43 Countess Ave

Buffalo, NY 14211

$250,000C

6 bd · 2.0 ba · 2,208 sqft · Built 1920 · MultiFamily · Active · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,517/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$529
• Net cashflow: $205/mo
• Annual: $2,462/yr
• Cap rate: 7.54%
• Cash-on-cash: 4.47%
• DSCR: 1.20
• 1% rule: 1.01%
• Cash to close: $70,000

Investor read

• This is a 6-bed/2.0-bath multifamily listed at $250k.
• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• It's been on market 110 days — a 9% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (9.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (2.0% local appreciation)).
• 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 173 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• 3 sale attempts since 11y ago; this cycle's ask is 14% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• At $2,517/mo this rent would consume 83% of the median local household income ($36k/yr) (locally 1804% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.