92 Merrimac St · Buffalo, NY 14214

$154,900

3 bd · 1.0 ba · 1,287 sqft · SingleFamily public records · 53 Days on market

Built 1920 3,450 sqft lot $120/sqft · 35% below area Est $240k · 35% under ↓ 11% since listing

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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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +5.9/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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). The stove is just 1 year old, and the electrical panel has been updated, with some

Key facts

• Hot water tank
• One car garage
• Newer furnace

Tags

• LUXURY VINYL PLANK FLOORING
• UPDATED KITCHEN AND BATH
• NEWER FURNACE
• HOT WATER TANK
• ARCHITECTURAL SHINGLE ROOF
• ONE CAR GARAGE

Property features AI

Exterior

• Parking: Detached garage; 1 garage space
• Utilities: Public water connected; Sewer connected; Cable available; Circuit breaker electric service
• Home design: Single-story appearance; Wood siding exterior; Asphalt roof; Block foundation; Resale property; Road access via city street; Rectangular residential lot (30 x 115) near public transit
• Construction: Wood siding construction; Asphalt roof; Block foundation; Existing (previously built)
• Exterior features: Blacktop driveway; Partial fencing; Covered porch

Interior

• Kitchen: Electric oven; Electric range; Eat-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: Hardwood; Luxury vinyl; Varied flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas forced-air heating
• Interior features: Eat-in kitchen; Separate/formal living room; Combined living and dining area; Bedroom on main level; Full basement
• Laundry & utility: Washer; Dryer; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.

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 (+5.8%/yr); 92 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,253 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.09% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• GRM: 7.6

CMA / ARV

• ARV (median comp): $240,017
• List price: $154,900
• Delta: -35.46%
• 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%)	1mo	$180,000	$146	81
32 Parkside Ct	0.36mi	3/1.5	1,292 (+0%)	1mo	$350,000	$271	79
83 Custer St	0.21mi	4/1.0 (+1)	1,295 (+1%)	6mo	$170,000	$131	79
71 Merrimac St	0.05mi	3/1.0	1,404 (+9%)	5mo	$129,999	$93	79
94 Tyler St	0.09mi	3/1.0	1,200 (-7%)	7mo	$185,000	$154	79
37 W Northrup Pl	0.14mi	3/1.0	1,408 (+9%)	6mo	$244,800	$174	73
29 Parkhurst Blvd	0.48mi	3/1.5	1,289 (+0%)	6mo	$165,000	$128	71
15 Montcalm St	0.25mi	4/1.5 (+1)	1,355 (+5%)	6mo	$270,000	$199	68
133 Allenhurst Rd	0.54mi	3/1.5	1,410 (+10%)	1mo	$332,800	$236	56
41 Fairfield Ave	0.61mi	3/1.5	1,384 (+8%)	4mo	$197,500	$143	53
78 Shirley Ave	0.67mi	4/1.5 (+1)	1,204 (-6%)	6mo	$200,000	$166	46
11 Dunlop Ave	0.73mi	3/2.0	1,434 (+11%)	7mo	$170,000	$119	37

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: 3.2%
• Equity multiple: 1.13×
• Total profit: $5,499
• Equity at exit: $23,096

10-year hold

• IRR: 15.0%
• Equity multiple: 2.36×
• Total profit: $59,038
• Equity at exit: $13,393

Cash invested: $43,372 (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 14214

• Rents YoY: 5.8%
• Active inventory: 92
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,689 high
• Mortgage (P&I): −$812
• Tax from tax record: −$53 /mo · $634/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $404

Break-even live

Break-even rent $1,177

Max offer price $154,900

Occupancy floor 71%

Sensitivity live

Price	-10% $492	-5% $448	+0% $404	+5% $360	+10% $317
Rent	-10% $271	-5% $338	+0% $404	+5% $471	+10% $538
Rate	-1.0pp $482	-0.5pp $444	base $404	+0.5pp $364	+1.0pp $323

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
60 Englewood Ave Buffalo, NY	4.0	1.0	1400	$1,650	$1.18	2d	1	0.12mi
26 Custer St Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	44d	1	0.21mi
40 Lisbon Ave Unit Upper Buffalo, NY	2.0	1.0	1057	$1,500	$1.42	12d	1	0.31mi
92 Lasalle Ave Unit 1 Buffalo, NY	2.0	1.0	1000	$1,150	$1.15	44d	1	0.45mi
163 Carmel Rd Buffalo, NY	3.0	1.0	1400	$1,800	$1.29	4d	1	0.48mi
89 Lasalle Ave Buffalo, NY	1.0–4.0	1.0–4.0	1024	$2,291	$2.24	2d	10	0.52mi
222 Lisbon Ave Unit Upper Buffalo, NY	3.0	1.0	1400	$1,400	$1.00	44d	1	0.53mi
222 Lisbon Ave Buffalo, NY	4.0	1.0	1300	$1,400	$1.08	24d	1	0.53mi
33 Tillotson Pl Buffalo, NY	3.0	1.0	1143	$2,095	$1.83	15d	1	0.59mi
265 Lisbon Ave Unit 2 Buffalo, NY	3.0	1.0	1200	$1,400	$1.17	44d	1	0.62mi
263 Minnesota Ave Unit Upper Buffalo, NY	3.0	1.0	1242	$1,500	$1.21	15d	1	0.63mi
627 Kenmore Ave Buffalo, NY	2.0	1.0	1000	$1,250	$1.25	24d	1	0.77mi
91 Springville Ave Buffalo, NY	4.0	2.0	1660	$2,350	$1.42	24d	1	0.85mi
220 Dartmouth Ave Buffalo, NY	2.0	1.0	1000	$1,100	$1.10	24d	1	0.88mi
524 University Ave Buffalo, NY	3.0	1.0	1840	$1,600	$0.87	2d	1	0.93mi
348 Capen Blvd Buffalo, NY	3.0	1.5	1424	$2,200	$1.54	2d	1	0.95mi
27 Henley Rd Buffalo, NY	2.0	1.0	1200	$1,299	$1.08	15d	1	0.97mi
140 Parkridge Ave Buffalo, NY	3.0	1.0	990	$1,500	$1.52	44d	1	1.03mi
414 Taunton Pl Unit Lowet Buffalo, NY	3.0	1.0	1232	$1,700	$1.38	15d	1	1.07mi
76 Vernon Pl Unit Upper Buffalo, NY	3.0	1.0	1190	$1,595	$1.34	15d	1	1.19mi
76 Vernon Pl Unit Lower Buffalo, NY	3.0	1.0	1190	$1,445	$1.21	15d	1	1.19mi
151 Lamson Rd Buffalo, NY	4.0	2.0	1382	$2,350	$1.70	18d	1	1.25mi
307 Sterling Ave Buffalo, NY	3.0	1.0	1632	$1,800	$1.10	4d	1	1.26mi
189 Westminster Ave Buffalo, NY	4.0	1.5	1065	$1,595	$1.50	11d	1	1.33mi
97 Davidson Ave Buffalo, NY	3.0	1.0	925	$1,495	$1.62	2d	1	1.43mi

Listing history 17 events

1. 2026-06-21
   days on market $154,900 Active 53 DOM
2. 2026-06-18
   days on market $154,900 Active 50 DOM
3. 2026-06-17
   days on market $154,900 Active 49 DOM
4. 2026-06-16
   days on market $154,900 Active 48 DOM
5. 2026-06-15
   days on market $154,900 Active 47 DOM
6. 2026-06-13
   days on market $154,900 Active 45 DOM
7. 2026-06-13
   pricedays on market $154,900 Active 44 DOM
8. 2026-06-10
   days on market $164,900 Active 42 DOM
9. 2026-06-09
   days on market $164,900 Active 41 DOM
10. 2026-06-08
    days on market $164,900 Active 40 DOM
11. 2026-06-07
    days on market $164,900 Active 39 DOM
12. 2026-06-03
    days on market $164,900 Active 35 DOM
13. 2026-06-02
    days on market $164,900 Active 34 DOM
14. 2026-06-01
    days on market $164,900 Active 33 DOM
15. 2026-05-31
    days on market $164,900 Active 32 DOM
16. 2026-05-11
    price $164,900 1104-char remark
17. 2026-04-29
    listed $174,900 Active 1104-char remark

ⓘ 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: $1,626 · $135/mo
• Expected delta: +$992/yr (+$83/mo · 156.4%)

ⓘ 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

Taxation est. · year 1

• Rental income: $20,264
• − Mortgage interest: −$8,677
• − Property taxes: −$634
• − Insurance: −$774
• − Repairs & maintenance: −$1,621
• − Management: −$1,621
• − Depreciation: −$4,506
• Taxable income: $2,430
• Est. tax owed @ 24.0%: −$583
• After-tax cash flow: $4,269/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): 21,314
• Household income: $58,228
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 1820.0

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 0.67)
• 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: —

Market trends

• HPI YoY: ▼ -282.52%
• Current HPI: 373.377
• Rent YoY: ▲ 5.81%
• 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

-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.