37 Pershing Ave · Buffalo, NY 14211

$100,000

6 bd · 3.0 ba · 2,641 sqft · MultiFamily public records · 65 Days on market

Built 1883 4,500 sqft lot Est $180k · 44% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +6.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Check out this nice high potential multi-unit Home located near High Street in the City of Buffalo. With A little imagination and TLC, this house can be an elegant eye catcher, and a beautiful residence in the Fruit Belt District. Some maintenance needed on the exterior, has solid mechanics, and primarily cosmetic work needed. You've watched the shows - now it's your turn! Multiple offers have been a regular for this property, so we are expected to have a large amount of offers rolling in. All offers MUST have sufficient proof funds (dated within 30 days and enough funds to cover the purchase price) Offers will be reviewed as they come in.

Key facts

• Ideal for renovation
• Conveniently located
• Fully vacant

Tags

• THREE UNIT FIXER UPPER
• FULLY VACANT
• IDEAL FOR RENOVATION
• CONVENIENTLY LOCATED
• EASY ACCESS TO MAJOR AMENITIES
• INCOME PRODUCING ASSET

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 47.2% 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: 172 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,194/mo this rent would consume 172% 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.

Forward outlook

• In year one you build about $3k of equity ($691 loan paydown + $2k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $30k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $100k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1883 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 1883 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 5.19% ✓
• Cap rate: 47.24%
• Cash-on-cash: 146.24%
• DSCR: 7.51
• GRM: 1.6

CMA / ARV

• ARV (on-the-fly): $179,588
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37 Pershing Ave	0.00mi	5/3.0 (-1)	2,641 (0%)	1mo	$85,000	$32	94
248 Peach St	0.28mi	6/2.0	2,612 (-1%)	4mo	$191,000	$73	77
361 E North St Unit S	0.19mi	5/2.5 (-1)	2,544 (-4%)	3mo	$172,500	$68	76
511 Dodge St	0.31mi	5/3.0 (-1)	2,564 (-3%)	8mo	$80,000	$31	69
144 Grey St	0.44mi	6/2.0	2,568 (-3%)	8mo	$70,000	$27	64
53 Pershing Ave	0.03mi	5/2.0 (-1)	2,360 (-11%)	11mo	$149,000	$63	63
1002 Humboldt Pkwy	0.62mi	6/2.0	2,684 (+2%)	8mo	$185,750	$69	58
211 Riley St	0.67mi	6/3.0	2,522 (-4%)	7mo	$210,000	$83	56
497-499 Riley St	0.57mi	6/2.0	2,380 (-10%)	2mo	$105,900	$44	52
253 High St	0.44mi	6/2.0	2,448 (-7%)	16mo	$233,000	$95	50
509 E Utica St	0.69mi	6/2.0	2,976 (+13%)	3mo	$135,800	$46	40
421 E Utica St	0.66mi	5/2.0 (-1)	2,377 (-10%)	10mo	$210,000	$88	35

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

Projected returns pro-forma

2.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.02×
• Total profit: $224,508
• Equity at exit: $39,709

10-year hold

• IRR: —
• Equity multiple: 18.90×
• Total profit: $501,173
• Equity at exit: $57,386

Cash invested: $28,000 (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 14211

• Home prices YoY: 0.6%
• Active inventory: 172
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $5,194 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,091
• Net cashflow: $3,412

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 29%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,193
Total (3 units)			$5,194

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	23d	1	0.56mi

Listing history 11 events

1. 2026-03-30
   status Pending
2. 2026-03-11
   price $100,000
3. 2026-02-17
   price $119,900
4. 2026-01-23
   listed $129,900 Active
5. 2024-10-12
   historical
6. 2024-06-14
   listed $120,000 Active
7. 2022-08-08
   soldstatus $65,000
8. 2022-08-01
   soldstatus $65,000 Closed Sale or Rented 647-char remark

   Show marketing remark (647 chars)

   Check out this nice high potential multi-unit Home located near High Street in the City of Buffalo. With A little imagination and TLC, this house can be an elegant eye catcher, and a beautiful residence in the Fruit Belt District. Some maintenance needed on the exterior, has solid mechanics, and primarily cosmetic work needed. You've watched the shows - now it's your turn! Multiple offers have been a regular for this property, so we are expected to have a large amount of offers rolling in. All offers MUST have sufficient proof funds (dated within 30 days and enough funds to cover the purchase price) Offers will be reviewed as they come in.

9. 2022-05-09
   status Under Contract- Do Not Show 647-char remark

   Show marketing remark (647 chars)

   Check out this nice high potential multi-unit Home located near High Street in the City of Buffalo. With A little imagination and TLC, this house can be an elegant eye catcher, and a beautiful residence in the Fruit Belt District. Some maintenance needed on the exterior, has solid mechanics, and primarily cosmetic work needed. You've watched the shows - now it's your turn! Multiple offers have been a regular for this property, so we are expected to have a large amount of offers rolling in. All offers MUST have sufficient proof funds (dated within 30 days and enough funds to cover the purchase price) Offers will be reviewed as they come in.

10. 2022-04-12
    price $69,900 647-char remark

    Show marketing remark (647 chars)

    Check out this nice high potential multi-unit Home located near High Street in the City of Buffalo. With A little imagination and TLC, this house can be an elegant eye catcher, and a beautiful residence in the Fruit Belt District. Some maintenance needed on the exterior, has solid mechanics, and primarily cosmetic work needed. You've watched the shows - now it's your turn! Multiple offers have been a regular for this property, so we are expected to have a large amount of offers rolling in. All offers MUST have sufficient proof funds (dated within 30 days and enough funds to cover the purchase price) Offers will be reviewed as they come in.

11. 2022-03-24
    listed $79,900 Active 647-char remark

    Show marketing remark (647 chars)

    Check out this nice high potential multi-unit Home located near High Street in the City of Buffalo. With A little imagination and TLC, this house can be an elegant eye catcher, and a beautiful residence in the Fruit Belt District. Some maintenance needed on the exterior, has solid mechanics, and primarily cosmetic work needed. You've watched the shows - now it's your turn! Multiple offers have been a regular for this property, so we are expected to have a large amount of offers rolling in. All offers MUST have sufficient proof funds (dated within 30 days and enough funds to cover the purchase price) Offers will be reviewed as they come in.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $62,328
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$4,986
• − Management: −$4,986
• − Depreciation: −$2,909
• Taxable income: $41,845
• Est. tax owed @ 24.0%: −$10,043
• After-tax cash flow: $30,903/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): 24,663
• Household income: $36,300
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1804.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 59% Asian 20% Hispanic / Latino 9% White 9% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 4%
• Foreign-born: 17% · Canada, Philippines, Vietnam
• Languages at home: 74% English-only · Other Indo-European 14% Spanish 6% Other Asian/Pacific 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: ▲ 2.05%
• Current HPI: 357.6438
• 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

+25.2% since first listed

11 events — show timeline

• 2026-03-30 Pending — WNYREIS
• 2026-03-11 Price Changed $100,000 WNYREIS
• 2026-02-17 Price Changed $119,900 WNYREIS
• 2026-01-23 Listed $129,900 WNYREIS
• 2024-10-12 Listing Removed — WNYREIS
• 2024-06-14 Listed $120,000 WNYREIS
• 2022-08-08 Sold (Public Records) $65,000 Public Records
• 2022-08-01 Sold (MLS) $65,000 WNYREIS
• 2022-05-09 Pending — WNYREIS
• 2022-04-12 Price Changed $69,900 WNYREIS
• 2022-03-24 Listed $79,900 WNYREIS

Property tax history

+8.0%/yr

Latest (2025): $163 · +0.0% YoY. Source: county tax records.