90 Old Lyme Dr #6 · University at Buffalo, NY 14221

$179,900

2 bd · 2.0 ba · 1,092 sqft · MultiFamily public records · 12 Days on market

Built 1969 4.50 ac lot $418/mo HOA · 24% of rent

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.3/10.0
• Livability +4.4/5.0
• Rent growth +3.8/5.0
• 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

Well maintained & remodeled 2 bdrm, 2 full bath Condo in beautiful Georgian Village. This move in ready, 2nd flr condo features an updated kitchen w/ beautiful backsplash, granite countertops & plenty of cabinet space. New refrigerator & stove included. Large dining area w/ lots of natural light & newer hardwood floors. Sliding doors to private balcony. New wins to be installed in the next 2 weeks. New carpeting in both bdrms. New windows throughout are being installed by the end of the month. New patio 7/18. Lots of closet space. 2 parking spots. Additional storage space in the basement & a common area for laundry. Beautiful freestanding fireplace is included, along w/ kitchen bar table & chairs. Enjoy the salt water pool & the tennis court! A garage is available for an additional rental fee. Walking distance to Ellicott Creek Park.

Key facts

• Lovely backsplash
• Newer appliances
• Lots of closet space

Tags

• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• LOVELY BACKSPLASH
• NEWER APPLIANCES
• SPACIOUS OPEN CONCEPT
• LOTS OF CLOSET SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Cap rate 13.5% vs local median 2.8% in University at 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 88/100 on livability (#9 in NY, #176 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living D+, employment F.
• Williamsville Central School District (suburban): math 64% / reading 77% proficiency, ranked #114 of 590 in NY (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.0%/yr); 329 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• This rent runs 41% of the median local income ($102k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $118k; list at $180k implies a 52% gain — meaningful room to come down on a strong offer.

Recommended offer $179,900

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.92% ✓
• Cap rate: 13.47%
• Cash-on-cash: 25.65%
• DSCR: 2.14
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.01% rent growth · sell at horizon

5-year hold

• IRR: 22.0%
• Equity multiple: 1.93×
• Total profit: $46,831
• Equity at exit: $26,824

10-year hold

• IRR: 31.6%
• Equity multiple: 4.19×
• Total profit: $160,699
• Equity at exit: $15,554

Cash invested: $50,372 (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 14221

• Rents YoY: 5.0%
• Active inventory: 329
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $3,447 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$210 /mo · $2,521/yr
• Insurance: −$75
• HOA: −$418
• Vacancy / Maint / Mgmt: −$724
• Net cashflow: $1,077

Break-even live

Break-even rent $2,084

Max offer price $179,900

Occupancy floor 64%

Sensitivity live

Price	-10% $1,178	-5% $1,128	+0% $1,077	+5% $1,026	+10% $975
Rent	-10% $804	-5% $940	+0% $1,077	+5% $1,213	+10% $1,349
Rate	-1.0pp $1,167	-0.5pp $1,122	base $1,077	+0.5pp $1,030	+1.0pp $983

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,448
Total (2 units)			$3,447

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1325 N Forest Rd Buffalo, NY	1.0–3.0	1.0	870	$1,748	$2.01	2d	9	0.25mi
116 Segsbury Rd Buffalo, NY	3.0	2.0	1488	$2,950	$1.98	24d	1	0.70mi
990 Hopkins Rd Unit G Buffalo, NY	2.0	2.0	1100	$2,200	$2.00	11d	1	1.10mi
540 Mill St Buffalo, NY	3.0	1.5	1300	$2,095	$1.61	2d	1	1.26mi

HOA detail

• Monthly dues: $418 · $5,016/yr
• Likely covers: waterpool

Listing history 9 events

1. 2026-04-22
   status Pending
2. 2026-04-13
   status Active
3. 2026-03-27
   status Pending
4. 2026-03-24
   listed $179,900 Active
5. 2018-09-25
   soldstatus $118,000 Closed Sale or Rented 887-char remark

   Show marketing remark (887 chars)

   Well maintained & remodeled 2 bdrm, 2 full bath Condo in beautiful Georgian Village. This move in ready, 2nd flr condo features an updated kitchen w/ beautiful backsplash, granite countertops & plenty of cabinet space. New refrigerator & stove included. Large dining area w/ lots of natural light & newer hardwood floors. Sliding doors to private balcony. New wins to be installed in the next 2 weeks. New carpeting in both bdrms. New windows throughout are being installed by the end of the month. New patio 7/18. Lots of closet space. 2 parking spots. Additional storage space in the basement & a common area for laundry. Beautiful freestanding fireplace is included, along w/ kitchen bar table & chairs. Enjoy the salt water pool & the tennis court! A garage is available for an additional rental fee. Walking distance to Ellicott Creek Park.

6. 2018-09-25
   soldstatus $118,000

   Show marketing remark (887 chars)

   Well maintained & remodeled 2 bdrm, 2 full bath Condo in beautiful Georgian Village. This move in ready, 2nd flr condo features an updated kitchen w/ beautiful backsplash, granite countertops & plenty of cabinet space. New refrigerator & stove included. Large dining area w/ lots of natural light & newer hardwood floors. Sliding doors to private balcony. New wins to be installed in the next 2 weeks. New carpeting in both bdrms. New windows throughout are being installed by the end of the month. New patio 7/18. Lots of closet space. 2 parking spots. Additional storage space in the basement & a common area for laundry. Beautiful freestanding fireplace is included, along w/ kitchen bar table & chairs. Enjoy the salt water pool & the tennis court! A garage is available for an additional rental fee. Walking distance to Ellicott Creek Park.

7. 2018-07-23
   status Under Contract- Do Not Show 887-char remark

   Show marketing remark (887 chars)

   Well maintained & remodeled 2 bdrm, 2 full bath Condo in beautiful Georgian Village. This move in ready, 2nd flr condo features an updated kitchen w/ beautiful backsplash, granite countertops & plenty of cabinet space. New refrigerator & stove included. Large dining area w/ lots of natural light & newer hardwood floors. Sliding doors to private balcony. New wins to be installed in the next 2 weeks. New carpeting in both bdrms. New windows throughout are being installed by the end of the month. New patio 7/18. Lots of closet space. 2 parking spots. Additional storage space in the basement & a common area for laundry. Beautiful freestanding fireplace is included, along w/ kitchen bar table & chairs. Enjoy the salt water pool & the tennis court! A garage is available for an additional rental fee. Walking distance to Ellicott Creek Park.

8. 2018-05-01
   listed $119,900 Active 887-char remark

   Show marketing remark (887 chars)

   Well maintained & remodeled 2 bdrm, 2 full bath Condo in beautiful Georgian Village. This move in ready, 2nd flr condo features an updated kitchen w/ beautiful backsplash, granite countertops & plenty of cabinet space. New refrigerator & stove included. Large dining area w/ lots of natural light & newer hardwood floors. Sliding doors to private balcony. New wins to be installed in the next 2 weeks. New carpeting in both bdrms. New windows throughout are being installed by the end of the month. New patio 7/18. Lots of closet space. 2 parking spots. Additional storage space in the basement & a common area for laundry. Beautiful freestanding fireplace is included, along w/ kitchen bar table & chairs. Enjoy the salt water pool & the tennis court! A garage is available for an additional rental fee. Walking distance to Ellicott Creek Park.

9. 2001-04-19
   soldstatus $41,000

ⓘ 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: $2,521 · $210/mo
• Projected year-2 tax: $2,781 · $232/mo
• Expected delta: +$260/yr (+$22/mo · 10.3%)

ⓘ 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 ≥94°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: $41,364
• − Mortgage interest: −$10,077
• − Property taxes: −$2,521
• − Insurance: −$900
• − Repairs & maintenance: −$3,309
• − Management: −$3,309
• − HOA: −$5,016
• − Depreciation: −$5,233
• Taxable income: $10,998
• Est. tax owed @ 24.0%: −$2,640
• After-tax cash flow: $10,280/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: Williamsville Central School District
• NCES district ID: 3631470
• Math proficiency: 64% ▼ -14.00%
• Reading proficiency: 77% ▲ 6.00%
• Median HH income: $79,907
• Composite: 62.59/100
• National rank: #678
• State rank: #114 of 590 in NY

Livability — University at Buffalo

• Score: 88/100
• State rank: #9
• US rank: #176

Category grades

Amenities A+ Commute A+ Cost of living D+ Crime A Employment F Housing B Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Erie County · 714,559 people
• City population: 5,827
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 55,255
• Household income: $101,615
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 1956.0

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 (84%)
• Race & ethnicity: White 84% Asian 8% Two or more races 4% Hispanic / Latino 3% Black 2%
• Common ancestry: Romanian 15% Lithuanian 2% Slovak 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 88% English-only · Other Indo-European 3% Other Asian/Pacific 2% Spanish 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: ▼ -301.37%
• Current HPI: 322.6947
• Rent YoY: ▲ 5.01%
• 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

+338.8% since first listed

9 events — show timeline

• 2026-04-22 Pending — WNYREIS
• 2026-04-13 Relisted — WNYREIS
• 2026-03-27 Pending — WNYREIS
• 2026-03-24 Listed $179,900 WNYREIS
• 2018-09-25 Sold (Public Records) $118,000 Public Records
• 2018-09-25 Sold (MLS) $118,000 WNYREIS
• 2018-07-23 Pending — WNYREIS
• 2018-05-01 Listed $119,900 WNYREIS
• 2001-04-19 Sold (Public Records) $41,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $2,521 · +1.7% YoY. Source: county tax records.