31 Benzinger St · Buffalo, NY 14206

$189,900

4 bd · 2.0 ba · 1,766 sqft · MultiFamily public records · 271 Days on market

Built 1912 4,020 sqft lot $108/sqft · 39% below area Est $312k · 39% under

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Why this score? — see what drove the A- 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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• 1% rule +7.7/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Excellent Investment opportunity! This vacant, fully updated two-unit home is turnkey and ready to generate income. Both units have been modernized throughout and include new appliances. The lower unit features three bedrooms and one full bath, while the upper offers two bedroom, one full bath and a walk-up attic access for added storage. The partially fenced backyard provides privacy and minimal upkeep. Whether you are looking to add to your portfolio or start with your first multi-family, this property is an excellent choice.

Key facts

• Walk-up attic access
• Fully updated
• New appliances

Tags

• FULLY UPDATED
• NEW APPLIANCES
• WALK-UP ATTIC ACCESS
• PARTIALLY FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 8.0% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 169 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,416/mo this rent would consume 57% of the median local household income ($50k/yr) (locally 841% 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 $17k of equity ($1k loan paydown + $15k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 271 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $190k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 271 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — 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 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: 1.27% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.46%
• DSCR: 1.60
• GRM: 6.6

CMA / ARV

• ARV (median comp): $312,111
• List price: $189,900
• Delta: -39.16%
• 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
30 N Ogden St	0.16mi	4/4.0	1,775 (+0%)	3mo	$157,000	$88	81
34 Schiller St	0.23mi	4/2.0	1,670 (-5%)	8mo	$95,000	$57	73
293 Ludington St	0.18mi	3/2.0 (-1)	1,688 (-4%)	10mo	$205,000	$121	71
33 Schiller St	0.26mi	4/2.0	1,922 (+9%)	5mo	$60,000	$31	69
1068 E Lovejoy St	0.33mi	3/2.0 (-1)	1,661 (-6%)	7mo	$135,000	$81	64
108 Moreland St	0.41mi	4/2.0	1,856 (+5%)	12mo	$205,000	$110	63
187 Goethe St	0.46mi	4/2.0	1,890 (+7%)	12mo	$77,000	$41	57
1362 Bailey Ave	0.58mi	4/2.0	1,892 (+7%)	5mo	$197,081	$104	57
238 Schiller St	0.46mi	4/2.0	1,894 (+7%)	12mo	$145,000	$77	56
115 Greene St	0.24mi	5/3.0 (+1)	1,968 (+11%)	6mo	$165,000	$84	56
250 Gold St	0.41mi	5/2.0 (+1)	1,646 (-7%)	12mo	$190,000	$115	54
362 Davey St	0.64mi	5/2.0 (+1)	1,640 (-7%)	2mo	$92,000	$56	52

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: 30.6%
• Equity multiple: 3.20×
• Total profit: $116,952
• Equity at exit: $145,027

10-year hold

• IRR: 27.3%
• Equity multiple: 6.85×
• Total profit: $311,206
• Equity at exit: $288,600

Cash invested: $53,172 (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 14206

• Home prices YoY: 1.8%
• Active inventory: 169
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,416 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $596

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,339
1× unit	2	1	$1,076
Total (2 units)			$2,416

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1777 Broadway Unit 2 Buffalo, NY	3.0	1.0	1300	$1,200	$0.92	43d	1	0.80mi
14 Rutland Ave Buffalo, NY	4.0	1.0	1430	$2,200	$1.54	10d	1	1.21mi
979 Walden Ave Buffalo, NY	4.0	3.0	1793	$2,000	$1.12	1d	1	1.46mi

Listing history 21 events

1. 2026-06-18
   days on market $189,900 Active 271 DOM
2. 2026-06-17
   days on market $189,900 Active 270 DOM
3. 2026-06-16
   days on market $189,900 Active 269 DOM
4. 2026-06-15
   days on market $189,900 Active 268 DOM
5. 2026-06-13
   days on market $189,900 Active 266 DOM
6. 2026-06-13
   days on market $189,900 Active 265 DOM
7. 2026-06-10
   days on market $189,900 Active 263 DOM
8. 2026-06-09
   days on market $189,900 Active 262 DOM
9. 2026-06-08
   days on market $189,900 Active 261 DOM
10. 2026-06-07
    pricedays on market $189,900 Active 260 DOM
11. 2026-06-03
    days on market $199,900 Active 256 DOM
12. 2026-06-02
    days on market $199,900 Active 255 DOM
13. 2026-06-01
    days on market $199,900 Active 254 DOM
14. 2026-05-31
    days on market $199,900 Active 253 DOM
15. 2025-09-20
    listed $199,900 Active 533-char remark

    Show marketing remark (533 chars)

    Excellent Investment opportunity! This vacant, fully updated two-unit home is turnkey and ready to generate income. Both units have been modernized throughout and include new appliances. The lower unit features three bedrooms and one full bath, while the upper offers two bedroom, one full bath and a walk-up attic access for added storage. The partially fenced backyard provides privacy and minimal upkeep. Whether you are looking to add to your portfolio or start with your first multi-family, this property is an excellent choice.

16. 2025-06-11
    soldstatus $120,000
17. 2025-05-27
    soldstatus $120,000 Closed 301-char remark

    Show marketing remark (301 chars)

    All offers due 4/21/2025 by 1pm. Come add the finishing touched to this 2/2 Lovejoy double. Great opportunity, almost everything has already been done for you! Separate laundry hookups in each apartment. New furnaces, hot water tanks, plumbing, most windows and freshly painted. Almost ready to rent!

18. 2025-04-21
    status Pending 301-char remark

    Show marketing remark (301 chars)

    All offers due 4/21/2025 by 1pm. Come add the finishing touched to this 2/2 Lovejoy double. Great opportunity, almost everything has already been done for you! Separate laundry hookups in each apartment. New furnaces, hot water tanks, plumbing, most windows and freshly painted. Almost ready to rent!

19. 2025-04-09
    listed $99,900 Active 301-char remark

    Show marketing remark (301 chars)

    All offers due 4/21/2025 by 1pm. Come add the finishing touched to this 2/2 Lovejoy double. Great opportunity, almost everything has already been done for you! Separate laundry hookups in each apartment. New furnaces, hot water tanks, plumbing, most windows and freshly painted. Almost ready to rent!

20. 2025-03-19
    soldstatus $80,000
21. 2009-03-31
    soldstatus $12,000

ⓘ 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) · 72% 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: $28,992
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$2,319
• − Management: −$2,319
• − Depreciation: −$5,524
• Taxable income: $4,394
• Est. tax owed @ 24.0%: −$1,054
• After-tax cash flow: $6,101/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

+1565.8% since first listed

7 events — show timeline

• 2025-09-20 Listed $199,900 UNYREIS
• 2025-06-11 Sold (Public Records) $120,000 Public Records
• 2025-05-27 Sold (MLS) $120,000 WNYREIS
• 2025-04-21 Pending — WNYREIS
• 2025-04-09 Listed $99,900 WNYREIS
• 2025-03-19 Sold (Public Records) $80,000 Public Records
• 2009-03-31 Sold (Public Records) $12,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $286 · +0.0% YoY. Source: county tax records.