161 Farmer St · Buffalo, NY 14207

$119,900

4 bd · 1.0 ba · 1,512 sqft · SingleFamily public records · 80 Days on market

Built 1900 3,335 sqft lot $79/sqft · 17% below area Est $144k · 17% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 161 Farmer St. , a solid single-family home offering 4 bedrooms and 1 full bath—perfect for owner occupancy or an investor looking to expand their portfolio. This property features hardwood floors throughout, adding warmth and character to the living space. Enjoy peace of mind with solid mechanics, a full basement ideal for storage or additional use, and a partial attic offering even more potential. Currently rented for $1,300/month, this home presents an excellent opportunity for immediate rental income or future owner occupancy. Conveniently located near public transportation, shopping, and everyday amenities, making it an attractive option for tenants and homeowners alike. Don’t miss your chance to own a well-located property with strong potential!

Key facts

• Partial attic
• Everyday amenities
• Full basement

Tags

• HARDWOOD FLOORS
• FULL BASEMENT
• PARTIAL ATTIC
• PUBLIC TRANSPORTATION
• SHOPPING
• EVERYDAY AMENITIES

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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 (+8.2%/yr); 197 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $1,737/mo this rent would consume 52% of the median local household income ($40k/yr) (locally 2177% 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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y ago; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $120k implies a 500% 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 $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.45% ✓
• Cap rate: 12.91%
• Cash-on-cash: 23.64%
• DSCR: 2.05
• GRM: 5.8

CMA / ARV

• ARV (median comp): $143,729
• List price: $119,900
• Delta: -16.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Gorton St	0.16mi	4/1.0	1,508 (-0%)	6mo	$164,900	$109	87
116 Pacific St	0.13mi	5/1.0 (+1)	1,404 (-7%)	7mo	$106,000	$75	71
54 Gorton St	0.27mi	3/1.0 (-1)	1,439 (-5%)	6mo	$155,000	$108	69
476 East St	0.34mi	4/2.0	1,618 (+7%)	6mo	$100,000	$62	63
44 Gallatin Ave	0.64mi	4/2.0	1,532 (+1%)	5mo	$149,000	$97	60
246 Amherst St	0.40mi	3/2.0 (-1)	1,628 (+8%)	2mo	$85,500	$53	57
38 Heward Ave	0.66mi	3/1.5 (-1)	1,474 (-2%)	1mo	$256,000	$174	57
72 Glor St	0.33mi	3/1.0 (-1)	1,370 (-9%)	8mo	$160,000	$117	57
61 Mayer Ave	0.65mi	4/1.0	1,408 (-7%)	7mo	$210,000	$149	53
38 Ontario St	0.52mi	3/2.0 (-1)	1,625 (+8%)	10mo	$68,500	$42	45
78 Fuller St	0.69mi	4/1.0	1,361 (-10%)	12mo	$242,000	$178	41
11 Mayer Ave	0.70mi	3/2.0 (-1)	1,327 (-12%)	12mo	$125,000	$94	28

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 21.9%
• Equity multiple: 1.95×
• Total profit: $31,834
• Equity at exit: $17,877

10-year hold

• IRR: 32.9%
• Equity multiple: 4.68×
• Total profit: $123,567
• 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 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,737 high
• Mortgage (P&I): −$629
• Tax from tax record: −$32 /mo · $387/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $661

Break-even live

Break-even rent $900

Max offer price $119,900

Occupancy floor 57%

Sensitivity live

Price	-10% $729	-5% $695	+0% $661	+5% $628	+10% $594
Rent	-10% $524	-5% $593	+0% $661	+5% $730	+10% $799
Rate	-1.0pp $722	-0.5pp $692	base $661	+0.5pp $630	+1.0pp $599

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 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
118 Rano St Buffalo, NY	3.0	1.0	1050	$1,200	$1.14	21d	1	0.52mi
78 Germain St Buffalo, NY	3.0	1.0	2030	$1,300	$0.64	15d	1	0.56mi
62 Germain St Buffalo, NY	3.0	1.0	1320	$1,250	$0.95	24d	1	0.58mi
100 Forest Ave Buffalo, NY	2.0–4.0	2.0–4.0	1304	$2,560	$1.96	2d	14	0.90mi
158 Chadduck Ave Buffalo, NY	4.0	1.0	1200	$1,250	$1.04	24d	1	1.07mi
139 Fordham Dr Buffalo, NY	3.0	1.0	1453	$1,700	$1.17	24d	1	1.14mi
305 Bird Ave Unit 3 Buffalo, NY	3.0	1.5	1128	$2,300	$2.04	44d	1	1.23mi
309 Bird Ave Unit 1 Buffalo, NY	3.0	1.0	1100	$2,200	$2.00	44d	1	1.23mi
61 Baxter St Buffalo, NY	3.0	1.0	2014	$1,400	$0.70	2d	1	1.24mi
232 Dewitt St Buffalo, NY	3.0	1.0	1200	$1,300	$1.08	24d	1	1.25mi
37 Abbottsford Pl Buffalo, NY	3.0	1.0	1130	$1,650	$1.46	44d	1	1.28mi
374 Baynes St Buffalo, NY	3.0	1.0	1126	$1,550	$1.38	44d	1	1.30mi
891 Richmond Ave Buffalo, NY	3.0	1.0	1176	$1,800	$1.53	44d	1	1.35mi
836 Richmond Ave Buffalo, NY	4.0	3.5	1982	$4,500	$2.27	44d	1	1.40mi
311 Herkimer St #1 Buffalo, NY	3.0	1.0	1272	$1,400	$1.10	15d	1	1.41mi

Listing history 26 events

1. 2026-06-18
   days on market $119,900 Active 80 DOM
2. 2026-06-17
   days on market $119,900 Active 79 DOM
3. 2026-06-16
   days on market $119,900 Active 78 DOM
4. 2026-06-15
   days on market $119,900 Active 77 DOM
5. 2026-06-13
   days on market $119,900 Active 75 DOM
6. 2026-06-13
   days on market $119,900 Active 74 DOM
7. 2026-06-10
   days on market $119,900 Active 72 DOM
8. 2026-06-09
   days on market $119,900 Active 71 DOM
9. 2026-06-08
   days on market $119,900 Active 70 DOM
10. 2026-06-07
    pricedays on market $119,900 Active 69 DOM
11. 2026-06-03
    days on market $144,400 Active 65 DOM
12. 2026-06-02
    days on market $144,400 Active 64 DOM
13. 2026-06-01
    days on market $144,400 Active 63 DOM
14. 2026-05-31
    days on market $144,400 Active 62 DOM
15. 2026-04-17
    price $144,400 784-char remark

    Show marketing remark (784 chars)

    Welcome to 161 Farmer St. , a solid single-family home offering 4 bedrooms and 1 full bath—perfect for owner occupancy or an investor looking to expand their portfolio. This property features hardwood floors throughout, adding warmth and character to the living space. Enjoy peace of mind with solid mechanics, a full basement ideal for storage or additional use, and a partial attic offering even more potential. Currently rented for $1,300/month, this home presents an excellent opportunity for immediate rental income or future owner occupancy. Conveniently located near public transportation, shopping, and everyday amenities, making it an attractive option for tenants and homeowners alike. Don’t miss your chance to own a well-located property with strong potential!

16. 2026-03-30
    listed $144,900 Active 784-char remark

    Show marketing remark (784 chars)

    Welcome to 161 Farmer St. , a solid single-family home offering 4 bedrooms and 1 full bath—perfect for owner occupancy or an investor looking to expand their portfolio. This property features hardwood floors throughout, adding warmth and character to the living space. Enjoy peace of mind with solid mechanics, a full basement ideal for storage or additional use, and a partial attic offering even more potential. Currently rented for $1,300/month, this home presents an excellent opportunity for immediate rental income or future owner occupancy. Conveniently located near public transportation, shopping, and everyday amenities, making it an attractive option for tenants and homeowners alike. Don’t miss your chance to own a well-located property with strong potential!

17. 2025-04-01
    historical $1,300
18. 2025-03-15
    listed $1,300
19. 2025-03-15
    historical $1,300
20. 2025-03-14
    listed $1,300
21. 2025-02-28
    historical $1,300
22. 2025-02-13
    listed $1,300
23. 2025-02-13
    historical $1,300
24. 2025-02-12
    listed $1,300
25. 2013-05-03
    soldstatus $20,000 381-char remark

    Show marketing remark (381 chars)

    This 4 bedroom cape cod is larger than it looks & priced to sell! Extra large dining room is perfect for entertaining. Newer eat-in kitchen. Master bedroom conveniently located on the first floor. Extra large attic provides additional storage. Replacement windows. Newer deck. Fenced-in back yard. Large front porch. With some TLC, you could transform this house into a home.

26. 2013-01-25
    listed $29,900 381-char remark

    Show marketing remark (381 chars)

    This 4 bedroom cape cod is larger than it looks & priced to sell! Extra large dining room is perfect for entertaining. Newer eat-in kitchen. Master bedroom conveniently located on the first floor. Extra large attic provides additional storage. Replacement windows. Newer deck. Fenced-in back yard. Large front porch. With some TLC, you could transform this house into a home.

ⓘ 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: $387 · $32/mo
• Projected year-2 tax: $1,207 · $101/mo
• Expected delta: +$820/yr (+$68/mo · 212.0%)

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,847
• − Mortgage interest: −$6,716
• − Property taxes: −$387
• − Insurance: −$600
• − Repairs & maintenance: −$1,668
• − Management: −$1,668
• − Depreciation: −$3,488
• Taxable income: $6,321
• Est. tax owed @ 24.0%: −$1,517
• After-tax cash flow: $6,421/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): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

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 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

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: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• 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

+382.9% since first listed

12 events — show timeline

• 2026-04-17 Price Changed $144,400 WNYREIS
• 2026-03-30 Listed $144,900 WNYREIS
• 2025-04-01 Rental Removed $1,300 PROPERTYWARE
• 2025-03-15 Listed for Rent $1,300 PROPERTYWARE
• 2025-03-15 Rental Removed $1,300 SHOWMOJO
• 2025-03-14 Listed for Rent $1,300 SHOWMOJO
• 2025-02-28 Rental Removed $1,300 PROPERTYWARE
• 2025-02-13 Listed for Rent $1,300 PROPERTYWARE
• 2025-02-13 Rental Removed $1,300 SHOWMOJO
• 2025-02-12 Listed for Rent $1,300 SHOWMOJO
• 2013-05-03 Sold (MLS) $20,000 WNYREIS
• 2013-01-25 Listed $29,900 WNYREIS

Property tax history

+7.9%/yr

Latest (2025): $387 · +0.0% YoY. Source: county tax records.