34 Saint James Pl · Buffalo, NY 14222

$389,900

4 bd · 3.0 ba · 3,613 sqft · MultiFamily public records · 49 Days on market

Built 1920 4,200 sqft lot $108/sqft · 59% below area ↓ 20% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• 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: 3 units. confirmed

Listing remarks

Rare opportunity to own a 3 unit property on one of Buffalo's most desirable streets! Located steps away from the breathtaking and historic Frederick Law Olmstead's Chapin Parkway, this home is a perfect project for any savvy investor looking to add to their portfolio or owner- occupant who wants to live in one unit and rent out the others. With tremendous potential for value and cash flow, bring your vision to bring this beauty back to life! Each unit features classic Buffalo charm with large layouts, tall ceilings, and plenty of natural light. Enjoy having unique basement parking as well as one off street parking spot. Take comfort in knowing that this home has a BRAND NEW ROOF, new radia

Key facts

• 3 unit property
• Off street parking
• Brand new roof

Tags

• 3 UNIT PROPERTY
• UNIQUE BASEMENT PARKING
• OFF STREET PARKING
• BRAND NEW ROOF
• NEW RADIATORS
• ELMWOOD VILLAGE

Property features AI

Finance

• Other: Three total units; Three separate electric meters; One separate gas meter
• Financial info: Owner pays heat; Rent includes heat; Operating expenses include water/sewer

Exterior

• Parking: Detached garage (1 car); See remarks for additional parking details
• Utilities: Electricity connected (circuit breakers); Public water connected; Sewer connected; High-speed internet available
• Home design: Three-story building; Resale property
• Construction: Composite siding; Wood siding; Asphalt architectural shingle roof; Block foundation; Copper plumbing
• Exterior features: Fully fenced yard; Rectangular residential lot (35 x 120); City street frontage

Interior

• Kitchen: Oven/range; Refrigerator
• Bedrooms: One 1-bedroom unit; Two 2-bedroom units
• Flooring: Carpet; Hardwood; Vinyl; Varies
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating; Hot water heating
• Interior features: Attic; Skylights; Ceiling fans
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $6k ($69k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $390k).
• Recommended offer: $378k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.9% 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 fast (+4.7%/yr); 63 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $10,238/mo this rent would consume 150% of the median local household income ($82k/yr) (locally 978% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $109k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $378,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.63% ✓
• Cap rate: 23.94%
• Cash-on-cash: 63.01%
• DSCR: 3.80
• GRM: 3.2

CMA / ARV

• ARV (median comp): $948,943
• List price: $389,900
• Delta: -58.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
723 W Delavan Ave	0.12mi	5/2.0 (+1)	3,216 (-11%)	1mo	$325,000	$101	66
1042 Elmwood Ave	0.46mi	3/4.0 (-1)	3,501 (-3%)	2mo	$435,000	$124	62
89 Highland Ave	0.49mi	5/2.0 (+1)	3,871 (+7%)	2mo	$520,000	$134	55
39 Granger Pl	0.48mi	4/3.5	3,077 (-15%)	3mo	$620,000	$201	49
189 Saint James Pl	0.30mi	5/4.0 (+1)	4,123 (+14%)	10mo	$520,000	$126	46
433 Norwood Ave	0.57mi	5/4.0 (+1)	3,957 (+10%)	22mo	$580,000	$147	30

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 · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 63.8%
• Equity multiple: 3.93×
• Total profit: $319,594
• Equity at exit: $58,135

10-year hold

• IRR: 68.8%
• Equity multiple: 8.54×
• Total profit: $823,425
• Equity at exit: $33,711

Cash invested: $109,172 (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 14222

• Home prices YoY: -31.4%
• Rents YoY: 4.7%
• Active inventory: 63
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $10,238 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$148 /mo · $1,777/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,150
• Net cashflow: $5,733

Break-even live

Break-even rent $2,981

Max offer price $389,900

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$10,236
Total (3 units)			$10,238

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	44d	1	0.34mi
7 Berkley Pl Buffalo, NY	3.0	1.0	2879	$1,250	$0.43	3d	1	0.37mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	14d	1	0.82mi
98 E Delavan Ave Buffalo, NY	4.0	2.0	3105	$2,000	$0.64	44d	1	0.84mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.92mi
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	44d	1	0.93mi
28 Lonsdale Rd Buffalo, NY	3.0	1.0	2735	$1,725	$0.63	44d	1	0.96mi
91 W Humboldt Pkwy Buffalo, NY	4.0	2.0	3017	$3,400	$1.13	44d	1	0.99mi
82 Butler Ave Unit 2 Buffalo, NY	3.0	1.0	2752	$1,300	$0.47	44d	1	1.11mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	20d	1	1.50mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	14d	1	1.50mi

Listing history 17 events

1. 2026-06-18
   days on market $389,900 Active 49 DOM
2. 2026-06-17
   days on market $389,900 Active 48 DOM
3. 2026-06-16
   days on market $389,900 Active 47 DOM
4. 2026-06-15
   days on market $389,900 Active 46 DOM
5. 2026-06-13
   days on market $389,900 Active 44 DOM
6. 2026-06-13
   days on market $389,900 Active 43 DOM
7. 2026-06-10
   days on market $389,900 Active 41 DOM
8. 2026-06-09
   days on market $389,900 Active 40 DOM
9. 2026-06-08
   days on market $389,900 Active 39 DOM
10. 2026-06-07
    days on market $389,900 Active 38 DOM
11. 2026-06-03
    days on market $389,900 Active 34 DOM
12. 2026-06-02
    days on market $389,900 Active 33 DOM
13. 2026-06-01
    days on market $389,900 Active 32 DOM
14. 2026-05-31
    days on market $389,900 Active 31 DOM
15. 2026-04-28
    listed $389,900 Active 975-char remark
16. 2025-12-10
    price $450,000
17. 2025-10-24
    listed $485,000 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: $1,777 · $148/mo
• Projected year-2 tax: $4,183 · $349/mo
• Expected delta: +$2,406/yr (+$201/mo · 135.4%)

ⓘ 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: $122,856
• − Mortgage interest: −$21,840
• − Property taxes: −$1,777
• − Insurance: −$1,950
• − Repairs & maintenance: −$9,828
• − Management: −$9,828
• − Depreciation: −$11,343
• Taxable income: $66,290
• Est. tax owed @ 24.0%: −$15,910
• After-tax cash flow: $52,884/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): 15,311
• Household income: $81,652
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 978.0

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 (74%)
• Race & ethnicity: White 74% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 13% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -205.10%
• Current HPI: 448.3711
• Rent YoY: ▲ 4.69%
• 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

-19.6% since first listed

3 events — show timeline

• 2026-04-28 Listed $389,900 WNYREIS
• 2025-12-10 Price Changed $450,000 WNYREIS
• 2025-10-24 Listed $485,000 WNYREIS

Property tax history

+17.7%/yr

Latest (2025): $1,777 · -24.2% YoY. Source: county tax records.