CashFlowRE
Sign in Sign up
339 Rhode Island St Multi-family
B+ Composite 75.98
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 +24.3/30.0
  • ARV discount +15.0/15.0
  • Appreciation +8.8/10.0
  • DSCR +7.9/10.0
  • 1% rule +5.0/10.0
  • Condition / age +5.0/5.0
  • Livability +3.9/5.0
  • Schools +3.7/10.0
  • Rent growth +2.5/5.0

$1,500,000

339 Rhode Island St · Buffalo, NY 14213
11 bd · None ba · 15,925 sqft · MultiFamily public records · 136 Days on market
Built 1900 Excellent condition 3,450 sqft lot $94/sqft · 49% below area Est $2.955M · 49% under

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

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

Historic corner brick apartment building in Buffalo's West Side that needs complete and total renovation. Serious developers only. Building originally has storefronts on the first floor which could be opened back up. Tax record indicates 12 units, but this is a shell and is a ground up renovation. Sold "AS IS". Terrific opportunity for development on a street that is experiencing significant revitalization.

Key facts

  • New plumbing
  • Fire sprinkler
  • New electrical

Tags

FULLY RENOVATED BUILDINGNEW MECHANICAL SYSTEMSNEW PLUMBINGNEW ELECTRICALNEW HEATINGFIRE SPRINKLER

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 11-bed/?-bath multifamily listed at $1.50M. Condition is rated excellent.

Deal economics

  • At list price, monthly cash flow is $3k ($36k/yr) — positive.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($15k rent vs $1.50M).
  • Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
  • Cap rate 8.7% vs local median 6.9% in Buffalo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 247 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
  • At $15,024/mo this rent would consume 335% of the median local household income ($54k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

  • In year one you build about $123k of equity ($10k loan paydown + $113k appreciation (7.5% local appreciation)).
  • At projected returns (7.5% appreciation + 3.0% rent growth), your $420k cash investment doubles in ~3 years — after that, you're playing with house money.
  • By year 2, paydown + projected appreciation supports a ~$197k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

  • It's been on market 136 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
  • 2 sale attempts since 13y ago; this cycle's ask has dropped $250k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
  • Current owner paid $130k; list at $1.50M implies a 1054% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

  • Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
Recommended offer $1,320,000 (12.0% below list)

Questions for the listing agent

  1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
  2. Built in 1900 — 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 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
1.00%
Cap rate
8.72%
Cash-on-cash
8.66%
DSCR
1.39
GRM
8.3

CMA / ARV

ARV (median comp)
$2,955,421
List price
$1,500,000
Delta
-49.25%
Verdict
UNDERPRICED
Comps
3 within 1.0 mi
Show comp detail 3 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
158-166 Park St 0.85mi 12/— (+1) 12,345 (-22%) 9mo $1,825,000 $148 28
585 Niagara St #1 0.71mi 9/— (-2) 14,119 (-11%) 31mo $1,000,000 $71 18
190 Bryant St 0.73mi 9/8.0 (-2) 11,514 (-28%) 37mo $1,500,000 $130 11

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

Projected returns pro-forma

7.51% appreciation · 3.0% rent growth · sell at horizon

5-year hold
IRR
25.7%
Equity multiple
2.82×
Total profit
$763,890
Equity at exit
$1,090,160
10-year hold
IRR
23.3%
Equity multiple
5.93×
Total profit
$2,071,157
Equity at exit
$2,118,441

Cash invested: $420,000 (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.

ZIP-level market 14213

Home prices YoY
1.7%
Active inventory
247
Price-to-rent
104.2×

Monthly cashflow live

Estimated rent
$15,024 high interval (Pro) →
Mortgage (P&I)
$7,866
Tax from tax record
$345 /mo · $4,141/yr
Insurance
$625
HOA
$0
Vacancy / Maint / Mgmt
$3,155
Net cashflow
$3,033

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

UnitsBedsBathsEst. rent
1× unit 0 1 $1,424
Total (12 units) $15,024

Break-even live

Break-even rent $11,185
Max offer price $1,500,000
Occupancy floor 75%

Sensitivity live

Price -10% $3,882 -5% $3,457 +0% $3,033 +5% $2,608 +10% $2,184
Rent -10% $1,846 -5% $2,439 +0% $3,033 +5% $3,626 +10% $4,220
Rate -1.0pp $3,788 -0.5pp $3,414 base $3,033 +0.5pp $2,644 +1.0pp $2,249

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
$375,000
Closing costs
$45,000
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 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
44 Lowell Pl Buffalo, NY 1.0 1.0 850 $1,200 $1.41 107d 1 0.03mi
256 14th St Unit 1 Buffalo, NY 2.0 1.0 800 $1,100 $1.38 110d 1 0.17mi
286 Normal Ave Unit Upper Buffalo, NY 2.0 1.0 1084 $1,250 $1.15 10d 1 0.19mi
102 17th St Buffalo, NY 2.0 1.0 1086 $1,290 $1.19 119d 1 0.20mi
102 17th St Buffalo, NY 2.0 1.0 1086 $1,250 $1.15 74d 1 0.20mi
460 Rhode Island St Buffalo, NY 2.0 1.0 1089 $1,500 $1.38 110d 1 0.22mi
236 Massachusetts Ave Unit 5 Buffalo, NY 1.0 1.0 1000 $1,050 $1.05 110d 1 0.24mi
236 Massachusetts Ave Unit 5 Buffalo, NY 1.0 1.0 1000 $1,100 $1.10 139d 1 0.24mi
193 Massachusetts Ave Buffalo, NY 1.0 1.0 700 $925 $1.32 139d 1 0.29mi
273 Richmond Ave Buffalo, NY 1.0–2.0 1.0–1.5 789 $1,549 $1.96 119d 1 0.33mi
441 Fargo Ave Unit 1 Lower Buffalo, NY 1.0 1.0 1100 $1,350 $1.23 10d 1 0.37mi
411 W Ferry St Buffalo, NY 2.0 1.0 900 $1,100 $1.22 110d 1 0.37mi
77 California St Unit 1 Buffalo, NY 2.0 1.0 800 $1,100 $1.38 139d 1 0.40mi
346 Bryant St Buffalo, NY 2.0 1.0 792 $1,890 $2.39 10d 1 0.43mi
334 Bryant St Buffalo, NY 2.0 1.0 797 $1,890 $2.37 10d 6 0.44mi
325 Breckenridge St Buffalo, NY 2.0 1.0 1000 $1,200 $1.20 10d 1 0.46mi
416 Jersey St Buffalo, NY 1.0 1.0 650 $1,100 $1.69 139d 1 0.50mi
885 Niagara St Buffalo, NY 1.0 1.0 875 $619 $0.71 139d 1 0.51mi
238 Lexington Ave Unit 3 Buffalo, NY 1.0 1.0 1100 $1,400 $1.27 10d 1 0.51mi
877 Prospect Ave Unit 65 Buffalo, NY 2.0 1.0 690 $1,300 $1.88 10d 1 0.51mi
504 Elmwood Ave Unit 202 Buffalo, NY 1.0 1.0 602 $1,250 $2.08 139d 1 0.54mi
528 Richmond Ave Unit 3 Buffalo, NY 2.0 1.0 1000 $1,300 $1.30 10d 1 0.54mi
374 Elmwood Ave Apt 4 Buffalo, NY 1.0 1.0 700 $1,100 $1.57 139d 1 0.57mi
374 Elmwood Ave Unit 2 Buffalo, NY 1.0 1.0 700 $1,300 $1.86 119d 1 0.57mi
267 W Utica St Buffalo, NY 1.0 1.0 650 $1,200 $1.85 10d 1 0.57mi
344 Elmwood Ave Unit 3rd floor Buffalo, NY 2.0 1.0 1000 $1,400 $1.40 119d 1 0.59mi
373 Elmwood Ave Apt 6 Buffalo, NY 1.0 1.0 800 $1,250 $1.56 67d 1 0.60mi
245 Bryant St Buffalo, NY 1.0–2.0 1.0 1027 $1,399 $1.36 0d 4 0.61mi
140 Hodge Ave Buffalo, NY 1.0–2.0 1.0 920 $1,599 $1.74 2d 4 0.61mi
246 Bryant St Unit 5A Buffalo, NY 1.0 1.0 800 $1,100 $1.38 119d 1 0.61mi
279 North St Buffalo, NY 1.0–2.0 1.0–2.0 820 $1,650 $2.01 139d 1 0.62mi
130 Parkdale Ave Buffalo, NY 1.0 1.0 650 $900 $1.38 139d 1 0.62mi
508 Prospect Ave Unit 1 Buffalo, NY 2.0 1.0 1000 $2,250 $2.25 93d 1 0.63mi
136 Parkdale Ave Unit 1 Buffalo, NY 1.0 1.0 900 $900 $1.00 139d 1 0.63mi
590 Richmond Ave Unit 4 Buffalo, NY 1.0 1.0 1000 $1,475 $1.48 10d 1 0.65mi
625 Niagara St Apt 3 Buffalo, NY 2.0 1.0 820 $1,350 $1.65 7d 1 0.65mi
257 Lafayette Ave Apt 319 Buffalo, NY 2.0 1.0 900 $1,400 $1.56 93d 1 0.68mi
257 Lafayette Ave Apt 207 Buffalo, NY 2.0 1.0 740 $1,400 $1.89 88d 1 0.68mi
257 Lafayette Ave Unit 317 Buffalo, NY 2.0 1.0 897 $1,400 $1.56 119d 1 0.69mi
257 Lafayette Ave Buffalo, NY 2.0 1.0 740 $1,400 $1.89 82d 1 0.69mi

Property features AI

Finance

Financial info
Gross rental income reported at $162,420Operating expenses reported at $73,964Operating expenses include insurance, maintenance (structure and general), professional management, snow removal, utilities, water/sewer, and items noted in remarksOwner pays snow removal, trash collection, and water; rent includes snow removal, trash collection, and water
HOA & community
Laundry facilities in the building

Exterior

Parking
No drivewayNo garage
Utilities
High-speed internet availablePublic water connectedSewer connectedElectrical system with circuit breakers
Home design
4-story buildingResale property
Construction
Brick constructionCopper and PEX plumbingMembrane (rubber) roof
Exterior features
Near public transitRectangular residential lotCity street frontage

Interior

Bedrooms
Multifamily property with 11 total units
Flooring
CarpetHardwoodLaminateVaried flooring throughout
Heating & cooling
Gas forced-air heating
Interior features
Full basementCommon-area laundry with coin-operated machinesWindows upgraded for energy efficiency
Laundry & utility
On-site washer and dryer availableGas water heater

Listing history 50 events

  1. 2026-09-24
    days on market $1,500,000 Active 136 DOM
  2. 2026-09-23
    days on market $1,500,000 Active 135 DOM
  3. 2026-09-22
    days on market $1,500,000 Active 134 DOM
  4. 2026-09-21
    days on market $1,500,000 Active 133 DOM
  5. 2026-09-20
    days on market $1,500,000 Active 132 DOM
  6. 2026-09-19
    days on market $1,500,000 Active 131 DOM
  7. 2026-09-18
    days on market $1,500,000 Active 130 DOM
  8. 2026-09-17
    days on market $1,500,000 Active 129 DOM
  9. 2026-09-16
    days on market $1,500,000 Active 128 DOM
  10. 2026-09-15
    days on market $1,500,000 Active 127 DOM
  11. 2026-09-14
    days on market $1,500,000 Active 126 DOM
  12. 2026-09-13
    days on market $1,500,000 Active 125 DOM
  13. 2026-09-12
    days on market $1,500,000 Active 124 DOM
  14. 2026-09-11
    days on market $1,500,000 Active 123 DOM
  15. 2026-09-05
    days on market $1,500,000 Active 117 DOM
  16. 2026-09-04
    days on market $1,500,000 Active 116 DOM
  17. 2026-09-03
    days on market $1,500,000 Active 115 DOM
  18. 2026-08-31
    days on market $1,500,000 Active 112 DOM
  19. 2026-08-29
    days on market $1,500,000 Active 110 DOM
  20. 2026-08-28
    days on market $1,500,000 Active 109 DOM
  21. 2026-08-27
    days on market $1,500,000 Active 108 DOM
  22. 2026-08-25
    days on market $1,500,000 Active 106 DOM
  23. 2026-08-24
    days on market $1,500,000 Active 105 DOM
  24. 2026-08-23
    days on market $1,500,000 Active 104 DOM
  25. 2026-08-22
    days on market $1,500,000 Active 103 DOM
  26. 2026-08-21
    days on market $1,500,000 Active 102 DOM
  27. 2026-08-20
    days on market $1,500,000 Active 101 DOM
  28. 2026-08-19
    days on market $1,500,000 Active 100 DOM
  29. 2026-08-18
    days on market $1,500,000 Active 99 DOM
  30. 2026-08-17
    days on market $1,500,000 Active 98 DOM
  31. 2026-08-16
    days on market $1,500,000 Active 97 DOM
  32. 2026-08-15
    days on market $1,500,000 Active 96 DOM
  33. 2026-08-14
    days on market $1,500,000 Active 95 DOM
  34. 2026-08-13
    days on market $1,500,000 Active 94 DOM
  35. 2026-08-12
    days on market $1,500,000 Active 93 DOM
  36. 2026-08-11
    days on market $1,500,000 Active 92 DOM
  37. 2026-08-10
    days on market $1,500,000 Active 91 DOM
  38. 2026-08-09
    days on market $1,500,000 Active 90 DOM
  39. 2026-08-08
    days on market $1,500,000 Active 89 DOM
  40. 2026-08-07
    days on market $1,500,000 Active 88 DOM
  41. 2026-08-06
    days on market $1,500,000 Active 87 DOM
  42. 2026-08-05
    days on market $1,500,000 Active 86 DOM
  43. 2026-08-04
    days on market $1,500,000 Active 85 DOM
  44. 2026-08-03
    days on market $1,500,000 Active 84 DOM
  45. 2026-07-31
    days on market $1,500,000 Active 81 DOM
  46. 2026-07-30
    days on market $1,500,000 Active 80 DOM
  47. 2026-07-30
    days on market $1,500,000 Active 79 DOM
  48. 2026-07-28
    days on market $1,500,000 Active 78 DOM
  49. 2026-07-26
    days on market $1,500,000 Active 76 DOM
  50. 2026-07-24
    days on market $1,500,000 Active 74 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
$4,141 · $345/mo
Projected year-2 tax
$14,746 · $1,229/mo
Expected delta
+$10,604/yr (+$884/mo · 256.1%)

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

Climate risk First Street

  • 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 6% 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

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

Loading nearby amenities…

Taxation est. · year 1

Rental income
$180,288
− Mortgage interest
−$84,023
− Property taxes
−$4,141
− Insurance
−$7,500
− Repairs & maintenance
−$14,423
− Management
−$14,423
− Depreciation
−$43,636
Taxable income
$12,141
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$2,914
After-tax cash flow
$33,478/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

Excellent 100/100 None rehab

This fully renovated multi-family building in the Five Points neighborhood is move-in ready and in excellent condition. It offers a great opportunity for investors looking to capitalize on the area's revitalization.

Value-add opportunities

  • Both Landscaping — Enhances curb appeal and property value
  • Both Interior paint — Fresh paint can make the interior look more inviting
  • Both Appliance upgrades — Modern appliances can attract more tenants and buyers
  • Both Landlord insurance — Provides peace of mind and can be a selling point
F Composite school gradezoned avg 37/100

Zoned Schools

Elementary Frank A Sedita School #30 F NY #2,062/2,108 Nat'l #38,691/41,679 High International Preparatory School (The) B- NY #813/1,100 Nat'l #3,134/17,239

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)
24,107
Household income
$53,870
Rent vs Own
60.5% rent · 39.5% own
Severe rent burden
9% 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
Highly diverse neighborhood (Simpson 0.70)
Race & ethnicity
White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
Hispanic origin (detail)
Mexican 1% Puerto Rican 16% Dominican 1%
Common ancestry
Romanian 6% Slovak 3% Lithuanian 3%
Foreign-born
16% · Philippines, Canada, India
Languages at home
68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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

+1067.4% since first listed
4 events — show timeline
  • 2026-05-11 Listed $1,750,000 UNYREIS
  • 2014-01-10 Sold (Public Records) $130,000 Public Records
  • 2014-01-06 Sold (MLS) $130,000 WNYREIS
  • 2013-08-27 Listed $149,900 WNYREIS

Property tax history

+24.2%/yr

Latest (2025): $4,141 · -1.5% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…