218 Strauss St · Buffalo, NY 14211

$75,000

5 bd · 2.0 ba · 1,935 sqft · MultiFamily public records · 216 Days on market

Built 1915 4,260 sqft lot Est $130k · 42% 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 +6.0/10.0
• 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: 2 units. confirmed

Listing remarks

Handyman Special! This large 2-family home, offering nearly 2,000 square feet of living space, is an opportunity for investors or owner-occupants looking to add value through renovation. Owner has begun the process of rehab, this property has great potential to be transformed into a rental or multi-generational home. The roof is approximately 10 years old (per previous owner), and some updated windows have already been installed. The rear apartment features newer flooring and some updates, providing a head start for your renovation plans. This property is ready for your finishing touches. Don’t miss out on this value-add opportunity with plenty of upside!

Key facts

• 2 family home
• Newer flooring
• Updated windows

Tags

• 2 FAMILY HOME
• NEWER FLOORING
• UPDATED WINDOWS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $959/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 37.0% 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; 2 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 $3,085/mo this rent would consume 102% 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 $2k of equity ($519 loan paydown + $2k appreciation (2.0% local appreciation)).
• At projected returns (2.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 216 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $24k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 216 days. Have you received any prior offers? Is the seller open to a 12% 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 1915 — 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: 4.11% ✓
• Cap rate: 36.99%
• Cash-on-cash: 109.65%
• DSCR: 5.88
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $129,645
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
494 Wilson St	0.06mi	6/2.0 (+1)	2,148 (+11%)	11mo	$121,000	$56	65
352 Guilford St	0.24mi	5/2.0	2,088 (+8%)	15mo	$120,000	$57	63
396 Guilford St	0.32mi	6/3.0 (+1)	2,144 (+11%)	2mo	$135,000	$63	56
443 Madison St	0.71mi	5/2.0	1,892 (-2%)	8mo	$75,000	$40	56
41 Pershing Ave	0.53mi	4/2.0 (-1)	1,938 (+0%)	17mo	$145,000	$75	56
236 Grey St	0.44mi	4/2.0 (-1)	2,106 (+9%)	12mo	$175,000	$83	50
707 Riley St	0.72mi	6/2.0 (+1)	1,994 (+3%)	11mo	$130,000	$65	48
64 Sweet Ave	0.63mi	5/2.0	1,740 (-10%)	8mo	$145,000	$83	48
27 Rohr St	0.67mi	4/2.0 (-1)	1,747 (-10%)	7mo	$200,000	$114	42
302 Lathrop St	0.65mi	5/2.0	2,100 (+8%)	17mo	$140,000	$67	42
227 Timon St	0.69mi	6/2.0 (+1)	2,084 (+8%)	10mo	$190,000	$91	41
49 Howlett St	0.75mi	4/2.0 (-1)	2,178 (+13%)	1mo	$120,000	$55	38

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: 7.08×
• Total profit: $127,588
• Equity at exit: $29,782

10-year hold

• IRR: —
• Equity multiple: 14.70×
• Total profit: $287,796
• Equity at exit: $43,040

Cash invested: $21,000 (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: 4.1×

Monthly cashflow live

• Estimated rent: $3,085 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $1,919

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 33%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,086
Total (2 units)			$3,085

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Wilson St Buffalo, NY	5.0	1.5	1848	$1,500	$0.81	24d	1	0.04mi
184 Butler Ave Unit 1545840P Buffalo, NY	4.0	1.0	1496	$3,226	$2.16	14d	1	1.22mi

Listing history 11 events

1. 2026-02-23
   status Pending
2. 2026-01-23
   status Active
3. 2026-01-23
   price $75,000
4. 2026-01-15
   status Pending
5. 2025-12-20
   status Active
6. 2025-12-17
   status Pending
7. 2025-07-11
   listed $99,000 Active
8. 2023-04-07
   status Pending Sale
9. 2023-04-03
   status Under Contract- Do Not Show
10. 2023-04-02
    historical
11. 2023-03-24
    listed $50,000 Active

ⓘ 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) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 14 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: $37,020
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$2,962
• − Management: −$2,962
• − Depreciation: −$2,182
• Taxable income: $23,214
• Est. tax owed @ 24.0%: −$5,571
• After-tax cash flow: $17,455/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

+50.0% since first listed

11 events — show timeline

• 2026-02-23 Pending — WNYREIS
• 2026-01-23 Relisted — WNYREIS
• 2026-01-23 Price Changed $75,000 WNYREIS
• 2026-01-15 Pending — WNYREIS
• 2025-12-20 Relisted — WNYREIS
• 2025-12-17 Pending — WNYREIS
• 2025-07-11 Listed $99,000 WNYREIS
• 2023-04-07 Pending — WNYREIS
• 2023-04-03 Pending — WNYREIS
• 2023-04-02 Listing Removed — WNYREIS
• 2023-03-24 Listed $50,000 WNYREIS

Property tax history

+3.7%/yr

Latest (2025): $95 · +0.0% YoY. Source: county tax records.