37 Tioga St · Buffalo, NY 14216

$240,000

5 bd · 3.0 ba · 2,356 sqft · MultiFamily public records

Built 1860 7,750 sqft lot Est $365k · 34% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great opportunity in the heart of North Buffalo! This multi-unit property offers strong potential for owner-occupants or investors looking to build equity. The home features spacious units and a rare 4-car garage—perfect for added income or storage. Property needs some TLC but has good bones and endless possibilities. Located near restaurants, shopping, parks, and public transportation.

Key facts

• 7,750 sq ft lot
• 4 garage spots
• Built 1860

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $965 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 11.1% 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: Rents rising (+3.6%/yr); 88 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 $3,073/mo this rent would consume 53% of the median local household income ($70k/yr) (locally 1831% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $67k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $240,000

Questions for the listing agent

1. Built in 1860 — 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: 1.28% ✓
• Cap rate: 11.12%
• Cash-on-cash: 17.24%
• DSCR: 1.77
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $365,180
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1164 Hertel Ave	0.15mi	5/3.0	2,702 (+15%)	2mo	$420,000	$155	67
49 Fairchild Pl	0.09mi	6/2.0 (+1)	2,136 (-9%)	8mo	$400,000	$187	65
818 Amherst St	0.55mi	6/2.0 (+1)	2,322 (-1%)	8mo	$300,000	$129	56
292 Hartwell Rd	0.51mi	6/2.0 (+1)	2,446 (+4%)	7mo	$355,000	$145	55
245 Tacoma Ave	0.39mi	6/2.0 (+1)	2,544 (+8%)	8mo	$350,000	$138	53
38 Delham Ave	0.29mi	4/2.0 (-1)	2,080 (-12%)	6mo	$365,000	$175	53
190 Commonwealth Ave	0.36mi	6/2.0 (+1)	2,672 (+13%)	4mo	$310,000	$116	49
19 Avery Ave	0.56mi	4/2.0 (-1)	2,107 (-11%)	2mo	$275,000	$131	45
246 Crestwood Ave	0.48mi	6/3.0 (+1)	2,665 (+13%)	7mo	$430,000	$161	45
32 Sterling Ave	0.63mi	6/3.0 (+1)	2,662 (+13%)	7mo	$470,300	$177	38
301 Crestwood Ave	0.59mi	4/2.0 (-1)	2,024 (-14%)	3mo	$359,000	$177	38
41 Hartwell Rd	0.64mi	4/2.0 (-1)	2,013 (-15%)	8mo	$285,000	$142	30

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: 9.2%
• Equity multiple: 1.37×
• Total profit: $24,545
• Equity at exit: $35,785

10-year hold

• IRR: 18.9%
• Equity multiple: 2.62×
• Total profit: $108,656
• Equity at exit: $20,751

Cash invested: $67,200 (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 14216

• Rents YoY: 3.6%
• Active inventory: 88
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $3,073 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$104 /mo · $1,244/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $965

Break-even live

Break-even rent $1,851

Max offer price $240,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,072
Total (2 units)			$3,073

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
91 W Humboldt Pkwy Buffalo, NY	4.0	2.0	3017	$3,400	$1.13	44d	1	1.32mi

Listing history 2 events

1. 2025-07-11
   listed $240,000
2. 2025-07-11
   historical

ⓘ 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: $1,244 · $104/mo
• Projected year-2 tax: $2,650 · $221/mo
• Expected delta: +$1,406/yr (+$117/mo · 113.0%)

ⓘ 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 ≥92°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: $36,876
• − Mortgage interest: −$13,444
• − Property taxes: −$1,244
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,950
• − Management: −$2,950
• − Depreciation: −$6,982
• Taxable income: $8,106
• Est. tax owed @ 24.0%: −$1,945
• After-tax cash flow: $9,639/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): 22,849
• Household income: $69,629
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 1831.0

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 (72%)
• Race & ethnicity: White 72% Black 16% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 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: ▼ -264.53%
• Current HPI: 421.1138
• Rent YoY: ▲ 3.65%
• 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

2 events — show timeline

• 2025-07-11 Listing Removed — WNYREIS
• 2025-07-11 Listed $240,000 WNYREIS

Property tax history

+6.0%/yr

Latest (2025): $1,244 · +0.0% YoY. Source: county tax records.