61 Henley Rd · Buffalo, NY 14216

$189,900

3 bd · 2.0 ba · 1,428 sqft · MultiFamily public records · 8 Days on market

Built 1952 Est $191k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.8/15.0
• 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

Multi-family units

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

Listing remarks

Opportunity Knocks! Located in a quiet, high-demand area of North Buffalo, this low-maintenance and manageable 2-unit property offers incredible flexibility. Perfect for investors or owner-occupants, with the potential to convert back into a single-family home if desired. The property features updated mechanicals for peace of mind, vinyl siding, a 1-car garage, and a beautiful lot. Enjoy outdoor living with a spacious backyard and large deck—ideal for relaxing or entertaining. Priced well below assessed value, don't miss this rare find and golden opportunity for a fun little money making investment. All offers will be reviewed on 4/15/26 at 5:00 pm.

Key facts

• Garage
• Built 1952
• Listed 8 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $897 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 12.0% 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 rising (+3.6%/yr); 88 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 44% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1952 — 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: 1.36% ✓
• Cap rate: 11.96%
• Cash-on-cash: 20.24%
• DSCR: 1.90
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $191,352
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
716 Taunton Pl	0.48mi	4/2.0 (+1)	1,612 (+13%)	4mo	$215,600	$134	47
726 Taunton Pl	0.50mi	4/2.0 (+1)	1,632 (+14%)	6mo	$199,000	$122	43
712-714 Taunton Pl	0.56mi	4/2.0 (+1)	1,612 (+13%)	7mo	$206,000	$128	42
722 Taunton Pl	0.49mi	4/2.0 (+1)	1,633 (+14%)	13mo	$230,000	$141	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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: 13.1%
• Equity multiple: 1.53×
• Total profit: $27,970
• Equity at exit: $28,315

10-year hold

• IRR: 22.4%
• Equity multiple: 2.97×
• Total profit: $104,681
• Equity at exit: $16,419

Cash invested: $53,172 (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: 12.3×

Monthly cashflow live

• Estimated rent: $2,578 high
• Mortgage (P&I): −$996
• Tax from tax record: −$65 /mo · $779/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $897

Break-even live

Break-even rent $1,443

Max offer price $189,900

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,578
Total (2 units)			$2,578

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 Henley Rd Buffalo, NY	2.0	1.0	1200	$1,299	$1.08	14d	1	0.07mi
414 Taunton Pl Unit Lowet Buffalo, NY	3.0	1.0	1232	$1,700	$1.38	14d	1	0.11mi
307 Sterling Ave Buffalo, NY	3.0	1.0	1632	$1,800	$1.10	3d	1	0.30mi
627 Kenmore Ave Buffalo, NY	2.0	1.0	1000	$1,250	$1.25	23d	1	0.44mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	3d	1	0.50mi
33 Tillotson Pl Buffalo, NY	3.0	1.0	1143	$2,095	$1.83	14d	1	0.69mi
324 Crestwood Ave Apt 2 Buffalo, NY	2.0	1.0	1016	$1,500	$1.48	14d	1	0.69mi
140 Commonwealth Ave Unit 1 Buffalo, NY	3.0	1.0	1250	$3,500	$2.80	43d	1	0.84mi
77 Lovering Ave #2 Buffalo, NY	3.0	1.0	1450	$1,895	$1.31	43d	1	0.85mi
79 Commonwealth Ave Buffalo, NY	3.0	1.0	1450	$1,600	$1.10	23d	1	0.88mi
88 Commonwealth Ave Buffalo, NY	3.0	1.0	1355	$1,695	$1.25	20d	1	0.90mi
20 Avery Ave Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	14d	1	0.94mi
26 Custer St Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	43d	1	0.99mi
244 Hartwell Rd Buffalo, NY	3.0	1.0	1250	$1,500	$1.20	3d	1	1.03mi
76 Vernon Pl Unit Lower Buffalo, NY	3.0	1.0	1190	$1,445	$1.21	14d	1	1.06mi
76 Vernon Pl Unit Upper Buffalo, NY	3.0	1.0	1190	$1,595	$1.34	14d	1	1.06mi
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	1d	1	1.07mi
40 Lisbon Ave Unit Upper Buffalo, NY	2.0	1.0	1057	$1,500	$1.42	11d	1	1.08mi
151 Lamson Rd Buffalo, NY	4.0	2.0	1382	$2,350	$1.70	17d	1	1.13mi
2514 Delaware Ave Unit 1 Buffalo, NY	3.0	1.0	1620	$1,650	$1.02	1d	1	1.13mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,291	$2.24	1d	10	1.13mi
2522 Delaware Ave Buffalo, NY	3.0	1.0	1150	$1,625	$1.41	1d	1	1.13mi
92 Lasalle Ave Unit 1 Buffalo, NY	2.0	1.0	1000	$1,150	$1.15	43d	1	1.15mi
524 University Ave Buffalo, NY	3.0	1.0	1840	$1,600	$0.87	1d	1	1.28mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	23d	1	1.42mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	43d	1	1.42mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	14d	1	1.48mi
52 Kenwood Rd Unit 1 Buffalo, NY	2.0	1.0	1100	$1,250	$1.14	23d	1	1.50mi

Listing history 2 events

1. 2026-04-16
   status Pending
2. 2026-04-08
   listed $189,900 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: $779 · $65/mo
• Projected year-2 tax: $1,994 · $166/mo
• Expected delta: +$1,215/yr (+$101/mo · 156.0%)

ⓘ 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: $30,936
• − Mortgage interest: −$10,637
• − Property taxes: −$779
• − Insurance: −$950
• − Repairs & maintenance: −$2,475
• − Management: −$2,475
• − Depreciation: −$5,524
• Taxable income: $8,096
• Est. tax owed @ 24.0%: −$1,943
• After-tax cash flow: $8,818/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

2 events — show timeline

• 2026-04-16 Pending — WNYREIS
• 2026-04-08 Listed $189,900 WNYREIS

Property tax history

+4.3%/yr

Latest (2025): $779 · +0.0% YoY. Source: county tax records.