90 Armin Pl · Buffalo, NY 14210

$299,900

4 bd · 2.0 ba · 2,260 sqft · MultiFamily public records · 15 Days on market

Built 1928 5,075 sqft lot $133/sqft · 18% below area Est $367k · 18% under

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Why this score? — see what drove the B- 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 +18.6/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.8/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Hands down one of the finest two-family homes in South Buffalo, this completely gutted and fully remodeled showstopper is truly move-in ready. Perfect for investors or owner-occupants alike, both the upper and lower units have been thoughtfully redesigned with high-end finishes and modern conveniences throughout. Each unit features a stunning brand new eat-in kitchen complete with custom soft-close cabinetry with crown molding, full-extension drawers, granite countertops, stainless steel appliances, recessed lighting, and all-new flooring. The beautifully updated bathrooms showcase striking ceramic wave-tile tub/shower surrounds and quartz-topped vanities, blending style and sophistication.

Key facts

• Fully remodeled
• Granite countertops
• 5,075 sq ft lot

Tags

• FULLY REMODELED
• BRAND NEW EAT-IN KITCHEN
• CUSTOM SOFT-CLOSE CABINETRY
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• CERAMIC WAVE-TILE TUB

Property features AI

Finance

• Financial info: Multi-family property with 2 units; Each unit has separate gas and electric meters; Operating expenses include insurance, maintenance (structure and general), trash, and water/sewer; Owner pays trash collection and water; rent includes trash collection and water

Exterior

• Parking: Attached or detached garage with approximately 2.5 spaces; Paved parking; Multiple parking spaces
• Utilities: Electricity connected with circuit breakers; Public water connection; Sewer connected; High-speed internet available; Cable available
• Home design: 2-story property; Existing structure
• Construction: Composite siding; Copper and PEX plumbing; Architectural shingle roof; Block and poured foundation; Resale condition
• Exterior features: Balcony; Covered and open porch; Fully fenced yard; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator; Microwave; Eat-in kitchen; Formal dining room
• Bedrooms: Each unit has 2 bedrooms
• Flooring: Ceramic tile; Hardwood; Luxury vinyl; Varied flooring types
• Bathrooms: Two full bathrooms total (one full bathroom in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Ceiling fans; Storage space; Natural woodwork; Programmable thermostat; Leaded glass windows; Thermal windows
• Laundry & utility: Washer hookup; Gas water heater; Satellite dish

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive. Per door: $116/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (13.7% below list).
• Recommended offer: $259k (13.7% 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.
• Market conditions: Rents rising fast (+12.7%/yr); 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,589/mo this rent would consume 57% of the median local household income ($54k/yr) (locally 959% 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 $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $300k implies a 837% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $258,900 (13.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.12%
• DSCR: 1.18
• GRM: 9.7

CMA / ARV

• ARV (median comp): $366,997
• List price: $299,900
• Delta: -18.28%
• 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
110 Armin Pl	0.04mi	5/2.0 (+1)	2,366 (+5%)	1mo	$235,000	$99	85
28 Paul Pl	0.30mi	4/2.0	2,144 (-5%)	0mo	$230,000	$107	77
48 Ryan St	0.29mi	4/2.0	2,084 (-8%)	8mo	$213,000	$102	67
81 Melrose St	0.51mi	4/2.0	2,116 (-6%)	5mo	$264,000	$125	62
218 Stevenson St	0.24mi	5/2.0 (+1)	2,552 (+13%)	7mo	$145,000	$57	57
89 Melrose St	0.49mi	4/2.0	2,038 (-10%)	7mo	$318,000	$156	55
116 Melrose St	0.44mi	4/2.0	2,001 (-12%)	8mo	$223,000	$111	54
71 Buffum St	0.69mi	5/2.0 (+1)	2,136 (-6%)	6mo	$160,000	$75	48
132 Weiss St	0.65mi	4/2.0	2,484 (+10%)	6mo	$165,000	$66	48
120 Weiss St	0.63mi	5/2.0 (+1)	2,040 (-10%)	2mo	$80,000	$39	48
129 Gorski St	0.64mi	3/2.0 (-1)	2,054 (-9%)	7mo	$130,000	$63	44
204 Cable St	0.69mi	5/2.0 (+1)	2,047 (-9%)	7mo	$190,000	$93	41

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

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 3.28×
• Total profit: $191,713
• Equity at exit: $270,174

10-year hold

• IRR: 26.0%
• Equity multiple: 7.99×
• Total profit: $586,567
• Equity at exit: $582,640

Cash invested: $83,972 (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 14210

• Home prices YoY: 13.8%
• Rents YoY: 12.7%
• Active inventory: 94
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $2,589 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$59 /mo · $713/yr
• Insurance: −$125
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $233

Break-even live

Break-even rent $2,294

Max offer price $299,900

Occupancy floor 86%

Sensitivity live

Price	-10% $402	-5% $318	+0% $233	+5% $148	+10% $63
Rent	-10% $28	-5% $130	+0% $233	+5% $335	+10% $437
Rate	-1.0pp $384	-0.5pp $309	base $233	+0.5pp $155	+1.0pp $76

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,590
Total (2 units)			$2,589

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
181 Willett St Buffalo, NY	3.0	1.0	2704	$1,550	$0.57	2d	1	0.62mi

Listing history 2 events

1. 2026-05-11
   listed $300,000 Active 1896-char remark
2. 2025-09-18
   soldstatus $32,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $713 · $59/mo
• Projected year-2 tax: $2,891 · $241/mo
• Expected delta: +$2,178/yr (+$181/mo · 305.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 75% 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: $31,068
• − Mortgage interest: −$16,799
• − Property taxes: −$713
• − Insurance: −$2,166
• − Repairs & maintenance: −$2,485
• − Management: −$2,485
• − Depreciation: −$8,724
• Taxable loss: −$2,306
• Est. tax savings @ 24.0%: +$553
• After-tax cash flow: $3,345/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): 15,563
• Household income: $54,197
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 959.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 21% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Arabic 1% Other Indo-European 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: ▲ 52.34%
• Current HPI: 431.7951
• Rent YoY: ▲ 12.67%
• 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

+837.2% since first listed

4 events — show timeline

• 2026-05-27 Pending — WNYREIS
• 2026-05-22 Price Changed $299,900 WNYREIS
• 2026-05-11 Listed $300,000 WNYREIS
• 2025-09-18 Sold (Public Records) $32,000 Public Records

Property tax history

+8.0%/yr

Latest (2025): $713 · +31.2% YoY. Source: county tax records.