339 Rhode Island St · Buffalo, NY 14213

$1,500,000

15 bd · None ba · 15,925 sqft · MultiFamily public records · 181 Days on market

Built 1900 Excellent condition 3,450 sqft lot $94/sqft · 56% below area

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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 +24.3/30.0
• Appreciation +8.8/10.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Condition / age +5.0/5.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.4/5.0

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

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 BUILDING
• NEW MECHANICAL SYSTEMS
• NEW PLUMBING
• NEW ELECTRICAL
• NEW HEATING
• FIRE SPRINKLER

What this means for you Summary

Snapshot

• This is a 15-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 6.8% 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: Rents soft (-0.5%/yr); 278 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 $15,016/mo this rent would consume 334% 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 + 0.0% 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 181 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 181 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: 8.71%
• Cash-on-cash: 8.65%
• DSCR: 1.38
• GRM: 8.3

CMA / ARV

• ARV (median comp): $3,422,939
• List price: $1,500,000
• Delta: -56.18%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 2.71×
• Total profit: $719,481
• Equity at exit: $1,090,160

10-year hold

• IRR: 21.4%
• Equity multiple: 5.43×
• Total profit: $1,861,902
• 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.

Methodology + full state rankings →

ZIP-level market 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 278
• Price-to-rent: 103.1×

Monthly cashflow live

• Estimated rent: $15,016 high
• Mortgage (P&I): −$7,866
• Tax from tax record: −$345 /mo · $4,141/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,153
• Net cashflow: $3,026

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

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$8,484
▸ 4× units	2	1	$5,200
1× unit	0	1	$1,331
Total (12 units)			$15,016

Break-even live

Break-even rent $11,185

Max offer price $1,500,000

Occupancy floor 75%

Sensitivity live

Price	-10% $3,875	-5% $3,451	+0% $3,026	+5% $2,602	+10% $2,177
Rent	-10% $1,840	-5% $2,433	+0% $3,026	+5% $3,619	+10% $4,213
Rate	-1.0pp $3,782	-0.5pp $3,408	base $3,026	+0.5pp $2,638	+1.0pp $2,242

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
44 Lowell Pl Buffalo, NY	1.0	1.0	850	$1,200	$1.41	152d	1	0.03mi
256 14th St Unit 1 Buffalo, NY	2.0	1.0	800	$1,100	$1.38	155d	1	0.17mi
286 Normal Ave Unit Upper Buffalo, NY	2.0	1.0	1084	$1,250	$1.15	55d	1	0.19mi
102 17th St Buffalo, NY	2.0	1.0	1086	$1,250	$1.15	10d	1	0.20mi
102 17th St Buffalo, NY	2.0	1.0	1086	$1,500	$1.38	20d	1	0.20mi
102 17th St Buffalo, NY	2.0	1.0	1086	$1,290	$1.19	164d	1	0.20mi
460 Rhode Island St Buffalo, NY	2.0	1.0	1089	$1,500	$1.38	155d	1	0.22mi
460 Rhode Island St Unit 1 Buffalo, NY	2.0	1.0	1089	$1,550	$1.42	10d	1	0.22mi
236 Massachusetts Ave Unit 5 Buffalo, NY	1.0	1.0	1000	$1,100	$1.10	184d	1	0.24mi
236 Massachusetts Ave Unit 5 Buffalo, NY	1.0	1.0	1000	$1,050	$1.05	155d	1	0.24mi
327 Hampshire St Buffalo, NY	1.0	1.0	700	$1,200	$1.71	0d	1	0.28mi
193 Massachusetts Ave Buffalo, NY	1.0	1.0	700	$925	$1.32	184d	1	0.29mi
219 Hampshire St Apt 3 Buffalo, NY	1.0	1.0	900	$1,000	$1.11	31d	1	0.30mi
219 Hampshire St Apt 3 Buffalo, NY	1.0	1.0	900	$1,000	$1.11	10d	1	0.30mi
232 Richmond Ave Unit 2 Buffalo, NY	2.0	1.0	1100	$1,250	$1.14	7d	1	0.31mi
232 Richmond Ave Unit 5 Buffalo, NY	2.0	1.0	1100	$1,300	$1.18	7d	1	0.31mi
273 Richmond Ave Buffalo, NY	2.0	1.5	840	$1,699	$2.02	10d	1	0.33mi
441 Fargo Ave Unit 1 Lower Buffalo, NY	1.0	1.0	1100	$1,350	$1.23	55d	1	0.37mi
411 W Ferry St Buffalo, NY	2.0	1.0	900	$1,100	$1.22	155d	1	0.37mi
77 California St Unit 1 Buffalo, NY	2.0	1.0	800	$1,100	$1.38	184d	1	0.40mi
419 Richmond Ave Unit 2 Buffalo, NY	1.0	1.0	750	$1,250	$1.67	10d	1	0.41mi
128 Rhode Island St Unit 2 Buffalo, NY	2.0	1.0	1100	$1,075	$0.98	10d	1	0.42mi
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	55d	1	0.46mi
423 Breckenridge St Apt 2 Buffalo, NY	2.0	1.0	1000	$1,350	$1.35	6d	1	0.48mi
378 Breckenridge St Apt 1 Buffalo, NY	2.0	1.0	1000	$1,400	$1.40	10d	1	0.49mi
416 Jersey St Buffalo, NY	1.0	1.0	325	$1,100	$3.38	10d	1	0.50mi
255 Ashland Ave Apt 3 Buffalo, NY	1.0	1.0	625	$1,100	$1.76	10d	1	0.50mi
885 Niagara St Buffalo, NY	1.0	1.0	875	$619	$0.71	184d	1	0.51mi
238 Lexington Ave Unit 3 Buffalo, NY	1.0	1.0	1100	$1,400	$1.27	55d	1	0.51mi
877 Prospect Ave Unit 65 Buffalo, NY	2.0	1.0	690	$1,300	$1.88	55d	1	0.51mi
328 Summer St Unit 2 Buffalo, NY	—	1.0	800	$1,000	$1.25	2d	1	0.53mi
504 Elmwood Ave Unit 202 Buffalo, NY	1.0	1.0	602	$1,250	$2.08	184d	1	0.54mi
528 Richmond Ave Unit 3 Buffalo, NY	2.0	1.0	1000	$1,300	$1.30	55d	1	0.54mi
850 West Ave Apt 4 Buffalo, NY	2.0	1.0	900	$950	$1.06	31d	1	0.56mi
850 West Ave Apt 4 Buffalo, NY	2.0	1.0	900	$950	$1.06	10d	1	0.56mi
374 Elmwood Ave Apt 4 Buffalo, NY	1.0	1.0	700	$1,100	$1.57	184d	1	0.57mi
374 Elmwood Ave Unit 2 Buffalo, NY	1.0	1.0	700	$1,300	$1.86	164d	1	0.57mi
267 W Utica St Buffalo, NY	1.0	1.0	650	$1,200	$1.85	55d	1	0.57mi

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. 2026-11-08
   days on market $1,500,000 Active 181 DOM
2. 2026-11-07
   days on market $1,500,000 Active 180 DOM
3. 2026-11-06
   days on market $1,500,000 Active 179 DOM
4. 2026-11-05
   days on market $1,500,000 Active 178 DOM
5. 2026-11-04
   days on market $1,500,000 Active 177 DOM
6. 2026-11-02
   days on market $1,500,000 Active 175 DOM
7. 2026-11-01
   days on market $1,500,000 Active 174 DOM
8. 2026-10-31
   days on market $1,500,000 Active 173 DOM
9. 2026-10-30
   days on market $1,500,000 Active 172 DOM
10. 2026-10-29
    days on market $1,500,000 Active 171 DOM
11. 2026-10-28
    days on market $1,500,000 Active 170 DOM
12. 2026-10-27
    days on market $1,500,000 Active 169 DOM
13. 2026-10-26
    days on market $1,500,000 Active 168 DOM
14. 2026-10-26
    days on market $1,500,000 Active 167 DOM
15. 2026-10-24
    days on market $1,500,000 Active 166 DOM
16. 2026-10-23
    days on market $1,500,000 Active 165 DOM
17. 2026-10-22
    days on market $1,500,000 Active 164 DOM
18. 2026-10-21
    days on market $1,500,000 Active 163 DOM
19. 2026-10-20
    days on market $1,500,000 Active 162 DOM
20. 2026-10-19
    days on market $1,500,000 Active 161 DOM
21. 2026-10-18
    days on market $1,500,000 Active 160 DOM
22. 2026-10-17
    days on market $1,500,000 Active 159 DOM
23. 2026-10-16
    days on market $1,500,000 Active 158 DOM
24. 2026-10-15
    days on market $1,500,000 Active 157 DOM
25. 2026-10-14
    days on market $1,500,000 Active 156 DOM
26. 2026-10-13
    days on market $1,500,000 Active 155 DOM
27. 2026-10-12
    days on market $1,500,000 Active 154 DOM
28. 2026-10-11
    days on market $1,500,000 Active 153 DOM
29. 2026-10-10
    days on market $1,500,000 Active 152 DOM
30. 2026-10-09
    days on market $1,500,000 Active 151 DOM
31. 2026-10-08
    days on market $1,500,000 Active 150 DOM
32. 2026-10-07
    days on market $1,500,000 Active 149 DOM
33. 2026-10-06
    days on market $1,500,000 Active 148 DOM
34. 2026-10-05
    days on market $1,500,000 Active 147 DOM
35. 2026-10-04
    days on market $1,500,000 Active 146 DOM
36. 2026-10-03
    days on market $1,500,000 Active 145 DOM
37. 2026-10-02
    days on market $1,500,000 Active 144 DOM
38. 2026-10-01
    days on market $1,500,000 Active 143 DOM
39. 2026-09-30
    days on market $1,500,000 Active 142 DOM
40. 2026-09-29
    days on market $1,500,000 Active 141 DOM
41. 2026-09-28
    days on market $1,500,000 Active 140 DOM
42. 2026-09-27
    days on market $1,500,000 Active 139 DOM
43. 2026-09-25
    days on market $1,500,000 Active 137 DOM
44. 2026-09-24
    days on market $1,500,000 Active 136 DOM
45. 2026-09-23
    days on market $1,500,000 Active 135 DOM
46. 2026-09-22
    days on market $1,500,000 Active 134 DOM
47. 2026-09-21
    days on market $1,500,000 Active 133 DOM
48. 2026-09-20
    days on market $1,500,000 Active 132 DOM
49. 2026-09-19
    days on market $1,500,000 Active 131 DOM
50. 2026-09-18
    days on market $1,500,000 Active 130 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

Taxation est. · year 1

• Rental income: $180,192
• − Mortgage interest: −$84,023
• − Property taxes: −$4,141
• − Insurance: −$7,500
• − Repairs & maintenance: −$14,415
• − Management: −$14,415
• − Depreciation: −$43,636
• Taxable income: $12,060
• Est. tax owed @ 24.0%: −$2,894
• After-tax cash flow: $33,422/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

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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%

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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%
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

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

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.