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92 Merrimac St
B Composite 74.1
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 +27.1/30.0
  • ARV discount +15.0/15.0
  • DSCR +9.4/10.0
  • 1% rule +6.2/10.0
  • Schools +4.8/10.0
  • Rent growth +4.0/5.0
  • Livability +3.9/5.0
  • Condition / age +3.8/5.0
  • Appreciation +0.0/10.0

$149,900

92 Merrimac St · Buffalo, NY 14214
3 bd · 1.0 ba · 1,287 sqft · SingleFamily public records · 101 Days on market
Built 1920 Good condition 3,450 sqft lot Garage $116/sqft · 39% below area Est $244k · 39% under ↓ 11% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Welcome to 92 Merrimac Street—a well-maintained 4-bedroom home in a highly convenient Buffalo location, just steps from the University at Buffalo South Campus and close to public transportation. Owned long-term and thoughtfully updated over the years, this property features luxury vinyl plank flooring throughout for a modern, low-maintenance appeal. The kitchen and bath have been updated, offering a clean and functional living space. Major mechanical improvements include a newer furnace (under 10 years), hot water tank (2 years), and an architectural shingle roof (full tear-off approximately 20 years).

Key facts

  • Hot water tank
  • One car garage
  • Newer furnace

Tags

LUXURY VINYL PLANK FLOORINGUPDATED KITCHEN AND BATHNEWER FURNACEHOT WATER TANKARCHITECTURAL SHINGLE ROOFONE CAR GARAGE

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 3-bed/1.0-bath single-family listed at $150k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $425 ($5k/yr) — positive.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($2k rent vs $150k).
  • Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
  • Cap rate 9.7% vs local median 7.0% 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.
  • Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
  • Market conditions: Rents rising fast (+5.8%/yr); 131 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 85% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
  • This rent runs 35% of the median local income ($58k/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 $4k of value loss. Plan a longer hold.
  • At projected returns (-3.0% appreciation + 5.8% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

  • It's been on market 101 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
Recommended offer $136,409 (9.0% below list)

Questions for the listing agent

  1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
  2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  5. 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?
  6. 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.
  7. 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.
  8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

1% rule
1.12%
Cap rate
9.69%
Cash-on-cash
12.15%
DSCR
1.54
GRM
7.4

CMA / ARV

ARV (median comp)
$244,078
List price
$149,900
Delta
-38.59%
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
150 Heath St 0.12mi 2/1.0 (-1) 1,232 (-4%) 3mo $180,000 $146 80
32 Parkside Ct 0.36mi 3/1.5 1,292 (+0%) 3mo $350,000 $271 78
83 Custer St 0.21mi 4/1.0 (+1) 1,295 (+1%) 8mo $170,000 $131 78
71 Merrimac St 0.05mi 3/1.0 1,404 (+9%) 6mo $129,999 $93 78
37 W Northrup Pl 0.14mi 3/1.0 1,408 (+9%) 8mo $244,800 $174 72
29 Parkhurst Blvd 0.48mi 3/1.5 1,289 (+0%) 7mo $165,000 $128 69
15 Montcalm St 0.25mi 4/1.5 (+1) 1,355 (+5%) 7mo $270,000 $199 66
133 Allenhurst Rd 0.54mi 3/1.5 1,410 (+10%) 2mo $332,800 $236 55
767 Saint Lawrence Ave 0.68mi 3/1.5 1,200 (-7%) 1mo $240,000 $200 54
41 Fairfield Ave 0.61mi 3/1.5 1,384 (+8%) 6mo $197,500 $143 52
78 Shirley Ave 0.67mi 4/1.5 (+1) 1,204 (-6%) 8mo $200,000 $166 45
11 Dunlop Ave 0.73mi 3/2.0 1,434 (+11%) 8mo $170,000 $119 36

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 · 5.81% rent growth · sell at horizon

5-year hold
IRR
4.5%
Equity multiple
1.18×
Total profit
$7,588
Equity at exit
$22,351
10-year hold
IRR
16.3%
Equity multiple
2.49×
Total profit
$62,425
Equity at exit
$12,961

Cash invested: $41,972 (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.
Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
20 active · 46 under contract
Months of supply
3.0 mo (33%/mo absorbed)
Median asking
$229,500 ($170/sqft)
Median days on market
52 d
This list price
5% of active listings are priced below it
ARV vs active asking
+11.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 14214

Rents YoY
5.8%
Active inventory
131
Price-to-rent
7.4×

Monthly cashflow live

Estimated rent
$1,679 high interval (Pro) →
Mortgage (P&I)
$786
Tax from tax record
$53 /mo · $634/yr
Insurance
$62
HOA
$0
Vacancy / Maint / Mgmt
$353
Net cashflow
$425

Break-even live

Break-even rent $1,141
Max offer price $149,900
Occupancy floor 70%

Sensitivity live

Price -10% $510 -5% $467 +0% $425 +5% $382 +10% $340
Rent -10% $292 -5% $358 +0% $425 +5% $491 +10% $557
Rate -1.0pp $500 -0.5pp $463 base $425 +0.5pp $386 +1.0pp $346

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
$37,475
Closing costs
$4,497
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 27 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
60 Englewood Ave Buffalo, NY 4.0 1.0 1400 $1,650 $1.18 11d 1 0.12mi
26 Custer St Buffalo, NY 2.0 1.0 1000 $1,300 $1.30 93d 1 0.21mi
40 Lisbon Ave Unit Upper Buffalo, NY 2.0 1.0 1057 $1,500 $1.42 60d 1 0.31mi
92 Lasalle Ave Unit 1 Buffalo, NY 2.0 1.0 1000 $1,150 $1.15 93d 1 0.45mi
163 Carmel Rd Buffalo, NY 3.0 1.0 1400 $1,800 $1.29 52d 1 0.48mi
222 Lisbon Ave Unit Upper Buffalo, NY 3.0 1.0 1400 $1,400 $1.00 93d 1 0.53mi
222 Lisbon Ave Buffalo, NY 4.0 1.0 1300 $1,400 $1.08 73d 1 0.53mi
33 Tillotson Pl Buffalo, NY 3.0 1.0 1143 $2,095 $1.83 64d 1 0.59mi
265 Lisbon Ave Unit 2 Buffalo, NY 3.0 1.0 1200 $1,400 $1.17 93d 1 0.62mi
263 Minnesota Ave Unit Upper Buffalo, NY 3.0 1.0 1242 $1,400 $1.13 41d 1 0.63mi
627 Kenmore Ave Buffalo, NY 2.0 1.0 1000 $1,250 $1.25 73d 1 0.77mi
91 Springville Ave Buffalo, NY 4.0 2.0 1660 $2,050 $1.23 17d 1 0.85mi
220 Dartmouth Ave Buffalo, NY 2.0 1.0 1000 $1,100 $1.10 73d 1 0.88mi
524 University Ave Buffalo, NY 3.0 1.0 1840 $1,600 $0.87 41d 1 0.93mi
348 Capen Blvd Buffalo, NY 3.0 1.5 1424 $2,200 $1.54 11d 1 0.95mi
291 Parkhurst Blvd Buffalo, NY 3.0 1.0 962 $2,400 $2.49 39d 1 0.96mi
27 Henley Rd Buffalo, NY 2.0 1.0 1200 $1,299 $1.08 64d 1 0.97mi
140 Parkridge Ave Buffalo, NY 3.0 1.0 990 $1,500 $1.52 93d 1 1.03mi
414 Taunton Pl Unit Lowet Buffalo, NY 3.0 1.0 1232 $1,700 $1.38 64d 1 1.07mi
76 Vernon Pl Unit Lower Buffalo, NY 3.0 1.0 1190 $1,445 $1.21 64d 1 1.19mi
76 Vernon Pl Unit Upper Buffalo, NY 3.0 1.0 1190 $1,595 $1.34 64d 1 1.19mi
160 Victoria Ave Buffalo, NY 3.0 1.0 1300 $1,395 $1.07 35d 1 1.24mi
151 Lamson Rd Buffalo, NY 4.0 2.0 1382 $2,350 $1.70 66d 1 1.25mi
307 Sterling Ave Buffalo, NY 3.0 1.0 1632 $1,700 $1.04 11d 1 1.26mi
189 Westminster Ave Buffalo, NY 4.0 1.5 1065 $1,595 $1.50 60d 1 1.33mi
437 Springville Ave Buffalo, NY 4.0 2.5 1862 $2,800 $1.50 34d 1 1.38mi
97 Davidson Ave Buffalo, NY 3.0 1.0 925 $1,495 $1.62 46d 1 1.43mi

Property features AI

Exterior

Parking
Detached garage1 garage space
Utilities
Public water connectedSewer connectedCable availableCircuit breaker electric service
Home design
Single-story appearanceWood siding exteriorAsphalt roofBlock foundationResale propertyRoad access via city streetRectangular residential lot (30 x 115) near public transit
Construction
Wood siding constructionAsphalt roofBlock foundationExisting (previously built)
Exterior features
Blacktop drivewayPartial fencingCovered porch

Interior

Kitchen
Electric ovenElectric rangeEat-in kitchen layout
Bedrooms
First-floor bedroom (12 x 9)Second-floor bedroom (12 x 10)Second-floor bedroom (12 x 9)Second-floor bedroom (15 x 8)
Flooring
HardwoodLuxury vinylVaried flooring
Bathrooms
1 full bathroom
Heating & cooling
Gas forced-air heating
Interior features
Eat-in kitchenSeparate/formal living roomCombined living and dining areaBedroom on main levelFull basement
Laundry & utility
WasherDryerLaundry located in basement

Listing history 50 events

  1. 2026-08-08
    days on market $149,900 Active 101 DOM
  2. 2026-08-07
    days on market $149,900 Active 100 DOM
  3. 2026-08-06
    days on market $149,900 Active 99 DOM
  4. 2026-08-05
    days on market $149,900 Active 98 DOM
  5. 2026-08-04
    days on market $149,900 Active 97 DOM
  6. 2026-08-03
    days on market $149,900 Active 96 DOM
  7. 2026-07-31
    days on market $149,900 Active 93 DOM
  8. 2026-07-30
    days on market $149,900 Active 92 DOM
  9. 2026-07-30
    days on market $149,900 Active 91 DOM
  10. 2026-07-28
    days on market $149,900 Active 90 DOM
  11. 2026-07-26
    days on market $149,900 Active 88 DOM
  12. 2026-07-24
    days on market $149,900 Active 86 DOM
  13. 2026-07-23
    days on market $149,900 Active 85 DOM
  14. 2026-07-22
    days on market $149,900 Active 84 DOM
  15. 2026-07-21
    days on market $149,900 Active 83 DOM
  16. 2026-07-20
    days on market $149,900 Active 82 DOM
  17. 2026-07-18
    days on market $149,900 Active 80 DOM
  18. 2026-07-18
    days on market $149,900 Active 79 DOM
  19. 2026-07-16
    days on market $149,900 Active 78 DOM
  20. 2026-07-15
    days on market $149,900 Active 77 DOM
  21. 2026-07-14
    days on market $149,900 Active 76 DOM
  22. 2026-07-13
    pricedays on market $149,900 Active 75 DOM
  23. 2026-07-13
    days on market $154,900 Active 74 DOM
  24. 2026-07-11
    days on market $154,900 Active 73 DOM
  25. 2026-07-10
    days on market $154,900 Active 72 DOM
  26. 2026-07-09
    days on market $154,900 Active 71 DOM
  27. 2026-07-07
    days on market $154,900 Active 69 DOM
  28. 2026-07-06
    days on market $154,900 Active 68 DOM
  29. 2026-07-05
    days on market $154,900 Active 67 DOM
  30. 2026-07-03
    days on market $154,900 Active 65 DOM
  31. 2026-07-02
    days on market $154,900 Active 64 DOM
  32. 2026-07-01
    days on market $154,900 Active 63 DOM
  33. 2026-06-30
    days on market $154,900 Active 62 DOM
  34. 2026-06-29
    days on market $154,900 Active 61 DOM
  35. 2026-06-28
    days on market $154,900 Active 60 DOM
  36. 2026-06-27
    days on market $154,900 Active 59 DOM
  37. 2026-06-27
    days on market $154,900 Active 58 DOM
  38. 2026-06-25
    days on market $154,900 Active 56 DOM
  39. 2026-06-22
    days on market $154,900 Active 54 DOM
  40. 2026-06-21
    days on market $154,900 Active 53 DOM
  41. 2026-06-18
    days on market $154,900 Active 50 DOM
  42. 2026-06-17
    days on market $154,900 Active 49 DOM
  43. 2026-06-16
    days on market $154,900 Active 48 DOM
  44. 2026-06-15
    days on market $154,900 Active 47 DOM
  45. 2026-06-13
    days on market $154,900 Active 45 DOM
  46. 2026-06-13
    pricedays on market $154,900 Active 44 DOM
  47. 2026-06-10
    days on market $164,900 Active 42 DOM
  48. 2026-06-09
    days on market $164,900 Active 41 DOM
  49. 2026-06-08
    days on market $164,900 Active 40 DOM
  50. 2026-06-07
    days on market $164,900 Active 39 DOM

ⓘ 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
$634 · $53/mo
Projected year-2 tax
$1,584 · $132/mo
Expected delta
+$950/yr (+$79/mo · 149.8%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

Loading nearby amenities…

Taxation est. · year 1

Rental income
$20,145
− Mortgage interest
−$8,397
− Property taxes
−$634
− Insurance
−$750
− Repairs & maintenance
−$1,612
− Management
−$1,612
− Depreciation
−$4,361
Taxable income
$2,780
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$667
After-tax cash flow
$4,430/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.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab Est. rehab $6,435–$19,305 screening

This well-maintained single-family home in Buffalo, NY, is in good condition with no visible repairs needed. It offers a good return on investment with potential for both resale and rental value through cosmetic updates.

Components & finishes AI

Roof asphalt shingle · good

Value-add opportunities

  • Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value
  • Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 48/100

Zoned Schools

Elementary Highgate Heights F NY #2,024/2,108 Nat'l #36,424/41,679 High Middle Early College High School A NY #452/1,100 Nat'l #918/17,239

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
B Composite livability gradescore 77/100

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 · 933,037 people
City population
440,021
Metro
Buffalo-Cheektowaga, NY
Population (ZIP)
21,314
Household income
$58,228
Rent vs Own
57.7% rent · 42.3% own
Severe rent burden
10% of renters

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 0.67)
Race & ethnicity
White 47% Black 31% Asian 11% Hispanic / Latino 7% Two or more races 6%
Hispanic origin (detail)
Puerto Rican 3%
Common ancestry
Romanian 5% Lithuanian 2% Scotch-Irish 1%
Foreign-born
14% · Canada, China
Languages at home
81% English-only · Other Indo-European 7% Spanish 4% 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

Price history

-11.4% since first listed
3 events — show timeline
  • 2026-06-10 Price Changed $154,900 WNYREIS
  • 2026-05-11 Price Changed $164,900 WNYREIS
  • 2026-04-29 Listed $174,900 WNYREIS

Property tax history

+8.8%/yr

Latest (2025): $634 · +16.6% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…