88 Lewis St · Buffalo, NY 14206

$145,000

2 bd · 1.0 ba · 1,100 sqft · SingleFamily public records · 12 Days on market

Built 1910 3,049 sqft lot

---

Why this score? — see what drove the C 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 +18.0/30.0
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Single family home in a quiet street with a park front, house includes tear-off roof w/ plywood, all fenced yard with a large patio, this home need work and have a lot of potential. Great deal that don’t comes often, don’t miss this opportunity! Low Price! PRICE TO SALE!!!

Key facts

• Updated electrical
• Fresh paint
• New flooring

Tags

• UPDATED CAPE COD
• SPACIOUS EAT-IN KITCHEN
• FIRST-FLOOR LAUNDRY HOOKUPS
• NEW FLOORING
• FRESH PAINT
• UPDATED ELECTRICAL

Property features AI

Exterior

• Parking: No garage; No driveway
• Utilities: Public water connected; Sewer connected
• Home design: 2-story house; Resale property; Vinyl siding
• Construction: Vinyl siding construction; Existing structure (year built: existing)
• Exterior features: Open porch; City street frontage; Near public transit; Rectangular residential lot (31 x 106)

Interior

• Kitchen: Exhaust fan; Range hood; Gas water heater
• Bedrooms: 2 main-level bedrooms
• Flooring: Luxury vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Eat-in kitchen; Bedroom on main level
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (1.7% below list).
• Recommended offer: $142k (1.7% below list) — sets the bar for 1% rule.

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.
• 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).
• Market conditions: 170 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 34% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y ago 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.
• Current owner paid $25k; list at $145k implies a 480% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $142,469 (1.7% below list)

Questions for the listing agent

1. Built in 1910 — 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 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: 0.98% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.65%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $82,500
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58 Thomas St	0.22mi	2/1.0	1,074 (-2%)	18mo	$83,000	$77	71
703 Smith St	0.53mi	3/— (+1)	1,064 (-3%)	4mo	$43,000	$40	61
122 Gilbert St	0.40mi	2/1.0	1,204 (+10%)	7mo	$68,000	$56	60
83 Troupe St	0.60mi	3/1.0 (+1)	1,138 (+4%)	3mo	$136,210	$120	59
823 S Division St	0.63mi	2/1.0	1,236 (+12%)	2mo	$70,000	$57	49
43 Newton St	0.74mi	2/1.0	1,067 (-3%)	21mo	$80,000	$75	43
146 James St	0.51mi	3/1.0 (+1)	1,225 (+11%)	19mo	$31,000	$25	36
92 Troupe St	0.57mi	3/1.0 (+1)	1,218 (+11%)	19mo	$175,000	$144	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 2.68×
• Total profit: $68,157
• Equity at exit: $110,737

10-year hold

• IRR: 20.9%
• Equity multiple: 5.73×
• Total profit: $191,973
• Equity at exit: $220,363

Cash invested: $40,600 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 170
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,425 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $123

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 86%

Sensitivity live

Price	-10% $224	-5% $174	+0% $123	+5% $73	+10% $23
Rent	-10% $11	-5% $67	+0% $123	+5% $180	+10% $236
Rate	-1.0pp $196	-0.5pp $160	base $123	+0.5pp $86	+1.0pp $48

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
140 Seymour St Unit First Floor Buffalo, NY	2.0	1.0	1300	$1,800	$1.38	5d	1	0.69mi
140 Seymour St Buffalo, NY	2.0	1.0	1300	$1,800	$1.38	25d	1	0.69mi
140 Seymour St Buffalo, NY	1.0	1.0	1300	$1,500	$1.15	5d	1	0.69mi
47 Lester St Unit Main Floor Buffalo, NY	3.0	1.0	900	$1,000	$1.11	45d	1	0.77mi
674 Clinton St Unit 6 Buffalo, NY	1.0	1.0	800	$1,650	$2.06	16d	1	0.78mi

Listing history 9 events

1. 2026-06-21
   days on market $145,000 Active 12 DOM
2. 2026-06-18
   days on market $145,000 Active 9 DOM
3. 2026-06-17
   days on market $145,000 Active 8 DOM
4. 2026-06-16
   days on market $145,000 Active 7 DOM
5. 2026-06-15
   days on market $145,000 Active 6 DOM
6. 2026-06-13
   days on market $145,000 Active 4 DOM
7. 2026-06-13
   days on market $145,000 Active 3 DOM
8. 2026-06-10
   remarks 699-char remark
9. 2026-06-10
   listed $145,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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: $17,096
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,368
• − Management: −$1,368
• − Depreciation: −$4,218
• Taxable loss: −$880
• Est. tax savings @ 24.0%: +$211
• After-tax cash flow: $1,692/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): 21,631
• Household income: $50,450
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 841.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10%
• Common ancestry: Romanian 25% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Arabic 2%

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: ▲ 8.06%
• Current HPI: 457.3935
• Rent YoY: —
• 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

+315.5% since first listed

9 events — show timeline

• 2026-06-09 Listed $145,000 WNYREIS
• 2026-02-17 Listing Removed — WNYREIS
• 2026-01-21 Price Changed $139,777 WNYREIS
• 2025-11-03 Listed $149,777 WNYREIS
• 2020-09-24 Sold (MLS) $25,000 WNYREIS
• 2020-08-24 Pending — WNYREIS
• 2020-08-11 Price Changed $29,899 WNYREIS
• 2020-07-28 Price Changed $29,900 WNYREIS
• 2020-07-23 Listed $34,900 WNYREIS

Property tax history

+6.0%/yr

Latest (2025): $274 · +68.6% YoY. Source: county tax records.