115 Claremont Ave · Buffalo, NY 14222

$899,000

4 bd · 2.0 ba · 4,432 sqft · MultiFamily public records · 24 Days on market

Built 1940 5,413 sqft lot $203/sqft · 27% above area Est $930k · at est.

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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 +19.3/30.0
• ARV discount +9.0/15.0
• DSCR +6.1/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Rent growth +3.7/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Located in the north end of Elmwood Village near Bidwell Parkway, this six-unit investment property includes a four-unit front building and a two-unit rear building. The unit mix consists of four 2-bedroom apartments and two 1-bedroom apartments. All apartments are in very good condition, with hardwood floors and original wood doors that support tenant appeal. Two parking spaces and storage add utility in a location where those features matter. A strong opportunity for investors seeking a well maintained multi building asset in one of Buffalo’s most established neighborhoods.

Key facts

• Original wood doors
• Two parking spaces
• Hardwood floors

Tags

• SIX-UNIT INVESTMENT PROPERTY
• FOUR-UNIT FRONT BUILDING
• TWO-UNIT REAR BUILDING
• HARDWOOD FLOORS
• ORIGINAL WOOD DOORS
• TWO PARKING SPACES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $986 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $790k (12.1% below list).
• Recommended offer: $790k (12.1% 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 (+4.7%/yr); 63 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $7,898/mo this rent would consume 116% of the median local household income ($82k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $390k; list at $899k implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $789,800 (12.1% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.88% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.70%
• DSCR: 1.21
• GRM: 9.5

CMA / ARV

• ARV (median comp): $930,196
• List price: $899,000
• Delta: -3.35%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
189 Saint James Pl	0.31mi	5/4.0 (+1)	4,123 (-7%)	10mo	$520,000	$126	53
12 Brantford Pl	0.32mi	4/4.0	4,839 (+9%)	22mo	$465,000	$96	43
433 Norwood Ave	0.59mi	5/4.0 (+1)	3,957 (-11%)	22mo	$580,000	$147	24

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

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.72×
• Total profit: $-69,664
• Equity at exit: $134,044

10-year hold

• IRR: 3.9%
• Equity multiple: 1.30×
• Total profit: $76,329
• Equity at exit: $77,729

Cash invested: $251,720 (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 14222

• Home prices YoY: -31.4%
• Rents YoY: 4.7%
• Active inventory: 63
• Price-to-rent: 55.3×

Monthly cashflow live

• Estimated rent: $7,898 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$164 /mo · $1,967/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,659
• Net cashflow: $986

Break-even live

Break-even rent $6,649

Max offer price $899,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,416
▸ 2× units	1	1	$2,484
Total (6 units)			$7,898

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	44d	1	0.45mi
98 E Delavan Ave Buffalo, NY	4.0	2.0	3105	$2,000	$0.64	44d	1	1.30mi
91 W Humboldt Pkwy Buffalo, NY	4.0	2.0	3017	$3,400	$1.13	44d	1	1.31mi
138 Austin St Buffalo, NY	3.0	1.0	3008	$1,500	$0.50	19d	1	1.46mi

Listing history 5 events

1. 2026-05-07
   status Pending 588-char remark

   Show marketing remark (588 chars)

   Located in the north end of Elmwood Village near Bidwell Parkway, this six-unit investment property includes a four-unit front building and a two-unit rear building. The unit mix consists of four 2-bedroom apartments and two 1-bedroom apartments. All apartments are in very good condition, with hardwood floors and original wood doors that support tenant appeal. Two parking spaces and storage add utility in a location where those features matter. A strong opportunity for investors seeking a well maintained multi building asset in one of Buffalo’s most established neighborhoods.

2. 2026-04-13
   listed $899,000 Active 588-char remark

   Show marketing remark (588 chars)

   Located in the north end of Elmwood Village near Bidwell Parkway, this six-unit investment property includes a four-unit front building and a two-unit rear building. The unit mix consists of four 2-bedroom apartments and two 1-bedroom apartments. All apartments are in very good condition, with hardwood floors and original wood doors that support tenant appeal. Two parking spaces and storage add utility in a location where those features matter. A strong opportunity for investors seeking a well maintained multi building asset in one of Buffalo’s most established neighborhoods.

3. 2019-01-11
   soldstatus $390,000
4. 2004-11-05
   soldstatus $174,000
5. 1996-12-06
   soldstatus $47,500

ⓘ 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: $1,967 · $164/mo
• Projected year-2 tax: $8,580 · $715/mo
• Expected delta: +$6,613/yr (+$551/mo · 336.2%)

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

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 ≥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: $94,776
• − Mortgage interest: −$50,358
• − Property taxes: −$1,967
• − Insurance: −$4,495
• − Repairs & maintenance: −$7,582
• − Management: −$7,582
• − Depreciation: −$26,153
• Taxable loss: −$3,361
• Est. tax savings @ 24.0%: +$807
• After-tax cash flow: $12,644/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): 15,311
• Household income: $81,652
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 978.0

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 (74%)
• Race & ethnicity: White 74% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 13% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -205.10%
• Current HPI: 448.3711
• Rent YoY: ▲ 4.69%
• 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

+1792.6% since first listed

5 events — show timeline

• 2026-05-07 Pending — WNYREIS
• 2026-04-13 Listed $899,000 WNYREIS
• 2019-01-11 Sold (Public Records) $390,000 Public Records
• 2004-11-05 Sold (Public Records) $174,000 Public Records
• 1996-12-06 Sold (Public Records) $47,500 Public Records

Property tax history

+6.9%/yr

Latest (2025): $1,967 · +0.0% YoY. Source: county tax records.