	1.11mi
72 Reservation St Unit 2 Buffalo, NY	3.0	1.0	950	$1,150	$1.21	24d	1	1.12mi
786 Kenmore Ave Unit 11 Buffalo, NY	1.0	1.0	750	$1,350	$1.80	15d	1	1.23mi
155 Germain St Apt 1 Buffalo, NY	2.0	1.0	1000	$1,000	$1.00	11d	1	1.28mi
52 Somerton Ave Unit Upper Buffalo, NY	2.0	1.0	900	$1,200	$1.33	24d	1	1.30mi
68 Peter St Buffalo, NY	2.0	1.0	900	$900	$1.00	24d	1	1.31mi
356 Hertel Ave Buffalo, NY	2.0	1.5	800	$2,300	$2.88	3d	1	1.33mi
134 Philadelphia St Buffalo, NY	3.0	1.0	871	$1,100	$1.26	4d	1	1.35mi
2075 Kenmore Ave Unit 611 Buffalo, NY	2.0	2.0	981	$1,950	$1.99	2d	1	1.36mi
15 Beatrice Ave Buffalo, NY	2.0	1.0	950	$1,150	$1.21	15d	1	1.44mi
118 Rano St Buffalo, NY	3.0	1.0	1050	$1,200	$1.14	22d	1	1.49mi
49 Tulane Rd Buffalo, NY	2.0	1.0	1100	$1,600	$1.45	18d	1	1.50mi

Listing history 27 events

1. 2026-06-18
   days on market $119,900 Active 34 DOM
2. 2026-06-17
   days on market $119,900 Active 33 DOM
3. 2026-06-16
   pricedays on market $119,900 Active 32 DOM
4. 2026-06-15
   days on market $129,900 Active 31 DOM
5. 2026-06-13
   days on market $129,900 Active 29 DOM
6. 2026-06-13
   days on market $129,900 Active 28 DOM
7. 2026-06-10
   days on market $129,900 Active 26 DOM
8. 2026-06-09
   days on market $129,900 Active 25 DOM
9. 2026-06-08
   days on market $129,900 Active 24 DOM
10. 2026-06-07
    days on market $129,900 Active 23 DOM
11. 2026-06-03
    days on market $129,900 Active 19 DOM
12. 2026-06-02
    days on market $129,900 Active 18 DOM
13. 2026-06-01
    days on market $129,900 Active 17 DOM
14. 2026-05-31
    days on market $129,900 Active 16 DOM
15. 2026-05-15
    listed $129,900 Active 1082-char remark
16. 2025-12-26
    historical
17. 2025-12-12
    price $84,900
18. 2025-11-24
    price $88,888
19. 2025-10-17
    price $89,900
20. 2025-09-19
    price $94,900
21. 2025-09-05
    listed $95,900 Active
22. 2025-08-31
    historical
23. 2025-08-29
    price $95,900
24. 2025-08-19
    price $98,888
25. 2025-07-07
    price $99,900
26. 2025-06-19
    price $109,900
27. 2025-05-23
    listed $119,900 Active

ⓘ 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: $545 · $45/mo
• Projected year-2 tax: $1,286 · $107/mo
• Expected delta: +$741/yr (+$62/mo · 135.9%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,588
• − Mortgage interest: −$6,716
• − Property taxes: −$545
• − Insurance: −$600
• − Repairs & maintenance: −$1,247
• − Management: −$1,247
• − Depreciation: −$3,488
• Taxable income: $1,746
• Est. tax owed @ 24.0%: −$419
• After-tax cash flow: $3,206/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): 22,849
• Household income: $69,629
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 1831.0

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 White (72%)
• Race & ethnicity: White 72% Black 16% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -264.53%
• Current HPI: 421.1138
• Rent YoY: ▲ 3.65%
• 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

+0.0% since first listed

14 events — show timeline

• 2026-06-15 Price Changed $119,900 WNYREIS
• 2026-05-15 Listed $129,900 WNYREIS
• 2025-12-26 Listing Removed — WNYREIS
• 2025-12-12 Price Changed $84,900 WNYREIS
• 2025-11-24 Price Changed $88,888 WNYREIS
• 2025-10-17 Price Changed $89,900 WNYREIS
• 2025-09-19 Price Changed $94,900 WNYREIS
• 2025-09-05 Listed $95,900 WNYREIS
• 2025-08-31 Listing Removed — WNYREIS
• 2025-08-29 Price Changed $95,900 WNYREIS
• 2025-08-19 Price Changed $98,888 WNYREIS
• 2025-07-07 Price Changed $99,900 WNYREIS
• 2025-06-19 Price Changed $109,900 WNYREIS
• 2025-05-23 Listed $119,900 WNYREIS

Property tax history

+4.1%/yr

Latest (2025): $545 · -14.7% YoY. Source: county tax records.