400 Willett St · Buffalo, NY 14206

$149,900

6 bd · 2.0 ba · 2,480 sqft · MultiFamily public records · 120 Days on market

Built 1920 3,390 sqft lot $60/sqft · 47% below area Est $284k · 47% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Perfect for the investor or owner occupant, 400 Willett is a 3/3 double in the heart of Kaisertown, and features a move-in ready upper unit, with fresh paint and new carpeting in the living room/dining room. Hot water tanks were replaced in 2023, new furnace 2018. Some new gutters and downspouts 2024. Lower tenants are month-to-month, paying $1100/mo. rent in a timely manner. Professional, competent property management is available to assist the busy investor. EQUAL HOUSING OPPORTUNITY

Key facts

• New furnace
• Fresh paint
• New carpeting

Tags

• MOVE-IN READY UPPER UNIT
• FRESH PAINT
• NEW CARPETING
• HOT WATER TANKS REPLACED
• NEW FURNACE
• NEW GUTTERS

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$283,520) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.8% 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: 169 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $3,764/mo this rent would consume 90% 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 $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• At projected returns (8.1% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $150k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 2.51% ✓
• Cap rate: 21.80%
• Cash-on-cash: 55.40%
• DSCR: 3.46
• GRM: 3.3

CMA / ARV

• ARV (median comp): $283,520
• List price: $149,900
• Delta: -47.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 Cable St	0.16mi	6/2.0	2,647 (+7%)	4mo	$150,000	$57	78
23 Matejko St	0.42mi	6/2.0	2,365 (-5%)	4mo	$145,000	$61	70
274 Holly St	0.21mi	5/2.0 (-1)	2,490 (+0%)	20mo	$151,500	$61	67
24 Weaver St	0.06mi	5/2.0 (-1)	2,289 (-8%)	17mo	$255,000	$111	65
181 Willett St	0.41mi	6/2.0	2,704 (+9%)	2mo	$301,000	$111	65
323 Holly St	0.12mi	5/2.0 (-1)	2,112 (-15%)	8mo	$180,000	$85	58
23 Krakow St	0.31mi	5/3.0 (-1)	2,416 (-3%)	20mo	$135,000	$56	56
125 Shanley St	0.29mi	5/3.0 (-1)	2,200 (-11%)	8mo	$282,000	$128	52
150 Weiss St	0.32mi	5/2.0 (-1)	2,121 (-14%)	8mo	$100,000	$47	49
265 Weiss St	0.27mi	5/2.0 (-1)	2,162 (-13%)	22mo	$180,000	$83	43
402 Shanley St	0.70mi	6/2.0	2,748 (+11%)	11mo	$200,000	$73	40

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: 66.0%
• Equity multiple: 5.43×
• Total profit: $185,776
• Equity at exit: $114,479

10-year hold

• IRR: 61.3%
• Equity multiple: 11.66×
• Total profit: $447,458
• Equity at exit: $227,810

Cash invested: $41,972 (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: 10.0×

Monthly cashflow live

• Estimated rent: $3,764 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $1,938

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,765
Total (3 units)			$3,764

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $149,900 Active 120 DOM
2. 2026-06-17
   days on market $149,900 Active 119 DOM
3. 2026-06-16
   days on market $149,900 Active 118 DOM
4. 2026-06-15
   days on market $149,900 Active 117 DOM
5. 2026-06-13
   days on market $149,900 Active 115 DOM
6. 2026-06-13
   days on market $149,900 Active 114 DOM
7. 2026-06-10
   days on market $149,900 Active 112 DOM
8. 2026-06-09
   days on market $149,900 Active 111 DOM
9. 2026-06-08
   days on market $149,900 Active 110 DOM
10. 2026-06-07
    pricedays on market $149,900 Active 109 DOM
11. 2026-06-03
    days on market $159,900 Active 105 DOM
12. 2026-06-02
    days on market $159,900 Active 104 DOM
13. 2026-06-01
    days on market $159,900 Active 103 DOM
14. 2026-05-31
    days on market $159,900 Active 102 DOM
15. 2026-04-13
    price $159,900 492-char remark

    Show marketing remark (492 chars)

    Perfect for the investor or owner occupant, 400 Willett is a 3/3 double in the heart of Kaisertown, and features a move-in ready upper unit, with fresh paint and new carpeting in the living room/dining room. Hot water tanks were replaced in 2023, new furnace 2018. Some new gutters and downspouts 2024. Lower tenants are month-to-month, paying $1100/mo. rent in a timely manner. Professional, competent property management is available to assist the busy investor. EQUAL HOUSING OPPORTUNITY

16. 2026-02-18
    listed $169,900 Active 492-char remark

    Show marketing remark (492 chars)

    Perfect for the investor or owner occupant, 400 Willett is a 3/3 double in the heart of Kaisertown, and features a move-in ready upper unit, with fresh paint and new carpeting in the living room/dining room. Hot water tanks were replaced in 2023, new furnace 2018. Some new gutters and downspouts 2024. Lower tenants are month-to-month, paying $1100/mo. rent in a timely manner. Professional, competent property management is available to assist the busy investor. EQUAL HOUSING OPPORTUNITY

17. 2022-08-21
    price $975
18. 2018-07-09
    soldstatus $75,000
19. 2015-06-12
    soldstatus $45,000
20. 1998-09-14
    soldstatus $65,500

ⓘ 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 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: $45,168
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$3,613
• − Management: −$3,613
• − Depreciation: −$4,361
• Taxable income: $22,186
• Est. tax owed @ 24.0%: −$5,325
• After-tax cash flow: $17,927/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

+144.1% since first listed

6 events — show timeline

• 2026-04-13 Price Changed $159,900 WNYREIS
• 2026-02-18 Listed $169,900 WNYREIS
• 2022-08-21 Price Changed $975 RENT.
• 2018-07-09 Sold (Public Records) $75,000 Public Records
• 2015-06-12 Sold (Public Records) $45,000 Public Records
• 1998-09-14 Sold (Public Records) $65,500 Public Records

Property tax history

-1.5%/yr

Latest (2025): $275 · +0.0% YoY. Source: county tax records.